UK mortgage but funds abroad

[Planet Claire]

Hi

I hope someone can help me (Sarnie?), or can recommend a good IFA. I'm posting on behalf of my brother who lives and works in China. He and his (Chinese) wife have property over there and all their funds are based in China. They are looking to move back to the UK next year.

Ideally they would like to keep their property in China but they are prepared to sell one to release funds, if required.

What he's wanting to know is how easy would it be to get a mortgage when all his funds/work is based abroad. What evidence would he have to show (they are self employed)?

Thanks

[Sarnie]

The timing will be key.

Everything would be MUCH simpler if he was back landed in the UK, with a UK address and employment. Applying from China and proving income (further complicated by being self-employed) and deposit is going to be difficult.

How will he be employed once back in the UK?

[Planet Claire]

Sarnie said:

The timing will be key.

Everything would be MUCH simpler if he was back landed in the UK, with a UK address and employment. Applying from China and proving income (further complicated by being self-employed) and deposit is going to be difficult.

How will he be employed once back in the UK?

He's going to continue his business in the UK (it's not location dependent).

His old UK bank accounts, and any other official things, are registered at our parent's address - would this help the situation?

Edit - I should just add that they are thinking of renting for the first year to work out whereabouts they want to live.

Edited by Planet Claire on Monday 28th July 09:57

[Sarnie]

Planet Claire said:

He's going to continue his business in the UK (it's not location dependent).

His old UK bank accounts, and any other official things, are registered at our parent's address - would this help the situation?

Edit - I should just add that they are thinking of renting for the first year to work out whereabouts they want to live.

Edited by Planet Claire on Monday 28th July 09:57

The last part is key. Being back in the UK will help them hugely.

It's the employment that concerns me though......will he be able to provide UK tax returns?

[Planet Claire]

Sarnie said:

It's the employment that concerns me though......will he be able to provide UK tax returns?

I don't know anything about tax stuff; I'm not sure he pays tax returns in the UK (is that possible?).

[Sarnie]

Planet Claire said:

I don't know anything about tax stuff; I'm not sure he pays tax returns in the UK (is that possible?).

If he has no UK trading or taxation history, he is going to be subject to the normal self employed criteria which is that most lenders will want two years worth of SA302's (documents from HMRC stating income and tax paid) or two years full company accounts.

[Planet Claire]

Thanks. His wife trained to be an accountant so I'm sure everything is in order for them to provide such details.