Expat mortgage problems
Discussion
Hi all,
I work in Norway, am paid in Norwegian Krone and do a yearly tax return in the UK to keep the government happy.
50% of my income is from overtime on average but the basic salary is also good.
I tried to re-mortgage in June/ July as we had just gotten over a bad period with work (oil sector affects us a lot) and wanted to reduce my monthly outgoings by adding 2 loans to my mortgage and also possibly pay off a credit card.
We wanted some left over for house renovations but not too much.
The mortgage amount will be far more affordable than what I currently pay (roughly 1/3rd less) and leave us with a completed house.
Now, I phoned a mortgage broker who seemed very positive, the amounts we needed were easy to get and he was very keen to get a good deal for us. Initially figures of 2% were spoken about which would be fantastic but then he came back and said that due to a rule change, as I was paid in Krone there was nothing at all he could do for me.
We then tried my wife getting a mortgage, it was within her affordability figures, she would then take over the mortgage and I would take over all other bills, childcare etc which again is easily affordable. She was declined this (Barclays) as they wouldn't take my money into account, despite seeing it come into the bank account on a regular basis for over 3 years.
So now we are a bit stuck, we don't meet the requirements for the premier account with Barclays as we are not on over 100K a year combined and also don't have 25K in an account.
We have 50% equity in the house, this would change to roughly 30% once the amount we want to borrow is all added in.
Is there anything we can do or do we just have to trudge along and wait a few years, which is proving tough to accept, I'm earning more than I ever have but getting a mortgage appears impossible at the minute.
Any ideas?
Dave!
I work in Norway, am paid in Norwegian Krone and do a yearly tax return in the UK to keep the government happy.
50% of my income is from overtime on average but the basic salary is also good.
I tried to re-mortgage in June/ July as we had just gotten over a bad period with work (oil sector affects us a lot) and wanted to reduce my monthly outgoings by adding 2 loans to my mortgage and also possibly pay off a credit card.
We wanted some left over for house renovations but not too much.
The mortgage amount will be far more affordable than what I currently pay (roughly 1/3rd less) and leave us with a completed house.
Now, I phoned a mortgage broker who seemed very positive, the amounts we needed were easy to get and he was very keen to get a good deal for us. Initially figures of 2% were spoken about which would be fantastic but then he came back and said that due to a rule change, as I was paid in Krone there was nothing at all he could do for me.
We then tried my wife getting a mortgage, it was within her affordability figures, she would then take over the mortgage and I would take over all other bills, childcare etc which again is easily affordable. She was declined this (Barclays) as they wouldn't take my money into account, despite seeing it come into the bank account on a regular basis for over 3 years.
So now we are a bit stuck, we don't meet the requirements for the premier account with Barclays as we are not on over 100K a year combined and also don't have 25K in an account.
We have 50% equity in the house, this would change to roughly 30% once the amount we want to borrow is all added in.
Is there anything we can do or do we just have to trudge along and wait a few years, which is proving tough to accept, I'm earning more than I ever have but getting a mortgage appears impossible at the minute.
Any ideas?
Dave!
said:Our formal mortgage offer is here.
It was all very painless despite me complicating matters by not being in the country.
Emails were answered quickly, updates were given before the weekend so you aren't left in limbo and replies were quick and very direct.
We're very very pleased customers!
Thanks Liam!
Dave!
It was all very painless despite me complicating matters by not being in the country.
Emails were answered quickly, updates were given before the weekend so you aren't left in limbo and replies were quick and very direct.
We're very very pleased customers!
Thanks Liam!
Dave!
Howitzer said:
Our formal mortgage offer is here.
It was all very painless despite me complicating matters by not being in the country.
Emails were answered quickly, updates were given before the weekend so you aren't left in limbo and replies were quick and very direct.
We're very very pleased customers!
Thanks Liam!
Dave!
No problem at all, many thanks for the kind words It was all very painless despite me complicating matters by not being in the country.
Emails were answered quickly, updates were given before the weekend so you aren't left in limbo and replies were quick and very direct.
We're very very pleased customers!
Thanks Liam!
Dave!
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