heldownunder

After 2.5 wonderful years in Brisbane we were 'sent' to Darwin... Need less to say we are making the most of things but with ageing parents and our four year 457 visa ending next October it seems time to make plans to go back to the UK.

Having two primary school aged children and wanting to live rural we would like to buy ASAP in order to maximise properties and limit school changes for the children.

During the last three years we have rented out our UK house at a loss, paid off two loans, saved child tax funds and paid a UK credit card debt plus used and cleared a tesco card most months so approx £1700 PCM month has gone back through our uk bank. Plus used my parents address for all of these things.

We plan to sell our house to our tenants on return and buy close to where hubby gets work - aiming for m5/m4 area.

My question is how long will it take to get a mortgage? Current mortgage of 10 years with the nationwide and banked with Barclays for 25 years. We will probably have 25% deposit hubby will get a job quite quickly and I teach so can start supply work ASAP?will it help if kids and I go back first and hubby see out contract here?

Any help greatly received .... Cheers

brits1

Hi

You can also obtain an expat mortgage but you will pay higher rates for that so it would be best to be home when you apply for a mortgage, you can do that while your husband has work in Aus and you will be in the UK but that would have you looking at schools, homes, areas and work for yourself on your own (I did that though and if I can that anyone can lol) if you have all your documents to hand and ready for the banks, ie pay slips etc then you can gain a Mortgage in principle and then it just really depends on how quick you find a home and if there is a chain. Just a thought though if you were really happy in Brisbane why do you not head back there?

dunroving

Not the question you asked but I would recommend renting for a year and then buying. Keeps things simple and allows you a full year to find a place and look into mortgages. Or are you concerned about a rise in prices?

luvwelly

You should find Barclays will be helpful provided you give them all the information they want and provided you have got employment lined up. Bring your Oz bank statements in hand luggage with you.
Barclays now do their mortgages though the Woolwich, the Offset mortgage is good as it allows you to pay it down whenever you want and offsets any credit balances you hold with Barclays against the interest rate on the mortgage.
Have sent you a pm.

heldownunder

Thanks for the info- I'll get collecting data

We did enjoy Brisbane and wouldn't be so easy to,return from re but parental/ grand kids pull is growing ! Also hubby has ended up on project work and we can't keep moving around Australia every few years and feel weird to settle on own with him flying in and flying out - we are the wrong top side of 40 and need to be thinking settling and getting kids into great secondary school - that wont happen here in Darwin !

heldownunder

Great to hear about Barclays - will research offset mortgages
Small world pm'd you

mayhemuk

Don't forget you already have a mortgage so you could conceivably port that to the new property!

heldownunder

That is something to look into but on a poor base rate as overseas plus 1.5% as letting out. But if it means getting a dream home and settled quickly.... Fed up of time renting in oz ....