Mortgage advice

[SaraBellumHertz]

We have always just taken our mortgage through our bank without much thought but I really need some advice to see that we are at least getting a reasonable deal.

Our situation is a bit complicated in that we live overseas so I think I need to speak to a broker- can anyone suggest a decent one? Or got tips on what to look for?

Thanks

We used Saviles Private Finance as we used to have a massive mtge (all pd now). They're used to tailor making mgges in unusual circs

Sara - I'm really glad you posted this, as we will eventually be looking to buy in the UK. Kids and I live here (I don't work), DH works abroad, is paid abroad, no financials in the UK.

I'm looking forward to seeing if anyone has advice. Thanks mumblechum for starting us off.

Apart from who to approach to get a mortgage when working overseas, what about decent conveyancing who are used to specializing in this type of situation?

Thanks!

Is your mortgage a standard one or buy to let? We used a broker when we were in Hong Kong, HSBC provided the mortgage I think. I remember it was quarterly payments, which was a pain.

Re. the conveyancing, just use a UK solicitor. It doesn't matter that you're abroad except that the ID docs will be a bit more of a challenge than usual, also getting the papers signed and witnessed will take a bit longer.

I work for a small IFA firm and I may be biased but I think smaller firms are miles better than the corporates.

I worked for a large bank for ten years and smaller firm another ten years and there's much less faffing with the smaller.

If you want to quote the rate and loan to value I can tell you a few comparable rates? Depends on income of course too and other debts, dependents etc but happy to quote a few others if it helps

Thanks flumpy don't really want to do exact figures online but equity is about 25% and the value of the loan would be 2x DH salary (I also work)

The house is let at the moment but it is our only property.

3 dependents and no debt.

Thanks

Captain the mortgage we have at the moment is regular - our bank did not require us to switch to a buy to let as it's our only property.

We were on a fixed rate that ended about 2 years ago and I have a feeling we're currently paying about 6.9% because I have not switched

Go and see a broker now! Even a completely incompetent one will find you a better rate than that.

Hmmm I hope it's easier for you than it was for us. We are long term expats and (almost) bought last year. We only wanted a 25% mortgage but found it almost impossible to get. This was despite us actually having lots of savings in the UK (and also having another house there.)

The only bank that would look at us was HSBC and that was because we are 'premier customers' (well DH is). The only mortgage we could get was a buy to let.

The house sale fell through at the last moment however the process was a nightmare. HSBC's appointed agency were very difficult and there were lots of communication problems with them.

We tried lots of brokers before going to HSBC and none of them could help. I found it all completely disheartening. We should have been "perfect" clients...never borrowed money, never been in debt, good savings etc etc.

OP if the house with the mortgage is overseas these are negotiable with most banks.

If the house is in the UK and is let out you are probably looking at around 4% on a buy to let depending on fees, you get a cheaper rate if you agree to pay a higher fee upfront.

If the house is in the UK and is on a residential mortgage with consent to let something around 3% I would say.

HTH got to go collect DD

Thanks flumpy - that helps

The house is in uk and ideally I'd like to get a residential mortgage with consent - any idea how difficult that is?

Eliza - that is why I will never give up owning a house in the UK even though it dies t always make great financial sense - I think it is much harder to get a mortgage from scratch than remortgage.

We needed 30% collateral. I remember that as it seemed high.