Go Back  British Expats > Living & Moving Abroad > Moving back or to the UK
Reload this Page >

Getting a mortgage on return?

Getting a mortgage on return?

Old Aug 30th 2014, 11:46 am
  #16  
BE Forum Addict
 
rebs's Avatar
 
Joined: Nov 2007
Location: Beautiful Dorset, UK
Posts: 2,195
rebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond reputerebs has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by Sally Redux
Thanks rebs

I will do a proper update when I'm out of the honeymoon phase!

Yes the estate agent. I will check out that info. I was sceptical about brokers supplied in that way myself, but we did use one last time we moved in the UK.
Yes, we used a broker the last time we re mortgaged as we wanted to be sure to get a lender that would be sympathetic to us renting our house while we moved abroad.

We were very happy with the deal they got us - we used London & County as the broker.

That was in Jan 2008 and back then, the only question to ask of a broker was to find out if they were 'fee free and whole of market'. I think those terms are not necessarily the same now so you have to ask a couple of differently phrased questions.
rebs is offline  
Old Aug 30th 2014, 1:54 pm
  #17  
Ping-ponger
 
dunroving's Avatar
 
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,001
dunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by cyrian
Have a look at this article: New mortgage rules: the questions you will be asked - Telegraph

In addition, you could Google "new UK mortgage rules 2014" which brings up lots of useful information.
Basically, you need to prove to the lender that you have enough income to cover your normal outgoings - and prove it - as well as servicing the mortgage.
They also stress-test the potential mortgage for affordability against an interest rate of between 6% and 7%.
I wish the silly buggers had done something like this in the late 90's onwards ... maybe we wouldn't be in the mess we are in now. It's now got to the point that, with inflated house prices plus these more stringent mortgage regulations, too many people are priced out of buying a home.
dunroving is offline  
Old Aug 30th 2014, 5:41 pm
  #18  
A modern day warrior
Thread Starter
 
Tom Sawyer's Avatar
 
Joined: Jul 2005
Location: Here and there...currently here.
Posts: 344
Tom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by cyrian
Have a look at this article: New mortgage rules: the questions you will be asked - Telegraph

In addition, you could Google "new UK mortgage rules 2014" which brings up lots of useful information.
Basically, you need to prove to the lender that you have enough income to cover your normal outgoings - and prove it - as well as servicing the mortgage.
They also stress-test the potential mortgage for affordability against an interest rate of between 6% and 7%.
I actually agree with this in principle. It would have prevented a lot of problems worldwide, however.......it is basically punch the data into a computer and it will say yes or no, and I don't even get as far as monthly outgoings before being rejected.
In my position, with the equity I'll be putting in, my salary and earning potential and my profession, my wife's job and profession, being able to put these points across to a person with knowledge and capability instead of a computer, they maybe able to see a decent position. Even the brokers I used were surprised. Believe me, we are well within the affordability factor. Most calculators reckon they could lend us 325k......we want to borrow about 150k!
I've had a word with the Halifax after a tip off, they may view us well financially and not too fussed about residency, credit history and probation period. Will go and see them face to face and see where it goes. They haven't got the best mortgages around, but maybe take a 2 year fix on a low fee and bail out of it at end of the term to a better deal.
Tom Sawyer is offline  
Old Aug 30th 2014, 10:39 pm
  #19  
Forum Regular
 
Joined: Jan 2013
Posts: 175
SUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to beholdSUPERCAD is a splendid one to behold
Default Re: Getting a mortgage on return?

Originally Posted by Tom Sawyer
I actually agree with this in principle. It would have prevented a lot of problems worldwide, however.......it is basically punch the data into a computer and it will say yes or no, and I don't even get as far as monthly outgoings before being rejected.
In my position, with the equity I'll be putting in, my salary and earning potential and my profession, my wife's job and profession, being able to put these points across to a person with knowledge and capability instead of a computer, they maybe able to see a decent position. Even the brokers I used were surprised. Believe me, we are well within the affordability factor. Most calculators reckon they could lend us 325k......we want to borrow about 150k!
I've had a word with the Halifax after a tip off, they may view us well financially and not too fussed about residency, credit history and probation period. Will go and see them face to face and see where it goes. They haven't got the best mortgages around, but maybe take a 2 year fix on a low fee and bail out of it at end of the term to a better deal.
What they say means nothing we were given a letter stating up to 400K and told just go and put and offer in. we did just that. we wanted 230 but never got over the line mine was purely because i work off shore (which was explained)
The process is strange in that in can fall over at so many stages. The Ageism issue is also big one to swallow

Last edited by SUPERCAD; Aug 30th 2014 at 10:43 pm.
SUPERCAD is offline  
Old Sep 1st 2014, 7:00 pm
  #20  
BE Enthusiast
 
Brigette's Avatar
 
Joined: May 2011
Location: USA
Posts: 709
Brigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud of
Default Re: Getting a mortgage on return?

Originally Posted by Sally Redux

I will do a proper update when I'm out of the honeymoon phase!
I am so looking forward to reading it. Congrats on the return home
Brigette is offline  
Old Sep 1st 2014, 7:08 pm
  #21  
Lost in BE Cyberspace
 
Joined: Jan 2008
Posts: 41,518
Sally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by Brigette
I am so looking forward to reading it. Congrats on the return home
Thanks Brigette!
Sally Redux is offline  
Old Sep 1st 2014, 7:28 pm
  #22  
BE Enthusiast
 
Brigette's Avatar
 
Joined: May 2011
Location: USA
Posts: 709
Brigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud ofBrigette has much to be proud of
Default Re: Getting a mortgage on return?

Originally Posted by Sally Redux
Thanks Brigette!
No worries! I did a quick google of the name of the town listed under ur avatar as I have never heard of it and my mouth is watering. Gorgeous properties.. I can't stop talking to my sister about it. WOW! Sorry didn't mean to hijack this thread
Brigette is offline  
Old Sep 1st 2014, 7:32 pm
  #23  
Lost in BE Cyberspace
 
Joined: Jan 2008
Posts: 41,518
Sally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by Brigette
No worries! I did a quick google of the name of the town listed under ur avatar as I have never heard of it and my mouth is watering. Gorgeous properties.. I can't stop talking to my sister about it. WOW! Sorry didn't mean to hijack this thread
Yes it's nice around here, apparently it was historically known as "where the trees begin".
Sally Redux is offline  
Old Sep 5th 2014, 10:36 am
  #24  
A modern day warrior
Thread Starter
 
Tom Sawyer's Avatar
 
Joined: Jul 2005
Location: Here and there...currently here.
Posts: 344
Tom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond reputeTom Sawyer has a reputation beyond repute
Default Re: Getting a mortgage on return?

Did you get anywhere with the mortgage situation Sally? I tried the Halifax but their customer service is somewhat lacking in that neither of their 2 advisors I contacted have got back to me to discuss, which puts me off using them for a start off.
Tom Sawyer is offline  
Old Sep 5th 2014, 11:36 am
  #25  
Lost in BE Cyberspace
 
Joined: Jan 2008
Posts: 41,518
Sally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by Tom Sawyer
Did you get anywhere with the mortgage situation Sally? I tried the Halifax but their customer service is somewhat lacking in that neither of their 2 advisors I contacted have got back to me to discuss, which puts me off using them for a start off.
Hi Tom, I have got some info but of course I don't know until I actually apply.

I am working with 2 brokers. I was told that the main criteria are credit rating, deposit and income

Credit is probably going to be the main issue for returning expats, also age.

I will quote one broker ( hope he doesn't mind):

"As I said this application will hinge around 2 things, the fact that you have been in the States for 9 years - which will have an effect on your credit score, andi your ages. This is because since the Mortgage Market review in April of this year lenders are increasingly worried about lending into retirement. Therefore this is going to limit slightly the amount you can borrow, although I'm not too concerned about this, but more so the term we can do the mortgage over, which will affect your monthly payments. [Husband's] state retirement age is 66 according to the government website and therefore some lenders will stick rigidly to this others will lend to age 70, but very very few will lend over this regardless of what [he] does and for how long he intends to continue doing so."

The other broker seemed less concerned about age. He only came up with Santander.

The first broker found Santander, Virgin Money and Halifax. Halifax apparently does have a good reputation for lending to returning expats so might be worth persevering with them.

The next step will be to get an 'agreement in principle' from a lender. I haven't started that process yet.
Sally Redux is offline  
Old Sep 5th 2014, 4:43 pm
  #26  
Lost in BE Cyberspace
 
Joined: Jan 2006
Location: San Francisco
Posts: 12,852
Giantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by Sally Redux
I will quote one broker ( hope he doesn't mind):

"As I said this application will hinge around 2 things, the fact that you have been in the States for 9 years - which will have an effect on your credit score, andi your ages. This is because since the Mortgage Market review in April of this year lenders are increasingly worried about lending into retirement. Therefore this is going to limit slightly the amount you can borrow, although I'm not too concerned about this, but more so the term we can do the mortgage over, which will affect your monthly payments. [Husband's] state retirement age is 66 according to the government website and therefore some lenders will stick rigidly to this others will lend to age 70, but very very few will lend over this regardless of what [he] does and for how long he intends to continue doing so."
The age thing is galling and I hope someone sues on the basis of age discrimination. I just don't see why a retirement income should be treated any differently than any other income. In some ways, a pension or social security is a more reliable form of income than from employment. As I intend keeping my US property, I will probably end up refinancing here to ensure I have enough cash for a UK retirement "pied a terre".
Giantaxe is offline  
Old Sep 5th 2014, 4:51 pm
  #27  
Lost in BE Cyberspace
 
Joined: Jan 2008
Posts: 41,518
Sally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by Giantaxe
The age thing is galling and I hope someone sues on the basis of age discrimination. I just don't see why a retirement income should be treated any differently than any other income. In some ways, a pension or social security is a more reliable form of income than from employment. As I intend keeping my US property, I will probably end up refinancing here to ensure I have enough cash for a UK retirement "pied a terre".
He said if we did want to go into retirement it might be possible with proof of pension income.

Let's be honest, the lenders ****ed it up and now they are going the other way and being ultra-cautious.
Sally Redux is offline  
Old Sep 5th 2014, 4:54 pm
  #28  
Ping-ponger
 
dunroving's Avatar
 
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,001
dunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond repute
Default Re: Getting a mortgage on return?

Another suggestion is the Money Centre. I got a mortgage from them while still an expat - that was 10 years ago and I am not sure they still do that, but worth a look. It was a BTL mortgage but at the time they were also doing homeowner mortgages - again, not sure if they still do that.
dunroving is offline  
Old Sep 5th 2014, 5:20 pm
  #29  
Lost in BE Cyberspace
 
Joined: Jan 2008
Posts: 41,518
Sally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond repute
Default Re: Getting a mortgage on return?

Originally Posted by dunroving
Another suggestion is the Money Centre. I got a mortgage from them while still an expat - that was 10 years ago and I am not sure they still do that, but worth a look. It was a BTL mortgage but at the time they were also doing homeowner mortgages - again, not sure if they still do that.
Thanks, could be useful.
Sally Redux is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.