Moving back to UK - mortgage possibilities

mike_in_mo

Hello
Here's a little background to my question that follows:
I currently live in Italy, own a small flat with no mortgage. In fact I never had a mortgage before as I rented before buying the present place with an inheritance.
I'm considering moving back to the UK permanently with a goal of buying a prop.
With the sale of my flat I believe it would allow me to pay a deposit on a mortgage of around 50% - 60% in the area and type of prop I'm looking at.
I'm late 40s with no debt, loans etc and have always paid bills on time. I believe if I return, I'll be looking initially at fairly low level employment, maybe supermarket work or similar. I could possibly supplement this with remote teaching work via skype (I'm a English teacher)
Also, for a transition period before buying (hopefully) I would need to rent accommodation on my arrival in UK.

My main questions are: assuming I found a regular job of the kind mentioned above, would it be realistic for me to be considered, and how long in such a job could it take to get a mortgage?
I would be looking to pay it off within 15yrs maximum.
Than you for any input you may be able to contribute
Mike

trailingspouse

The problem you'll have is that you won't have a credit history in the UK. Zilch, nothing, nada.



It's not that you'll have a bad record - you just won't have a record at all.



We did this in 2010 after 5 years elsewhere in Europe - lots of money in the bank, but not enough credit to even get a phone contract!! We compounded it by being self-employed, so we needed 3 years audited accounts before any lender would look at us. They wouldn't accept the two years' books we had from Ireland. So much for free movement of the workforce... I don't know how long it would have been if we'd had proper jobs.



It's likely you will need a guarantor for any rental property you want as well. We didn't need a guarantor, but we had to pay a double deposit - but I think things might have changed since 2010.

mike_in_mo

Thanks for the reply. This is a problem.
I worked in UK till 2003 but I suppose your implying that's a dead/expired period re a credit history...

mike_in_mo

Thanks too pura vida. Good info.

mike_in_mo

Re. getting a credit card with small OD limit.- Am I right in thinking that if one uses a card and then pays off amount on or before its due date, it contributes to/helps increase ones credit score (all other things being equal)?

kingstreet

We've done mortgages for those returning to the UK as soon as they have a UK address and a job offer with start date.

You will need to pass the lender's credit score, but at an LTV of 50% this should be straightforward.

"Remote teaching work" probably means self-employed income which will need at least a year of receipt before a lender will accept it.

Thrugelmir

mike_in_mo wrote: »

Re. getting a credit card with small OD limit.- Am I right in thinking that if one uses a card and then pays off amount on or before its due date, it contributes to/helps increase ones credit score (all other things being equal)?

Get yourself on the electoral roll. In secure employment. Mobile account. Settle your utility bills etc in a timely fashion. All contribute to an improving credit profie.

mike_in_mo

Yes, electoral roll would be priority.
I have an old PAYG on Vodaf which I still keep up, but you're probably referring to a contract deal, which requires a credit check.
For the remote teaching- this would be intended as a supplement, not as a primary job (I'd hope)