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Buying a house in the UK whilst still in Australia

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Guest nm123

Is it possible to get a UK mortgage whilst living and earning in Australia??

 

I'm thinking that we could buy somewhere just before we move back so that we've got somewhere to move in to on our return or rent out until we get back...

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Is it possible to get a UK mortgage whilst living and earning in Australia??

 

I'm thinking that we could buy somewhere just before we move back so that we've got somewhere to move in to on our return or rent out until we get back...

 

Yes it is I've posted some info about expat mortgages on here.

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Hi Yeh it definetly is, we have just bought a house in the UK whilst still living here in OZ. we went through a financial advisor called Ian Blakemore and he has been great. Obviously everyones circumstances are different but you could email him and see if it is viable. our morgage was with the Halifax and was based on our earnings here in OZ.

Here is his email address goos luck.

ian@ads-financial.com

possie


decision made and its defo the right one. loving being back home. HOME IS WHERE THE HEART IS!!!!:biggrin:

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My morgage has all gone through now without a hitch, apart from the normal UK thing (house we were buying being stuck in a chain) Getting the actual morgage is not a problem, Ian has been helpful sorting everything out. He also sorted our bricks n mortar insurance.. I think as long as you have 25% deposit and jobs here that u can prove. It has been quite a simple process. We are soooo excited now Going home in August to a house we have bought that we have only seen pictures of (how scary) But exciting too. At least we wont have to wait 2 years in the Uk before we can get on the market. Great idea that i think has been pretty straight forward for the complexity of it , and the fact no-one can get a morgage in the UK.

Hope this helps anyone who needs this advice

Possie


decision made and its defo the right one. loving being back home. HOME IS WHERE THE HEART IS!!!!:biggrin:

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Guest funkymonkey

I have just been speaking to the Halifax and they were very helpful, they said that an ex-pat mortgage can be arranged loaning up to 75 percent of the value. You must be looking to occupy the property within the next four years but can rent the property out for the time before returning. The loan is calculated using your income in Australia, there is an arrangement fee of 995 pounds and the current interest rate is 5.59 percent fixed for four years.

They also said that you can apply for a mortgage in the UK once you have a permanent contract of employment there.

 

Hope this helps anyone interested.

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My morgage has all gone through now without a hitch, apart from the normal UK thing (house we were buying being stuck in a chain) Getting the actual morgage is not a problem, Ian has been helpful sorting everything out. He also sorted our bricks n mortar insurance.. I think as long as you have 25% deposit and jobs here that u can prove. It has been quite a simple process. We are soooo excited now Going home in August to a house we have bought that we have only seen pictures of (how scary) But exciting too. At least we wont have to wait 2 years in the Uk before we can get on the market. Great idea that i think has been pretty straight forward for the complexity of it , and the fact no-one can get a morgage in the UK.

Hope this helps anyone who needs this advice

Possie

 

Hi P i B you refer to 2 years in the UK can you tell me why that would be does it depend on how long you have been out of the country?

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Hi P i B you refer to 2 years in the UK can you tell me why that would be does it depend on how long you have been out of the country?

 

Hi corinamac.....

Pleas dont quote me on this AS STILL BEING THE CASE TO DATE........

However i did start my research at the end of 2008, (when the "credit Crunch" was in full swing) it may have changed..... but this is how my research prevailed...

 

I done some research with my own bank in the UK (i never did close my accounts, just changed the address to my mums) Anyway i bank with the LLoyds TSB and had a previous morgage with The Abbey National. I made calls to both of them....

TSB emailed me back saying because of the financial crisis in the UK and the "Credit crunch" they were not giving out morgages without a 2 year track record of salary in the UK, (unless you had a substantial deposit, which we dont) !!!!!!and because we didnt have any salaries going into the tsb account that we still had a good credit rating ( not using still valid credit card) and keeping "out of the red" with everyday account that would go in our favour but 2 years of work history would still be required.

 

The Abbey emailed saying we would need "permanent jobs" with 18-24 months of UK work history.... Even though we had a great credit rating 5 years ago (when we were in the UK) even still, we would need the above requirements....

 

We then looked into the Expatriate morgages just because we do have the work history here and could prove it.... the rest was pretty plain sailing.....

 

As i say this may NOT be the case to date as things seem to have imporved in the UK and i have not looked into it any further lately because i have not had reason too.

 

Happy researching.... and Good Luck with everything

Possie:biggrin:


decision made and its defo the right one. loving being back home. HOME IS WHERE THE HEART IS!!!!:biggrin:

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I run my own limited company in australia. I am director and sole employee and yearly consulting fees average over AUD$200k.

 

I had an appointment with the HSBC homeloan person in August last year when in the UK.

 

They examined my Australian company accounts in conjuction with my personal accounts for last 3 years.

 

They refused me a loan saying they look at the lower performing entity!

 

 

The fact that I pay the entire company earnings to myself as salary and expenses means my company has profits of say only $1k per year. Because of that they wouldnt lend money to me. I asked them 3 times over are they sure they have to take the lowest earning entity.

 

It looked to me that they were simply too scared to lend to anyone but the standard employed person who works for a large company.

What a joke. How is small business to survive in the UK with bank decisions like that?

 

I hope things have changed since august.

 

TV

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I run my own limited company in australia. I am director and sole employee and yearly consulting fees average over AUD$200k.

 

I had an appointment with the HSBC homeloan person in August last year when in the UK.

 

They examined my Australian company accounts in conjuction with my personal accounts for last 3 years.

 

They refused me a loan saying they look at the lower performing entity!

 

 

The fact that I pay the entire company earnings to myself as salary and expenses means my company has profits of say only $1k per year. Because of that they wouldnt lend money to me. I asked them 3 times over are they sure they have to take the lowest earning entity.

 

It looked to me that they were simply too scared to lend to anyone but the standard employed person who works for a large company.

What a joke. How is small business to survive in the UK with bank decisions like that?

 

I hope things have changed since august.

 

TV

 

If you are an IT contractor (I'm not sure what you do- but sounds similar to my husband) you can get a mortgage through the specialists that deal with contractors. I rang the Halifax the other day just out of interest (we have had an expat mortgage agreed by them but wondered how things would be if we still ahven't seen anything we want to buy before we get back). We were told we would have to wait 3 years as they need to see 3 years worth of UK records despite our excellent credit rating and husbands complete 4+ year history in uk of ltd compay (IT contracting). When I contacted the specialist mortgage people they laughed and said as long as a contract in the Uk was in palce a mortgage would be no problem as we have a good record and the rates would be the same. Not sure if this is relevant but just wanted to let you know

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Hi Yeh it definetly is, we have just bought a house in the UK whilst still living here in OZ. we went through a financial advisor called Ian Blakemore and he has been great. Obviously everyones circumstances are different but you could email him and see if it is viable. our morgage was with the Halifax and was based on our earnings here in OZ.

Here is his email address goos luck.

ian@ads-financial.com

possie

 

HI, do you still have the details of the advisor (email did not work), and details of who you dealt with with Halifax?

 

thanks

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HI, do you still have the details of the advisor (email did not work), and details of who you dealt with with Halifax?

 

thanks

 

andywthomas copy and paste address into email, I had to do this and its worked fine :)


Citizenship Timeline

Date applied - 15 November 2017

City/Council area - Cockburn, WA

Online / Paper - Online

Date received the acknowledgement email - 15 November 2017

Date of the Citizenship Test - 24 August 2018

Approval - 6 September 2018

Date of ceremony - 6 November 2018

Originally from UK

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andywthomas copy and paste address into email, I had to do this and its worked fine :)

 

Postmaster returned delivery error for the email address, same as last time I tried: do you have an alternative contact i.e. mobile number?

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I would be interested in this too - didn't know it was possible, but if I could raise a line of credit on my UK house, it would mean me not having to pay so much to the ATO!

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It does seem like there's a need for financial planners to assist those moving back UK or still having interests there.

Is there an association that would give recommendations perhaps?

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Hi Sorry I have not been on here for a very long time, and just seen these questions about moving back to the UK.

Not sure if Ian Blakemore still works for the company, but we arrived back to UK in 2010 and have been happily settled here since. Still in the same house we bought on the internet, through an expat mortgage.

I have just looked back on previous email from Ian and found the name and address of the company which you could maybe google.

Not even sure if they still do expat morgages, but worth a try.

Happy searching and hope you find happiness wherever you end up, because me and my family found happiness right under our noses,

Possie x

ADS Mortgage & Financial Planning Ltd

National Westminster Bank

Maidstone

Kent


decision made and its defo the right one. loving being back home. HOME IS WHERE THE HEART IS!!!!:biggrin:

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