Relocating back to UK need mortgage advice!

[Ronny]

I have lived in South Africa for the last 3 years although I'm originally from London and I still use my parents' home as my correspondence address in the UK. I work for a multi-national firm who want me to relocate back to the UK and head up their London operations. I want to buy a house, have seen a few properties I like and have enough money set aside to pay for approximately a 25% deposit. I'll probably need to borrow approximately £650,000 which is affordable on my salary, but my friends in London have all told me I'll struggle to get a mortgage of that size and it will be even more difficult because I have lived out of the country for the last few years. Is there anyone who will consider giving me a mortgage?

　
Assuming your salary is appropriate for this size of borrowing, it should be possible for you to obtain a mortgage from a number of high street lenders.


At the time of application it will be necessary to fully disclose why you have been out of the country and that your correspondence address is actually your parents' home. In order to prove your income the lender will wish to see your new contract and also the last 6 months' wage slips you received in South Africa.


It is possible the lender will ask for further information from your employer and will certainly ask if you will be in receipt of any type of 'relocation package' which is common for multi-national firms to offer. Aside from this, the application will be processed on the lender's standard terms.


Your friends may have mentioned about you having difficulty obtaining a mortgage of £650,000 as many lenders do not have mortgages available for loans in excess of £500,000. For this reason it would be worthwhile speaking with an independent mortgage broker who specialises in large mortgages as they will know immediately which banks will consider an application from you.

[expat mortgages]

Hi

Given that your plan to return immediately to the UK, you shouldn't have a problem borrowing upto 90% LTV. Most highstreet banks in the UK will insist on you being a resident for 6 to 12 months, so your choice of lender will be reduced.

Criteria for larger loans will be differ between lenders, but it should be possible to borrow £650,000. Given that you're staying with the same employer this should simplify things further for you.

Hope this helps.

[Rachelpropertylady]

You could always go for 'rent to buy' allowing you time to establish a credit rating in the country and then borrowing later will be much easier! I can help you with that.
Hope this helps,
Rachel.