Moving abroad tips

MaryLegs_

On the assumption that one day I’d want to buy a property to live in in the UK I’d be saving to do so. But due unravelling of the past year, my boyfriend and I have spoken about one day moving and buying abroad (in Europe). It’s early days and we won’t be making any rash decisions but I just wondered if anyone else has saved for this specifically and if they had any tips or knowledge they’d picked up along the way. I’d previously been saving in a LISA which obviously won’t help me if I’m not buying here! I know there will be many other aspects to take into consideration but initially asking for help re finances.

Any advice appreciated and welcome. Hope everyone is keeping as well as can be after this weekend and in general. Thanks!

seradane

As someone who's recently spent the better part of a year backpacking then moved & bought abroad, best way to save is to move back in with the parents as long as you both can stomach so you can boost your savings and start off with a decent chunk of cash. More important for prolonged periods of travel where you're not working but suppose helps with a deposit as well.

LISA can go to retirement as well so not a bad idea to throw a bit in there as long as you're still saving enough outside of that to cover other eventualities.

Be aware new country will likely have rules about length of residence and credit history (& visa status!) before any banks will lend to you. It took me 2 years to have the requisite history to qualify, and then of course you shouldn't be buying if you're not planning on staying for a good few years. So if your plan is to stay abroad less than 5 years you're probably better off not worrying about purchasing. Alternatively if you're sure of where you are moving to and want to buy straight away, you may be better off looking into buying abroad while still in UK & at your current jobs - I don't know much about it but despite the extra hoops it may be easier & quicker than getting the requirements for the local banks. Risky though without being super familiar with destination.

Also for general life admin I'd advise keeping a hold of your existing bank accounts/credit cards and UK mobile number (do a dual sim) the entire time you're overseas. Use your parents' address. The way banking security works these days you effectively get locked out of your accounts if you don't have a UK number. And even for UK citizens, turns out if you're abroad for a number of years and then come back it can be very difficult to open up more than a very basic account initially, bizarrely.

knightstyle

We lived abroad for many years before retiring to the UK, so my advice is make sure all your UK mail goes to a trusted family member or friend who can open and check it, do not rely on redirection.
Next, save in the country you want to buy in, plus have current account, credit cards etc, there to build up a respectable history for when you need to borrow for a house purchase.
Also do not put going there off, go as soon as you can and make sure you get into the local network of like minded friends, this will mean speaking the language and local dialect. Living with an English speaking partner does not help unless you are disciplined and have days not speaking English.
Before you go see if your UK qualifications are transferable or what can you do to upgrade them. Get translations of qualifications, birth certificates etc.
Oh get only local TV, not English via satellite!  At least for the first few years.
Which country are you thinking of?

AdrianC

Big place, "abroad".

Remember that moving to EU27/EEA countries (except Ireland) just got a LOT harder.

zagubov

Have a look at this thread where they're discussing how many UK banks are closing accounts for EU residents.
https://forums.moneysavingexpert.com/discussion/6190187/brexit-expats-and-u-k-bank-accounts