Posted on 8 September 2012 by Hidekazu
I'm a UK/Australian citizen and thinking of buying a property in the UK but I am self employed, does UK offer low document mortgages as Australia.
Can my brother who is permanently employed in Australia help me to get a mortgage in the UK?
As a resident of Australia it is going to be quite difficult for you to raise a mortgage in the UK. This is because National Consumer Credit Protection Act 2009 prohibits foreign financial Institutions, i.e. those located outside of Australia and it's territories, to open new accounts or other financial products for Australian residents. It also prevents your brother being able to help you, unless he is in a position to gift you a cash deposit.
If you become resident in the UK however, even as an Australian national you may be able to secure a mortgage on account of your dual nationality. I am doubtful that in the current economic climate that you will find a lender willing to the the risk of lending to a self employed person who has just relocated and does not have a UK credit record.
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