Originally Posted by onepearlyb (Post 6517523)

Yup, we are renting iniitally. Probobly for 3 months until we get a feel for where we want to buy AND get the necessary 3 months worth of wage slips!

Have just worked out that we have 30% deposit so hopefully no great dramas getting a mortgage, but DO need those permanent contracts. Pushing for phone interviews now to secure work prior to our return as it can take forever to get all the paperwork processed.
We also still have our Uk credit cards, so hopefully no big deal about trying to get a credit rating before we get accepted for a mortgage.

*pearly*

Originally Posted by Reading fan (Post 6517817)

[We also still have our Uk credit cards, so hopefully no big deal about trying to get a credit rating before we get accepted for a mortgage.

Hi did you have your credit card statements sent to Oz or a UK address ? We retained all our cc that we have had for 20 yrs but because we had statements sent to Oz the mortgage companies didn't like it. Just a thought.Even renting we had to pay 6 months up front because we didn't keep something going to a uk address.

Originally Posted by onepearlyb (Post 6517830)

We kept a Uk address and our statements were either sent to us from there or else we viewed them online. I also kept my current accounts open and used them like the Uk credit cards so hopefully that will all keep our credit rating there good.
It's probobly more important to have the permanent job contracts and decent deposit though. Like Nu-shooz we've borrowed in the Uk in the past also.
Who knows how hard it will be until we get there.

*pearly*

Originally Posted by onepearlyb (Post 6517830)

We kept a Uk address and our statements were either sent to us from there or else we viewed them online. I also kept my current accounts open and used them like the Uk credit cards so hopefully that will all keep our credit rating there good.
It's probobly more important to have the permanent job contracts and decent deposit though. Like Nu-shooz we've borrowed in the Uk in the past also.
Who knows how hard it will be until we get there.

*pearly*

Originally Posted by Kath & Graham (Post 6519110)

We kept an account etc in UK and on returning to UK had no real problems getting a mortgage and we had a good deposit which helps as well.

Good luck

Originally Posted by onepearlyb (Post 6524573)

Hi Kath and Graham,

Did you also both have job contracts?

*pearly*

Originally Posted by Globalcommunismiscoming (Post 6525647)

House prices are dropping and mortgage interest rates are high. You would be insane to buy a house right now.

Originally Posted by mclauchlan35 (Post 6512691)

A 10% deposit is almost a must these days unfortunately, there are still 95% ltv mortgages available however they all charge higher lending fees (applicable after 90%), and with arrangement fee's so high it kinda means that your deposit gets wiped out.

Income multipliers have also been reduced, where you used to get up to 5 times income or 4 times joint many lenders will only offer 2.75 times joint, or 3times highest income + 1 times lowest.

Another option for affordability may be shared ownership if there are any schemes available where you are going.


Good Luck:thumbup:

Originally Posted by Kath & Graham (Post 6525799)

Yes but with the rental market taking the pee out of this market you are gonna be paying about 700 - 1000 a month for a crappy little place (round our area anyway) so IMO I would still buy as if you get it at a good price and you are gonna stay for the next few years the market will eventually pick up, people still want to move etc..