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Returning home and getting a mortgage

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  • 30-12-2018 9:04pm
    #1
    DeSelby83
    Registered Users Posts: 2,573 ✭✭✭


    Hi all,
    We are living in London at the moment and are thinking about when we move home. This is something we have both decided we want and to possibly get our own place. Realistically this wont happen for 2-3 years.

    My question is are we better off sending money home now to improve our credit history with a bank now or can we just come home with savings and walk into a bank and apply for a mortgage.

    Has anyone here been in a similar situation and what have you done.

    Thanks


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    #2
    eurokev
    Registered Users Posts: 969 ✭✭✭eurokev


    Well you will need a job and salary cert. Are you going to leave a job in the uk?

    You will need to be in the job for a min of 6 months I think too and more than likely have to be permanent unless you work as a contractor


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    #3
    d.pop
    Registered Users Posts: 271 ✭✭d.pop


    Lending rules are much stricter than ever before. Basically you will get 3.5 times your salary maximum and based on your spending habits, credit card debt etc.
    Ideally a permanent job with 6 months salary certs, on probation is no good, self employed or on contract greatly reduces how much bank will offer you.
    Savings would really just be used to downsize the size of the mortgage based on property value thus making you more attractive to the bank.
    If you’ve a good job in UK and savings you could look at an ‘overseas’ mortgage, think it’s capped at around 60%, might have changed since we were offered one a few years ago but we opted to wait and move home first.


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