Pollyana

Not for myself, but as I've done before, I'm posting a genuine question on behalf of a member who wishes to remain 'in the closet' at present regarding their return I can understand their reasons, so please help if you can.....

Thanks!!

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I'm wondering if anyone can please help me with sharing their experiences of getting a mortgage after moving back?
We'll have no recent credit history, but we will have the 20% deposit that they ask for. I know we'll have to get credit and use it/pay it off etc to establish that, I was just wondering what others had found in trying to get a mortgage. I'm impatient and would like to get back on that as soon as possible

BEVS

We have some friends that moved back to the UK after 8 years in New Zealand.

He thought he has work lined up but that didn't work out. So, he is now on a one year contract with a council in Devon. It may be renewed or not. He has had no luck gaining a permanent contract anywhere in his occupation.

They have equity but are unable to get a small mortgage as his job is not permanent.

That doesn't help I know but it is what has happened to someone we know recently.

lgabriel73

Have you thought about applying for an ex-pat mortgage before you return to the UK? There are a few different options with an ex-pat mortgage and might be easier for you than waiting until you return with no credit history.

not2old

I'd never heard of that before reading this thread & after some search I was looking at that international bank HSBC which is well established.

Suppose the person intending to go back to the UK opened an HSBC account in the country they are in now with global transaction account (whatever its called). That would give the the first step as established customers - then go from there possibly speaking with the local folks about their intentions

http://www.expat.hsbc.com/1/2/hsbc-e...why_hsbc_expat

http://www.expat.hsbc.com/1/2/hsbc-e...tial-mortgages

Pollyana

Good thinking

Keep the thoughts coming as I know the person is following the thread and is very appreciative of all the suggestions

dunroving

Re: Expat mortgages, try the Money Centre. I bought a BTL property through them back in 2004 (that was a bad move - the property I mean, not the mortgage company - another story I have related on other threads, so not for here!). The Money Centre seemed very used to dealing with slightly non-traditional situations.

My experience with Woolwich back in 2007 is probably so long ago (prehistory, in terms of the credit crunch) that it wouldn't apply today. However, I had very little trouble. It wasn't credit history they wanted (I didn't have much in the UK), so much as confirmation of a stable job and income.

mayhemuk

You speak of a decent deposit which is part of the battle.
It is employment and therefore income that is the main issue.

If you are continuing work in a similar line EG. Project Manager to Project Manager (obviously a slight break for the move) and it is a 'permanent' contract you might be able to arrange something sooner.
There are other lenders that would want to see a few more payslips which means perhaps 6 months wait.

Contact a broker in the area you are aiming for. Preferably by referal from someone who has used them.

Good luck.

dunroving

Not exactly what the OP is asking, but I'd suggest considering renting.

I think this option is too readily discarded but particularly at the moment, there are many reasons to rent initially rather than buying.

not2old

Putting my hat on as though I'm the UK lender ....

unless the returning expats have a pre-set or per-arrangement bank account with an international bank (where they are at right now) in an international funds account (HBSC was one I mentioned), its likely from the get-go they'd have some difficulty getting a mortgage.

Not knowing the full extent of the OP's question especially age, job, retired, semi retired etc - I think what Dunroving mentioned about renting is not a bad idea especially for the first 6 months & settling in. This would establish residency, they get on the electoral roles, use of a UK credit card, build a credit history (rent payment, utility bills) etc and most importantly location location

davros1984

With our planned return to the UK around mid-Spring next year, I have phoned a couple of banks seeking advice and the likelihood of getting a mortgage.

We have been out of the country for 2.5 years, it will be almost 3 years by the time we go back. They have said that this isn't a long amount of time, so that will help.

Crucially, they have said that really it comes down to us having jobs and a good income to pay a mortgage.

In addition, I have done the following which I have been informed *may* help me:

*I got myself registered on the electoral roles a few weeks ago
* I regularly (each month) pay money in and out of my bank accounts in the UK (around 2000-2500K GBP) a month - I have been advised that this will help immensely with regards to my credit rating.
* My bank addresses are registered with home UK addresses
* I have been repaying my student loan at a rapid rate consistently over the past couple of years.
* I now plan on buying some things with my UK credit card each month and paying it off right away.

Whilst this may not answer your question directly, there are some examples of what you can do to help.

The banks advised me that if my credit rating was valid, (hence the above), I would in theory be able to take out a mortgage after a month of being in a job.

chocciecake

well, we moved back to the uk after being in aus for under 2 years, and we applied for a mortgage with lloyds after being here only 2 years and was accepted.
that said, we kept our uk bank account with them open, and my husbands earnings were paid into that, and transferred over to australia and we also own a flat over here which we rent out so i guess there is some history.

oh, and on reading the above post, we also used our lloyds debit and credit cards as our main source of funds while in aus, so that would have helped.

2 things to think about :
1) would it be a good idea to rent first, so you know what you want/where you want it, and that way pass some time for qualifying for a mortgage along with making sure you can view and find the exact right property instead of just what you can find on a reconaisance mission, as it is harder to find something from the other side of the world.- after all, in this economy, you don't want to end up stuck in a house you wish you hadn't bought!

2) best bet is to call or email a uk based MORTGAGE BROKER who would be best qualified to tell you what you need to do and what products you would be eligible for.

London1947

The problem one faces coming back to the UK is the length of residence. When i returned it was difficult to open a bank acct. Nat West, Barclays were very unhelpful. However Lloyds opened an acct just with an address and passport. Keep in mind however i could not get a credit card but a debit card was the only option. Debit cards do not build up a credit rating, at least i think not.

Bermudashorts

We applied for a regular mortgage whilst we were still in Bermuda about six or seven months before our intended return date. My OH was transferring back with his employer and we had to prove the expected income source with a letter confirming the transfer. I didn't shop around, my strategy was to approach only the bank that knows me. It was no problem at all, we got a cracking deal too. We bought the house in March and moved back and straight in in the July.

morrisjo

I am interested in this too. Should be moving back next summer after 7.5 years in the US. I have kept all my bank accounts and credit cards open and active (registered at parents) over the years. I've worked for the same company for 12 years and will be transferring back with them also so I am hoping that will go in my favour. I just registered to go back on the electoral register at my parents also so I am hoping I don't have to wait too long to get a mortgage.

Bermudashorts

Your situation is same as mine, transferring back and so if the bank knows you it will go in your favour.

I think registering on the electoral register when you are not actually there though, is seriously dodgy .... why have you done this?