UK Resident becoming Non-UK Resident

TheGreatEscape0

Hello All,

Long-time lurker, first-time poster

So I have a quick query on a mortgage offer I'm sitting on. I'm a UK citizen and moved back to the UK about 18 months ago following a 10-year stint overseas and found it quite challenging to get a mortgage at a good rate (limited address history in the UK etc.). I finally did so through a broker. The mortgage is in my sole name; my partner is not a joint applicant.

That mortgage offer came through a few months ago, and I'm expecting to exchange and complete on my family home in the coming weeks. Only issue is that last month I moved back overseas due to another work opportunity.

I presume this qualifies as a 'change to your circumstances' that the bank wants to know about. Assuming I tell them, I presume they will pull the mortgage?

Thanks!

sal_III

TheGreatEscape0 wrote: »

Assuming I tell them, I presume they will pull the mortgage?

If you tell them they might, or might not pull the mortgage or they might make you a new offer. Depending on the exact circumstances.

If you don't tell them you will be committing a fraud.

TheGreatEscape0

Not entirely sure I would be committing fraud?

In any event, I'm not suggesting I won't tell them, but I'm curious as to what may happen next. I really don't want to lose the house that I have...

Any other thoughts?

davidmcn

TheGreatEscape0 wrote: »

Not entirely sure I would be committing fraud?

If it's a material change in your circumstances which is likely to make a difference to their decision to lend to you then I don't see why it wouldn't be fraud to withhold that information.

In any event, it's not clear to me what's happening - you're still intending to buy the property but your main residence will actually be abroad? Isn't your family joining you? What's the property going to be used for?

Thrugelmir

TheGreatEscape0 wrote: »

Not entirely sure I would be committing fraud?

Fraud by false representation.

On your mortgage application form you agreed to certain terms and conditions when signing it. One was to disclose any material changes to the facts disclosed.

TheGreatEscape0

Ok, that does make sense I suppose. I've just checked the lending criteria and it appears that I would not longer qualify, which puts me back at square one I think.

We (my family is joining me) don't expect to be overseas for more than 2 years, so we are wanting to purchase the property, make some improvements to it and then keep it available for use every 2-3 months when we are back in the UK. The intention is not to let it.

Mortgage_Adviser

The mainstream lenders would not accept the applciation for the applicants living abroad and being paid in foreign currency.
I deal a lot with both UK and expat mortgages and there are mostly different lenders who cater for expats and their criteria is different.
So you can either try to conceal from the bank that yiu have moved abroad which as mentionned above would be mortagge froad or try to get the expat mortgage which would mean all your mortgage process needs to start from scratch.