expat mortgage - is it the mythical unicorn ?

[ohdogoaway]

We have been living abroad for a few years now - DH is European citizen and main earner, we don't earn in sterling and salary doesn't go into UK bank, and we don't have a credit history in UK despite paying mortgage on a small flat. We are want to buy a bigger property to eventually live in when we return in a few years but NOONe wants to lend to us, despite having good salary, never missing a mortgage payment. Even the expat mortgage people who give shitty rates don't want to lend to us . Has anyone else been through this and had any success in finding a lender?

[lifeisunjust]

You need a specialist broker, try using google. I found one, however the rate offered to me was crap, I took out bank loans instead for the amount of money I needed to pay (off to own my own home again).

[Want2bSupermum]

If you bank with an offshore branch they can normally sort you out with a mortgage. Going direct saves you money. The day you return you refinance as a resident for a lower rate.

[ohdogoaway]

Thanks for the advice - it's very frustrating !

[cittigirl]

Saffron Building Society

[KimmySchmidtsSmile]

Marking place.
We rent our house out in the UK and had a 0.5% mark up on our residential rate when we first emigrated and rented out then a five year fixed rate but then nothing was available, so we now have the default standard variable as no other product incl BTL are available to us

[winchester1]

If you earn a lot Barclays do them. Otherwise I never found one my bank in the country I live in advised bank loans but the default rate on my existing btl Ws better so stuck with that.

[jomidmum]

We were offered one with HSBC. It helped because we bank overseas with a related bank. The deposit needed was way too high for us though, sadly.

[PetrovaFossil1]

We got one with HSBC from overseas as well.

[sofato5miles]

We have two through HSBC in Hong Kong, where we have never lived. 30% deposit was the minimum requirement though.

[ohdogoaway]

When you got a mortgage from HSBC abroad were the interest rates really high? We have found that despairs required are 30-40% and for a home in Thw south east that is just too much

[cittigirl]

I have an expat btl with saffron. 5.39 % It took me 2 years to get one!!

[sofato5miles]

In the southeast and yes interest rates are high

[ohdogoaway]

Cittigirl - if you don't mind sharing here - why did it take so long? And also - is it possible to remortgage to more favorable rates after an initial period?

[cittigirl]

Just some companies would agree in principle then take forever to decide they wouldn't lend after all. I couldn't be a safer bet. It was so frustrating. Some would lend on ridiculous terms. A credit card would have been cheaper. I can't remember how long Saffron took on the end but it was mail biting. No tie in either. Good luck

[ohdogoaway]

Thanks - the combination of high house prices high deposit demands and high interest rates make the process soul destroying even at the outset.

[Want2bSupermum]

It's totally stupid the way they do it. You are better off moving back to the UK for a short time and buying as a resident and then taking another posting. This is how a friend did it. She worked in the UK for 3 months. It was just enough to allow her to buy and then she paid the extra 0.5% to switch to a BTL and went on her merry way. Totally dumb that as a British citizen we are subject to the same treatment as non British citizens. That's regulations for you though.

[ohdogoaway]

Is that all it took- three months? The problem is that I am the occasional earner (and British citizen) and DH is main earner and European . Has anyone in this position moved back and managed to get a resident mortgage even if non citizen partner is not resident and earning abroad ?

[ohdogoaway]

But it does make me wonder if I could find myself a three month project and move home and apply for a mortgage

[Want2bSupermum]

If he is the main earner can he take a short term project in the UK?

[ohdogoaway]

That would be pretty much impossible sadly.

[Pisssssedofff]

You need a massive deposit and s high salary to get s mortgage after three months.

[Want2bSupermum]

You need a massive deposit regardless of your residency status. For each place I mortgage I put down a 40% deposit.

Another thing I have done in the past is used a line of credit against my primary residence to buy another property. You are not supposed to do this. I bought the second place 'for cash' but in reality it was bought on credit. Advantage of this is that you don't have closing costs.

[ohdogoaway]

Want thanks for the info - it is really helpful to hear from you and PP how it can be done and has certainly given me a few ideas I didn't have before

[MarriedinMaui]

Are you eligible for HSBC premier? If so you can get a mortgage through them. Still took us a year and a lot of chasing though.

[JooLoo]

We have done it with HSBC too (btl) but it does depend on what country you are based in. Spain apparently is on their blacklist along with various others.