Would I get a mortgage straightaway

[Yawnyyawnyyawnsville]

I’m British, but living overseas
If I came back to the U.K. with say a £150,000 deposit for a house, would I get it straightaway?
Also, what would be the average monthly payment on the other £150 grand id like to lend? (Around a 300 k house) are houses this much nowadays?

Would you have a job?

It’ll depend what your income is too, if you’ve got £150k but no way of making monthly repayments then probably not.

Where do you want to live? Some places you’ll get a house for £300k no problem at all, London less so.

@Changingplace Cornwall
Will have jobs, but newly working in them

Without wanting to spark a whole debate about whether, “it’s regional”, as you’re going to be asking for a mortgage, worth noting that you’ll be borrowing £150K not lending it 😉

I’m imaging you walking into NatWest Bank and saying, “could I speak to someone about lending £150K?” and them saying they didn’t need anything just now, ta.

To answer your questions, use Rightmove website to find out what houses are up for sale at, and zoopla for actual prices paid. And call a mortgage broker to ask how to get a mortgage - a broker will know which lenders are happy with recent returners.

Go on rightmove as each house has a button with how much could my mortgage be, it’s a rough estimate as it will depend on the rate.

@DixonD Yes, but newly working in the position (would like to rent for as short a time as possible, have a dog etc)

I know certainly when I moved from Ireland to the UK only certain banks would consider lending to me if I had been in the country less than six months.
Some will require you to have evidence of money coming in and out of a UK bank account for a period of time before they will consider you. I went through a broker and it definitely made it easier.

Whether you'd get a mortgage straight away would depend on your job and how secure it is. You'd need at least 30-40k to secure a mortgage like that. Repayments would be around the £800 a month mark on a 30 year mortgage.

You could buy a house for 300k but depends where you want to buy and what quality of house you'd like

How long have you been out of the country?

When I moved back to the UK after living abroad (for some years) I had a large amount of cash in the bank but couldn't even get a debit card, never mind a credit card because I had no credit history. I had to wait about 6 months which was a pita having to use cash for pretty much everything. I had a full-time decent job which was stable.

That said, when I moved abroad as a a foreigner, the country I moved to let me have a debit card/credit card etc straight away, though I didn't try to apply for a mortgage at that point, so I don't know if I'd have got one.

@Bells3032 We’d put £150 k down and ask to borrow the extra £150k

@Testina 🙄Ok.

Where I’m from, both lend and borrow would be fine.

Also, how many years can you have a mortgage for? Up until what age? I’m 45

@Bells3032 Are you saying it’s 800 per month for a 150k mortgage?

I’m currently trying to get a mortgage and have been told many lenders will do you a term up to age 75 as long as you’re more than 10 years before retirement. But worth speaking to an advisor. Rates at the moment are between 5-7% ish

I can only assume you’re not buying in London as £300k would get you a run down one bed flat in an apartment block in my cheap and unfashionable part of south London.

Monthly payments would depend on many factors, like interest rate, term, and length of fix (ie 2 or 5 years)

Unlikely. Banks want to lend to people settled here with a good credit record and employment history.

You’ll have none of those.

People here in the UK get it wrong, too.

But you lend TO someone and borrow FROM.

Aye, and where I’m from you’d say thank you for the site suggestions and personal experiences people are sharing 🙄

@FirstYouGetTheMoney Us selling our house and putting a fairly sizeable deposit won’t make a difference?

Yes that sounds about right. Lenders will usually lend around 4x your salary.

Depends on the interest rate you get but there are mortgage calculators on properties on the Rightmove website. For this 300k property with 150k deposit over 25 years at 6.15% the mortgage would be £981 per month.
https://www.rightmove.co.uk/properties/129392165#/?channel=RES_BUY

Sorry, that was in response to you asking if the mortgage would be £800 per month. Where do you live now? Do you NEED to move back to the UK? Interest rates are high and there is a cost of living crisis.

@Testina I’m very grateful for the feedback I’m receiving from people. I wasn’t really interested in whether I was saying it wrong!
Thank you though

More like £1,000 at the moment.

Have you taken account of stamp duty, solicitors costs and other expenses?