sueanne

Im not sure if anyone has done this but would love some advice, we have been here for nearly 3years, hubby on HIB visa, we own a house here and are relatively happy here.
However we wont be here for ever and now we are looking at buying house back in UK ready for our return in years time, problem is my hubby wages here go to pay this mortgage, at the moment we cant sell the house either to fund UK home, real estate sales are so slow in this area. Husband has regular money going into UK bank from RAF pension. Does anyone know of Bank that will give us mortgage in UK even though we will be living here for another year.
Thanks

franc111s

It's all about assets and relationships with banks. If you are putting enough money down and only taking out a loan you can easily afford, you'll probably find some bank willing to loan you the money. (If they can get 80% of the loan back if you defaulted, they don't really care). You can show an income, even better. Did you keep any accounts / credit cards open, even better again.

I suggest you call old banking relationships and see what gives. Then try the big internet lenders, although a personal banking relationship would be better. How about someone you know over there that has a friendly bank manager / building society friend.

It costs nothing to ask and I promise you, most banks / lenders over there WILL answer the phone, WILL know what you are talking about and WILL speak English (unlike USA banking call centers).

sueanne

Thanks franc111s, yes we have kept credit cards in UK, we had 2 mortgages with Nationwide and we were good customers but they are not interested . Northern Rock say NO also..i will have a look at the big internet lenders.
and yes I know what you mean about the call centers!!

dunroving

My guess is that you'll need to rent out whatever property you buy to help pay the mortgage, in which case you'll need to get either a permission to rent agreement from the mortgagor (unlikely; this usually only happens if you have to leave your primary residence, e.g., to go overseas, and intend to rent it for only a short while), or (b) get a buy-to-let mortgage.

There are some companies that specialize in lending to expats and also specialize in BTL mortgages. One is The Money Centre: http://www.themoneycentre.co.uk/

Don't know if you realize, but most BTL's will only work if you have something like 30%-40% to put down. Because of the mad house price increase, BTL doesn't really add up any more (i.e., hard to get enough rent to pay the mortgage). Also, the best BTL properties are probably not going to be the sort of place you'd want to live in (2-BR terraces at the bottom of the price range). Also, if you buy and let, then sell on return to the UK, you'll be liable for CGT.

TRPardoe

If I were you I would try one of the few remaining small Bulding Societies, preferably one based in the area you are buying. They are much more likely to look at you and less likely to look at their computer screens.

Isn't there a savings and loan associated with retired service personnel ?

sueanne

have taken everything both of you said into consideration..our daughter will live in the house and just keep an eye of things until we return home so of course we wont charge her rent....we wasnt aware of any loan associated with retired RAF people but will delve into it...thank you