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Moving home & applying for mortgage straightaway
Hi,
My husband and I have lived in Canada for the past 5 years, but are moving back to Ireland next spring. We own a house here which we will sell before we leave. Once we get back we'd like to buy a house ASAP (can only impose on the mother-in-law for so long...:eek:) We should have a decent (~30%) down payment, and hubbie has a job lined up (the company he works for here is getting him to set up an office there). We'll need to borrow roughly 3x his salary (I'm a stay-at-home mum). I'm wondering if we will be able to get mortgage approval straight away, seeing as we have been abroad so won't have pay stubs, tax forms etc for the last few years? (Well, we do have them, only they're Canadian and not Irish.) We did keep a bank account, building society acct, and credit card open, but haven't racked up many transactions on them since we left. Has anyone any experience of this? (Hope you don't mind me asking about Ireland, I know this is a UK forum, but figure the banking systems are similar...;)) |
Re: Moving home & applying for mortgage straightaway
Not likely because unless you have a credit history in the UK, they wont be too inclined to look at you.
Originally Posted by JNLS
(Post 7710083)
Hi,
My husband and I have lived in Canada for the past 5 years, but are moving back to Ireland next spring. We own a house here which we will sell before we leave. Once we get back we'd like to buy a house ASAP (can only impose on the mother-in-law for so long...:eek:) We should have a decent (~30%) down payment, and hubbie has a job lined up (the company he works for here is getting him to set up an office there). We'll need to borrow roughly 3x his salary (I'm a stay-at-home mum). I'm wondering if we will be able to get mortgage approval straight away, seeing as we have been abroad so won't have pay stubs, tax forms etc for the last few years? (Well, we do have them, only they're Canadian and not Irish.) We did keep a bank account, building society acct, and credit card open, but haven't racked up many transactions on them since we left. Has anyone any experience of this? (Hope you don't mind me asking about Ireland, I know this is a UK forum, but figure the banking systems are similar...;)) |
Re: Moving home & applying for mortgage straightaway
Getting credit seems to be quite hit and miss upon returning to the UK (I cannot speak for Ireland). I could not get a store card, which I only said yes to to stop them asking me each and every time I shopped there!
However we did manage to get a mortgage and indeed we got this before we moved back after providing proof that my husband would be transferring back to the UK. That said, we only approached my own bank and I think that had a lot to do with it. I have been with for 13 years, had significant savings with and a good history with them. I kept the accounts open whilst I was living in Bermuda but the activity was relatively low. We got a 50% mortgage. I would thus recommend approaching the bank you kept an account with first of all. Worst that can happen is htey say no. |
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