Moving Back - House/Mortgage/Car/Stamp
Mar 31st 2019, 6:07 pm
#1
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Moving Back - House/Mortgage/Car/Stamp
Hi there. First post here so glad to be pat of this community. I will be moving back to the UK in May after living in the US for 11 years and need a bit of advice regarding the following for those who have trodden this patch before.
UK Mortgage - I will need to get a mortgage/house ASAP after starting getting paid in GBP . Living with the in-laws is fine for a while but not too long please! I kept my UK bank account and UK credit cards whilst I was in the US so my UK credit rating is pretty good on paper, about 980 on Exerpian. What is the standard process and requirements now in the UK? Will they want to see proof of income for the previous 3-24 months? P60s? Ideally I would just like to apply for the mortgage as a standard UK citizen/resident not having to go into my US finances. I have a rental property there so that may complicate matters . If I have 3 months pay slips, good credit rating and a big deposit (will probably put down a 50% deposit) is that all they need? Any lenders/brokers you would recommend ?
Car finance/loans - same sort of questions here. What sort of backup do they ask for if you want to get a car on a PCP scheme or finance through a dealer? I would need a car pretty quickly so the choices I have are just buy one outright, or lease-HP one. Id prefer a monthly bill rather than shell out thousands up front, so interested to hear what is required.
Stamp duty. Im hearing I would get hit with an extra 3% stamp duty charge as I have a house in the US. Pretty ridiculous if you ask me as I'm a dual citizen that the UK would impose this. Is there any way round this? Would being a dual citizen make any difference?
Really looking forward to getting back to the UK so any help/guidance you could give would be great
UK Mortgage - I will need to get a mortgage/house ASAP after starting getting paid in GBP . Living with the in-laws is fine for a while but not too long please! I kept my UK bank account and UK credit cards whilst I was in the US so my UK credit rating is pretty good on paper, about 980 on Exerpian. What is the standard process and requirements now in the UK? Will they want to see proof of income for the previous 3-24 months? P60s? Ideally I would just like to apply for the mortgage as a standard UK citizen/resident not having to go into my US finances. I have a rental property there so that may complicate matters . If I have 3 months pay slips, good credit rating and a big deposit (will probably put down a 50% deposit) is that all they need? Any lenders/brokers you would recommend ?
Car finance/loans - same sort of questions here. What sort of backup do they ask for if you want to get a car on a PCP scheme or finance through a dealer? I would need a car pretty quickly so the choices I have are just buy one outright, or lease-HP one. Id prefer a monthly bill rather than shell out thousands up front, so interested to hear what is required.
Stamp duty. Im hearing I would get hit with an extra 3% stamp duty charge as I have a house in the US. Pretty ridiculous if you ask me as I'm a dual citizen that the UK would impose this. Is there any way round this? Would being a dual citizen make any difference?
Really looking forward to getting back to the UK so any help/guidance you could give would be great
Apr 1st 2019, 3:19 am
#2
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Joined: Dec 2017
Location: Scotland
Posts: 120
Re: Moving Back - House/Mortgage/Car/Stamp
Hi there. First post here so glad to be pat of this community. I will be moving back to the UK in May after living in the US for 11 years and need a bit of advice regarding the following for those who have trodden this patch before.
UK Mortgage - I will need to get a mortgage/house ASAP after starting getting paid in GBP . Living with the in-laws is fine for a while but not too long please! I kept my UK bank account and UK credit cards whilst I was in the US so my UK credit rating is pretty good on paper, about 980 on Exerpian. What is the standard process and requirements now in the UK? Will they want to see proof of income for the previous 3-24 months? P60s? Ideally I would just like to apply for the mortgage as a standard UK citizen/resident not having to go into my US finances. I have a rental property there so that may complicate matters . If I have 3 months pay slips, good credit rating and a big deposit (will probably put down a 50% deposit) is that all they need? Any lenders/brokers you would recommend ?
Car finance/loans - same sort of questions here. What sort of backup do they ask for if you want to get a car on a PCP scheme or finance through a dealer? I would need a car pretty quickly so the choices I have are just buy one outright, or lease-HP one. Id prefer a monthly bill rather than shell out thousands up front, so interested to hear what is required.
Stamp duty. Im hearing I would get hit with an extra 3% stamp duty charge as I have a house in the US. Pretty ridiculous if you ask me as I'm a dual citizen that the UK would impose this. Is there any way round this? Would being a dual citizen make any difference?
Really looking forward to getting back to the UK so any help/guidance you could give would be great
UK Mortgage - I will need to get a mortgage/house ASAP after starting getting paid in GBP . Living with the in-laws is fine for a while but not too long please! I kept my UK bank account and UK credit cards whilst I was in the US so my UK credit rating is pretty good on paper, about 980 on Exerpian. What is the standard process and requirements now in the UK? Will they want to see proof of income for the previous 3-24 months? P60s? Ideally I would just like to apply for the mortgage as a standard UK citizen/resident not having to go into my US finances. I have a rental property there so that may complicate matters . If I have 3 months pay slips, good credit rating and a big deposit (will probably put down a 50% deposit) is that all they need? Any lenders/brokers you would recommend ?
Car finance/loans - same sort of questions here. What sort of backup do they ask for if you want to get a car on a PCP scheme or finance through a dealer? I would need a car pretty quickly so the choices I have are just buy one outright, or lease-HP one. Id prefer a monthly bill rather than shell out thousands up front, so interested to hear what is required.
Stamp duty. Im hearing I would get hit with an extra 3% stamp duty charge as I have a house in the US. Pretty ridiculous if you ask me as I'm a dual citizen that the UK would impose this. Is there any way round this? Would being a dual citizen make any difference?
Really looking forward to getting back to the UK so any help/guidance you could give would be great
On the other hand, if you can’t sell your US house before buying a U.K. house, you will be charged stamp duty—but if you then manage to sell your US house within (I think this is the right timescale) 18 months or so of buying your U.K. house, you can claim that stamp duty back. I’m a dual citizen too, but sadly that doesn’t give a person any leverage when it comes to good ol’ stamp duty!
Apr 1st 2019, 3:48 am
#3
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Re: Moving Back - House/Mortgage/Car/Stamp
Thanks for the info. I’m aware regarding the standard stamp duty on UK house purchases , but were you talking about the extra 3% you now have to pay if you have a house anywhere else in the world?
I suppose one one option I have is to try and move my US mortgage/house into my wife’s name , then buy a house in the UK just in my name
I suppose one one option I have is to try and move my US mortgage/house into my wife’s name , then buy a house in the UK just in my name
Apr 1st 2019, 3:58 am
#4
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Re: Moving Back - House/Mortgage/Car/Stamp
Thanks for the info. I’m aware regarding the standard stamp duty on UK house purchases , but were you talking about the extra 3% you now have to pay if you have a house anywhere else in the world?
I suppose one one option I have is to try and move my US mortgage/house into my wife’s name , then buy a house in the UK just in my name
I suppose one one option I have is to try and move my US mortgage/house into my wife’s name , then buy a house in the UK just in my name
Apr 1st 2019, 9:01 am
#5
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Re: Moving Back - House/Mortgage/Car/Stamp
Apr 6th 2019, 2:39 pm
#6
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Re: Moving Back - House/Mortgage/Car/Stamp
Mmm...seems no way round it. Ridiculous if you ask me. If I had a house in Spain or China fair enough, but I’m a dual citizen so why can’t I have a property in both countries - suppose I should get used to the UK tax man .
Thanks for the feedback.
Thanks for the feedback.
Apr 6th 2019, 3:21 pm
#7
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Re: Moving Back - House/Mortgage/Car/Stamp
As far as the dual citizenship goes, actually, the US tax man is the one you want to watch out for. You may already know this, but each year, you'll need to file a US tax return while living in Britain. Each year forever. There are treaties in place to ensure you won't usually get taxes twice (unless you go over a particular income threshold) but the need to file does still exist regardless. In addition, if you sell your UK home and have capital gains to pay on it, the IRS will be interested in that as well. It's really worth consulting an accountant who is well-versed in UK and US taxes to ensure you don't fall victim to nasty surprises in the future, and can plan to preserve as much of your money as possible.
Apr 6th 2019, 6:55 pm
#8
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Re: Moving Back - House/Mortgage/Car/Stamp
As far as the dual citizenship goes, actually, the US tax man is the one you want to watch out for. You may already know this, but each year, you'll need to file a US tax return while living in Britain. Each year forever. There are treaties in place to ensure you won't usually get taxes twice (unless you go over a particular income threshold) but the need to file does still exist regardless. In addition, if you sell your UK home and have capital gains to pay on it, the IRS will be interested in that as well. It's really worth consulting an accountant who is well-versed in UK and US taxes to ensure you don't fall victim to nasty surprises in the future, and can plan to preserve as much of your money as possible.
Apr 6th 2019, 11:38 pm
#9
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Re: Moving Back - House/Mortgage/Car/Stamp
I have an apartment here in the us I rent out so know a US tax return is unavoidable . Good shout re the IRS and capital gains tax if we buy / sell a house when back in UK.
A caravan at the bottom of my in-laws back garden looks an attractive option now based on all these tax implications .
A caravan at the bottom of my in-laws back garden looks an attractive option now based on all these tax implications .
