Credit report -UK Mortgage while working in US
 

Hi

I am 36, new to Britishexpats.com,living in UK and was planning to buy my first house so maintaining good credit report.

Recently I got transferred to US and company is processing L1. After reading few topic I realised we didn’t discuss about green card process and so I may have to come back after one year.

Can some one help me with below questions, for me to decided about moving to US or stay back UK

1. Is it possible to get a mortgage approval in UK while working in USA ?

2. How many months/years of credit history in US is need to apply for mortgage in USA ? Or Is it possible to apply for US mortgage with UK credit report ?

Please share your thoughts/experiences and apologies if posted in wrong section.

Thank you

Best Regards
Nas

Re: Credit report -UK Mortgage while working in US
 

I was here for 6 months when I got my US mortgage. I just had to prove previous income. That was back in 2008/9 when getting a mortgage was suppossed to be difficult. I did put down 25%.
Getting a mortgage in the UK is hard when living in the US, is my understanding.

Re: Credit report -UK Mortgage while working in US
 

Thanks .

I have checked with couple of Mortgage advisers about getting UK mortgage while working abroad and the only option seems to be Buy to let.

On the other side, as few members mentioned I will try to open US$ account in UK with one of banks like Wells Fargo or Chase and see if they can help me in getting US mortgage.

Re: Credit report -UK Mortgage while working in US
 

I got my first mortgage through a local broker, you normally get better rates. The banks should also be able to help you.
They required pay stubs, bank statements from UK and US banks. Plus I provided pay details from my job in the UK from the previous 2 years. I did need a SS number. However I think there are mortgages for foreign nationals, that's where a broker may come in handy.

Re: Credit report -UK Mortgage while working in US
 

You've got a few issues in your post.
1. L1 Visa - you can enter the USA on this visa and then apply for a green card if your company is willing to sponsor you for this. It is worth asking for it in your relocation deal as it keeps so many options open for you stateside.

Buying a house in the UK or the USA....
You could probably get a mortgage in the USA, there are companies and brokers that will look into your UK financial history (income, length of employment, previous mortgage payment history, utility payments etc) and grant you a mortgage based on your US salary. BUT buying a house here isn't a particularly cheap thing to do once you 've paid everyone their fees and had surveys etc done, maintaining a house here is also more expensive and selling is really expensive since you will be the one paying the agent. If you have an L1 visa, you could have to leave quickly too and you'd have to sort out the house.

Buying a house in the UK - can't advise too much on the UK end of things (but I read that the banks were basically stopping buy to let mortgages) but if you end up staying in the USA then having a house in the UK which may need to be sold leads to other expensive issues if it isn't your principal residence...

I think you need to figure out what your plans are beyond the next year before deciding on this one.

Re: Credit report -UK Mortgage while working in US
 

Hi
Thanks for your reply. I know the post has issue because I am in confusion a bit after reading about L1 to Greencard process.
Honestly I was to buy my first home ASAP because I am 36 and may not get good mortgage deal after 3 or 4 year time or may have to put huge deposit based on age factor at that time. And the same time I am offed a good role in US which I can’t reject. So I am trying to see where I can buy a house in at least year time. Really appreciate that you have highlighted cost involved in buying and selling in US.

I am also checking with my company about sponsoring Greencard.

Re: Credit report -UK Mortgage while working in US
 

Are you getting an L1a or L1b?

Ask questions on the immigration part of the US forum for advice concerning L1 to greencard. There are some v knowledgeable people there.

People have got mortgages and bought houses whilst living here on an L1 visa - financially it is possible you just need to be aware of the risks and weigh it up for yourself.

There are tax implications if you are living in the USA and have a house rented out in the UK. Some people with more knowledge than I on this may be along and offer their advice. If you are getting tax advice from an accountancy firm as part of your relocation package, this would be a good question to ask them.

I didn't specifically say this in my earlier post - but there's no point in opening a US$ account in the UK to get a mortgage here in the US. It is possible to organise a mortgage in advance of arriving in the US, A poster on here did it in the last 6 months. I don't think that's a wise thing to do if you don't know the area you are going to live in really well. Normally, though, you'd need your social security number at the least which you can't get until after your arrival to work.