mortgage offer in UK to use in Oz

**brucesbabe** · 07-01-2012, 03:38 PM

Does anyone know if it's possible to obtain a mortgage offer before emigration based on your UK salary which can then be used upon buying your house in Oz ? Sure I heard this somewhere but can't seem to find anything to back it up.
Failing that what are lenders usually prepared to lend based on e.g £30.000 ($45.000) pa. Is it three times ?
Cheers for any feedback
Lisa

**wayney34** · 07-01-2012, 03:59 PM

Hi I found this hope it is of some use. http://www.commbankuk.co.uk/mortgages/

**tinkham_lee** · 08-01-2012, 04:53 AM

Send a pm to Andrew Williams on here, he is a mortgage broker and financial advisor and has just helped us get our mortgage. he should be able to help you.

**likesshopping** · 08-01-2012, 07:31 AM

Hi Lisa

We got our mortgage for a house in Oz whilst being in the UK an using our UK salaries.

Heres the website of our Financial Advisor - Graham Inglis - that did it for us. He also has done it for a couple of other people on here to. I can totally recommend him.

http://www.smartline.com.au/consulta...glis/home.html

Good luck

Sarah

**brucesbabe** · 08-01-2012, 02:13 PM

cheers will look into those
Lisa

**Andrew Williams** · 09-01-2012, 08:24 AM

Hi Lisa

If you have income other than employment income to service the mortgage debt or have jobs arranged in Australia for when you move so that the Australian income can be factored in then it may be possible.

If you mean that you want to arrange an mortgage offer based on your UK income then leave your UK employment move to Australia and then use that mortgage offer to purchase a home without jobs/income in Australia then it is not possible.

You need to be able to service the mortgage (home loan) at the time of settlement of the loan.

There has been a shake of the mortgage industry here recently and based on the new responsible lending policies I cannot imagine any lenders would legitimately be able to do this.

Regards

Andy

**brucesbabe** · 14-01-2012, 02:58 PM

Originally Posted by Andrew Williams

Hi Lisa

If you have income other than employment income to service the mortgage debt or have jobs arranged in Australia for when you move so that the Australian income can be factored in then it may be possible.

If you mean that you want to arrange an mortgage offer based on your UK income then leave your UK employment move to Australia and then use that mortgage offer to purchase a home without jobs/income in Australia then it is not possible.

You need to be able to service the mortgage (home loan) at the time of settlement of the loan.

There has been a shake of the mortgage industry here recently and based on the new responsible lending policies I cannot imagine any lenders would legitimately be able to do this.

Regards

Andy

Hi, Thanks for all the info.
Considering we will have no credit history when we arrive, although will have a considerably large deposit to put down, how long will we have to be in jobs before being able to apply for a motgage on our new salaries ? Referring back to a previous question, how many times our salary will we able to borrow ?
Thanks
Lisa

**ian mc** · 15-01-2012, 01:57 AM

Think you have to be employed for min 3 months thats what they told us but that was many years ago might have changed by now but with the GFC think it would still be the same

**Andrew Williams** · 15-01-2012, 10:37 PM

Originally Posted by brucesbabe

Hi, Thanks for all the info.
Considering we will have no credit history when we arrive, although will have a considerably large deposit to put down, how long will we have to be in jobs before being able to apply for a motgage on our new salaries ? Referring back to a previous question, how many times our salary will we able to borrow ?
Thanks
Lisa

Hi Lisa

No set answer on this I'm afraid as it depends on the individual situation however if you are borrowing under 80% it gives you more flexibility as there will be no lenders mortgage insurer involved.

You will not have to build up a credit rating as it does not work that way, you start out essentially with a good rating until you do something to damage it.

It is possible to obtain a mortgage with cetain lenders alomost immediately if you have secured permanent employment and you will be working in the same role/industry that you worked in when in the UK and was there for at least 2 years (subject to meeting other lender requirements of course).

Serviceability is not a case of income multiples as again it works differently here, your net income is taken into account as well as how many in the household and also any other commitments you may have. Then the lender applies there affordability sum to give the borrowing power.

As an example 2 adults (no kids) with income of $60k and $40k (no other liabilities/commitments) would have borrowing power of between approx $460k - $600k (vastly different).

HTH

Regards

Andy

**Shanners** · 16-01-2012, 01:43 AM

Lisa,

We secured a mortgage before arriving in Australia. We had a "low doc" mortgage which isn't based on salary details. It was more expensive (and quite complicated)but I switched to a regular mortgage as soon as I got a job over here. I can provide the details of the mortgage advisor that we used if you PM me. There is also a link on our website with his details.

cheers

chris