Mortgage Advisors Please...
Mortgage Advisors Please...
Author
Discussion

oilydan

Original Poster:

2,030 posts

301 months

Tuesday 20th August 2013
quotequote all
Looking for some friendly mortgage advice from the PH money crowd. Seems like the ideal place to come ad UK mortgage advisors are pretty thin around here and I don't want to spend hours on the phone...the reasons will become apparent..

I'm currently living in Dubai and have been for 12 years, a roll of the dice tells me that now could be a good time to shuffle things around a bit.

I'd like to buy somewhere in the UK, a little village in Cornwall where my family are from, for my wife and kids to move back to while I slog it out in the sand. I owned a place before, but sold it many years ago.

Where do I stand in getting a mortgage in the UK as an ex-pat for my own families residential purpose? I don't want to put down silly % deposit (around 10% would be ideal). I have seen a product or two kicking around but 7%+ interest rates just because I'm an ex-pat are not acceptable.

I have found a place I like and have watched the price come down over a couple of years, it is now in the range that I would be prepared to make an offer - around GBP280k.

I have the cash for 10% plus stamp and legal fees but need a mortgage in principal to go any further.

What are my options?

I have zero debt, zero outgoings (house/car/schools all paid by my company) and a pretty good salary by UK standards.

Thanks

NerveAgent

3,872 posts

250 months

Tuesday 20th August 2013
quotequote all
To them, you are extremely risky. You may think they're wrong but they don't know you and just takes the paper facts.

gjf764

1,338 posts

205 months

Tuesday 20th August 2013
quotequote all
As a commercial lender I agree with Tonker.
In answer to your question Sarnie is the resident broker/ expert on here. I've responded to bump the thread up so he will spot it. Sending him a PM might be a good idea.

Sarnie

8,373 posts

239 months

Tuesday 20th August 2013
quotequote all
anonymous said:
[redacted]
This^.

Lenders will always look at an application based on it's risk. A 90% purchase for a guy who lives in Dubai, for his family to live in.....very risky.

There are products available from standard lenders but most require you to actually be back living and working in the UK before you can be considered.

Sarnie

8,373 posts

239 months

Tuesday 20th August 2013
quotequote all
gjf764 said:
As a commercial lender I agree with Tonker.
In answer to your question Sarnie is the resident broker/ expert on here. I've responded to bump the thread up so he will spot it. Sending him a PM might be a good idea.
Thanks Gary! :thumbs:

Sarnie

8,373 posts

239 months

Tuesday 20th August 2013
quotequote all
oilydan said:
Looking for some friendly mortgage advice from the PH money crowd. Seems like the ideal place to come ad UK mortgage advisors are pretty thin around here and I don't want to spend hours on the phone...the reasons will become apparent..

I'm currently living in Dubai and have been for 12 years, a roll of the dice tells me that now could be a good time to shuffle things around a bit.

I'd like to buy somewhere in the UK, a little village in Cornwall where my family are from, for my wife and kids to move back to while I slog it out in the sand. I owned a place before, but sold it many years ago.

Where do I stand in getting a mortgage in the UK as an ex-pat for my own families residential purpose? I don't want to put down silly % deposit (around 10% would be ideal). I have seen a product or two kicking around but 7%+ interest rates just because I'm an ex-pat are not acceptable.

I have found a place I like and have watched the price come down over a couple of years, it is now in the range that I would be prepared to make an offer - around GBP280k.

I have the cash for 10% plus stamp and legal fees but need a mortgage in principal to go any further.

What are my options?

I have zero debt, zero outgoings (house/car/schools all paid by my company) and a pretty good salary by UK standards.

Thanks
Does your company have a UK base? Eg will you be coming back to the UK and working for the same company?
Where in the world is your companies Head Office?
When exactly would you be returning to the UK in relation to the property purchase?

oilydan

Original Poster:

2,030 posts

301 months

Tuesday 20th August 2013
quotequote all
I see their point of view, but it's very much like the local shops here - see a white ex-pat walk in and the prices go up. Just because I can afford to pay more doesn't make it OK to charge me more.

I would say I would be a much lower risk than Mr Average in the UK; with no outgoings and a decent salary and no tax, it's not like I'm more likely to default. Quite the opposite.

I guess I'm more likely to walk away or something in their eyes? What exactly is the increased risk? Do loads of expats default?

Company is Global mega-corp (I think $20bn this year) with at least 5 bases in the UK. I would not be working for them in the UK though. HQ is in Switzerland (but corp office is really Houston). I guess I would be 2-3 years away from coming back myself. Maybe a 'custodial sentence' in Saudi to pay the lot off in 3 years then come back and put my feet up.


oilydan

Original Poster:

2,030 posts

301 months

Tuesday 20th August 2013
quotequote all
Is that more likely to happen because I'm an Ex-pat?


GT03ROB

14,032 posts

251 months

Tuesday 20th August 2013
quotequote all
Surely the solution is put down big deposit.

If you have been 12yrs on zero tax, all found, a substantial deposit should be straightforward. If you don't see a risk put your own money up.

...and yes in my experience of expats their propensity to have "complex" personal lives along the lines of what Tonker describes is far higher!

Sarnie

8,373 posts

239 months

Tuesday 20th August 2013
quotequote all
oilydan said:
I see their point of view, but it's very much like the local shops here - see a white ex-pat walk in and the prices go up. Just because I can afford to pay more doesn't make it OK to charge me more.

I would say I would be a much lower risk than Mr Average in the UK; with no outgoings and a decent salary and no tax, it's not like I'm more likely to default. Quite the opposite.

I guess I'm more likely to walk away or something in their eyes? What exactly is the increased risk? Do loads of expats default?

Company is Global mega-corp (I think $20bn this year) with at least 5 bases in the UK. I would not be working for them in the UK though. HQ is in Switzerland (but corp office is really Houston). I guess I would be 2-3 years away from coming back myself. Maybe a 'custodial sentence' in Saudi to pay the lot off in 3 years then come back and put my feet up.
If you were going to be working for the same company then it would have been a possibility but not if you are going to be returning to the UK with zero credit history, no job and only a 10% deposit for a property you potentially won't live in yourself for three years.......

oilydan

Original Poster:

2,030 posts

301 months

Tuesday 20th August 2013
quotequote all
OK, thanks for the insight.

I guess I'll just keep blowing it all on pork chops and lager.

Maybe I'll come back for 3 months, get a 90% LTV jobbie.... then bugger off again.

Or perhaps the answer is to send the Mrs back and run off with miss Aeroflotski smile

85Carrera

3,503 posts

267 months

Tuesday 20th August 2013
quotequote all
PM me i am also based in dubai and can give you details of the broker who got me a 20% deposit and 3.99% rate on a buy to let

I have no connection other than having now used him to get 2 mortgages over the past 3 years both on better rates and terms than I could have got elsewhere