Returning expat - mortgages
Discussion
Asking for a mate who is just back from the States.
He has returned to the UK having lived in Indiana for 6 years. Has a healthy £35k tucked away as savings. Wants to take advantage of the property prices at present and buy in the Midlands near his family.
Whilst I have him sitting down with my IFA on Friday afternoon, wanted to hear from anyone who may have gone through the process of returning to the UK and gaining a mortgage quickly.
He worked for a mid-sized company in the States, and is looking to retrain as a gas engineer in the UK. He had a good credit profile in the USA, just cleared his mortgage (which was joint, with his wife, who passed away last year). He has all his tax payment and payroll data (wage slips) for the last 4 years to show earnings, but have explained that they will go on future earnings and stability when looking to make a lending decision.
He closed his UK accounts when he left, so has no specific credit reference in this country. Yorkshire Bank have given him a current account without proof of address, but this sounds like a basic account (just a maestro debit card, no cheque book).
Realistically, what are his chances of getting something soon? I advised living on a tight budget for 6 months, get trained and registered as a gas engineer and get earning, but he is determined not to, in his mind, line the pockets of a landlord.
He has returned to the UK having lived in Indiana for 6 years. Has a healthy £35k tucked away as savings. Wants to take advantage of the property prices at present and buy in the Midlands near his family.
Whilst I have him sitting down with my IFA on Friday afternoon, wanted to hear from anyone who may have gone through the process of returning to the UK and gaining a mortgage quickly.
He worked for a mid-sized company in the States, and is looking to retrain as a gas engineer in the UK. He had a good credit profile in the USA, just cleared his mortgage (which was joint, with his wife, who passed away last year). He has all his tax payment and payroll data (wage slips) for the last 4 years to show earnings, but have explained that they will go on future earnings and stability when looking to make a lending decision.
He closed his UK accounts when he left, so has no specific credit reference in this country. Yorkshire Bank have given him a current account without proof of address, but this sounds like a basic account (just a maestro debit card, no cheque book).
Realistically, what are his chances of getting something soon? I advised living on a tight budget for 6 months, get trained and registered as a gas engineer and get earning, but he is determined not to, in his mind, line the pockets of a landlord.
Whilst he's not earning he won't get a mortgage. If he's going straight into work it would help, but the mortgage will be based on his current earnings. (I'm guessing a trainee gass engineer isn't going to be on an awful lot, if anything.) His earnings in the states are a moot point.
Living abroad for 6 years probably means he'll have no meaningful credit history left over here, so he'll need to rebuild that. Part of which is going to be involve having a verifiable base in the uk, whether thats through renting, or moving in with his folks.
Living abroad for 6 years probably means he'll have no meaningful credit history left over here, so he'll need to rebuild that. Part of which is going to be involve having a verifiable base in the uk, whether thats through renting, or moving in with his folks.
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