Moving back to the UK - credit history and other questions
Discussion
Hi all,
After 12yrs in the Middle East, it's looking likely that I'll be moving back to the UK end of Q1 next year, at least for a few years.
We'd like to start getting things planned and in order asap.
We won't need to work and will draw cash from offshore accounts.
We had a house in the UK that we sold 2 years ago, had a mortgage with the Halifax and always paid on time, I still have a UK bank account with HSBC that has never been overdrawn etc...
What's the score with building a credit score from scratch pretty much? We know that we'll probably have to pay 6 months advance when we rent (as we did with previous tenants of ours) and we're happy to buy stuff in cash such as a cars, appliances etc...
My main concern is stuff like mobile phone contracts, energy suppliers, Sky, insurance policies, all these sort of day-to-day things that would normally be paid for monthly yet still get credit checked.
I've searched a bit online but with no concrete results - does the font of all knowledge, PH, have any ideas as to how to speed up the process or even increase credit attractiveness while we're still abroad for another year?
I also have to go through the pain of reapplying for my UK Driving Licence as it ran out a few years back and you can't renew unless you're a UK resident - hopefully that won't take too long.
After 12yrs in the Middle East, it's looking likely that I'll be moving back to the UK end of Q1 next year, at least for a few years.
We'd like to start getting things planned and in order asap.
We won't need to work and will draw cash from offshore accounts.
We had a house in the UK that we sold 2 years ago, had a mortgage with the Halifax and always paid on time, I still have a UK bank account with HSBC that has never been overdrawn etc...
What's the score with building a credit score from scratch pretty much? We know that we'll probably have to pay 6 months advance when we rent (as we did with previous tenants of ours) and we're happy to buy stuff in cash such as a cars, appliances etc...
My main concern is stuff like mobile phone contracts, energy suppliers, Sky, insurance policies, all these sort of day-to-day things that would normally be paid for monthly yet still get credit checked.
I've searched a bit online but with no concrete results - does the font of all knowledge, PH, have any ideas as to how to speed up the process or even increase credit attractiveness while we're still abroad for another year?
I also have to go through the pain of reapplying for my UK Driving Licence as it ran out a few years back and you can't renew unless you're a UK resident - hopefully that won't take too long.
Very little point having offshore bank accounts...or at least drawing an income from them whilst you are in the UK as you will be taxed as if they were onshore and it will make HMRC take a long look at your tax return.
If you have been paying your mortgage your credit history shouldn't be that bad assuming it was from a UK lender? Might be worth a call to one of the credit rating agencies? As soon as you get back take out a loan you don't need just so you build up a "new history" I remember my sister had to do that when moving to the US a few years ago.
If you have been paying your mortgage your credit history shouldn't be that bad assuming it was from a UK lender? Might be worth a call to one of the credit rating agencies? As soon as you get back take out a loan you don't need just so you build up a "new history" I remember my sister had to do that when moving to the US a few years ago.
If you had a mortgage fairly recently and still have a bank account, you will still have a credit rating. When I came back from Dubai I got a mortgage within 6 months and judging by the credit agency's online tools, my rating was pretty good.
For mobile phones they really just want to check that you haven't defaulted so I'm sure you'll be fine.
For mobile phones they really just want to check that you haven't defaulted so I'm sure you'll be fine.
In my experience, if you haven't got one get a credit card as soon as you can and get yourself on the electoral roll asap. I was away for over 10 years and didn't have a credit card for most of that time. Didn't need or want one but my credit rating wasn't quite as good as it should have been for not having one as there was less to check - peverse really. Also, did a credit check as soon as I returned but again lost out slightly as electoral roll change hadn't been processed yet. Only minor things but they made a difference in my case.
ok, here is my experience after moving back to the UK after 7 years in the US
Residential/Renting - I had a little trouble initially renting somewhere, i complied my mortgage docs from the US, a deployment reference and other financial docs like credit card statements so I could show my foreign history, after a bit of hoop jumping they accepted me as a tenant
Sky: Did not care, they signed me up without hesitation
BT & Utilities: Same, did not care
Mobile phone: Had to put down a £250 deposit that was refunded after 6 months
Credit Cards: My case is a little different as I kept 2 UK cards whilst away but within 6 month of having residential history i swapped these cards for 0% purchase versions (M&S Bank was the easiest as they understand people do moved countries these days)
Mortgage: After being in the country for 6 months managed to secure a mortgage through a broker at competitive rate
Cheers
Residential/Renting - I had a little trouble initially renting somewhere, i complied my mortgage docs from the US, a deployment reference and other financial docs like credit card statements so I could show my foreign history, after a bit of hoop jumping they accepted me as a tenant
Sky: Did not care, they signed me up without hesitation
BT & Utilities: Same, did not care
Mobile phone: Had to put down a £250 deposit that was refunded after 6 months
Credit Cards: My case is a little different as I kept 2 UK cards whilst away but within 6 month of having residential history i swapped these cards for 0% purchase versions (M&S Bank was the easiest as they understand people do moved countries these days)
Mortgage: After being in the country for 6 months managed to secure a mortgage through a broker at competitive rate
Cheers
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