# Brit living in USA but wants to buy house in UK



## nicole77 (Jan 24, 2009)

Hi,
I'm an American citizen from America and my husband who is a British citizen with an American green card, wants to buy a house in England. We applied for an expat mortgage in England for a house and got denied because they could not do a credit check in America, and my husband has not worked very long in the UK before moving here.
Does anyone know if we could get:
A. A mortgage in America to buy property overseas
B. A advise from someone who does expat mortgages in the UK
or
C. Just point me in the right direction.

Thanks!


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## Lorraine2 (Apr 18, 2011)

*Re locate To UK*

Hi Nicole,

Any Luck with your query? I suppose I may need to think about something similar for moving to the US. If I come across anything I will let you know.

Lorraine



nicole77 said:


> Hi,
> I'm an American citizen from America and my husband who is a British citizen with an American green card, wants to buy a house in England. We applied for an expat mortgage in England for a house and got denied because they could not do a credit check in America, and my husband has not worked very long in the UK before moving here.
> Does anyone know if we could get:
> A. A mortgage in America to buy property overseas
> ...


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## liquiduty (Oct 23, 2010)

A friend in the UK who wanted to buy a 2nd home in the US had success with HSBC's premier service (of which she was a member in the UK). 

And I assume you've tried google,co.uk on expat mortgages?


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## 90199 (Mar 21, 2010)

Why not get a second mortgage on your home in the U.S. and use that to finance the purchase of the U.K. property. 

That is what we did initially to help the purchase a property in Spain, 

Hepa


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## Tiago (Apr 24, 2011)

Your decision is your decision but why would you want to buy property in the UK when house prices are about to crash?
Cheers,
Tiago


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## jojo (Sep 20, 2007)

Tiago said:


> Your decision is your decision but why would you want to buy property in the UK when house prices are about to crash?
> Cheers,
> Tiago


Good heavens, how on earth can you predict that one??? They've been teetering on falling for a good few years now and altho they did drop a bit, nowhere near what the experts predicted and in a few areas they have actually risen. Besides, its not always about investment is it

Jo xxx


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## liquiduty (Oct 23, 2010)

Tiago said:


> Your decision is your decision but why would you want to buy property in the UK when house prices are about to crash?
> Cheers,
> Tiago


A quick one for you please - what will be next Wednesday's lottery numbers?


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## Tiago (Apr 24, 2011)

liquiduty said:


> A quick one for you please - what will be next Wednesday's lottery numbers?



The justification for my opinion is simple and based on 4 facts: 
1 - banks are not lending and will not be lending in the near future
2 - interest rates can only go up (and will soon)
3 - UK property is unaffordable with house prices 5 times an average person's salary.
4 - real purchase power has tumbled for the first time in the last 30 years.

If you do not see a bomb about to burst here, I do.

Cheers,
Tiago


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## jojo (Sep 20, 2007)

Tiago said:


> The justification for my opinion is simple and based on 4 facts:
> 1 - banks are not lending and will not be lending in the near future
> 2 - interest rates can only go up (and will soon)
> 3 - UK property is unaffordable with house prices 5 times an average person's salary.
> ...


1 - banks are not lending and will not be lending in the near future Banks have started lending again and are concentrating on lending to first time buyers, which will have a knock on effect 
2 - interest rates can only go up (and will soon)This will spur people into buying, especially as there are many incentives
3 - UK property is unaffordable with house prices 5 times an average person's salary. Thats not a new phenomenon
4 - real purchase power has tumbled for the first time in the last 30 years. I dont think it has, people are still buying, they're just buying more realistic things and saving rather than borrowing in the main

All that said, I dont doubt they may fall, but they may not - its a crystal ball job l


Jo xxx


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## Tiago (Apr 24, 2011)

jojo said:


> 1 - banks are not lending and will not be lending in the near future Banks have started lending again and are concentrating on lending to first time buyers, which will have a knock on effect
> 2 - interest rates can only go up (and will soon)This will spur people into buying, especially as there are many incentives
> 3 - UK property is unaffordable with house prices 5 times an average person's salary. Thats not a new phenomenon
> 4 - real purchase power has tumbled for the first time in the last 30 years. I dont think it has, people are still buying, they're just buying more realistic things and saving rather than borrowing in the main
> ...



Jo, I am sorry to contradict you.


1- Phil Clark, co-author of the Property Industry Alliance’s report, told Bloomberg "Annual real estate lending in the UK may fall to £100bn over the next three to five years from £300bn now". (in the Telegraph, 28/02/2011)

2- I am sorry but I can't see how higher rates make people buy more

3- I do not know what happened before 1983, but between then and 2001, the average mortgage was 3-3.5 times an average person's salary. Not 5. (in MoneyWeek March 2011).

4- Households face falling standards of living for at least another two years as rising prices outstrip wage increases, the Government’s official economic forecaster has warned (in today's The Telegraph).

I have no intention to put anyone off buying a house at the present moment. Your decision is your decision. 

Cheers,
Tiago


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## Joppa (Sep 7, 2009)

Tiago said:


> Jo, I am sorry to contradict you.
> 
> 
> 1- Phil Clark, co-author of the Property Industry Alliance’s report, told Bloomberg "Annual real estate lending in the UK may fall to £100bn over the next three to five years from £300bn now". (in the Telegraph, 28/02/2011)
> ...


This may well be so, but what JoJo and others say also make sense. If you buy wisely, in an area of housing shortage and good healthy demand, and negotiate fiercely, then in some cases buying is justified, and over a medium- to long-term, it may turn out to be a shrewed move. Don't buy in sectors where there is over-supply, such as city-centre apartments and speculative housing developments. Where I live, on Lancashire coast, there is a healthy demand for good rental properties and by buying wisely (say in an auction) and presenting it well to potential tenants, you can earn a gross return of 8-10%, or sell on for a quick profit.

If you do decide to buy, get good advice, as property market is still a minefield with potential disasters as well as opportunities. Speak to several estate agents in the area you are interested in, and take your time.


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## jojo (Sep 20, 2007)

Tiago said:


> Jo, I am sorry to contradict you.
> 
> 
> 1- Phil Clark, co-author of the Property Industry Alliance’s report, told Bloomberg "Annual real estate lending in the UK may fall to £100bn over the next three to five years from £300bn now". (in the Telegraph, 28/02/2011)
> ...


You can contradict me as much as you like  But the UK property market is something that will do what it does and the experts have rarely, if at all ever been able to predict what will happen to the market. Its a "wait and see" game! Thats all I'm saying, sweeping statements mean nothing when you're dealing with money, property or backing the horses !!....... and of course it depends on whether you're looking at a short or long term investment or in fact whether you dont give a care about value and just want a home to live in!

Jo xxx


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## Tiago (Apr 24, 2011)

Interesting discussion.

All the relevant data is out there for everyone to see, you just have to pay attention and try not to listen to those who have an agenda. Data is like food, in order to digest it you have to chew and swallow it first.

In the end of the day, Nicole’s money is hers. The debt she may eventually buy will be hers too. Buying a house is not a matter of good or bad luck. The fundamentals are clear in telling that prices are only going down (either in numeric terms or by staying stagnant while inflation is high, which is what is happening at the moment). If you want to invest, there are much better investments out there. Now, go ask an estate agent and see if they agree...

Cheers,
Tiago


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## jojo (Sep 20, 2007)

Tiago said:


> Interesting discussion.
> 
> All the relevant data is out there for everyone to see, you just have to pay attention and try not to listen to those who have an agenda. Data is like food, in order to digest it you have to chew and swallow it first.
> 
> ...



I dont think the OP mentioned that this was an investment purchase - altho even if it were, she would possibly realise that investment one day. My eldest daughter bought a flat just under 3 years ago in south London and has recently sold it for a very handsome profit - she was actually told to wait a bit longer cos her financial advisor told her that property may well be on the up shortly??? However, she wanted to buy a house in a town where she wants to live and where she plans to start a family and that has nowt to do with money or investment.

Anyway, back to my original point - property speculating, like any other is simply a risk and gamble. You need a crystal ball to predict the future. There are plenty of different opinions out there and all are equally as "expert"

Now have we answered the OPs questions????

Jo xxx


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