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Porting a Barclays mortgage onto a new property with a foreign income
Disjoint
Posts: 181 Forumite
Hi all -
Bit of an interesting one, knowing how bank algos tend to "computer says no" and there is no human way to interact with it, I was wondering about the below, and if it was doable at all:
I currently have a large mortgage with Woolwich - I am looking to sell my home in August and sub-sequentially buy a home from someone in the family. The home I am looking to buy is of higher value, but I will NOT be looking to increase the balance on my Woolwich mortgage, this essentially means that Woolwich would get a higher value collateral from me and reduce their risk, but I somehow doubt it goes in their model. Currently I have just moved to the continent for a job - it would normally be fine for any affordability test, but it does not pay in GBP. The whole reason I am looking to port the mortgage is to avoid being slapped with early repayment charges - otherwise I would gladly go somewhere else, so I am stuck with Woolwich.
My wife is in the UK and likely will be there until we sell the house, but her salary would not be enough to pass an affordability test, my UK salary from this year was from self-employment launching a business which would DEFINITELY not pass any affordability test. The only thing I have is the new job I started last week (I will have 3 months of salary when it comes to porting).
I guess the question is: is Woolwich OK with a foreign income for affordability even from an employment that has just started? Probation period will also be over by that time.
Bit of an interesting one, knowing how bank algos tend to "computer says no" and there is no human way to interact with it, I was wondering about the below, and if it was doable at all:
I currently have a large mortgage with Woolwich - I am looking to sell my home in August and sub-sequentially buy a home from someone in the family. The home I am looking to buy is of higher value, but I will NOT be looking to increase the balance on my Woolwich mortgage, this essentially means that Woolwich would get a higher value collateral from me and reduce their risk, but I somehow doubt it goes in their model. Currently I have just moved to the continent for a job - it would normally be fine for any affordability test, but it does not pay in GBP. The whole reason I am looking to port the mortgage is to avoid being slapped with early repayment charges - otherwise I would gladly go somewhere else, so I am stuck with Woolwich.
My wife is in the UK and likely will be there until we sell the house, but her salary would not be enough to pass an affordability test, my UK salary from this year was from self-employment launching a business which would DEFINITELY not pass any affordability test. The only thing I have is the new job I started last week (I will have 3 months of salary when it comes to porting).
I guess the question is: is Woolwich OK with a foreign income for affordability even from an employment that has just started? Probation period will also be over by that time.
0
Comments
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No, Woolwich/barclays do not take foreign income anymore. Maybe through barclays offshore but you will find better rates with other lenders on the high street
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Thank you very much for your answer. I guess there is no other choices than to get hit with the early repayment penalty - it's 2% so not the end of the world, but still...Deleted_User said:No, Woolwich/barclays do not take foreign income anymore. Maybe through barclays offshore but you will find better rates with other lenders on the high street0 -
I should correct this to say that barclays do foreign currency but you need to be employed in the UK and paying tax in the UK. So in your case its no different as you are not employed in the UK but if anyone else reads this, barclays do foreign income but only in the above specific way
Just as a clarification point really.
To be honest you might as well ask if they will do it as a loyalty point. They probably won't but you don't ask then you don't get1 -
Remain where you are and continue to pay the existing mortgage is an alternative option.Disjoint said:
Thank you very much for your answer. I guess there is no other choices than to get hit with the early repayment penalty - it's 2% so not the end of the world, but still...Deleted_User said:No, Woolwich/barclays do not take foreign income anymore. Maybe through barclays offshore but you will find better rates with other lenders on the high street0 -
There is a lot of capital gains on my current property - moving away will mean that after 9 months I'll have to start paying taxes on the property. As we haven't lived there very long it makes more sense to sell to capture the capital gains appreciationThrugelmir said:
Remain where you are and continue to pay the existing mortgage is an alternative option.Disjoint said:
Thank you very much for your answer. I guess there is no other choices than to get hit with the early repayment penalty - it's 2% so not the end of the world, but still...Deleted_User said:No, Woolwich/barclays do not take foreign income anymore. Maybe through barclays offshore but you will find better rates with other lenders on the high street0
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