US citizen getting a mortgage in Scotland

This is my first post, so why not make it a complicated one, eh?

My wife is a UK citizen and currently we live in Alaska. I'm set to retire in five years and we want to move to her native Glasgow. She is a stay at home mother and I'm the primary wage earner. My question is as follows:

Is it possible to secure a mortgage for a primary residence using only my US based wages and retirement income? At the time of applying for the loan, I won't be living in Glasgow full time, however my wife and child will be. (the final three years of work, I'll be commuting- two months on, two months off) We'll be able to apply a large down payment- seventy percent- and I hope that would work in our favor.

If anyone has any information that would pertain to our situation, I would be very appreciative.

Thank you,

Dan

Hi Dan,

When my (UK) wife and I (US - not yet permanent UK resident at the time) were looking for a mortgage, I found UK banks very reluctant to deal with anything other than UK citizens who have UK jobs paying UK wages into UK banks.  We wound up waiting a few months until I had indefinite leave, when it became much easier.

There may be someone on here who has experience getting a mortgage from outside the country or with funds from outside the country, but my guess is your best bet is going to be to contact mortgage advisors and explain your situation to see what your options are.

I'm sorry I don't have a better answer.

Thank you for the quick reply, every bit of information helps.

Dan

Since your wife doesn't work, do the 2 of you have enough savings (£62,500) for her to be able to sponser you for a spouse visa?

I'm not sure if this applies to all UK banks, but Halifax/BoS will only lend up until the age of 65 (based on the oldest person applying) - you may also want to take that into consideration with any mortgage application you may be making

This means the lending must come to end on or around when the oldest borrower becomes 65

Thanks for the replies. I've been checking into the sponsorship rules and it does appear that since I'm the major earner and not my UK wife, we might be in a tight spot. Apparently my income won't be considered into the sponsorship equation, even though it exceeds the minimum amount required.

It's rather hard to believe that a UK citizen's family could be denied to live in her home country with her when her family's income is clearly enough to satisfy government set minimums..... this puts a new twist on our future. Just what is the British government's definition of a family anyway?

Hey Dan.

Camoscato's correct. UK banks will not consider any outsiders for mortgages, even if you have a monster downpayment. I've tried to do a 1/3 downpayment for a piece of Newcastle investment/commercial property, but was turned down by the banks.

You'll either have to wait it out for a few years, with the new UK immigration rules (they got alot tougher as of July 9, 2012), then apply for your mortgage, or pay for your home in an all cash deal.

I'm sorry Dan. I hope everything works out.

Charlie 

Thanks for the reply, Charlie. I was hoping to have my UK wife's name and mine on the application and use my retirement income from the US. I can see that I have a lot to research.

All the best,

Dan

Have you thought about getting a mortgage in the US for properties abroad? I know this is something UK banks offer, so it might be something your bank in the US could do for you. .  Especially as youre using your American income to purchase the property with