Urgent help, mortgage for US citizen

binkyboots

Hey folks, 
 So I need help finding a specialist mortgage broker.  Please, only reply if you know they have experience with this situation. 

 We are at imminent risk of homelessness and a friend, a US citizen wants to buy the home we currently rent to give us a stable living situation.  There are a number of reasons why a move is virtually impossible.  We've been seeking housing for over a year now. 

 They are US citizens without a UK visa and are buying to rent the property. The landlord is pleased with this as a solution but needs it to progress fairly quickly. 

MWT

Just a suggestion, but as US citizen without a visa, they may find it easier and faster to raise the funds in the USA so they can then become a cash-buyer for your property in the UK.

They will have options there to leverage US based assets that would not be available in the UK, and the US does have quite a well developed history of residents wanting to purchase property in 'the old country' so it is a relatively well trodden path for US based financial advisors.

binkyboots

Hey! That's a thought, so, just like a large personal loan? Or is there a particular route for this? 

 Thank you so much! 

kingstreet

Sale and rentback is a regulated activity in the UK.

https://www.citizensadvice.org.uk/debt-and-money/mortgage-problems/how-to-sort-out-your-mortgage-problems/sale-and-rent-back-schemes/

user1977

kingstreet said:

Sale and rentback is a regulated activity in the UK.

https://www.citizensadvice.org.uk/debt-and-money/mortgage-problems/how-to-sort-out-your-mortgage-problems/sale-and-rent-back-schemes/

Yes, but not relevant here as the OP is the tenant and will remain so.

OP, are you sure you are actually at "imminent risk of homelessness"? Probably more one for the housing board though.

MWT

binkyboots said:

Hey! That's a thought, so, just like a large personal loan? Or is there a particular route for this?

Can't really make specific suggestions without knowing a lot more about your friends personal circumstances, but raising money on US assets like property for example would be one way to do it, a 401K (pension) loan is another common route to raise funds for property purchases.
They should take advice over there on their options.