Posted on 15 November 2012 by Daniel
Hello, I am a U.S. citizen living in the U.K. My wife is Irish and works in the U.K. My parents are in their 70's and 80's back in North Carolina. We thought we would look now and try to purchase a home in NC for the time when either we have to move there to help my parents or have them move into an simpler house than the 3-storey urban town home they live in now.
We found the perfect house that we can probably buy for $279000. We have $50,000 for a down payment. My wife is employed by a major UK corporation and earns approx. £50,000/year. I am not employed at the moment. My wife co-owns a flat in London with her sister and has a 15-year mortgage that is about 50% complete. The flat has increased in value from its original price of £285,000 to about £385,000. It is being rented and the rent pays for the mortgage with a bit leftover that goes toward the mortgage as well. The house in NC currently has renters in it and they would like to remain indefinitely, which is a boon to us as we don't if/when we or my family will be living in it. Our bank, and the bank who holds the mortgage on the London flat is HSBC. They were less than helpful and maintain that they do not have a mortgage product that fits our needs: a mortgage for a home in the U.S. that will be an investment property until which time we need to utilize it as either a primary residence for me and my family or to swap homes with my parents if they need warrants it.
I have tried the U.S. division of HSBC, but they require that either: A) the mortgage holder be gainfully employed in the U.S. for at least one year prior to the signing of the mortgage contract, have a U.S. Social Security Number and a minimum credit rating of 700. We don't live and work in the U.S., so that one is not possible. The other option was ONLY for a home that we declare will be our primary residence that CANNOT be rented and it requires a minimum 30% deposit. That doesn't work, either.
Would you have any ideas? Our UK credit rating is perfect, my US credit less so.
Best regards, Daniel
This isn't something which we at John Charcol can necessarily do for you, however we do have a contact who specialises in situations such as yours, and he has indicated that, subject to the rest of the details of the case, that he may be able to assist you.
If you would like to speak to him, please let me know the best contact details for you, and I'll arrange for him to speak directly with you and see how he can help.
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