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Topic: Qualifying for mortgage with ZERO credit?  (Read 917 times)

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Qualifying for mortgage with ZERO credit?
« on: September 14, 2018, 01:36:10 PM »
I hear that when you move back, your credit score goes back to zero. How would we qualify for a mortgage if this is the case?

My DH wants to buy a house pretty much immediately when we're over we're over but I have a feeling he's in for a rude awakening.  :o
Just wanna get "home" to the UK!

UK 2003 --> US 2006 --> UK 2019 (fingers crossed!)
21-jun-17 - applied for kids' UK passports
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Re: Qualifying for mortgage with ZERO credit?
« Reply #1 on: September 14, 2018, 01:38:57 PM »
You guys will need a couple of years of work history and UK credit before a lender will come near you.  You'll likely need a substantial deposit if only one or two years of current credit history (40%+).  If you have 5 years history, you'll probably just need 20%.  But Brexit could affect all of this anyway.   :-\\\\


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Re: Qualifying for mortgage with ZERO credit?
« Reply #2 on: September 14, 2018, 01:42:42 PM »
Oh ffs, what else. They won't even look at you? Would a "substantial" downpayment possibly override this?
Just wanna get "home" to the UK!

UK 2003 --> US 2006 --> UK 2019 (fingers crossed!)
21-jun-17 - applied for kids' UK passports
06-jul-17 - received kids' UK passports


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Re: Qualifying for mortgage with ZERO credit?
« Reply #3 on: September 14, 2018, 01:48:00 PM »
You'll want to talk with a mortgage broker and see what they say. 


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Re: Qualifying for mortgage with ZERO credit?
« Reply #4 on: September 14, 2018, 02:02:28 PM »
I'm wondering if worst comes to worst, a family member over there could qualify to "buy" a house for us, then we pay them the mortgage and all associated costs as if we're renting. Pipe dream at this point.  :\\\'(
Just wanna get "home" to the UK!

UK 2003 --> US 2006 --> UK 2019 (fingers crossed!)
21-jun-17 - applied for kids' UK passports
06-jul-17 - received kids' UK passports


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Re: Qualifying for mortgage with ZERO credit?
« Reply #5 on: September 14, 2018, 02:09:20 PM »
I'm wondering if worst comes to worst, a family member over there could qualify to "buy" a house for us, then we pay them the mortgage and all associated costs as if we're renting. Pipe dream at this point.  :\\\'(


A consideration with that would be the stamp duty, which is higher on a second property (if they are already homeowners).

Would you be able to pay cash for something?


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Re: Qualifying for mortgage with ZERO credit?
« Reply #6 on: September 14, 2018, 02:13:13 PM »
Stamp duty? What is that?  :-[ (They are homeowners.)

We probably will make a decent amount when we sell our house here plus we have savings in the bank. We'd probably be able to make a decent downpayment on our own. Very unlikely we'd be able to pay for a house in cash outright though.
Just wanna get "home" to the UK!

UK 2003 --> US 2006 --> UK 2019 (fingers crossed!)
21-jun-17 - applied for kids' UK passports
06-jul-17 - received kids' UK passports


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Re: Qualifying for mortgage with ZERO credit?
« Reply #7 on: September 14, 2018, 02:16:01 PM »
Stamp duty? What is that?  :-[ (They are homeowners.)

We probably will make a decent amount when we sell our house here plus we have savings in the bank. We'd probably be able to make a decent downpayment on our own. Very unlikely we'd be able to pay for a house in cash outright though.

The taxes you pay when you buy.  Rip Off Britain, and all. Have a play with the calculator.

https://www.moneyadviceservice.org.uk/en/tools/house-buying/stamp-duty-calculator


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Re: Qualifying for mortgage with ZERO credit?
« Reply #8 on: September 14, 2018, 02:22:16 PM »
Well that's just smashing ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)
Just wanna get "home" to the UK!

UK 2003 --> US 2006 --> UK 2019 (fingers crossed!)
21-jun-17 - applied for kids' UK passports
06-jul-17 - received kids' UK passports


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Re: Qualifying for mortgage with ZERO credit?
« Reply #9 on: September 14, 2018, 02:32:59 PM »
Remember, you don't have to jump straight into buying. The housing market is hugely overvalued at the moment anyway so if house prices go down a bit (due to Brexit, or just the bubble bursting)  that could  work in your favour.
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.


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Re: Qualifying for mortgage with ZERO credit?
« Reply #10 on: September 14, 2018, 05:31:46 PM »
We are waiting to buy til after the fallout from Brexit is known. I feel like we could put ourselves under water if we were to buy now. Our landlord is very nice and cares about this place and its reasonably priced, so that's really the most important thing.

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Re: Qualifying for mortgage with ZERO credit?
« Reply #11 on: September 14, 2018, 05:40:46 PM »
We are waiting to buy til after the fallout from Brexit is known. I feel like we could put ourselves under water if we were to buy now.

Same for us, if we even get to the point of being able to buy. 

There's going to be a whole generation of renters who will only be able to afford once mom and dad sadly depart this Earth.


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Re: Qualifying for mortgage with ZERO credit?
« Reply #12 on: September 14, 2018, 05:45:40 PM »
Oh ffs, what else. They won't even look at you? Would a "substantial" downpayment possibly override this?

To be fair, it works the same way UK to US.  If we were to move to the US, my credit would probably be shaky as I've been away from the US so long, and DH wouldn't have any US credit.


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Re: Qualifying for mortgage with ZERO credit?
« Reply #13 on: September 14, 2018, 05:59:37 PM »
My DH is stubborn because he is British. He doesn't want to live with his parents for more than a couple weeks max, but at the same time doesn't ever want to be a renter again like we were for the first half of our marriage. (Sees it as money down the drain). Meanwhile, I'm the one doing all the research, so I'm the only one worried that things might not go as smoothly and quickly as he imagines.  ::) :P
Just wanna get "home" to the UK!

UK 2003 --> US 2006 --> UK 2019 (fingers crossed!)
21-jun-17 - applied for kids' UK passports
06-jul-17 - received kids' UK passports


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Re: Qualifying for mortgage with ZERO credit?
« Reply #14 on: September 14, 2018, 06:42:18 PM »
The nice side to renting is that if the heating blows out, or the drains back up, the landlord fixes it. Having been a homeowner, it's nice to own your own place. Put also a lot of work and extra money spent that you don't think about when renting.


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