UK based mortgage for a US purchase...
Discussion
Petrus1983 said:
I was hoping to take out a mortgage in the UK against the purchase of an American home. There isn't a UK property I could mortgage/remortgage to raise the funds.
You're going to struggle with that. How would a UK based company enforce a repossession of a US based property if you stop paying?Saleen836 said:
Google it!
It will show quite a few companies that specialise in this sort of mortgage.
I started with Google but notice their fee's variate quite widely, and whilst I don't mind paying for the right service was seeing if anyone had first hand knowledge of an adviser. Today I've started looking into expat mortgages based in the US, as like Sarnie points out the 'reach' they have for repossessions etc makes it difficult from the UK, and as expected the rates go up.... a lot!It will show quite a few companies that specialise in this sort of mortgage.
Petrus1983 said:
Saleen836 said:
Google it!
It will show quite a few companies that specialise in this sort of mortgage.
I started with Google but notice their fee's variate quite widely, and whilst I don't mind paying for the right service was seeing if anyone had first hand knowledge of an adviser. Today I've started looking into expat mortgages based in the US, as like Sarnie points out the 'reach' they have for repossessions etc makes it difficult from the UK, and as expected the rates go up.... a lot!It will show quite a few companies that specialise in this sort of mortgage.
My advice is that if your income is in dollars, find a mortgage in dollars.
davepoth said:
What's the whole situation then? Are you moving out there permanently?
My advice is that if your income is in dollars, find a mortgage in dollars.
We'll be moving out to America permanently in the Summer of 2016, until then my income will be paid in GBP (& then change to USD). We have found a place we like very much (looks/districts/schools etc) which was last sold for 40% more than it's current asking price (which isn't uncommon where we're looking if things were sold circa 2010). I've been advised that even after my income switches to USD they'll (a mainstream US mortgage company) will require 2 years IRS returns for a mortgage, which pushes us to 2018+... which is getting quite a long time away! My advice is that if your income is in dollars, find a mortgage in dollars.
If we could find a way to go for it we would, but at the same time if we can't then it's just meant to be.
Petrus1983 said:
davepoth said:
What's the whole situation then? Are you moving out there permanently?
My advice is that if your income is in dollars, find a mortgage in dollars.
We'll be moving out to America permanently in the Summer of 2016, until then my income will be paid in GBP (& then change to USD). We have found a place we like very much (looks/districts/schools etc) which was last sold for 40% more than it's current asking price (which isn't uncommon where we're looking if things were sold circa 2010). I've been advised that even after my income switches to USD they'll (a mainstream US mortgage company) will require 2 years IRS returns for a mortgage, which pushes us to 2018+... which is getting quite a long time away! My advice is that if your income is in dollars, find a mortgage in dollars.
If we could find a way to go for it we would, but at the same time if we can't then it's just meant to be.
House purchase in the States is not something to rush into, plenty of houses to choose from!
What State?
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