strange Mortgage advice due to work abroad

Rickpryce

Good Afternoon Sir/Madam,
i have a quick query about getting a mortgage, i first went to a lender and got an agreement in principle for a 90% mortgage on a property that i have had an offer accepted on, during the mortgage advisor interview my job came up. I am a full time employed project engineer working for a UK company and i am based and live in the UK. due to the nature of my job i spend approx every other week monday to friday working in European countries, i am fully paid in the UK and return to the UK every weekend. This ''provider'' stated that their underwriters replied that these weeks working abroad classed me as a UK citizen working abroad and therefore would only lend me 75% ltv mortgage.

has anyone encountered this before? since all my income is in the UK from the UK should i even tell them? i honestly am at a loss as to why where i work during the week has any bearing on my ability to pay a mortgage?!!?

Any information you could give me would be much appreciated,

haras_nosirrah

If you are abroad more than a certain number of weeks a year (I forget how many) this can impact whether they see you as an expat.

Rickpryce

Cheers for your reply, I only ever stay in hotels during the week, i dont own or rent any property outside the UK, basically what i do is the same as any field engineer would do but my area of responsibility is Europe not the UK, The company i work for is a UK company, they just sell our gear to airports world wide and i go install it in the european ones

haras_nosirrah

this should be sortable by a broker as we can speak to underwriters and explain the situation

muhandis

I would suggest that this is overkill by the lender or an underwriter who is interpreting their policy incorrectly/harshly.

I used to work in an audit firm with more than 200 auditors who would be travelling inside and outside Europe on audit for 50-60% of the time. Hard to believe that all these people can only get mortgages if they have a 25% deposit.

In your place, I would use a broker and find another lender.

Rickpryce wrote: »

has anyone encountered this before? since all my income is in the UK from the UK should i even tell them? i honestly am at a loss as to why where i work during the week has any bearing on my ability to pay a mortgage?!!?

Any information you could give me would be much appreciated,