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Returning Expats Mortgages.
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Returning Expats mortgages
 
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Having returned to the UK or planning to return there are a number of obstacles
Many lenders insist on 3 years residential history in the UK.
Some require at least 12 months employment history in the UK.
And usually class you at a lower status than a first time buyer who has only ever lived with their parents.
Some insist on being on the voters roll for at least the previous 12 months.
We have experience in placing clients with lenders who have less stringent requirements, and view your application on your individual circumstances some of these are High Street lenders but the majority are provincial Building Societies. These Building Societies' interest rates while not class leading are comparable to the lenders who want you to wait 3 years to apply for their mortgage.
The usual way for brokers to source a mortgage is through mortgage sourcing software which we use for standard mortgages, but this is not setup for the individual needs of returning expats therefore we have to use our knowledge and experience to source your mortgage, including speaking to the underwriters of the various lenders, many of whom we have dealt with on many previous occasions, therefore our professional charge is a fee of 1% of the advance payable on completion. i.e. a £100,000 mortgage would cost £1000.
Full terms and conditions will be provided once we have your details.
Income multiples vary from 3 times income to 5 times income these vary
dependent on the amount of deposit and other criteria.
For a returning expat we would usually need to see a 25% Deposit.
These are very general figures just intended to give you an idea, obviously full Financial Services Authority compliant documentation would be given once we have conducted a full fact find to assess your individual needs, requirements and circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage
We can also arrange life insurance, Building and Contents insurance, and can introduce you to solicitors and other property professionals experienced in dealing with these types of transactions.
We work with Moneycorp who are experts in transferring money at significant savings compared to regular banks.
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| COMPARISON - STERLING/EURO
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| Buying £100,000 with GBP
| Natwest
| Lloyds TSB
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| Exchange rate *
| 1.14850
| 1.14635
| 1.18150
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| Transfer fee
| £40
| £35
| £15
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| Sterling cost
| £87,110.09
| £87,268.39
| £84653.17
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| Saving achieved by using Moneycorp
| £2,456.92
| £2,615.22
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| * Based on an exchange rate comparison made on 19 July 2010 between Natwest, Lloyds and Moneycorp
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We can also put you in contact with specialist lenders for purchasing property outside of the UK.
Click on the Logo to be directed to their site.
Please be aware that by clicking on the above link you are leaving Saxon Mortgages Services website neither Saxon Mortgages Services nor BDS Mortgage Group are responsible for the accuracy of information contained within the linked site accessible from this page.
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We can also put you in contact with a specialist Motor Insurance Broker who can assist you, as you will most probably not have a recent non-claim history in the UK.
info@tradersandgeneral.com.com 020 8522 0376
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