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Expat mortgage for UK property?

Expat mortgage for UK property?

Old Jun 11th 2014, 10:56 pm
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Default Expat mortgage for UK property?

Hello! I'm new to this site, so please bear with me if this is a much-asked question.

We have been living in the USA since 2008 and want to move back to the UK in the next 12-18 months. We have accumulated several dogs and cats since living here which we would want to ship back with us, and for that reason (amongst others) we want to buy a UK property so that we have somewhere to go back to upon arrival there instead of renting or staying with parents (we also have 3 small children and will possibly have a 4th by the time we get back to the UK).

So, how easy/difficult is it to get a mortgage for a UK property whilst still living in the US? We would be able to afford to pay a few months' mortgage without working once we arrive there, but then my hubby would need to get a job (he's an engineer, has a really good job here in San Jose CA).

I've spoken with one expat mortgage company, but they won't give me specifics on how much lenders are willing to lend at the moment until after we go through the process and get the mortgage in principle. Does anyone have any recent experience with getting an expat mortgage for a UK property? Is it 4 times the salary or thereabouts?
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Old Jun 11th 2014, 10:59 pm
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Default Re: Expat mortgage for UK property?

I can't help with the mortgage question but I know others can. I just want to give you a HUGE online hug for bringing all your pets back to the UK with you. Good for you!!

And welcome!
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Old Jun 11th 2014, 11:09 pm
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Default Re: Expat mortgage for UK property?

Aww thanks windsong! Yes there's no way we would even consider leaving our pets behind! They're all rescues, they've been through enough upheaval in their lives without us abandoning them. Besides, I'm not sure how we would rehome a seriously deformed Chihuahua and a 185lb, house-chewing Leonberger plus a grumpy cattle dog, and two old cats (one of which has herpes, sigh), so they're coming with us. LOL.
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Old Jun 11th 2014, 11:12 pm
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Default Re: Expat mortgage for UK property?

Originally Posted by bigdecisions2014 View Post
Aww thanks windsong! Yes there's no way we would even consider leaving our pets behind! They're all rescues, they've been through enough upheaval in their lives without us abandoning them. Besides, I'm not sure how we would rehome a seriously deformed Chihuahua and a 185lb, house-chewing Leonberger plus a grumpy cattle dog, and two old cats (one of which has herpes, sigh), so they're coming with us. LOL.
I think it's wonderful! They sound adorable.

I have two rescues, too, and they are going with me.
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Old Jun 12th 2014, 7:35 am
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Default Re: Expat mortgage for UK property?

im looking into it right now i dont really know the what they work it out on i just gave them the figure for the house and they so basic info they said no problem with a 25% deposit minimum. That could just be blowing smoke up my arse but ill keep you updated
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Old Jun 13th 2014, 9:17 am
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Well it seems to be smoke they only offered half what i wanted said it was because of my age still didnt give me how its worked out. i am stunned as i earn a large salary and put 25% down.
tip here is to ask if they think you are going to qualify before they do the searches as this shows up on your credit history
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Old Jun 14th 2014, 3:38 pm
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Default Re: Expat mortgage for UK property?

PM me. I work for a broker so can help navigate through finding out what you need to know and do.
You won't affect your credit score since we don't submit an application unless we're convinced it has a decent chance of success. No credible broker would.

The key factors though will be deposit and proof of ongoing income.
Also what you current and ongoing budget looks like. (This is becoming increasingly important)
IE If you are returning to work with the same company/same terms you're in much better position than if you're quitting and then sourcing a new job.

Let me know your approximate parameters IE Value of potential purchase and available deposit and can then give you an indication of what a lender might expect you to be earning.

Cheers
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Old Jun 17th 2014, 8:02 pm
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Default Re: Expat mortgage for UK property?

Thanks! I will PM you now!
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Old Jul 8th 2014, 12:58 pm
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Default Re: Expat mortgage for UK property?

Dear bigdecisions and Mayhemuk, We are currently going through the same process. I was hoping one of you could PM me with the details of a recommended expat mortgage broker, along with any advice on how to prepare for the best possible outcome.
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