Returning Ex Pat

Posted on 26 March 2011 by David

I am 64 years old and have relocated back to the UK to run one of the three companies I own, taking a salary of £90,000 pa. I wish to buy a property and have approximately £120,000 available in cash to put down as a deposit. Can I raise a mortgage and if so how much can I borrow - and over what period?


Your choice of Lenders is likely to be restricted because of your recent return to the UK.  The vast majority of High Street banks and building societies rely on a credit scoring system to approve or decline applications and these in turn rely on your UK credit records to form a large part of their score.  If you have maintained a bank account or credit agreement in the UK whilst you have been abroad then this will stand in your favour, if not then the choice of Lender is very restricted. 

Your employment may also stand against you, but this will depend on how long you have been involved with the companies you own, how long they have been trading and where they trade.  If they are UK based companies I would expect you to have credit facilities already in place and I suggest that you speak to your companies bankers about your own situation.  They are more likely to be amenable than a totally new lender.

With regards to your age I would expect you to have to repay the mortgage by age 75.  There are a few lenders who will consider longer mortgage terms, but they may not like your recent return and employment.

All told I still believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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