I'd appreciate any advice around the following situation: We accepted an offer on our house approx 10 days ago from an Australian person who had lived and worked on the UK for approx 4 years. They had a MIP but when it came to me to valuation,the valuation of our property came out 25k lower than they had offered. The company the bank had used had consistent reviews for undervaluing properties and our EA also said they felt the valuation was unfair and we can't knock that much off the price so the EA suggested they go and try another mortgage provider. The sellers response was that they were happy to do that but that it was the 8th lender they had tried - which obviously set alarm bells off! So our mortgage broker suggested we put it back on the market as in his experience,it's incredibly hard for any foreign national to get a mortgage. We have now relisted but told the EA to tell the Australian seller that if they did manage to get a bigger mortgage to come back to us.
We now have another viewing booked in for tomorrow...this person also has a MIP but we think we may have the same issue as before as this person is a foreign national from India (EA told us - we live in a very multicultural area!). So we're obviously concerned that they may be in the same position as the Australian as getting a mortgage?
Does anyone have any experience with selling to a foreign national who had to get a mortgage? We're obviously believing what our mortgage broker told us which I'm sure is right but we'd just like to hear any other experiences.