British Expats - Moving back to UK from Dubai

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Moving back to UK from Dubai

Hi, the from place may be irrelevant. I have read on different forums that it may be difficult to obtain a mortgage after returning? We have been out of the Country for 8yrs, but, we own a house, and, I have maintained my UK bank account, which, we still paid part of our income in every month.

What were peoples experience of obtaining a mortgage upon age upon their return, and, any advice welcome.

Re: Moving back to UK from Dubai

Quote:

Originally Posted by AaronG (Post 12691827)

Hi,

No issues whatsoever in my experience. Just in the process of buying a second property aside from my family home in the UK.Been here for 4.5 years. Found a decent mortgage broker and able to get decent rates through her (based in the UK).That being said, there is additional paperwork but it's not the end of the world.

I have a UK account and some bill I pay at my home address so credit score is OK.

Re: Moving back to UK from Dubai

The amount of your deposit is likely critical. If you try to buy with a minimum deposit of 10% then you may experience difficulties, if you have 40% to put down then the credit risk to the lender (in the event of default) is going to be low and getting a mortgage much easier.

One thing to look out for is if you'll be transferring the funds for the deposit from outside the UK, especially from a high risk area like the Middle East, or an off-shore banking centre, as there may be questions asked about where you got the money from, so be prepared to document that, or better still transfer the funds into the UK ahead of buying a home and allow them to "season". I got bitten, twice, :frown: by this issue when I was a seller of a home in the UK when the buyers' lenders wouldn't finalize a mortgage because of money laundering concerns over the source of the deposit - once from Iran, and once from South Africa.

Be aware that your bank in the UK might also have questions if you send them a large sum from overseas i.e. into a savings/ deposit account, not connected to a mortgage application, and I strongly recommend proactively contacting your bank before you send the money to tell them where the funds have come from and how you got the money, e.g. the £100,000 I will be sending you next month is accumulated savings from eight years spent working in Dubai. You may find that front-end branch or call center bank staff will tell you that this isn't necessary, but they aren't the ones (at the bank) who will be wondering where the money has come from, so impress upon whoever you speak to, as best you can, that you need them to make a note in your records of where the money came from.

Re: Moving back to UK from Dubai

Worth pointing out that if you already own a house, anywhere in the world, then you will have to pay the 3% additional stamp duty in the UK. Then there's the risk that Corbyn and McDonnell get in to Nos. 10 and 11 respectively and implement their 3% annual Garden Tax. Property is theft, you know.