msi64

Hi folks

Have just registered on here, and am looking for advice from people in the know.
Got married to a US citizen 5 years ago, we live in the UK. Obviously we are looking to move to the USA when I retire (2015) We have a son who will be 12 when we move.
Having looked at the paperwork I kind of get the idea what I need.
But I have other questions,
I will get a large lump sum when I finish and want to get a mortgage as soon as we get there. Question is can I get a mortgage on a US property whilst living in the UK?
Do people recommend paying a large amount of the mortgage or squirrel it away and pay it month by month?
What hurdles should I be aware of ? I will be 45 when we move so will be looking for job when/if we get to the USA
When should we start looking at getting paperwork started?

Sorry for the ramble am sure I will have many more questions as we go
Thanks for the advice

Please move if this is in the wrong place

tonrob

I don't have answers to all your questions but here's a couple of random musings...

It has been possible to get U.S. mortgages while living in the UK. It is currently a lot more difficult for anyone to get a mortgage at the moment due to the economy and state of the lending industry. To predict what the landscape might look like in 2015 would require a crystal ball perhaps.

As to how whether you are best to overpay your mortgage or invest in squirrels - this is a highly personal decision and any "good" advice would depend on a much fuller understanding of your complete financial situation - which we don't have.

Where in the U.S. will you be moving to? Have you been there already?

What kind of work will you seek? The job market is shite at the minute but in 5 years' time it will hopefully be different.

msi64

My In laws live in Texas, but Im not really sure yet.
I will have about 100,000 dollars to invest in a mortgage and around 2000 dollars a month from my pension. As for work Im currently in Logistics so a job in that field or in the Petroleum Industry. My wife is just finishing her business degree and as my son will be 12 so she will be working full time as well.

ian-mstm

Yes, but why would you want to?


Generally, the higher the down payment... the lower the interest rate. That said, it's definitely less expensive to make bi-weekly mortgage payments than monthly payments. You'll pay off the mortgage many years earlier and save huge $$ in interest charges.


What is your wife's immigration status in the UK? If you're talking about visa paperwork, you'll want to start about 9 months ahead of when you plan to move. The process takes about 4-6 months or so when you file in London (which you likely will) but you'll want to leave a little wiggle room. About a year or so beforehand, take a long, hard look at the concept of "domicile". It's something your USC spouse will need to tackle. Your son is likely a dual citizen and will need a US passport to enter the US.

Ian

msi64

My son already has a US Passport (we made sure of that when he was born)
My wife has indefinate leave to remain in the UK. Without being stupid whats Domicile??

We were looking at maybe buying the house before we move to the US maybe in the next year or so

scrubbedexpat099

Mortgage and jobs in 5 years, well that is anybody's guess.

If you asked that question 5 years ago, I doubt the answers would be relevant now.

Wife has time to get her British Passport before you leave

msi64

Wife doesnt want her british passport

Was looking at Colorado or Montana originally. As we said In laws live in Texas but we are not sure if we want to live there.
Im more an outdoors middle of nowhere type of guy.

fatbrit

Wife has a UKC child. There are no particularly difficult issues holding dual US/UK citizenship -- many people on this board hold both. Your wife should reconsider.

msi64

Wouldnt she have to give up her American Passport????

fatbrit

Five years ago, I would answer yes. Today I would answer probably not. In five years time....

Ask your wife as she's already done it. You will suffer the same frustrations.

Start around a year before you want to move.

fatbrit

No!

Read here: www.richw.org/dualcit

BritishGuy36

Long distance landlording is the proverbial nightmare. Think carefully before doing that. (Presuming you'd want to rent it out to pay the mortgage and property taxes till you get there)

And before you put any cash into any stateside venture, at least make sure that there are no obvious bars to your wife getting her IR-1 visa.....it's not automatic, her being married to a US Citizen confers no 'rights' whatsoever.

msi64

Not looking at renting it out we can cover the mortgage and taxes.
My wife is the American not me so that shouldnt be a problem.
We would probably get the In laws to look after it till we moved in full time

Thanks for the link Fatbrit it cleared a lot of things up mate

chartreuse

Do you have an AmEx card in the UK? If not, get one now.

At the moment, AmEx do this thing called Global Transfer. When you move to the USA, they'll give you a US AmEx card on the strength of your UK account.

The way it works is, when you do that they'll report your UK account opening date to the US credit reference agencies, rather than your US one.

It's impossible to predict whether they'll do it the same way in 5 years time, but if they do you would effectively get 5 years of US credit history for free. Which might be helpful.

frrussre

No, many people on here have dual citizenship, some have 3 or 4.
My USC wife lived in UK for several years before we came to live in USA, she wished, she had got her Brit Passport before we left UK. We had no internet in those days, no Brit Expats, giving great advice. Easy to get a Brit Passport, relative to USA + no worldwide taxes. Should anything happen to you & your son decides to move back to UK or Europe, your wife would have the right to go with.

I urge your wife to become a UKC, while she can.

Reg. Frank R.