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Buying a property in the U.K using U.S salary + credit score

Buying a property in the U.K using U.S salary + credit score

Old Mar 21st 2021, 10:55 pm
  #1  
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Default 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?
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Old Mar 22nd 2021, 8:26 am
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Default 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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Old Mar 28th 2021, 9:55 pm
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Default Re: Buying a property in the U.K using U.S salary + credit score

Originally Posted by elifflower View Post
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're in the process of buying a flat in the UK with a mortgage and living in NZ. We have had to use a broker with some pretty steep fees and a high interest rate (3.99%) The mortgage offer was issued on Friday. We started this process just before Christmas. Our NZ earnings have been taken into consideration. We have had to stop our pension payments here (will restart it once we complete on the property)

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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