Buying a house before moving abroad

jhglondon

Hello,

I am a UK citizen. I currently live and work in London (full-time, permanent job). I live at home, but I want to buy a flat and found the perfect place this week. I have a good size deposit (about 50%). However, I know I have been selected for a job in the US (awaiting final checks, visas, etc.). If everything goes well, I might be moving there in two/three months' time. 

I want to buy a place before I leave London, while I'm still counted a UK "resident". I do not care about renting it out, as my current/new job will cover the mortgage. However, I want to avoid having to get an "expat" mortgage if possible. Moreover, my new job is also in international civil service, so I will have diplomatic immunity. I also want to avoid a diplomat mortgage if possible.

If I put in an offer now, and move abroad "before" the purchase is complete, what will happen to the mortgage? I'm not sure if the deal can be completed before the leave, even if I move swiftly. Should I try to buy quickly on buy-to-let mortgage?

Thanks in advance for the advice.

Brie

Why would you not rent the property out?  Perhaps to someone moving back to the UK before their next civil service assignment wherever?  

You would need to check with a bank to see how they would treat you - some banks won't allow accounts if you live in a different country but I don't know if that applies to diplomats.  I can only assume that the diplomatic service has dealt with this kind of situation numerous times so perhaps they can advise as well?

Edi81

I knew knew “diplomatic immunity” extended to debts in the home country!

K_S

@jhglondon If you're moving overseas as as UK civil servant, you may have more options than someone else making a move in the private sector.

Some years ago, I had a client who worked in DFID (Glasgow) who was being sent to an Asian country in a similar situation. If I remember correctly, as she was a 'Crown servant' the lender counted her as UK resident even though she was posted overseas (and living in embassy arranged accomodation) by the time of application. I don't know how much carry-over that example has to your case but hopefully it'll be treated similarly.

jhglondon said:

Hello,

I am a UK citizen. I currently live and work in London (full-time, permanent job). I live at home, but I want to buy a flat and found the perfect place this week. I have a good size deposit (about 50%). However, I know I have been selected for a job in the US (awaiting final checks, visas, etc.). If everything goes well, I might be moving there in two/three months' time. 

I want to buy a place before I leave London, while I'm still counted a UK "resident". I do not care about renting it out, as my current/new job will cover the mortgage. However, I want to avoid having to get an "expat" mortgage if possible. Moreover, my new job is also in international civil service, so I will have diplomatic immunity. I also want to avoid a diplomat mortgage if possible.

If I put in an offer now, and move abroad "before" the purchase is complete, what will happen to the mortgage? I'm not sure if the deal can be completed before the leave, even if I move swiftly. Should I try to buy quickly on buy-to-let mortgage?

Thanks in advance for the advice.

theoretica

My understanding is that you have fewer options available for a buy to let mortgage if you do not already own your own home.