Securing a Mortgage while working oversea's

mjacko1988

I work for BAE systems oversea's (tax free).
My wife and daughter are still living in the UK and i am currently renting a property for them to live in while i work abroad.
I want to know where i stand for a few things regarding securing a mortgage.

First, will my currently salary be taken into consideration as tax free for getting a mortgage or would they just work out how much i could borrow as if i was being taxed?

Second, Because i am now being paid into a foreign account (transfer monthly to UK account), will i even be able to get a mortgage?

Third, If i am able to get a mortgage, will i have to have a 20% deposit as i work abroad and all the factors stated above, or is it possible to get... lets say a 5% deposit, to be accepted?

Thank you for any help.

csgohan4

A broker will be able to discuss your options and match you to a suitable lender.

[Deleted User]

1. Most lenders work on gross salary and multiply that up so it won't be any different.

2. Depends on what currency you are being paid in and what country you are living in

3. If paid in foreign currency and living abroad I can't see anyone doing it at 5%. Natwest has quirks with foreign currency when there is a British national in the mortgage and will do at 5% deposit rather than 30% usual. 99% sure they won't lend if you don't live here though. Natwest International maybe? Not sure, would definitely be a case that needs someone to ring round the lenders and see what they think.

3. As above. I suspect you would need to have higher deposit if paid in foreign currency. Although I have done a few help to buy cases in foreign currency to get the extra 20% deposit. Again, you living abroad will scupper this.

An interesting case for sure. Get a broker to do some legwork for you. Deposit might be the sticking point as far as I can think about.

mjacko1988

I might of missed a few details out.
I am a UK citizen.
I am a first time buyer also.
I work in Saudi Arabia (have heard mixed reviews about being able to get a mortgage since im here)
I have only recently switched to using Saudi bank account. so i still have last 6 months of payslips in GBP.

Should i try to secure a mortgage as quick as possible, as i am on paper being paid by a british company in GBP?