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Old 10.07.2019, 19:53
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Buying in England - mortgage providers

Hello all!

I will start a new job soon and I am planning to buy a small holiday flat in the south of England, I might even rent it out as a holiday let Iím not sure. Have any of you got an international mortgage? Can anyone advise me on how to do this? Iíve got a good estate agent who would manage it for me, I just need a provider.

Also I would like to set it up in my childrenís names as a trust fund property.

The flat would probably cost around 180.000.

How much deposit would I need?

Any advice would be greatly appreciated.

Have a good evening.
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Old 10.07.2019, 20:31
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Re: Buying in England - mortgage providers

I would start the new job first, you priorities may easily change.....
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Old 10.07.2019, 21:09
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Re: Buying in England - mortgage providers

You probably need to put a lot of time into this...

Mortgage products are targeted at residents and for the purchase of their home, which is a very different risk profile to a non resident buying a holiday home with the intention of rental income. So exceptions will be needed.

You canít pledge an asset you donít own against a loan, so unless you have some other asset instead, I doubt any bank will agree to allow you to put the house into a trust.
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Old 10.07.2019, 21:21
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Re: Buying in England - mortgage providers

Hi there,
I've just finished buying a house in the UK (more or less, waiting for completion) and have gone through the mortgage process so can walk you through this if you need, but from what I can tell, you've only just starting a new job having not worked here before. This would work against you as you'd need three months worth of statements as part of their affordability tests which doesn't look like you have yet.
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Old 11.07.2019, 01:02
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Re: Buying in England - mortgage providers

Thank you, when I am better prepared then if itís ok I will message you.
Itís probably a bit of a pipe dream for now but nether the less he who dares wins and all of that !!

💪🏻💪🏻💪🏻
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Old 11.07.2019, 05:52
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Re: Buying in England - mortgage providers

Have a look at Skipton building society.

I would have taken a mortgage with them, but unfortunately the property was below their minimum threshold (£135K).

I would not recommend the product from HSBC which requires you to maintain a sizable balance with them, plus comments Iíve read on here and experiences made by a colleague, their customer service is not the best.
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