Remortgaging on a foreign income??
Discussion
Wife and I are going our separate ways, after 22 years. It is amicable, fairly, she is keeping the house abroad, I am keeping the one in the UK. Clean break, hopefully...
Solicitors have told me I need to remortgage the house in order to put the mortgage in just my name, instead of shared. It is not so simple as just scrubbing the wife’s name off of the mortgage contract.
However, I am retired on a pension paid in US$ and Lloyd’s cannot give mortgages, or remortgages, if that is your income.
Off to HSBC tomorrow to see if they will do it.
It is a new rule, came in a year again apparently but it must screw with a whole bunch of people who work overseas, or for foreign companies? Unless it I shall just Lloyd’s who are insisting on it? We bought the house in 2006 and they didn’t care about it back then.
It is less than 30k I owe, so maybe a personal loan instead of remortgage?
Solicitors have told me I need to remortgage the house in order to put the mortgage in just my name, instead of shared. It is not so simple as just scrubbing the wife’s name off of the mortgage contract.
However, I am retired on a pension paid in US$ and Lloyd’s cannot give mortgages, or remortgages, if that is your income.
Off to HSBC tomorrow to see if they will do it.
It is a new rule, came in a year again apparently but it must screw with a whole bunch of people who work overseas, or for foreign companies? Unless it I shall just Lloyd’s who are insisting on it? We bought the house in 2006 and they didn’t care about it back then.
It is less than 30k I owe, so maybe a personal loan instead of remortgage?
King Herald said:
Solicitors have told me I need to remortgage the house in order to put the mortgage in just my name, instead of shared. It is not so simple as just scrubbing the wife’s name off of the mortgage contract.
Indeed - they gave the mortgage to joint owners secured on joint incomes.King Herald said:
However, I am retired on a pension paid in US$ and Lloyd’s cannot give mortgages, or remortgages, if that is your income.
Off to HSBC tomorrow to see if they will do it.
It is a new rule, came in a year again apparently but it must screw with a whole bunch of people who work overseas, or for foreign companies? Unless it I shall just Lloyd’s who are insisting on it? We bought the house in 2006 and they didn’t care about it back then.
The mortgage market has changed... just a tad... since 2006. Off to HSBC tomorrow to see if they will do it.
It is a new rule, came in a year again apparently but it must screw with a whole bunch of people who work overseas, or for foreign companies? Unless it I shall just Lloyd’s who are insisting on it? We bought the house in 2006 and they didn’t care about it back then.
King Herald said:
It is less than 30k I owe, so maybe a personal loan instead of remortgage?
The problem is the exchange rate risk. If it was a high LtV, then it'd be a real risk, but since it's such a low LtV (I presume - you don't say what the value is) it's more of a scaremongery thing. However, being US$, there's also the FATCA side for them to panic over, which will scare a lot of institutions off - and not just for mortgages.sc0tt said:
She didn't last long over here, sorry to hear about that.
Personal loan if you can't get a mortgage.
This may be better off in the finance section.
She isn’t actually here, though she has lived here in the last, for many years.Personal loan if you can't get a mortgage.
This may be better off in the finance section.
Not sure there is a finance section unless that is the news and economics
TooMany2cvs said:
The problem is the exchange rate risk. If it was a high LtV, then it'd be a real risk, but since it's such a low LtV (I presume - you don't say what the value is) it's more of a scaremongery thing. However, being US$, there's also the FATCA side for them to panic over, which will scare a lot of institutions off - and not just for mortgages.
House was valued at 165k a few months ago, but if they have a hard and fast rule it can’t be shifted at any price I guess. I think the loan might be easier, off to see HCBC on the morrow. They are my normal bank people.
Edited by King Herald on Thursday 23 November 07:42
King Herald said:
House was valued at 165k a few months ago, but if they have a hard and fast rule it can’t be shifted at any price I guess.
I think the loan might be easier, off to see HCBC on the morrow. They are my normal bank people.
re asking about Finance sectionI think the loan might be easier, off to see HCBC on the morrow. They are my normal bank people.
here it is
https://www.pistonheads.com/gassing/forum.asp?h=0&...
Perhaps ask the mods to move it, there's a poster called Sarnie that may actually be able to help you, seems to be very knowledgeable and works in the industry it seems.
Good luck!
ZOLLAR said:
re asking about Finance section
here it is
https://www.pistonheads.com/gassing/forum.asp?h=0&...
Perhaps ask the mods to move it, there's a poster called Sarnie that may actually be able to help you, seems to be very knowledgeable and works in the industry it seems.
Good luck!
Bloody hell, I couldn’t find it for looking..... doh. here it is
https://www.pistonheads.com/gassing/forum.asp?h=0&...
Perhaps ask the mods to move it, there's a poster called Sarnie that may actually be able to help you, seems to be very knowledgeable and works in the industry it seems.
Good luck!
Mods, help....can you move it?.
Ayahuasca said:
Sorry to hear that, hope it all works out for you.
Thanks. It has been a long time coming, but we finally decided to do the deed. King Herald said:
House was valued at 165k a few months ago, but if they have a hard and fast rule it can’t be shifted at any price I guess.
I think the loan might be easier, off to see HCBC on the morrow. They are my normal bank people.
At £30k it's almost certainly easier to get an unsecured loan and pay off the mortgage, with the advantage that if you default you don't lose the house... The other side of that is that you will be paying a higher rate of interest on it.I think the loan might be easier, off to see HCBC on the morrow. They are my normal bank people.
DanL said:
At £30k it's almost certainly easier to get an unsecured loan and pay off the mortgage, with the advantage that if you default you don't lose the house... The other side of that is that you will be paying a higher rate of interest on it.
Yes, that seems a better option. I’ve seen loans “from 3.5%” which is just 1 more than my mortgage will be next month. 
Sorry to hear of your troubles OP!
Most high street lenders pulled out of foreign income mortgage in the UK, early last year when the Mortgage Credit Directive came into effect.
HSBC may do this for you though given the circumstances, low LTV and being a current customer........
People are suggesting a personal loan but I'm not sure how viable that would be for £30k, unsecured, to a retired applicant with foreign currency income.....
Most high street lenders pulled out of foreign income mortgage in the UK, early last year when the Mortgage Credit Directive came into effect.
HSBC may do this for you though given the circumstances, low LTV and being a current customer........
People are suggesting a personal loan but I'm not sure how viable that would be for £30k, unsecured, to a retired applicant with foreign currency income.....
I guess asking HSBC for the remortgage is my first option, then try for the loan second.
No idea what will happen to the divorce and related stuff if I can’t get this mortgage sorted. Wife has signed the papers thus far, so I hope this remortgage thing can’t throw a spanner in the works if it doesn’t pan out.
No idea what will happen to the divorce and related stuff if I can’t get this mortgage sorted. Wife has signed the papers thus far, so I hope this remortgage thing can’t throw a spanner in the works if it doesn’t pan out.
I d some fantastic advice on here when I was in a position of wanting to re-mortgage.
My Mortgage was only 15% of my basic take home pay but it just wasn't possible to secure one. In the end my wife had to et one on her 3 day working week money and I think my salary was taken into account for the bills etc.
It changed massively a couple of years ago and I hope it changes for the better a few years from now.
Personal loan would be your best bet probably and I'm sure there are ways to do that without taking a hit on your monthly payments.
Good luck!
Dave!
My Mortgage was only 15% of my basic take home pay but it just wasn't possible to secure one. In the end my wife had to et one on her 3 day working week money and I think my salary was taken into account for the bills etc.
It changed massively a couple of years ago and I hope it changes for the better a few years from now.
Personal loan would be your best bet probably and I'm sure there are ways to do that without taking a hit on your monthly payments.
Good luck!
Dave!
Yesterday I explained to the front desk operative at HSBC what I needed, and could he find out if they will do mortgage on foreign income. He went off, three separate times, came back, made me an appointment to speak to the correct person to arrange it today.
3pm today I rolled up, sat down, woman asks me what she can do for me..... she has no idea what I wanted and cannot answer my question because it is not her department.
She cannot sort a mortgage out anyway, her job is just to take my details, and book me an appointment with someone who can.
She promises someone who knows will call me, maybe tomorrow, maybe Saturday......
I’m losing the will to live.
3pm today I rolled up, sat down, woman asks me what she can do for me..... she has no idea what I wanted and cannot answer my question because it is not her department.
She cannot sort a mortgage out anyway, her job is just to take my details, and book me an appointment with someone who can.
She promises someone who knows will call me, maybe tomorrow, maybe Saturday......
I’m losing the will to live.
King Herald said:
Yesterday I explained to the front desk operative at HSBC what I needed, and could he find out if they will do mortgage on foreign income. He went off, three separate times, came back, made me an appointment to speak to the correct person to arrange it today.
3pm today I rolled up, sat down, woman asks me what she can do for me..... she has no idea what I wanted and cannot answer my question because it is not her department.
She cannot sort a mortgage out anyway, her job is just to take my details, and book me an appointment with someone who can.
She promises someone who knows will call me, maybe tomorrow, maybe Saturday......
I’m losing the will to live.
Why not use Sarnie, not personally used him but would if I needed some mortgage work.3pm today I rolled up, sat down, woman asks me what she can do for me..... she has no idea what I wanted and cannot answer my question because it is not her department.
She cannot sort a mortgage out anyway, her job is just to take my details, and book me an appointment with someone who can.
She promises someone who knows will call me, maybe tomorrow, maybe Saturday......
I’m losing the will to live.
Has plenty of very good feedback on the Finance forum with helping PH on their mortgages.
King Herald said:
He has answered a few questions here already.
Sarnie, HEEELLLP.
Unfortunately I don't really see how this can be done I'm afraid...........certainly not with a high street lender.............a specialist might do it.......but the rates won't be comparable to prime lenders and products...... Sarnie, HEEELLLP. Gassing Station | Finance | Top of Page | What's New | My Stuff