Returning To England

Posted on 4 April 2012 by Harry

I am 67 and my wife is 61 years old, retired with a combined pension income of around GBP40,000 per year. We currently live in Greece and rent. We aim to return to the UK in a year or so. Can we have a mortgage on a property in the North East of England? Our savings are only GBP20,000.


It is possible that you may qualify for a mortgage, but until you know when you are returning it is not possible to give you a definite answer.  You can expect to be able to borrow up to 3.5 x your joint income and depending on the type of property you wish to buy, I expect you will need to save a larger deposit.

There will be hurdles for you to overcome such as lenders not being able to carry out a credit search on your address in Greece and also your age.  The maximum loan term for the majority of lenders now is to age 75 and you may find that the short mortgage term makes the monthly repayments far higher than you expect.  If you do not currently have a UK bank account, now could be a good time to open one as it will give you a connection with a Bank before you come back.

I recommend that you call us on 0344 346 3672  about 6 months before you intend to come back and we will then be able to help you find a mortgage for your return.


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.

You are currently offline. Some pages or content may fail to load.