Getting back on the ladder after a year abroad

Chapcash

Hi all, 
My partner and I have taken a year abroad, leaving our jobs, selling my partner's apartment but keeping some investment properties of mine. We're intending to return to the UK in November, hopefully when all the virus issues have calmed down a little bit. As both of us will not have been earning for just over a year other than my investment, what are the likelihoods that we'd be accepted for a mortgage? I have a solid credit score, my partners are pretty good too. We would both likely walk into jobs at around the £30k mark and have a deposit of 80-100k available with the idea being to buy a property at around £300k. I do have some credit card debt, approx £5k and the B2L mortgages but no other loans.

Thanks in advance

csgohan4

you can generally borrow x4.5 of your combined income, but with existing debt and a BTL this may affect what you can borrow

Lenders can only  go on the now and at the moment you do not have a job so will unlikely be able to borrow that amount unless you have equity in your btl to release. 

ACG

You should have options, but it probably wont be for every lender as some lenders need between 1-6 years UK address history, other lenders may need a month and others none. The longer you are in the UK before applying the more options you will have but it sounds like you will want to apply more or less straight away if you find somewhere. 

Probably one for a broker but I think you will have options. 

Thrugelmir

Much will depend upon whether you are able to return and walk immediately into new jobs. 

Chapcash

ACG said:

You should have options, but it probably wont be for every lender as some lenders need between 1-6 years UK address history, other lenders may need a month and others none. The longer you are in the UK before applying the more options you will have but it sounds like you will want to apply more or less straight away if you find somewhere. 

Probably one for a broker but I think you will have options. 

I imagine we'll rent in the beginning anyway whilst we hunt for the right place to live so it shouldn't be too much on an issue. 

Thrugelmir said:

Much will depend upon whether you are able to return and walk immediately into new jobs. 

Obviously, this will all depend on finding employment. However in this hypothetical I'm assuming we will. I was just worried that as we won't have been employed for long (despite having previous employment which has relative consistency) whether that would cause issues with lenders.