Mortgage Advisors Please...
Discussion
Looking for some friendly mortgage advice from the PH money crowd. Seems like the ideal place to come ad UK mortgage advisors are pretty thin around here and I don't want to spend hours on the phone...the reasons will become apparent..
I'm currently living in Dubai and have been for 12 years, a roll of the dice tells me that now could be a good time to shuffle things around a bit.
I'd like to buy somewhere in the UK, a little village in Cornwall where my family are from, for my wife and kids to move back to while I slog it out in the sand. I owned a place before, but sold it many years ago.
Where do I stand in getting a mortgage in the UK as an ex-pat for my own families residential purpose? I don't want to put down silly % deposit (around 10% would be ideal). I have seen a product or two kicking around but 7%+ interest rates just because I'm an ex-pat are not acceptable.
I have found a place I like and have watched the price come down over a couple of years, it is now in the range that I would be prepared to make an offer - around GBP280k.
I have the cash for 10% plus stamp and legal fees but need a mortgage in principal to go any further.
What are my options?
I have zero debt, zero outgoings (house/car/schools all paid by my company) and a pretty good salary by UK standards.
Thanks
I'm currently living in Dubai and have been for 12 years, a roll of the dice tells me that now could be a good time to shuffle things around a bit.
I'd like to buy somewhere in the UK, a little village in Cornwall where my family are from, for my wife and kids to move back to while I slog it out in the sand. I owned a place before, but sold it many years ago.
Where do I stand in getting a mortgage in the UK as an ex-pat for my own families residential purpose? I don't want to put down silly % deposit (around 10% would be ideal). I have seen a product or two kicking around but 7%+ interest rates just because I'm an ex-pat are not acceptable.
I have found a place I like and have watched the price come down over a couple of years, it is now in the range that I would be prepared to make an offer - around GBP280k.
I have the cash for 10% plus stamp and legal fees but need a mortgage in principal to go any further.
What are my options?
I have zero debt, zero outgoings (house/car/schools all paid by my company) and a pretty good salary by UK standards.
Thanks
anonymous said:
[redacted]
This^.Lenders will always look at an application based on it's risk. A 90% purchase for a guy who lives in Dubai, for his family to live in.....very risky.
There are products available from standard lenders but most require you to actually be back living and working in the UK before you can be considered.
oilydan said:
Looking for some friendly mortgage advice from the PH money crowd. Seems like the ideal place to come ad UK mortgage advisors are pretty thin around here and I don't want to spend hours on the phone...the reasons will become apparent..
I'm currently living in Dubai and have been for 12 years, a roll of the dice tells me that now could be a good time to shuffle things around a bit.
I'd like to buy somewhere in the UK, a little village in Cornwall where my family are from, for my wife and kids to move back to while I slog it out in the sand. I owned a place before, but sold it many years ago.
Where do I stand in getting a mortgage in the UK as an ex-pat for my own families residential purpose? I don't want to put down silly % deposit (around 10% would be ideal). I have seen a product or two kicking around but 7%+ interest rates just because I'm an ex-pat are not acceptable.
I have found a place I like and have watched the price come down over a couple of years, it is now in the range that I would be prepared to make an offer - around GBP280k.
I have the cash for 10% plus stamp and legal fees but need a mortgage in principal to go any further.
What are my options?
I have zero debt, zero outgoings (house/car/schools all paid by my company) and a pretty good salary by UK standards.
Thanks
Does your company have a UK base? Eg will you be coming back to the UK and working for the same company?I'm currently living in Dubai and have been for 12 years, a roll of the dice tells me that now could be a good time to shuffle things around a bit.
I'd like to buy somewhere in the UK, a little village in Cornwall where my family are from, for my wife and kids to move back to while I slog it out in the sand. I owned a place before, but sold it many years ago.
Where do I stand in getting a mortgage in the UK as an ex-pat for my own families residential purpose? I don't want to put down silly % deposit (around 10% would be ideal). I have seen a product or two kicking around but 7%+ interest rates just because I'm an ex-pat are not acceptable.
I have found a place I like and have watched the price come down over a couple of years, it is now in the range that I would be prepared to make an offer - around GBP280k.
I have the cash for 10% plus stamp and legal fees but need a mortgage in principal to go any further.
What are my options?
I have zero debt, zero outgoings (house/car/schools all paid by my company) and a pretty good salary by UK standards.
Thanks
Where in the world is your companies Head Office?
When exactly would you be returning to the UK in relation to the property purchase?
I see their point of view, but it's very much like the local shops here - see a white ex-pat walk in and the prices go up. Just because I can afford to pay more doesn't make it OK to charge me more.
I would say I would be a much lower risk than Mr Average in the UK; with no outgoings and a decent salary and no tax, it's not like I'm more likely to default. Quite the opposite.
I guess I'm more likely to walk away or something in their eyes? What exactly is the increased risk? Do loads of expats default?
Company is Global mega-corp (I think $20bn this year) with at least 5 bases in the UK. I would not be working for them in the UK though. HQ is in Switzerland (but corp office is really Houston). I guess I would be 2-3 years away from coming back myself. Maybe a 'custodial sentence' in Saudi to pay the lot off in 3 years then come back and put my feet up.
I would say I would be a much lower risk than Mr Average in the UK; with no outgoings and a decent salary and no tax, it's not like I'm more likely to default. Quite the opposite.
I guess I'm more likely to walk away or something in their eyes? What exactly is the increased risk? Do loads of expats default?
Company is Global mega-corp (I think $20bn this year) with at least 5 bases in the UK. I would not be working for them in the UK though. HQ is in Switzerland (but corp office is really Houston). I guess I would be 2-3 years away from coming back myself. Maybe a 'custodial sentence' in Saudi to pay the lot off in 3 years then come back and put my feet up.
Surely the solution is put down big deposit.
If you have been 12yrs on zero tax, all found, a substantial deposit should be straightforward. If you don't see a risk put your own money up.
...and yes in my experience of expats their propensity to have "complex" personal lives along the lines of what Tonker describes is far higher!
If you have been 12yrs on zero tax, all found, a substantial deposit should be straightforward. If you don't see a risk put your own money up.
...and yes in my experience of expats their propensity to have "complex" personal lives along the lines of what Tonker describes is far higher!
oilydan said:
I see their point of view, but it's very much like the local shops here - see a white ex-pat walk in and the prices go up. Just because I can afford to pay more doesn't make it OK to charge me more.
I would say I would be a much lower risk than Mr Average in the UK; with no outgoings and a decent salary and no tax, it's not like I'm more likely to default. Quite the opposite.
I guess I'm more likely to walk away or something in their eyes? What exactly is the increased risk? Do loads of expats default?
Company is Global mega-corp (I think $20bn this year) with at least 5 bases in the UK. I would not be working for them in the UK though. HQ is in Switzerland (but corp office is really Houston). I guess I would be 2-3 years away from coming back myself. Maybe a 'custodial sentence' in Saudi to pay the lot off in 3 years then come back and put my feet up.
If you were going to be working for the same company then it would have been a possibility but not if you are going to be returning to the UK with zero credit history, no job and only a 10% deposit for a property you potentially won't live in yourself for three years.......I would say I would be a much lower risk than Mr Average in the UK; with no outgoings and a decent salary and no tax, it's not like I'm more likely to default. Quite the opposite.
I guess I'm more likely to walk away or something in their eyes? What exactly is the increased risk? Do loads of expats default?
Company is Global mega-corp (I think $20bn this year) with at least 5 bases in the UK. I would not be working for them in the UK though. HQ is in Switzerland (but corp office is really Houston). I guess I would be 2-3 years away from coming back myself. Maybe a 'custodial sentence' in Saudi to pay the lot off in 3 years then come back and put my feet up.
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