Mortgages in the UK

[Huggy75]

Just wondering whether anyone has moved back to the UK and tried to apply for a mortgage? How long did you have to be back in the UK before being granted one? I've just enquired and was told I have to be in the UK 3 years before I can apply!

[bristolman]

I can only speak anecdotally but I don't think you have to wait anything like 3 years, when you are settled I to a job and have a decent deposit you can start to apply.

[Surf1]

Been back just over a year and have been given a mortgage. I think it relates to how long you have been with an employer (6 months?) above anything else

[Huggy75]

Thanks for the reassurance. We thought 3 years was a bit excessive, we were thinking more like 3/6 months. My hubby and I both have firm job offers and our deposit covers nearly 50% of the cost of houses we are looking at. Maybe I shouldn't have bothered with the enquiries to the Bank :-/

[Toussaint]

We were told, to remortgage on a house, where we have more than 50% equity! that we would have to show a years continuous employment with one employer. We were turned down on this basis, even though the bank knows us well and saw no risk, it's now legislation that ties their hands, discretion is removed. Be warned, I have heard of 10 to 20% deposits being demanded.

 

So returning poms, if you feel you must return, then bear in mind life has become generally more difficult and expensive in the UK post GFC.

[Sustain]

I can only speak anecdotally but I don't think you have to wait anything like 3 years, when you are settled I to a job and have a decent deposit you can start to apply.

 

Guess if you don't have a job or intend to get a job you could use the interest/dividend income to offset a mortgage?

[bristolman]

We were told, to remortgage on a house, where we have more than 50% equity! that we would have to show a years continuous employment with one employer. We were turned down on this basis, even though the bank knows us well and saw no risk, it's now legislation that ties their hands, discretion is removed. Be warned, I have heard of 10 to 20% deposits being demanded.

 

So returning poms, if you feel you must return, then bear in mind life has become generally more difficult and expensive in the UK post GFC.

 

Well we found we must return and have found it less difficult and cheaper but thanks for the warning

[bristolman]

Thanks for the reassurance. We thought 3 years was a bit excessive, we were thinking more like 3/6 months. My hubby and I both have firm job offers and our deposit covers nearly 50% of the cost of houses we are looking at. Maybe I shouldn't have bothered with the enquiries to the Bank :-/

 

You should have absolutely no problems being in that situation.

[Bungo]

Thanks for the reassurance. We thought 3 years was a bit excessive, we were thinking more like 3/6 months. My hubby and I both have firm job offers and our deposit covers nearly 50% of the cost of houses we are looking at. Maybe I shouldn't have bothered with the enquiries to the Bank :-/

 

I think you would have no problem whatsoever. Did you maintain a bank account in UK? If so, maybe see what they can do first.

[Huggy75]

We were told, to remortgage on a house, where we have more than 50% equity! that we would have to show a years continuous employment with one employer. We were turned down on this basis, even though the bank knows us well and saw no risk, it's now legislation that ties their hands, discretion is removed. Be warned, I have heard of 10 to 20% deposits being demanded.

 

So returning poms, if you feel you must return, then bear in mind life has become generally more difficult and expensive in the UK post GFC.

 

Good job we have at least 50% to tempt them with then :-) I can see how remortgaging would be more of a risk than first time buyers with firm job offers.

[Huggy75]

I think you would have no problem whatsoever. Did you maintain a bank account in UK? If so, maybe see what they can do first.

 

Hi Bungo - yes we maintained a bank account for the whole time we have been here and all our money will be going back into that account. It was with that same Bank that I did the enquiries, that's why I was quite taken aback.

[Bimbobread]

We were told we just needed 3 months pay slips xx

[Guest]

It depends on the lender and some do require 3 years, others a year but with a deposit over 35% you would have no problem & there are lenders that will give you a mortgage with less.I am self-employed and had been back less than a year and was able to get a Halifax mortgage with a 15% deposit (despite being told by two mortgage brokers they couldn't help me!)

[Huggy75]

It depends on the lender and some do require 3 years, others a year but with a deposit over 35% you would have no problem & there are lenders that will give you a mortgage with less.I am self-employed and had been back less than a year and was able to get a Halifax mortgage with a 15% deposit (despite being told by two mortgage brokers they couldn't help me!)

 

Thanks Lady R - my current Bank are still adamant at 3 years, however, I had a mortgage for 12 years with the Halifax (and worked for them for 8) prior to moving to Australia so I think I may try them again when I get back.

[MattJ1960]

We completed our remortgage two days ago. We've been home 7 months. When I approached our lender directly, they fobbed me off. If you use a broker (I used London and Country mortgages), you are likely to have more luck.

There are some amazing deals to be had with very low interest rates.

I was originallky told it would be 12 months before I could change it. It's not true. Lenders have started to lend again. The days of the GFC have virtually gone.:smile: