# uk morgage



## bat (Dec 1, 2010)

while i m idling my day away waiting for the snow,
any body had any experience recently of getting a uk mortgage whilst being an ex pat
went to my local HSBC in uk who at first said yes no problem ,then after 2 weeks started back peddling and said we know you can afford it but dont know how to
proceed unless you put a regular deposit in every month.
As you know interest in uk well less said
and why tie money up thats not working
any suggesstions
bat


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## aykalam (Apr 12, 2010)

bat said:


> while i m idling my day away waiting for the snow,
> any body had any experience recently of getting a uk mortgage whilst being an ex pat
> went to my local HSBC in uk who at first said yes no problem ,then after 2 weeks started back peddling and said we know you can afford it but dont know how to
> proceed unless you put a regular deposit in every month.
> ...


Hi Bat,

HSBC have always been and still are one of the most conservative lenders in UK. They will want to have evidence (in black and white) that you can afford the monthly repayments. This is usually a few months worth of your pay slips and bank statements showing regular income from work going though your bank account. If you are self-employed it can be a headache as you then need to provide business accounts (used to be for previous 2 tax years).

From your post I gather that you are planning to let the property i.e. this would be a buy-to-let mortgage, which the bank will be even less keen on. Also, buy-to-lets are always more expensive than residential mortgages.

Depending on your tax status you may want to consider an offshore mortgage, but for this I would highly recommend speaking to a qualified financial adviser.


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## Horus (Sep 17, 2010)

For the UK try the Halifax for a mortgage, they seem the most responsive, they also do a buy to let but this is done through another lender.

The only draw back I have found with the halifax is they do not do business accounts and refer you over to Lloyds.

Both banks are a pain in back side if you wish to transfer sums of money over £1K between internal or external accounts. Even though they have faster payments they like to have a good old snoop where your money is coming from and put you through to the fraud team to answer specific questions.

Use Barclays for large transactions, they happy to bounce around £5K on a regular basis no questions asked or delays either.

Keep in mind however that if you do have an "Egyptian" Barclays or HSBC they are not the same accounts as in the UK - they are subsidiary banks however can communicate if you request. Either way internet banking is your friend


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## aykalam (Apr 12, 2010)

Horus said:


> Keep in mind however that if you do have an "Egyptian" Barclays or HSBC they are not the same accounts as in the UK - they are subsidiary banks however can communicate if you request. Either way internet banking is your friend


Barclays and HSBC banks in Egypt are not subsidiaries. They are registered companies in their own right because in each country they operate within different set of financial legislation. However, that holds true anywhere Barclays or HSBC groups operate in the world e.g. USA, China, Middle East.. In each jurisdiction they need to hold a local licence to operate as banks i.e. HSBC UK and HSBC Egypt are separate companies of the same international group. :nerd:


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## Horus (Sep 17, 2010)

aykalam said:


> Barclays and HSBC banks in Egypt are not subsidiaries. They are registered companies in their own right because in each country they operate within different set of financial legislation. However, that holds true anywhere Barclays or HSBC groups operate in the world e.g. USA, China, Middle East.. In each jurisdiction they need to hold a local licence to operate as banks i.e. HSBC UK and HSBC Egypt are separate companies of the same international group. :nerd:


Yes however in Egypt you can purchase a property and pay let's say £60K GBP cash or walk into a bank with the same amount and they don't ask you stupid questions like they do here


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## MaidenScotland (Jun 6, 2009)

Horus said:


> Yes however in Egypt you can purchase a property and pay let's say £60K GBP cash or walk into a bank with the same amount and they don't ask you stupid questions like they do here




I personally don't think there is anything stupid in making sure that money laundering is not going on...it might do <Egypt alot of good if more questions were asked about where some peoples money comes from


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## bat (Dec 1, 2010)

well just to say have been in touch with morgage broker in uk and looks promising
but am at the start of very long and winding road i think.
As for money laundering this seems to be a well known secret but the less said on that subject


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## NZCowboy (May 11, 2009)

HSBC Egypt deposit slip requires you to sign that money you are depositing, isn't from illegal activities or money laundering etc, and you have to show either local national ID or Passport. They are quite strict about the ID, they have refused to accept my money on two different ocassions when I have forgot my Passport. They won't accept any other ID, and for larger amounts they even photo copy your ID.

It makes me laugh, I don't think Mr Drug Dealer or Mr Pimp will worry about making a false declaration and not deposit his money just because the money was earned illegally.


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## bat (Dec 1, 2010)

NZCowboy said:


> HSBC Egypt deposit slip requires you to sign that money you are depositing, isn't from illegal activities or money laundering etc, and you have to show either local national ID or Passport. They are quite strict about the ID, they have refused to accept my money on two different ocassions when I have forgot my Passport. They won't accept any other ID, and for larger amounts they even photo copy your ID.
> 
> It makes me laugh, I don't think Mr Drug Dealer or Mr Pimp will worry about making a false declaration and not deposit his money just because the money was earned illegally.


With the interest rate what it is , its only idiots like us depositing.
mr pimp etc is buying up villas and shops at beyond exorbitant prices
which means anyone trying to do real business has no chance.


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## Horus (Sep 17, 2010)

Well all my money is legally earned and you don't need to be a pimp or drug dealer you just need a good business acumen, know your target market, profit margins and return on investment and have an good business development plan.

I started up with about £300 using a company that does drop shipping fitness equipment fantastic if your supply chain delivers on time as I am at the mercy of my supplier. I have a good working relationship and they supply me with the sales leads I follow up I turn over about £5K per week of which about £2.7K is profit.

The banks sometimes can be a nightmare and rather than allow me to pay my supplier for £4K of stock by faster payments they take 3 days yet at the same time they like to try and sell me loans, credit cards etc you can imagine what I scream down the phone.

When opening the business account they wanted to know where I got my customers from, where my suppliers were based and why one who supplies boxing gloves was based in Pakistan and how much of my business is based there, what the address is and some invoices.

So it's a case of Mr Hard Earner I work in a 9 - 5 job and sometimes to 11pm and beyond going into partial retirement in Egypt aged 40 - so if you want it get off your butt do the same and work for it.

As far as I am concerned after January the UK with it's "red tape let's support bums who don't want to work and tax you to death if you work hard mentality" can kiss my arse


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## aykalam (Apr 12, 2010)

Horus said:


> Yes however in Egypt you can purchase a property and pay let's say £60K GBP cash or walk into a bank with the same amount and they don't ask you stupid questions like they do here


Do you really think that you won't get "stupid" questions in Egypt?  Not only the questions, but also the answers you get from them will be stupid. 

As Maiden said, there are very good reasons UK banks need to know where your money comes from and where is going to: EU anti-money laundering and anti-terrorism legislation is a very good reason to do so and banks who fail to document their cases risk very hefty fines. 

Yes, here cash is still king. That's why Egypt has become a great place to do your dirty laundry :washing:


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## Horus (Sep 17, 2010)

aykalam said:


> Do you really think that you won't get "stupid" questions in Egypt?  Not only the questions, but also the answers you get from them will be stupid.
> 
> As Maiden said, there are very good reasons UK banks need to know where your money comes from and where is going to: EU anti-money laundering and anti-terrorism legislation is a very good reason to do so and banks who fail to document their cases risk very hefty fines.
> 
> Yes, here cash is still king. That's why Egypt has become a great place to do your dirty laundry :washing:


Fact is when you own a business you might get some extra stock etc for something that has been damaged or you might only pay your supplier monthly so you could have £20K in your bank of what you sold but £8K of that is to pay your supplier in China who only can accept Western Union and you might not have a commodity code for certain items. There is always an element that you can't account for every single large transaction and it's getting problematic explaining to the business account manager. 

Some payments might not be to the supplier but to pay for the supplier's son's college fees as he studies here who and what I pay is nobody's business as long as it's legal and I won't get that crap in Egypt.

I got asked why I chose a supplier for boxing gloves in Pakistan, what percent of my business was with him and then they looked at my website and asked me for his details as well 

Sometimes I think they honestly have nothing better to do


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## aykalam (Apr 12, 2010)

Horus said:


> Fact is when you own a business you might get some extra stock etc for something that has been damaged or you might only pay your supplier monthly so you could have £20K in your bank of what you sold but £8K of that is to pay your supplier in China who only can accept Western Union and you might not have a commodity code for certain items. There is always an element that you can't account for every single large transaction and it's getting problematic explaining to the business account manager.
> 
> Some payments might not be to the supplier but to pay for the supplier's son's college fees as he studies here who and what I pay is nobody's business as long as it's legal


I like this comment better than the one you just deleted  

I refer back to my previous post: banks are legally obliged to ensure that who and what you pay for is legal. And yes, I can understand this can be a pain in the backside, believe me, the business account manager would much rather be doing other things with his/her time at work than asking awkward questions.


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## Horus (Sep 17, 2010)

aykalam said:


> I like this comment better than the one you just deleted


Yes - you must have beady eyes.

I have learned from the Egyptians keep your true opinions inside and say "Welcome to Egypt" with a smile


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## aykalam (Apr 12, 2010)

:spy: they are everywhere...


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