Posted on 29 December 2012 by Chris
I have been living abroad in Indonesia for 12 years and am looking at returning to the UK in the next 2 years. I am trying to get a mortgage so I can buy a property in the UK. I currently have £110,000 for a deposit and also have access to a further £100,000 that could be used as part of an offset mortgage. My sister has also said that she would also help buy the house with us jointly. I'm wondering what the solutions are.
There's not an easy straight answer to your question. As an ex-pat not intending an immediate return, it is still possible to get a mortgage for a property in the UK, though typically this would be on a Buy To Let basis. Once you had a definite return date, then we could look at switching this over to a residential mortgage. At that point your options, such choice of lenders, prdocucts, etc... are likely to be governed by information regrading your new UK employment situation, and the loan to value.
With regard to getting a normal residential mortgage, most lenders credit score an application, and that "score" is derived from such information as your UK credit history, UK employment history, and whether you're on the voters roll. Obviously having lived abroad for the past 12 years, it is unlikely that your particular score would be sufficient to pass the lenders scorecard. However as John Charcol is an Independent, Whole of Market broker, we also have strong relationships with those lenders who manually underwrite cases, and can therefore look at each case on its individual merits. You also mentioned that your sister may be able to assist you in buying the property, however we would need to know her full personal financial situation before we could say whether this option would be feasible.
There's quite a lot to talk about, and I think initially it would be worth speaking to one of our consultants to explore your options in more detail. If you would like to do so, then please let me know and I'll arrange for one of them to contact you.
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