Devonshire Dumpling Posted November 4, 2017 Share Posted November 4, 2017 Hi there, just wondering if any one had any suggestions or info regarding UK mortgage lenders that are likely to lend to a UK citizen who has been living in Aus for the past 7 years. My partner and I are returning to the UK for good in 2018 and would like to purchase a property before we return so it’s ready to go when we arrive. We would be seeking a residential mortgage as opposed to buy to let as we would be living in the property. Just looking to see if anyone has been in a similar situation and whether they have any tips or advice as to mortgage lenders etc. thanks all ? Quote Link to comment Share on other sites More sharing options...
Cerberus1 Posted November 4, 2017 Share Posted November 4, 2017 Some members were discussing this recently on another thread, but hadn't had much luck. This link was posted which gives an overview of the different lenders positions when it comes to expat mortgages. http://www.international-mortgage-plans.com/a-z-expatriate-mortgages.htm Quote Link to comment Share on other sites More sharing options...
dxboz Posted November 5, 2017 Share Posted November 5, 2017 I tried get one a few months ago and no luck. Tried lots of brokers. The problems were because I was living in Australia - apparently Australian financial regulations have now made it very difficult for UK lenders and because I was trying to buy in Scotland - thought it was still part of the UK?? I was going to put down about 60% of purchase price and had other property in UK as security also - didn't make a jot of difference. Quote Link to comment Share on other sites More sharing options...
Ken Posted November 5, 2017 Share Posted November 5, 2017 9 hours ago, dxboz said: I tried get one a few months ago and no luck. Tried lots of brokers. The problems were because I was living in Australia - apparently Australian financial regulations have now made it very difficult for UK lenders and because I was trying to buy in Scotland - thought it was still part of the UK?? I was going to put down about 60% of purchase price and had other property in UK as security also - didn't make a jot of difference. Yes the problem is that if the borrower is in Australia then the lender and anyone who speaks to the borrower on the lenders behalf must have an Australian financial advisor licence and if the mortgage is secured on a property in the UK then the lender and anyone who speaks to the borrower on the lenders behalf must be a UK registered financial advisor. While it may be possible for a corporation to be registered to provide financial services in both countries it's practically impossible to get personnel who are registered in both countries - meaning they're breaking the law and liable to penalties in one country or the other. Regarding Scotland - Scotland has always had a separate legal system from England & Wales and the process of conveyancing and securitisation works differently in Scotland than from England and Wales and this does affect whether or not a lender is willing to lend on a property in Scotland. The largest lenders will all have a Scottish legal department anyway but some small lenders take the view the extra investment isn't worthwhile for what for them will only be a small increase in market size and so don't bother to offer mortgages north of the border. Quote Link to comment Share on other sites More sharing options...
dxboz Posted November 6, 2017 Share Posted November 6, 2017 (edited) Thanks for the information Ken. I was actually in the UK at the time - very frustrating! Edited November 6, 2017 by dxboz Quote Link to comment Share on other sites More sharing options...
Ken Posted November 7, 2017 Share Posted November 7, 2017 14 hours ago, dxboz said: Thanks for the information Ken. I was actually in the UK at the time - very frustrating! I have heard of some lenders who've acted as if they can ignore Australian law where the borrower isn't physically in Australia (including having borrowers fly to New Zealand to sign the paperwork) but the consensus now seems to be that as long as you are an Australian resident then Australian Financial Services regulations apply. Quote Link to comment Share on other sites More sharing options...
dxboz Posted November 7, 2017 Share Posted November 7, 2017 Thanks for more info Ken Quote Link to comment Share on other sites More sharing options...
Guest Posted November 8, 2017 Share Posted November 8, 2017 (edited) Hi, we're wanting to buy a UK property too sometime next year! I've had a couple of discussions with Liquidexpat. https://liquidexpatmortgages.com/ We will be moving back to Oxford late next year. Has anyone dealt with this company? If so, how did it go? Thanks Edited November 8, 2017 by Guest Quote Link to comment Share on other sites More sharing options...
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