What are our chances of getting a mortgage in the UK after 5 years working in Australia?

Posted on 29 March 2008

My wife and I are about to return to the UK after 5 years working in Australia and would like to purchase our first property as soon as possible as we are about to start our family. We both have jobs starting in May, mine being £70,000 and my wife's £30,000. We have no other debts and have approximately £20,000 as a deposit. We would be looking at borrowing around £300,000. Are we dreaming, or could we realistically get a mortgage quite quickly on our return?

Many thanks.

Hi Jamie,

I'm afraid that a 6% deposit won't go far now, very few lenders can lend more than 90%, and of those that do, the Higher Loan Charges and punitive interest rates are quite off-putting, as lenders are not looking for high-risk business at all. This means that it would also be almost impossible to argue your case of no UK employment record.

To give yourselves a better chance, wait until you have been employed for three to six months, and save up at least a ten percent deposit, plus all legal and moving costs.

Best of luck.

 

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