Getting a mortgage in the UK after being non-resident
Feb 17th 2013, 6:58 am
#31
advocatus diaboli
Joined: Apr 2011
Posts: 320
Re: Getting a mortgage in the UK after being non-resident
Another person I know used his Australian assets to borrow money to buy an apartment in Thailand.
You could also use your assets to borrow money and then send the money oversea's.
Your best bet is to go talk to the banks, as long as your assets are secure then the banks will consider.
Feb 17th 2013, 9:04 am
#32
Forum Regular
Joined: Nov 2012
Location: Essex, UK
Posts: 64
Re: Getting a mortgage in the UK after being non-resident
Thats all very well but he is asking a UK bank to lend against overseas assets.
As far as I am aware the only way he could possibly do this if he is a very wealthy man and a "Private" bank looks at his worlld wide assets, but he will have to sell his soul.
As far as I am aware the only way he could possibly do this if he is a very wealthy man and a "Private" bank looks at his worlld wide assets, but he will have to sell his soul.
Feb 17th 2013, 9:55 am
#33
Just Joined
Joined: Feb 2013
Posts: 1
Re: Getting a mortgage in the UK after being non-resident
Hello there, I have lived in Italy for over 30 years and now am about to move back to Scotland. I have seen a house I would like to buy, I have one for sale in Italy and one for sale in Scotland. The house I would like to buy I could afford easily if both my properties were sold. Here is my problem, How and where should I go to secure a Mortgage for the property I would like to buy? until my properties have been sold.
Thanks for your help
Stuart
Thanks for your help
Stuart
Feb 17th 2013, 12:40 pm
#34
Forum Regular
Joined: Nov 2012
Location: Essex, UK
Posts: 64
Re: Getting a mortgage in the UK after being non-resident
I would suggest you seek advice.
The broker would need a lot more information than you could reasonably be expected to post on here
To find a broker you could goto
www.unbiased.co.uk
The broker would need a lot more information than you could reasonably be expected to post on here
To find a broker you could goto
www.unbiased.co.uk
Feb 17th 2013, 5:53 pm
#36
BE Enthusiast
Joined: Aug 2007
Location: Cornwall >>> Marin, CA >>> Cornwall!
Posts: 740
Re: Getting a mortgage in the UK after being non-resident
I knew a family who secured a 100% loan to buy a house in Australia using there UK home as collateral.
Another person I know used his Australian assets to borrow money to buy an apartment in Thailand.
You could also use your assets to borrow money and then send the money oversea's.
Your best bet is to go talk to the banks, as long as your assets are secure then the banks will consider.
Another person I know used his Australian assets to borrow money to buy an apartment in Thailand.
You could also use your assets to borrow money and then send the money oversea's.
Your best bet is to go talk to the banks, as long as your assets are secure then the banks will consider.
EG. Raise money with UK lender on UK home then use the cash for the overseas purchase. That could happen now.
As UKIFA said how would you secure the charge across boarders and there's currency risk for the lender too.
Lender would likely be happy to lend on a native asset then the borrower has the currency risk too.
Also times have changed. I had a friend you had a US dollar mortgage on a Uk home. Market isn't what it was!
Apr 23rd 2013, 6:42 pm
#37
Just Joined
Joined: Apr 2013
Posts: 2
Re: Getting a mortgage in the UK after being non-resident
HI
Does anyone know how my daughter who has lived in Dubai for nearly three years, goes about getting a mortgage in order to buy a place here? does she get one from Dubai or UK or can she have dual accommodation in both countries as she is cabin crew and will be coming home a lot more...really have no idea where to start.
Does anyone know how my daughter who has lived in Dubai for nearly three years, goes about getting a mortgage in order to buy a place here? does she get one from Dubai or UK or can she have dual accommodation in both countries as she is cabin crew and will be coming home a lot more...really have no idea where to start.
Apr 24th 2013, 1:11 am
#38
BE Forum Addict
Joined: Jan 2008
Location: Near Kingston, Ontario
Posts: 1,318
Re: Getting a mortgage in the UK after being non-resident
Hi
I was an expat and have moved back to the UK from the US.
Now working as a mortgage broker.
There are possibilities but will need a bit more info to understand what your plans are.
One of the biggest hurdles is likely to be compliance with anti money laundering and identification if you're not expected to be in the UK at any point.
This is often covered by face to face meeting and seeing that yes indeed your passport is you!
That aside if you want to outline your plans. (How much you have to put down, purchase price, location of property, buy to let or moving back???)
Magic numbers are 80% loan to value. If you can hit this then interest only likely becomes and option. Over 80% and repayment is generally all you can do which obviously pumps up the monthly cost.
Optimum rates are below 60% loan to value and they increase from there.
Happy to try and help if I can
Duncan May
I was an expat and have moved back to the UK from the US.
Now working as a mortgage broker.
There are possibilities but will need a bit more info to understand what your plans are.
One of the biggest hurdles is likely to be compliance with anti money laundering and identification if you're not expected to be in the UK at any point.
This is often covered by face to face meeting and seeing that yes indeed your passport is you!
That aside if you want to outline your plans. (How much you have to put down, purchase price, location of property, buy to let or moving back???)
Magic numbers are 80% loan to value. If you can hit this then interest only likely becomes and option. Over 80% and repayment is generally all you can do which obviously pumps up the monthly cost.
Optimum rates are below 60% loan to value and they increase from there.
Happy to try and help if I can
Duncan May
Apr 24th 2013, 5:25 am
#39
Forum Regular
Joined: Nov 2012
Location: Essex, UK
Posts: 64
Re: Getting a mortgage in the UK after being non-resident
I would suggest she speaks with a broker or IFA (independent financial adviser)
They can at least give guidance on what the options are.
You may have to pay a small fee.
They can at least give guidance on what the options are.
You may have to pay a small fee.
Apr 24th 2013, 10:17 am
#40
BE Enthusiast
Joined: Jan 2010
Posts: 440
Re: Getting a mortgage in the UK after being non-resident
Hi, I'm just coming to the end of a three year "expat" mortgage with the Halifax, which was obtained through a broker: ADS Mortgage & Financial Planning in Maidstone. We bought a UK property whilst resident in Australia. We had to provide the usual details, proof of income, identity and so on. So you could give them a try.
Apr 24th 2013, 2:07 pm
#41
Just Joined
Joined: Apr 2013
Posts: 2
Re: Getting a mortgage in the UK after being non-resident
Thank you so much that's really helpful at least we know it possible now
Apr 24th 2013, 2:49 pm
#42
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Getting a mortgage in the UK after being non-resident
That aside if you want to outline your plans. (How much you have to put down, purchase price, location of property, buy to let or moving back???)
Magic numbers are 80% loan to value. If you can hit this then interest only likely becomes and option. Over 80% and repayment is generally all you can do which obviously pumps up the monthly cost.
Feb 2nd 2014, 4:16 pm
#43
Just Joined
Joined: Feb 2014
Posts: 1
Re: Getting a mortgage in the UK after being non-resident
Hi, Can a non resident british citizen (living in india) get a mortgage to buy a property in india. If yes, which banks do offer mortgages?
Feb 2nd 2014, 4:45 pm
#44
Was in Canada, now home.
Joined: Aug 2011
Location: Devon
Posts: 3,388
Re: Getting a mortgage in the UK after being non-resident
I'm amazed that anyone would even consider an interest only mortgage. Back before the most recent crash I thought they were a speculative and dangerous product: my opinion hasn't changed. But the whole UK mortgage market strikes me as rather expensive and inconvenient for the customer as I'm used to the simpler US fixed rate mortgages where you can lock in a rate for the term of the mortgage and there are no penalties for making extra principal payments or paying off the loan early. I've just finished paying off a 15 year mortgage at 3.75% which is a great feeling, compare that to the emptiness of an interest only mortgage where you never reduce your principal.