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?
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
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. 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. 
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.
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.
Sarnie, HEEELLLP. Sarnie said:
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......
Do you think they would give a personal loan, or does that come under the same rules?Sarnie said:
If I were you I would speak to your current lender and whoever you bank with......they are the loans most likely to bend criteria for you.......
If my current banking people turn me down for the mortgage, I shall walk across the road and ask at the mortgage holder bank for a loan. 
I can scrape together some of the money, but still need to borrow 25k
Hsbc tell me my application has been approved. 
And at 1.69% fixed for two years it is going to be cheaper than my current mortgage at Lloyd’s, which is going up to 2.5% starting in December.
I’ve got to go sign papers tomorrow. Apparently I need to get something to give to my solicitors, ‘agreement in principle’ or similar.
I assume I can’t actually sign the new mortgage agreement until the wife agrees to it, and the court agrees too, my solicitors seem to assume I know everything there is to know about the process, rather sparse with communication.
Just like buying/selling a house, the solicitor is your best friend, until you sign on the dotted line then it is like getting blood out of a stone to glean information or a reply.
And at 1.69% fixed for two years it is going to be cheaper than my current mortgage at Lloyd’s, which is going up to 2.5% starting in December.
I’ve got to go sign papers tomorrow. Apparently I need to get something to give to my solicitors, ‘agreement in principle’ or similar.
I assume I can’t actually sign the new mortgage agreement until the wife agrees to it, and the court agrees too, my solicitors seem to assume I know everything there is to know about the process, rather sparse with communication.
Just like buying/selling a house, the solicitor is your best friend, until you sign on the dotted line then it is like getting blood out of a stone to glean information or a reply.
carreauchompeur said:
Great stuff. Getting that signed off will be a relief I expect.
I have to take the ‘offer in principal’ to the solicitor, just to show I have it, then I believe she will have to get the wife to sign papers, from t’other side of the planet, then I think I get to actually sign for the mortgage on my own. And then I will own most of a 3 bed semi to show for 40 years of work.....
But at least I will be a free man.
Gassing Station | Finance | Top of Page | What's New | My Stuff