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Houses Loan in UK

Hey people,

I considering to move in UK.

So of courses I have a thousand questions before making the big step. But here one where I cannot find answer on any search engine.

How quickly and simply compare mortgage offers ?

What are the requirement to obtain a house loan in UK ?

For exemple in Belgium we can still borrow (for the moment) 100% of the value of the house (we cannot borrow the state tax etc..)

Thank you

Hi Bob,

Until you've got a UK bank account with an established (circa 2-years) credit history, you'll probably find it a bit difficult (if not impossible) to get a mortgage in the UK; most people in your position rent first.

To answer your question; there are plenty of on-line comparison sites; here's a link to one of them.

Hope this helps. :)

Thank you very much Cynic  :top: it help a lot.
I will check the link this week.

Can I correct!

It's not 2 years - it's actually 3 years residing in UK before you obtain a Credit Rating which you require to be considered to qualify for a Mortgage.  We know; we've been living in rented accommodation since February 2015 awaiting this 3 year requirement.  Very frustrating given we are Citizens of the World and purchased immediately upon arrival to live in USA.  Actually, 2 years later we purchased a 2nd property.   Yet here in UK we must wait 3 years to obtain a Mortgage.  We've done our Mortgage Lender research and plan to obtain a Barkley's Mortgage.   Reason being they still lend to those over 55 years old plus they are 1 of the only Mortgage Lenders who also offer the Offset Mortgage Loans we are ISO.  Allows you to pay off your Mortgage many years earlier!!

Wish you well with your plans to relocate to UK.  Which area were you hoping and planning to live in?

This info was taken from another Expat Thread;

Expats Mortgage without a Credit Rating.

If you are not an EU national then you will have no traceable credit history within the UK, which causes complications when applying for a mortgage.

To resolve this, the basic requirements you will have to meet are:

Resident in UK for more than 3 years
Have a permanent job in the UK
Have permanent residence rights in the UK, or a UK Work Permit
Have a UK bank account

Permanent residence is considered preferable to only having a work permit, but there are lenders who will provide a mortgage on the basis of a work permit only.

The requirement to have lived in the UK for three years is due to the necessity of building up a UK credit history before lenders can approve your mortgage application – read on to learn about one possible way around this problem.



NON-STATUS LENDING (SELF-CERTIFICATION)
Whether you are an EU national or not, there is one other mortgage option that will enable you to bypass some of these requirements. If you are able to provide at least a 25% deposit for the property you wish to buy, you may be able to get a so-called non-status mortgage – better known as a self-certification mortgage.

This means that you are not required to provide proof of your income – instead you simply agree in writing that you can afford the mortgage repayments you require.

This is the reason a relatively large deposit is required – to balance out the risk of your defaulting for the lender.

A larger %  interest rate is usually also attached to this Mortgage loan.
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As soon as you arrive to UK:
- Register in the electoral registry
- Open a bank account
- Get a credit card and use it to improve your credit rate

I wasted time with Mortgage brokers who seems don't have experience with expats buying houses in UK, I got mine directly going to Barclays Bank, but I found other Bankers with more experience in expats (even the products they were offering me were more expensive or had higher interest fees).

This web page is an official guide about finances in the UK, it might help:
[see the link below]

All the best!

The web page I tried to post is:
moneyadviceservice org uk... you can google it and find the section homes-and-mortgages.

In the UK, credit history is a personal thing; it differs for everyone and there are no hard and fast rules apart from the fact you need one.  Apparently all EU citizens have a traceable credit history; it's whether the host country will release the information that causes some problems (individual country's interpretation of EU data-protection law being the main issue).

You can establish a credit history in 6-months; it's your previous history, what you intend to borrow money for and how much collateral you have (> 25% will cut a lot of red-tape), that will reflect on how much a lender is willing to provide.

From what I've just read with regards 2 or 3 years; for some reason, it varies depending on your passport; when we moved to the UK from Holland, I got a mortgage within a fortnight - but I had the collateral.

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