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Topic: Getting a mortgage without ILR  (Read 1278 times)

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Getting a mortgage without ILR
« on: December 03, 2004, 12:23:59 PM »
Hmmm. Not sure this is the best place for this thread but can't decide on a better location for it.

Peedal and I had a brief discussion about this last week... she told me that she had heard of some horror stories of US/UK couples trying to buy a house who got through several of the approval hurdles in applying for a mortgage but were declined at the last minute because the US partner did not have ILR.

Anyone else heard of this or know it to not happen?
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Re: Getting a mortgage without ILR
« Reply #1 on: December 06, 2004, 03:06:34 PM »
Anyone, anyone?  :)

Peedal... I know I heard this from you first...
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When I was 5 years old, my mother always told me that happiness was the key to life. When I went to school, they asked me what I wanted to be when I grew up. I wrote down ‘happy’. They told me I didn’t understand the assignment, and I told them they didn’t understand life. ~ John Lennon

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Re: Getting a mortgage without ILR
« Reply #2 on: December 06, 2004, 03:11:19 PM »
I've heard two kinds of "horror stories."  That people with FLR were being refused outright - and that people with FLR would be accepted, but then the mortgage offer would be reduced almost right at the last minute becaues someone in the bank would realise they had no clue what FLR was!
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Re: Getting a mortgage without ILR
« Reply #3 on: December 06, 2004, 03:12:37 PM »
Well I did a little bit of research and it looks like it's possible, but you'll be required to put down a hefty deposit (anywhere from 25% to 40%!) and you won't get the best rate.

Seems like there'd be banks that do this all the time--it's not like there are only 3 expats in the country!   ::)
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Re: Getting a mortgage without ILR
« Reply #4 on: December 06, 2004, 03:42:58 PM »
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Quote from: lolabola on December 06, 2004, 03:12:37 PM
Seems like there'd be banks that do this all the time--it's not like there are only 3 expats in the country!   ::)

Well, that's what I'm thinking. There's tons of expats but a lot, say like in the Asian community, will have co-signers and chains of family money to help them with that hefty deposit.

Grrr.
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When I was 5 years old, my mother always told me that happiness was the key to life. When I went to school, they asked me what I wanted to be when I grew up. I wrote down ‘happy’. They told me I didn’t understand the assignment, and I told them they didn’t understand life. ~ John Lennon

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