Mortgage Advice

Hi all,

Looking at you Americans with limited credit history to recommend mortgage advice? I ask because my wife obviously isn't on the electoral roll which is obviously a huge stumbling block straight away.

How did people get around this?

The electoral roll isn't a big deal.  At least not in my experience.

Talk to a mortgage broker and see what they say (not an individual bank).  You will pay a higher interest rate and may need a sizable down payment, but you should still qualify for *something*.  The best thing to do would be to keep her off the mortgage if at all possible to prevent future USA tax liabilities.

Hi all,

Looking at you Americans with limited credit history to recommend mortgage advice? I ask because my wife obviously isn't on the electoral roll which is obviously a huge stumbling block straight away.

How did people get around this?

In our case, we just did the mortgage in only my husband's (UKC) name.  That meant my (USC) income couldn't be counted and it limited how much we could borrow.  But considering how much they loaned us and our finances, I'm not sure it would've been prudent to borrow as much as they'd let us, anyway!

The thing is I don't think I earn enough on my own to get just me on the mortgage (I earn ~£32k). We'd like to utilise the help to buy (we currently do the HTB ISA, where my wife has £4.2k in).

The house is £220,000 and we have 10% deposit. With the help to buy it's 5% with the 20% HTB loan. Is it realistic?

The thing is I don't think I earn enough on my own to get just me on the mortgage (I earn ~£32k). We'd like to utilise the help to buy (we currently do the HTB ISA, where my wife has £4.2k in).

The house is £220,000 and we have 10% deposit. With the help to buy it's 5% with the 20% HTB loan. Is it realistic?

It used to be that you had to have Indefinite Leave to Remain for Help to Buy.  You might want to check into that before you get too far down the rabbit hole.

The thing is I don't think I earn enough on my own to get just me on the mortgage (I earn ~£32k). We'd like to utilise the help to buy (we currently do the HTB ISA, where my wife has £4.2k in).

I would try a mortgage broker and see what they say about using your salary only.

I managed to get a mortgage in 2016 using just my salary, which was less than yours (just under £30,000). I put down a 15% deposit, without using Help to Buy, for a house that was £153,000.

It used to be that you had to have Indefinite Leave to Remain for Help to Buy.  You might want to check into that before you get too far down the rabbit hole.

Where do I start trying to find that out?

I would try a mortgage broker and see what they say about using your salary only.

I managed to get a mortgage in 2016 using just my salary, which was less than yours (just under £30,000). I put down a 15% deposit, without using Help to Buy, for a house that was £153,000.

Okay thanks! Is it worth stop using childcare vouchers temporarily because it is a salary sacrifice

Where do I start trying to find that out?

Ask whoever is offering it!   

They may not know, but should be able to give you the number of someone who will. 

Ask whoever is offering it!   

They may not know, but should be able to give you the number of someone who will.

Thank you. Trying to get a mortgage is nerve racking enough without this added stress! Any brokers people recommend? Are they expensive?

Okay thanks! Is it worth stop using childcare vouchers temporarily because it is a salary sacrifice

NO!!!!  Don't stop your vouchers.

The mortgage company will take your gross salary into account.  The salary sacrifice affects what is taxable - NOT your gross income.

The mortgage company WILL consider childcare costs when determining your buying power.

The mortgage company WILL consider childcare costs when determining your buying power.

£933 per month is certainly not going to help! 

£933 per month is certainly not going to help! 

I'm at £2,000 a month with two kids now.... and that's with the 15 free hours for my 3 year old....   

I'm at £2,000 a month with two kids now.... and that's with the 15 free hours for my 3 year old....   

How?! That's crazy

It used to be that you had to have Indefinite Leave to Remain for Help to Buy.  You might want to check into that before you get too far down the rabbit hole.

Where do I start trying to find that out?

When I opened my HTB ISA in 2016 (just before my husband and I found our house!), there was nothing in the application that asked if I had ILR.  I had to submit identity documents to verify my eligibility for the account and nobody cared.  I read the government scheme's website about it and nothing there precluded me from getting it...

Since I had only just opened my account when we found our house, I didn't have enough to collect a bonus, so my HTB ISA still exists.  Apparently, spouses can have separate ones, and as long as you've never had interest in property, even if your spouse has, you are still eligible for HTB.  So I've been drawing all that sweet-sweet promotional interest, and some day if something catastrophic happens, I might be able to collect a few hundred pounds from the UK government to buy a new house with.