Sparkleflower

Hi everyone,

We are putting plans in place to return to uk. When we return we ideally don't want to rent as the rental market is very expensive so we want to buy. We have no jobs to return to but will look straight away (hard times I know so might not get jobs quickly).
We can put down a large deposit probably at about 60-70% total value of house and also leave about 20k to pay mortgage repayments if we don't get a job quickly. In principal can you get a mortgage with no job does anyone know ....?

Thanks all

Back2UK

I guess it depends who you go to, I did ask a broker the same question lately and he said no job no mortgage.

if you have a large deposit couldn't you just buy a cheaper house outright and with time, purchase your ideal home later.

Good luck.

Sparkleflower

Thanks for that.
Yeah we may just do that but if there is anyway we get a mortgage we love to. We have pinged around a bit so ideally when we buy the house hoping it's the forever house :-) if we can just get a small mortgage we can do it! However I fear no job = no mortgage! I think I'm hoping they would be happy to give us one if they see our savings.... Just trying to explore all our options before taking the big leap back to blighty .

Zen10

My guess is that it's no job no mortgage but it is just a guess. From their point of view, if you don't get a job before your money runs out, they're going to have problems squeezing the interest out of you every month, and that is their only function. I think lending in the UK has got tighter since the economy caved in as well. I'm sure they stopped those mortgages where you could just lie your arse off and get however much you fancied.

PegsC

Do you still have a job now? If so, why don't you consider getting an expat mortgage while you are not in the UK so they can approve you while you still have a job instead of waiting until you are back to the UK. My uncle does that as well when he returns to the UK after a 2 year contracts in Canada

sallysimmons

Totally agree with the last poster - contact an expat broker and get your mortgage sorted out before you leave. Many of them work with private banks and can get a great deal for you. It's harder once you get back.

We're self-employed and have been gone 22 years and we found a mortgage through a private bank at a really good interest rate, but our broker told us it would have been easier if we had sorted it out before we left.

Haven't taken them up on it as we'd rather rent a while and take the time to find just the right house, but I was surprised that we got the offer.

PM me if you want the contact info for the broker - he's a nice guy.

MissSP

I've got a mortgage back in the UK at the moment but have been renting the house out while in Italy. When my lender decided to up rates I wanted to change but after contacting a broker he said there would be no chance changing if I didn't have a job. Nobody would give me a mortgage or remortgage the property without earnings.

As other posters have said, it sounds like your best chance is organising it while you're still abroad. Good luck!

dunroving

Surely you could remortgage to a BTL loan (as long as your rental income is above the margins required by the lender)?

chris955

Yes I agree with others about the expatriates mortgage, it has become a little harder since the world economic down turn but there always ways of doing these things.

MissSP

Nope, afraid not! I've checked!

dunroving

Have you tried these guys:

http://www.themoneycentre.net/

Sparkleflower

Thanks for all the info guys some interesting info that we can look further into. Cheers!

tribec

I have just got off the phone with a mortgage broker in the UK. When we first started speaking he informed me that I would never get a mortgage in the UK. We have been in Canada for 10 years. I earn good money, my wife is a teacher and we have just bought a company in oil and gas back in the UK. The company has been in business for 23 years and has very good financials. We got the funding from a bank in the UK for the business purchase. Now we have been told by the broker that we need to rent for a minimum of 2 years before anyone would even consider us for a mortgage.

This can't be right!!!! We have a 60% down payment for the property we are interested in, we have a very profitable business, one of us is being paid every month by the government and our credit is outstanding.

Can anyone advise please this just seems that there is a solution, it's just that no-one is telling us what it is.

sallysimmons

You need to speak to a broker who specializes in working with ex-pats. You won't get a loan from the usual UK high street banks, but there are private banks and offshore institutions who would give you a mortgage. The broker you spoke to probably has no expertise in that area.

tribec

Thanks Sally and we love your blog