1st Time Buyer From Overseas

as400

Have been working out of the country for the last 7 years, have now returned (same company IT) want to buy a property (£180Kish) earn £50K have just registered on the VR and am on the phone but have NO credit history at all.

Have the 5% deposit and am ready to go but how long do you think I will have to wait before a high street lender (or anyone not sub-prime) will lend me a mortgage?

Any suggestions?

Ian_W

Absent any of the mortgage brokers/IFA's who frequent the site and are usually happy to give general pointers and tips, NOT advice, replying to your query. I'd suggest you go to the Mortgage section of the site and contact a couple of brokers from there. Charcoal are a biggy but charge fees on completion, London & Country seem very professional and get their fee from the lender at no extra charge to you. Both would only be on completion so you could get advice free without obligation.
Also if you kept any UK Bank/Building Society accounts open whilst overseas they may be worth asking - at least they know you.
Good luck.

as400

Thanks for that Ian. The thing is my bank account was overseas (outside Europe) as it was to my benefit currency wise. I could just stay on the VR for 3 years then apply for a mortgage, but I'm not a credit type of person, so the mortgage institution will not see any payment history demonstrating good credit anyway! all they will see best call is someone who has been on the VR for a bit!

Fairdo_2

You should be able to get a deal, as the voters roll information is a bit smarter these days and can be updated the following month.

You will have also needed to open up a UK bank account on return to th eUK which is generating some more credit history for you.

Conrad

as400 wrote:

Thanks for that Ian. The thing is my bank account was overseas (outside Europe) as it was to my benefit currency wise. I could just stay on the VR for 3 years then apply for a mortgage, but I'm not a credit type of person, so the mortgage institution will not see any payment history demonstrating good credit anyway! all they will see best call is someone who has been on the VR for a bit!

You should be able to obtain a mortgage, Ive come across such situations before and managed to tackle them.

One thing, decent efficient brokers often charge up - front fees to research such a case properly which can be time - consuming.

Why should brokers hand over hard gotten knowledge (often based on years of experience and hard lessons) to time vampires for free? Im sure not many of us would committ to several hours work without being paid.

If fees are your prime concern then try and find someone willing to commit to such a body of work for free, although I would question how it is they have so much time to 'give - away'. Could it be they arent very busy?

'Free' brokers often dont have sufficient time on each case as the margins prevent such luxury. And bare in ind many cases dont complete so this must also be 'factored - in'.

Ian_W

CONRAD wrote: If fees are your prime concern then try and find someone willing to commit to such a body of work for free, although I would question how it is they have so much time to 'give - away'. Could it be they arent very busy?

In fairness to as400 he didn't mention fees at all - I did. In the context of suggesting a starting point, "Absent any of the mortgage brokers/IFA's who frequent the site and are usually happy to give general pointers and tips, NOT advice, replying to your query".
Hope that clears up any misunderstandings :beer: