Buying a property in the U.K using U.S salary + credit score
Hi there,
I'd like to see if anyone had insight on the possibility of getting approved for a U.K mortgage using a U.S salary and credit score? We are thinking of buying a place in the U.K while still living in the U.S, that once purchased, we would like to return to the U.K to live in. The reason being that our U.S salaries are likely better than what we would be paid in the U.K, and we have a pretty decent 5-year credit history here. If we were to wait and move back first, we presumably would be starting from scratch with our credit history. Are there any nasties we'd need to look out for by doing it this way? |
Re: Buying a property in the U.K using U.S salary + credit score
I very much doubt that a non resident could get a new mortgage based on a foreign salary. Possibly with a large enough deposit so the bank can be absolutely assured of getting their money back should the payer default.
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Re: Buying a property in the U.K using U.S salary + credit score
Originally Posted by elifflower
(Post 12986212)
Hi there,
I'd like to see if anyone had insight on the possibility of getting approved for a U.K mortgage using a U.S salary and credit score? We are thinking of buying a place in the U.K while still living in the U.S, that once purchased, we would like to return to the U.K to live in. The reason being that our U.S salaries are likely better than what we would be paid in the U.K, and we have a pretty decent 5-year credit history here. If we were to wait and move back first, we presumably would be starting from scratch with our credit history. Are there any nasties we'd need to look out for by doing it this way? We needed 6 months bank statements and payslips Proof of deposit (6 months statements too) Certified proof of address and ID Proof of UK bank accounts (6 statements spread across 3 years was requested) Letter from the selling agent stating the projected rental income We couldn't buy a masionette, any property with outside render was a no go, in a building of over 5 stories tall was a no, ex LHA was a no go as well. It has been stressful and I'm glad to see the back of it! We've gone for 2 bedroom flat in Glasgow as we wanted to spend less that 100k all in and it's just a holding place for when we return in 2023. We will most likely pay down the mortgage as much as we can and sell to use the forced savings as a deposit in Bristol which where we will be heading to when we return. |
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