Expat Mortgages in 2021

organazized

My wife and I are first-time buyers. We live in the Netherlands and plan to move back early next year because my wife is changing jobs. We have a deposit of 40%.

We were hoping to buy a house in the UK to move into when we return.

However, we have been told that it is basically not feasible to get a mortgage because we live overseas. We would have to move back, live in the UK for a period of time (exactly how long is not clear and estimates ranged from 3 months to 3 years), and then apply in order to be eligible.

We have spoken to an expat mortgage advisor (Charcol) who told us that for a typical UK lender to work, we would need to be in the UK and my wife would have to have started her new job. They also told us that specialist expat lenders will not lend to us because her contract in the Netherlands is ending.

We can demonstrate that my wife will be starting a 5-year contract. 

At first I was happy to accept the advisors at face value but maybe they don't see any point in pursuing our case for reasons of their own. He mentioned that expat cases require more work but was back to me in 1 working day with a quick email.

Thanks in advance if anyone has any experience of this to share.

dimbo61

You need somewhere to live in the UK when you return ? 
So why not rent for 6/12 months !
Are you both UK passport holders ?
Once your wife has been at work for 3 months and you have bank statements, joined the electoral roll, paid bills like Rent, Gas, Water,  Electric, Broadband, Mobile phone contracts etc

Maybe use a local whole of market broker as you have a good deposit and hopefully you can find a home and mortgage to buy it.

Thrugelmir

When you returning your credit files will be a blank canvas. There's nothing for lenders to base their decision on. Unfortunately it takes time to build history. 

lonibra

If you are both UK passport holders, and have lived in the UK in the past, you can get a mortgage as soon as you move back and have a job. Only a couple of banks will lend but any decent MB should be able to do it.

My brother moved back from Dxb and got a mortgage before his first payslip.

But if you want to be able to buy BEFORE you move back to the UK I think you may struggle.

[Deleted User]

Number of lenders who lend on brand new fixed term contracts is very limited.  You then deduct all lenders who dont lend to expats and i suspect you'll end up with either an extremely expensive option, or no options at all.

Much much easier to do it once you move back.  You can technically apply from day1 of being in the country with certain lenders (some still need 3 years UK history) but its sometimes tricky to get through credit checks with little uk credit history.