Advice needed - mortgage on initial 2 year spousal visa

In short, our landlady is selling our flat and has kindly decided to sell it to us at a fixed price.

My husband is American and currently here on a limited leave to remain, his visa is due to qualify for an ILR in the coming months, but not before our landlady wishes to sell the flat. 

We've been trying to get a mortgage without any luck.  Every place we go to seems to say we either need an ILR, or that he has to have lived here at least 2 years (obviously not or we would have ILR) or have 2 years left on his visa (I guess this would mean applying for a mortgage on the first day you entered the country!).

Anyway, what I wanted to know is if any of you guys have been in a similar situation and were you able to get something sorted out?  What banks/building societies etc did you use?  At most we could afford a 5% deposit but that's not even a certain, so if you got 100% that would be useful to know too.

For those people who know more about this mortgage stuff, does anyone know if it's possible for me to get a joint mortgage with my father even though he wont be living here?  The guy at the building society today told me that you can only get a joint mortgage if it is going to be the main residence of both people taking it out.  That sounds bizarre to me considering my dad has a few flats here and there which definitely aren't his main residences! 

When we bought our house two years ago I was on my FLR and we had similar bad luck.  A few banks/building societies said yes initially but then later declined or wanted 20% down.

We finally found Northern Rock, as long as one of you is British they don't have a problem.  Actually, we didn't find them, we used a mortgage adviser in the end.

The rate wasn't the best available but we had to take what we could get.  I'm so glad this time around I've got my ILR and could shop around, best of luck to you!

When we bought our house two years ago I was on my FLR and we had similar bad luck.  A few banks/building societies said yes initially but then later declined or wanted 20% down.

We finally found Northern Rock, as long as one of you is British they don't have a problem.  Actually, we didn't find them, we used a mortgage adviser in the end.

The rate wasn't the best available but we had to take what we could get.  I'm so glad this time around I've got my ILR and could shop around, best of luck to you!

Thanks for the reply, there's a broker in town that deals with them so I should go and check it out.  It looks like we'll just have to take what we can get!

This might help....

http://www.mortgageintroducer.com/ccstory/22367/135/Natwest_Offshore_launches_‘buy-to-live’_product.htm



Vicky

This might help....

http://www.mortgageintroducer.com/ccstory/22367/135/Natwest_Offshore_launches_‘buy-to-live’_product.htm



Vicky

Thanks for the link Vicky, i'll check it out. 

Looks like we may be able to sort something out with Northern Rock, our financial advisor is checking it out.

i was able to get a mortgage solo, while i was on FLR Work Permit.  I had just completed my first (2) year term, and was about to start my 2nd (2) year term.  I had to wait until that 2nd (2) year term had gone through.  i also had to have a substational deposit (about 20%). good luck!

i was able to get a mortgage solo, while i was on FLR Work Permit.  I had just completed my first (2) year term, and was about to start my 2nd (2) year term.  I had to wait until that 2nd (2) year term had gone through.  i also had to have a substational deposit (about 20%). good luck!

We don't have a deposit unfortunately, this all come rather out of the blue and we didn't have enough savings, especially not 24k of savings (I think that would take me about 10 years to save up.... D:).  We've made an application with Northern Rock now and it doesn't seem like it's going to be a problem with them.  We can't apply for ILR before the 2 year term is up so our only option was to find someone who would work with us unfortunately.  The rate isn't the best but what can ya do?

glad its working out for you... even if you had to take a less than stellar rate for 2 years... once you've gotten ILR you'll be able to get a much better one.... good luck to you!

glad its working out for you... even if you had to take a less than stellar rate for 2 years... once you've gotten ILR you'll be able to get a much better one.... good luck to you!

The rate isn't too bad really, not the best but it's definitely manageable.  Thanks for the well wishes

More info on mortgages for those without ILR....

http://www.mortgageintroducer.com/ccstory/22632/17/Offshore_mortgages.htm

 

Vicky

More info on mortgages for those without ILR....

http://www.mortgageintroducer.com/ccstory/22632/17/Offshore_mortgages.htm

 

Vicky

Great article. Thanks for posting it. Hadn't thought about using my US tax returns and bank references to help gain a toehold in the UK credit ratings...

Glad it helped.  The Natwest are really pushing this, and even though the interest rate is a little higher than standard it sounds like a deal to consider.

Vicky

And check out the quotes in the article from our local expert Vicky!

Good article, it's nice to see banks are starting to work out solutions for us ex-pats!

Heheheh!  I was quite proud of that!

 


Vicky