best mortgage for foreign wife

RDB

My wife owns 2 houses in UK (no mortgage) which she lets out and wants to get a mortgage to buy a 3rd.

As the rent is her only source of income and because she is non UK domiciled is it very difficult to get a mortgage for another house?

Ive got credit problems so I cant borrow for a while.

I would have thought the banks would be happy to lend us 50% or more of the value of both houses, but its getting increasingly more difficult to get a mortgage these days.

Voyager2002

Mainstream mortgage lenders are unlikely to touch anyone who is not domiciled here with the proverbial bargepole..

Mr_helpful

RDB wrote: »

My wife owns 2 houses in UK (no mortgage) which she lets out and wants to get a mortgage to buy a 3rd.

As the rent is her only source of income and because she is non UK domiciled is it very difficult to get a mortgage for another house?

Ive got credit problems so I cant borrow for a while.

I would have thought the banks would be happy to lend us 50% or more of the value of both houses, but its getting increasingly more difficult to get a mortgage these days.

I wouldnt have thought it difficult as there are B2L lenders who lend to overseas clients and ex pats etc.

AndyWallace

where is she domiciled?

RDB

Wow that was quick,

She is domiciled in Japan, but soon we will try and get her citizenship over here.

She has plenty of money for deposit but we just need to borrow a bit more and we have 2 houses to use as equity worth about quarter of million. We only need to borrow about £125K

I'd have thought they would be queuing up to lend us money here in UK, but I think we can get a better deal borrowing in Japan to buy here. But we lose so much in currency conversion from Yen to pounds.

Im still going to try and get a good deal here, but in Japan we can borrow for very little.


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Dave and Mayu

poppy10_2

Still cheaper to borrow in Japan - interest rates there are close to zero.

Dan_Collins_2

There are lenders that will do the B2l, rates will be a little high. Has she tried HSBC?

luckyfool

Could also look at an offshore mortgage on the UK property/properties. Bank of Scotland International might do a deal along these lines.

herbiesjp

Does she have accounts for the rental income? If so, for how many years?

As a lot of lenders will want proof of a minimum income - just asking in order to open up as many possibilities for you as possible

RDB

Thanks all, very helpful.

The place we were interested in has fallen through anyway now.

Think we will wait and see what happens to the market before we buy next place.

Thanks again.