Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Living overseas

Whether you're considering emigrating or an expat abroad, you'll find likeminds on this forum.

Flip

Original poster

Please, expats! How did you get a mortgage?

22 replies

fourchetteoff · 27/05/2015 19:11

That's all really.

Finding it really hard to locate a mortgage company to let us remortgage our house in the UK (we live in the States).

Have you any advice?

OP posts:

HerRoyalNotness · 27/05/2015 19:13

mmm We went with Wells Fargo, had to have a 20% deposit as a minimum. It was a 'mare, but don't have experience of remortgaging UK property to do so.

Wouldn't you have to remortgage in the UK through your UK bank, get the funds sent to US, so none of the US banks business? Although you do have to provide all bank statements, so they will query where large amount has come from.

SweetAndFullOfGrace · 27/05/2015 19:14

We had to get indefinite leave to remain in the UK to get a mortgage, which I know isn't helpful for you. Have you looked specifically for expat mortgages?

HerRoyalNotness · 27/05/2015 19:15

Oh wait, are you trying to buy a house in the US or just trying to remortgage your UK house while you live abroad?

CQ · 27/05/2015 19:20

Do you still have a bank account in the UK, OP? With any money going into it regularly?

The only way we could get a mortgage when we were overseas was with our bankers (Lloyds), and luckily DH was paid in sterling into his UK account for all our postings, so we had a 'history' with that bank at least. Of course we couldn't shop around for the best deals but were lucky to get anything.

It's a nightmare though - not sure it would be possible with the current paranoia.

Kelly1814 · 27/05/2015 19:25

I live overseas and it is v v hard to get a mortgage now I'm afraid...

www.thenational.ae/business/personal-finance/uk-expat-will-need-financial-clout-to-be-given-a-mortgage

Original poster

fourchetteoff · 27/05/2015 19:26

Oh my! Thank you so much all of you.

We are intending on staying in the US, but one day want to use the flat ourselves as our parents get older and we may need to spend more time there. We've owned it 15 years and it is worth a lot more than when we bought it.
Have not much money for a deposit.
We have a UK bank account but they won't mortgage us unless we intend on returning to the uk.

Indefinite leave to remain, SweetAnd - what do you mean by that? Does that mean you can live elsewhere but still qualify as 'living in the UK'?

OP posts:

HerRoyalNotness · 27/05/2015 19:27

Do you still have a mortgage on your UK house or is it discharged?

We needed to borrow a bit for necessary repairs on our UK house and phoned our mortgage provider, wasn't a problem to add on to the mortgage.

Original poster

fourchetteoff · 27/05/2015 19:28

BTW - DH has a good job and we have been renting out the flat back in the UK for 15 years without a single month unoccupied, so it's just sitting there.

We have an interest-only mortgage, but would like to start paying it off.

OP posts:

karmakameleon · 27/05/2015 19:30

With great difficulty.

We spoke to our existing provider to see if we could remortgage with them but on a better rate. Huge palaver as they had lots of queries about our employment contracts and status but they did eventually agree to remortgage.

At the same time we also were speaking to London & Country to see if they could find us a provider. They were great and did manage to find a bank willing to lend to us but in the end we didn't need it as our existing provider agreed to remortgage.

feesh · 27/05/2015 19:32

Newbury Building Society are currently lending to expats. They're very helpful, I've had a chat with them myself recently.

Original poster

fourchetteoff · 27/05/2015 19:33

Thanks Karma (and to all of you - that clip was useful, for example, Kelly)

I will see if Birmingham mid shires can rustle up something, but I tried last year and they were really unhelpful.
I'll also try that London And Country. Who knows?!

It seems silly as we already have a mortgage of a kind, we would just like to start paying the thing off rather than just paying interest.

OP posts:

Original poster

fourchetteoff · 27/05/2015 19:33

Thanks Feesh! I'll try them tomorrow.

OP posts:

SweetAndFullOfGrace · 27/05/2015 19:36

Sorry I didn't explain properly. Our situation is kind of opposite to yours but illustrates how difficult the UK mortgage market is now - we're expats living in the UK. We got a flat no from the banks re getting a mortgage until we had permanent residency (indefinite leave to remain) which wasn't the case pre financial crisis. We were pointed in the direction of private banks, but rates are less attractive and typically they want high net wealth customers which we are not!

Original poster

fourchetteoff · 27/05/2015 19:38

Ahhhh SweetAnd. I get it.

Yep, we are the opposite. We have residency in the US now but own a property in the UK but can't seem to make our mortgage any better than just a interest-only one. It's annoying and Barclays wanted us to deposit £25K to open an account.

OP posts:

karmakameleon · 27/05/2015 19:40

Is Bham Midshires your existing provider? We found ours was pretty useless to begin with as expat mortgages are very rare and computer said 'no' but DH persevered and eventually found someone who was a bit more proactive and really helpful.

Original poster

fourchetteoff · 27/05/2015 19:42

I think that is what happened a year ago Karma. I asked them if i could discuss the mortgage deals with them and they said as we were over 40 (we're 41 FGS!!) that it wasn't possible. That was it!

I will have another go tomorrow and see if i can't winkle out someone more helpful.

OP posts:

StupidBloodyKindle · 27/05/2015 19:42

Watching with interest as we are on a standard variable atm as at the end of a 5 year fixed rate no BTL or other mortgage was available to us.
We are also interest only....but we can pay up to 10% of remaining balance off each year without punity, always could, why not do that?

Original poster

fourchetteoff · 27/05/2015 19:43

I'm thinking of doing that StupidBloody. Might be a good idea and saves all the fuss I guess!

OP posts:

lavenderhoney · 27/05/2015 19:48

Have you asked an international bank in the U.S.?

You can do a search for mortgage advisors on the IFA in the UK website for those who deal with international/ expat mortgages.

It can be done, and doesn't have to be with a UK bank. Try your U.S. bank, if you live there and get paid there.

Original poster

fourchetteoff · 27/05/2015 19:50

Thanks Lavender! I'll go check out that website right away.

OP posts:

Kelly1814 · 28/05/2015 15:55

Stupid bloody kindle makes a good point, canyou overpay? When I was on a fixed Rate I could overpay 500 quid a month. Now it's flexible I can pay off bigger lump sums. Could be a way around it?

mrsmortis · 01/06/2015 09:39

Isn't there a different type of mortgage for buy-to-let properties? You may have more luck with something like that as the rules will be different. However, my experience is you need a bigger deposit for a property that you are not going to be living in as it is considered a higher risk.

Flip