Ex-Pat Mortgage Help

Caroleb73

Hello, my hubby and I are long term ex-pats working in the Middle East, we are planning on returning to live in the UK in 1-2 years max but wish to buy a property this year and start renovations then use it when back for our numerous visits.

As we have been out of the UK for 13 years we have very limited credit history, I am on the electoral role and have bank accounts open in UK but with little funds for tax purposes. I checked my credit file and have found late payments registered against me just over 2 years ago when I went overdrawn by 200 pounds when using the ATM abroad. My mistake as I thought that I had the funds and didn't expect the machine to give me money I did not have in my account. I rectified this as soon as I realized and my account has been perfect since. My accounts overseas are always in credit and no issues.

I am worried that this small blip will seriously affect our chance of gaining approval in an already difficult ex-pat mortgage market, can anyone give advice on this?

Secondly, I would really appreciate it if anyone can advise of particular mortgage brokers that they have had positive experiences with as there seem to be a fair few out there with fees varying wildly. It really is hard to know who to go with in order to get the best result at the best rate/cost.

Many thanks in advance as your time and advice is greatly appreciated

Mortgage_Adviser

As an expat mortagage broker I have come across the clients a few times when the credit history is not perfect.
Usually those cases fit better with a smaller buiding societies, however if it is something minor some times high street/near high street lenders can consider.
Your broker would be able to review your credit report and find the best lender to your circumstances.
An immediate advice to you would be to repay any arrears that you may still have asap.

Caroleb73

Thank you for the response, all payments were made within 3 months of going overdrawn and settled more than 2 years ago.
My credit cards are up to date in my country of residence and I will clear the complete balance next month before applying for a mortgage.
I can prove good standing in our country of residence where I have been for 13 years.

Barry_Bear

Caroleb73 it may be worth trying Stafford Railway Building Society. They are a small building society like the previous poster suggested. They used to offer mortgages to expats and have an individual approach to each application. I tried to put a link but as my forum account is new it won't let me so you will have to search it online.

Caroleb73

Thank you Barry Bear, much appreciated

LRmortgage

This is a specialist and small market, rather than going it alone and potentially making mistakes, I would use a broker for this that has knowledge of the ex pat market.