Expat Mortgage (Again!) for UK Family Residence

[oilydan]

Mortgage advisers, I know this topic pops up now and again, but this one might be slightly different....

Job situation may change in the near future, meaning more cash but a much worse location. I would have to send the family packing back to the UK.

I would be resident out of the EU, she would be resident with the kids in the UK.

Looking at spending around 600k with a LTV of 90-95%; I have investments tucked away but would lose too much for it to justify pulling them out early. I could get the 30-60k plus stamp etc together reasonably quickly.

Do I have any options? Or will banks demand a 30-50% deposit because I am not resident?

I would be visiting every month for a few days, could this be spun as being a UK resident, but traveling a large amount and being paid offshore?

Any advice appreciated.

[Sarnie]

There's a chance it could be done, but no chance at 95% and even 90% would be tough.....to stand a chance I would guesstimate, you'd need a minimum of 20%.

There are are plenty of factors that lenders won't like;

- The property is for your family, so if you stop paying, they've got to put a family on the streets
- Your work is outside of the EU
- I assume you won't be getting paid in Sterling, nor into a UK Bank?
- I also assume you won't be paying much if any UK tax?

Lots of risks for the lender, especially at 90-95%...............if I was a bank I'm not that would be a deal I'd be keen to do.

The more deposit you put down, the more those risks are mitigated.

Edited by Sarnie on Tuesday 19th August 08:01

[Mattt]

Visiting every month, family in the UK, house purchase - careful you don't fall into UK tax!

[jinkster]

Can you open an account with Offshore such as Natwest and then go for a mortgage that way?

[Dominicc01]

90-95%, no.

However, if you are eligible to meet the criteria, HSBC Expat would be a ideal for you, and can offer mortgages on UK properties up to 75% LTV, at relatively low rates.

http://www.expat.hsbc.com/1/2/hsbc-expat/home

[oilydan]

Natwest seem to be the only company accommodating Expats at the moment.

85% LTV, up to 500k, same rates as high street. Pretty reasonable if you ask me!

Simple application process but will take up to 3 months to finally approve due to lengthy anti-laundering audit.

[Sarnie]

oilydan said:

Natwest seem to be the only company accommodating Expats at the moment.

85% LTV, up to 500k, same rates as high street. Pretty reasonable if you ask me!

Simple application process but will take up to 3 months to finally approve due to lengthy anti-laundering audit.

Be prepared for it to be longer, we had one that took from December to June.......evidencing the deposit was a nightmare, they wanted to see the full accumulation of the deposit being saved, ended up having to give them six YEARS worth of statements from multiple accounts as the money had been shifted around, totalled more than 300 pages of statements.....

[oilydan]

Should be fine in that regard, I have 5 years original statements showing build-up from $0 to current levels.

6 months would be a disaster :O