Ange34 Posted October 21, 2014 Share Posted October 21, 2014 We will be moving back to the UK in the next 2 to 3 years. We really want to buy now and rent while we're still here in oz. I have contacted many of the big lenders, Nationwide, HBOS, RBS and none are willing to give us a mortgage unless we are back in the UK within 2 years and have a salary being paid into one of our UK accounts. Has anyone managed to secure a mortgage? I know the rules changed in the last few years and it is more difficult to do this than it used to be but surely it's not impossible? Any advice appreciated! Link to comment Share on other sites More sharing options...
Gbye grey sky Posted October 21, 2014 Share Posted October 21, 2014 I suspect that you will need to try to find a specialist mortgage broker to find out what is possible. I guess much will depend on the LTV you are seeking. I am curious about what your motivation might be for this though as there are major advantages to waiting and buying once you return (assume you sold your house when moving to Oz before) as compared to buying now. Disadvantages to buying now that I can think of, there may be more: 1. Will probably not manage to get one of the better mortgage deals around if you can get one at all. 2. Interest rates are set to rise over the next 2-3 years which will have a negative effect on house prices so capital appreciation in that time seems unlikely. 3. You may have to buy a house/flat unseen. 4. You will need a good managing agent and rely on friends/relatives in UK heavily. 5. Major criteria for purchase will be letting potential so may not be ideal as a home for you on return. 6. Might be periods when you have no tenant. 7. May be difficult evicting a sitting tenant when you return assuming you plan to live there. Link to comment Share on other sites More sharing options...
smartmart07 Posted October 21, 2014 Share Posted October 21, 2014 Since the global financial crisis hit hard, the UK mortgage scene has changed. It is not now based on loan to value (LTV), it is based on affordability. Which takes into account your personal liabilities, credit cards, bank loans etc, as well as obviously your income. We are in the opposite situation, selling a home in the UK whilst trying to negotiate a mortgage here in Australia. I nice problem to have I feel:wink:. Good luck with your search. Link to comment Share on other sites More sharing options...
scuffythetugboat Posted October 21, 2014 Share Posted October 21, 2014 We went back to the UK 2 years ago on a house buying mission. The only institution that was interested was HSBC. The rules have changed a lot since then so it will be more difficult to get a loan. For some that I know, impossible. Our mission failed so we're now saving up to buy with a mortgage bypass. Link to comment Share on other sites More sharing options...
Ange34 Posted October 24, 2014 Author Share Posted October 24, 2014 Thanks for your replies. Just as I thought really, probably wait until we go back go UK Link to comment Share on other sites More sharing options...
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