spideyo

Just wondered if anyone knows the process of buying a house in the UK i.e once you have a job how long does it take to get a mortgage, how long do you have to be in the UK before you can get one, how many more times will they lend you than your wage, and does it make any difference if you have a large deposit any help would be great

Bermudashorts

There is no legislation about how long one needs to be in the country before mortgages may be bestowed. It is up to the lender what they do, it is up to the lender how much they lend.

We once had a mortgage granted before we moved back, although this was pre GFC. More recently a lender asked for three months of payslips.

The mortgage market in the UK has a lot of players and I don't think it can be easily summed up in one post on a forum, I think you need to get onto a website like money supermarket to read about the options. Certainly there will be different deals depending upon the deposit.

brits1

Hi, we were offered a mortgage while we lived in Aus (2010) but we decided to rent instead when we arrived back in the UK. At the moment interest rates on mortgages are still low and you can certainly shop around using Mortgage Advisors, Building Societies, the internet and Banks to look for the best offers. Of course the higher the deposit the lower repayments and it also "looks good" to a lender to show you have saved etc (you can put a lower deposit down nowadays as when we arrived some banks etc were asking for a 20-30% deposit) We were asked for 2 months pay slips and other documentation, utility bills, bank statements, it did not take long about a week to have a mortgage in principle (all paper work filled out ready to go) so when we do find a home and area we like it will help to speed up the buying process. If your not sure on your areas though I would rent first and have a really good look around. Good luck

elonii

If you are newly back, using a mortgage broker would make sense. They will be able to access lenders tailored to your circumstances. Of the high street lenders, Halifax are most sympathetic to people who have spent time overseas.

Before you are able to submit any payslips you'll need to have a credit rating established. I was lucky in this respect as I'd kept a UK address, bank account, credit card, and mortgage running in my absence.

Income multiples - this can vary but take what a bank website is telling you with a pinch of salt. They often offer a lot less than they indicate after finding out more about your circumstances.

A large deposit certainly helps you secure a deal, and a lower interest rate.

There's some great information over at the money saving expert forums on mortgage, and there's brokers hanging around on their boards offering advice. Might be worth a look - although generally people are told to consult a broker!

brits1

Hi, Things might of changed but we only had our HSBC bank account we had recently opened in the UK (via Aus) when we were offered an mortgage while we still lived in Aus (2010) and when we did apply for a mortgage when we applied for a mortgage while actually living in the UK we still only had our HSBC account, we were renting, no credit cards or mobile account plans, we owned our own car, we were on the voting register and we were still offered a mortgage buy our own bank and a couple of others we approached ourselves. I would consult a broker and also see the best deals you can gain from your own bank.

spideyo

yeah seems to have changed a bit since then as did approach hsbc they said they could only offer help filling in an application form to open an account in the uk and they said it will be a lot easier once we have entered the uk

brits1

Really should of re read (the above) this before posting, reads "double Dutch" Sorry.


Are you sure on the area you want to live? if so when you arrive home I would certainly visit the mortgage advisors and your bank/building society. If your not certain on where your living then maybe it is a good idea to rent first and have a good "nosey" around the area. Good Luck

elonii

Things are a lot stricter in the mortgage market since 2010. Most high street lenders will also not have a bar of any income generated by your sponsored spouse. I think the Halifax will in some circumstances, but the length of time remaining on current visa seems to come into play. Myself and my husband aren't even going to try to get his income included. Fortunately this won't affect our ability to get a house.