Repatriation and mortgages

k1w1b1rd

Hi

My husband and I returned from NZ in May after 6 years living there and now want to buy a house (offers over system in Scotland).

However just spoken to mortgage team at Nationwide who have said that because we don't have 3 years UK addresses on our Flex account (changed to NZ address when we moved) we won't get accepted for a mortgage with them.

So given we have around 60% deposit sitting in UK bank accounts from our recent flat sale and we want to put an offer in next Monday (!) what are our next best options for a quick decision in principle/application?

We are both working - my husband on perm contract for last 3 months, me on 20 month FT-contract for 2 months.

Any feedback much appreciated!

ACG

You are going to struggle with this I think, certainly on the high street. I had something similar last year and I could not find anyone to do it until they had been back in the uk for 12 months.

Aliliva

You might want to try with NatWest. They don't have the best rates in town, but they accepted me despite not having 3y residency in UK. If I remember correctly, they just want you to have 6 months in UK and 3 or 4 bank statements (plus not even the payslips, but just the employment contract!).

k1w1b1rd

Thanks we'll try there as my husband has a long standing account with them. Just out of interest how long did it take to get a decision (as we're up against it for an offer next week)?

Aliliva

k1w1b1rd wrote: »

Thanks we'll try there as my husband has a long standing account with them. Just out of interest how long did it take to get a decision (as we're up against it for an offer next week)?

consider i went though a broker, so if you do it yourself it might be slightly different. Anyway, it took them half a day to give me the AIP. I finalised my application last week, then they took a couple of days to check my paperwork and proceed with the valuation (they won't do it till they're confident about your personal finances and job situation), valuation got done on friday, then on monday afternoon they confirmed the mortgage offer subject to another piece of paper to be signed.
So, if you're just looking for a AIP (which is all you need to be confident you can afford the offer you're putting down), you can get an answer in some few hours. The real mortgage application should take max two weeks, unless they have some problems with the property valuation or the valuator is on leave

ACG

Aliliva wrote: »

You might want to try with NatWest. They don't have the best rates in town, but they accepted me despite not having 3y residency in UK. If I remember correctly, they just want you to have 6 months in UK and 3 or 4 bank statements (plus not even the payslips, but just the employment contract!).

When you were out of the UK, were you in Europe? I can not think why, but as far as I am aware Natwest will not do what the OP is after with 6 months in the UK - although I am happy to be corrected.

Aliliva

ACG wrote: »

When you were out of the UK, were you in Europe? I can not think why, but as far as I am aware Natwest will not do what the OP is after with 6 months in the UK - although I am happy to be corrected.

yes, I come from another EU country and have been here for shy of the normal 3y. I'd think it doesn't really make any difference, nevermind which country was your previous residency they can't access your credit history over there.
Probably the best thing to do is ask in the bank (given that your husband has an account there, you should be able to get a straight answer already over the phone) and maybe contact a broker.

ACG

Aliliva wrote: »

yes, I come from another EU country and have been here for shy of the normal 3y. I'd think it doesn't really make any difference, nevermind which country was your previous residency they can't access your credit history over there.
Probably the best thing to do is ask in the bank (given that your husband has an account there, you should be able to get a straight answer already over the phone) and maybe contact a broker.

That is probably the difference.

You are right in what you say, but lenders criteria does not always make sense. I have many walls where I have banged my head in frustration the back this up :P

k1w1b1rd

Spoke to Natwest who aren't prepared to give us a mortgage as husband is still in his 6 months probation period (!) so looking at other options, including (embarrassingly) the bank of mum and dad.

Would be tempted to approach a broker, but given the good feedback from ACG it possibly isn't worth our time at this late stage.

Thanks for all of your help though!

ACG

There is no harm speaking to a broker. If they come back and say it will be 6 or 12 months then at least you know and you can plan accordingly for it.

On a side note, the other issue is if you can find a lender where you fit criteria, you still need to pass credit score.

Also, as you have now mentioned the employment it has just made me realise why I was struggling with the case I had. The couple had lived abroad (outside the EU) but he had also had some other complications with his employment and the 2 together were what caused the issues on that case.

kingstreet

I can think of a couple of lenders who will do this.

It would be worth speaking to a broker.