FTB expat mortgage advice

[digger_R]

I'd like a little advice from the resident experts if possible. I'm looking at buying my first property for around 100-140k in the next six months or so. I'm an expat (currently in NL) with a reasonable income, I'm quite happy to put down 50% as a deposit if it will open up decent mortgage offers for me.

I've had a little advice to say that I'll find it tough to get an expat mortgage even with a low LTV and an income to pay off the mortgage within a couple of years.
I'll be looking at a residential mortgage, maybe changing to lease the property out in the future.

Any advice on where to look for mortgage advice?

[Sarnie]

When will you be returning to the UK?
Will you be back permanently?
Will you be employed in the UK and paid in GBP sterling?
Will you be paying UK income tax etc?

[Sarnie]

Just spoken to one of the main High Street lenders and their criteria is:

You must be employed back in the UK for six months or 12 months if self employed
Max 90% LTV
Minimum loan of £50k
Minimum salary of £25,000
They would request three months payslips and bank statements
They would request an employers reference.


Other lenders will have differing slants on this according to their lending criteria (which seem to change on a weekly basis) but you get the general idea hopefully.

[digger_R]

Sarnie said:

Just spoken to one of the main High Street lenders and their criteria is:

You must be employed back in the UK for six months or 12 months if self employed
Max 90% LTV
Minimum loan of £50k
Minimum salary of £25,000
They would request three months payslips and bank statements
They would request an employers reference.


Other lenders will have differing slants on this according to their lending criteria (which seem to change on a weekly basis) but you get the general idea hopefully.

I wasn't planning on being resident in the UK in the near term, just buying a house to use when I'm there.
The LTV, loan and min salary would all be satisfied if they would consider my employment overseas (which would meet the 6/12 month criteria).

[Sarnie]

digger_R said:

I wasn't planning on being resident in the UK in the near term, just buying a house to use when I'm there.
The LTV, loan and min salary would all be satisfied if they would consider my employment overseas (which would meet the 6/12 month criteria).

On that basis, then I think you may struggle.

I just spoke to another lender who said "Unless the applicant is buying the property with a joint applicant, who will remain in the property all year round, then we wouldn't consider it."

[hamski]

The main issue here is that you state you want it as a residential mortgage - unfortunately, if you or your fsmily won;t be living in it, then it's an investement.

On a buy-to-let basis, you have a few options - I'll pm you with some bits of info we need.