Preparing for Mortgage while in US

My family was in London for a year between 2013-14 while I was working on a Tier 5 visa.  We fell in love with England and are planning on moving back in January for the long term.  I'm actively seeking employment that includes a Tier 2 visa.  In doing my research, I realize that it is incredibly difficult for someone without permanent residency to get a mortgage.

That being said, we've got 5 months to prepare for our move.  What resources should I be contacting at this time?  We don't have UK credit, but we do have a UK bank account.  Should I be moving more money over there to have sitting in the account for a longer period?  Are there things we could be doing now to help our chances of receiving a mortgage before we move or as we move?  We know the area we want to live and it would be great to buy a place as we move as opposed to getting a 6 month lease on a place.

Any advice?

My family was in London for a year between 2013-14 while I was working on a Tier 5 visa.  We fell in love with England and are planning on moving back in January for the long term.  I'm actively seeking employment that includes a Tier 2 visa.  In doing my research, I realize that it is incredibly difficult for someone without permanent residency to get a mortgage.

That being said, we've got 5 months to prepare for our move.  What resources should I be contacting at this time?  We don't have UK credit, but we do have a UK bank account.  Should I be moving more money over there to have sitting in the account for a longer period?  Are there things we could be doing now to help our chances of receiving a mortgage before we move or as we move?  We know the area we want to live and it would be great to buy a place as we move as opposed to getting a 6 month lease on a place.

Any advice?

First, get the Tier 2 General visa, then worry about housing.  Tier 2 General's are like fairy dust... pretty hard to find.

I'm currently going through the mortgage process without permanent residence.  I'll post how it all goes when it's done.

Please don't mistake this for being ego-centric or overly optimistic, but I'm not too worried about getting the Tier 2 visa.  I'm an in demand higher level person who is targeting various companies I have relationships with for a job that would be on the shortage occupation list.  Of course nothing is guaranteed, but my family is making all arrangements to make the move.

I'd love to make the most of the time I have left to prepare for anything that can get me ahead.  I'd hate to wait until we're two months away from leaving just to find out if I'd only done such and such a few months earlier.

KFdancer, I look forward to hearing how your process goes!

Awesome, glad you have found a niche market to get in the door.  That's key.

Well, we just had our offer accepted on Monday and are still waiting to have the lender "confirm" that they will accept my spouse visa.  My husband is UKC which helps.  I've also been here 5 years and have established some UK credit which helps a bit.

Best to save, save, save.  They'll probably want a 40% deposit.

I am on a Tier 2 - granted it is only valid for 6 more months, by which time I am eligible for ILR. I am married to a UKC and we have been trying to get a mortgage, but banks will only look at my husband, even though we have more than a 30% down...

You will probably only have luck (if you have luck) with a mortgage broker, so start making contacts if you are sure you will get the Tier 2 (Btw I am shortage and had a hell of a time, so don't count your chickens!).

Also look into the home buying process in the UK.  You'll definitely still need to rent somewhere for awhile.  Our house purchase is no-chain and we are told it will take about 12 weeks.  A friend just completed mid-July and their offer was accepted early January (chain).  My in-laws had a 3 house chain, all cash buyers and it took 10 weeks.  My colleague had no chain, offer accepted in September, completed in March.  Things are not fast in the UK!

Without ILR, I think you'll find it very difficult to find a mortgage.

How to get a mortgage if you’re struggling
https://www.moneyadviceservice.org.uk/en/articles/tips-if-youre-struggling-to-get-a-mortgage

'Living in the UK for less than three years?

It’s difficult to find anyone who will give you a mortgage if you have been living in the UK for less than three years. Lenders will want a record of your earnings, bank account and home address for at least two years and will check your visa and employment contract.

If this applies to you, speak to an independent mortgage adviser who will know if any lenders will consider your application. Find an independent mortgage adviser at unbiased.co.uk.

If you’re unsuccessful, look into applying for a mortgage from a lender based in the country you were living in before you moved to the UK.'

Also look into the home buying process in the UK.  You'll definitely still need to rent somewhere for awhile.  Our house purchase is no-chain and we are told it will take about 12 weeks.  A friend just completed mid-July and their offer was accepted early January (chain).  My in-laws had a 3 house chain, all cash buyers and it took 10 weeks.  My colleague had no chain, offer accepted in September, completed in March.  Things are not fast in the UK!

This. This. This.

Buying or selling your home
https://www.gov.uk/buy-sell-your-home/overview

Thanks everyone for the feedback!

physicskate - definitely not counting chickens early - just want to make sure I'm properly preparing and leveraging my time.  Crazy that you are married to a UKC and still having a time getting that stuff approved!  Makes me very nervous.

KFdancer - Great information.  Those timeframes are really long - I expected it to be slow, but that is amazingly slow.

mapleleafgirl72 - I really hope we don't have to wait for ILR to get a mortgage - as we're not even there yet, that is years upon years.  Thank you for the link - very helpful, and hopefully it can net me some options.  I will look into mortgages from lender in the US, just not sure how that will work.

All so helpful.  Much appreciated!

I would suggest getting in contact with London and Country mortgage advisers (brokers) - they were VERY helpful in finding us someone who would accept myself and my husband (I'm UKC, husband is on spouse visa) for a mortgage. We should be completing on our house purchase and getting the keys on Friday so will fill in on all the details after that (I.e who we got the mortgage from in the end, timelines etc) to hopefully help other people in our situation trying to complete the house buying process with one of you on a visa!

I would suggest getting in contact with London and Country mortgage advisers (brokers) - they were VERY helpful in finding us someone who would accept myself and my husband (I'm UKC, husband is on spouse visa) for a mortgage. We should be completing on our house purchase and getting the keys on Friday so will fill in on all the details after that (I.e who we got the mortgage from in the end, timelines etc) to hopefully help other people in our situation trying to complete the house buying process with one of you on a visa!

How long did the process take from the offer being accepted? Are you in a chain, and if so, how many people are involved?

I am a dual US and UK citizen and recently bought a house with my UKC husband.  Even with being a UKC our mortgage broker asked if we had lived in the UK for the last six months and if we had been in same jobs for six months.

Neither of us were in a chain. There were no extenuating circumstances that should have delayed our process.  Our offer was accepted in late March and we got the keys on 6th July.  The owner was keen to have it all done in 8 weeks and this timeframe (over 12) was with both sides pressing to move it along!

I would suggest getting in contact with London and Country mortgage advisers (brokers) - they were VERY helpful in finding us someone who would accept myself and my husband (I'm UKC, husband is on spouse visa) for a mortgage. We should be completing on our house purchase and getting the keys on Friday so will fill in on all the details after that (I.e who we got the mortgage from in the end, timelines etc) to hopefully help other people in our situation trying to complete the house buying process with one of you on a visa!

Thank you so much!  I will try contacting them and seeing what information we can get from them.  I look forward to reading up on the details.  Congrats!

kintheuk, Interesting information.  It feels like we're going to need to start with a 6month lease and then purchase, but still, I'm going to keep seeing what we can do.  That timeframe is interesting to hear.

Thank you!

Okay, so now that we actually officially got the keys to our new house yesterday, (I was being a bit superstitious about the whole thing until we actually got them!) the timeline was that we first looked at the house in the middle of May and put an offer in straight away, which was also accepted straight away. We then applied for a mortgage  straight away (we already had a decision in principle) which took exactly 7 weeks to come through, during which time we had searches and surveys done. Our survey came back with a problem with the roof, so we had a specific roof report then done and negotiated the price which took some more time, and then there was some time at the end of the process haggling over the details (fixtures and fittings etc)

We finally exchanged last Wednesday, and completed yesterday on the 7th August, so about a 2 and a half month process in all - we were first time buyers coming from renting, and the sellers had no chain as were moving in with family.

Congrats Sez!!  Thank you for posting the time line.  This is very helpful information and it's great to understand the process you went through.  Thanks so much for sharing.  Enjoy!!!

No worries and good luck with everything! We are deep into getting bathroom fitting quotes and doing DIY around the house now!