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Buying a UK property whilst overseas

Discussion in 'Teaching abroad' started by ebonyslimmm, May 26, 2019.

  1. ebonyslimmm

    ebonyslimmm New commenter

    Hi all,

    I have a two-year contract at a school in Doha and would like to buy a UK property.

    Can this be done whilst overseas? Or do I need to wait until my contract is up, and I'm back in the UK?

  2. MyOrchid

    MyOrchid New commenter

    I don't think a UK bank will give you a mortgage if you are residing overseas.
  3. theintlteacher

    theintlteacher New commenter

    You will almost certainly need to use a broker. If you PM me I can give you details of the person we used for a remortgage.
  4. markedout

    markedout Occasional commenter

    It's possible, but harder to find. Google expat mortgages.
  5. james_1979

    james_1979 New commenter

    First of all well done on your contract.

    First advise, do not rush into anything. Lastly, don't think a 2 year contract will knock your mortgage off.
    • UK Mortgage... With the effects of the GFC still lingering and now the mess of Brexit. You won't get one for one significant reason, you work overseas and you just started. You will need an expat mortgage.
    • Expat mortgage... Going to be hard but within your reach if, you have 30-40% deposit already sitting in your account. Your starting date (new contract) may affect you getting the mortgage because you haven't even met your probationary period.
  6. miketribe

    miketribe Established commenter

    We did it many, many years ago and got a mortgage through a broker. The latest time, we paid cash...
  7. amysdad

    amysdad Established commenter

    Personally, I'd hold off altogether until you get back to the UK and see if Brexit has settled down. Otherwise, it's an expat mortgage which needs a high deposit and will have a higher rate of interest than then normal high street mortgages.
    Redparrotfish likes this.
  8. the hippo

    the hippo Lead commenter Community helper

    Waiting until Brexit settles down, amysdad? And how long will that be, I wonder?

    If the OP were to be renting out the property, then I believe that the interest on the mortgage could be set against the tax that would be paid on the income from the property. But perhaps my information is not correct and so the OP would need to check this one with an accountant.
  9. amysdad

    amysdad Established commenter

    Hippo - exactly!
  10. Kartoshka

    Kartoshka Established commenter

    The house-buying process is easy enough to do from abroad. Almost everything can be arranged online, although you will need send a couple of signed legal documents by post.

    As others have already said, the financial side of things (particularly if you need a mortgage) is more complicated.
  11. frogusmaximus

    frogusmaximus Occasional commenter

    Don't buy whilst overseas.

    Save your money and pay a huge cash deposit when you return to the UK.

    Be wary of buying to rent, if you intend living in that home in future. Never feels like a home after it has been worn multiple times.

    Last thing i need when overseas is to have the hassle of a property I rent out back in the UK, hence why I sold up this year.
  12. the hippo

    the hippo Lead commenter Community helper

    I have to disagree with my green and slimy friend. Yes, by all means buy a house in the UK and let it out, if you possibly can. Get a good agent and an accountant. Yes, it might not feel like your own property anymore, if you let it out. So what? Just buy a house (or two) in Bulgaria for the price of a second-hand car.
  13. clovispoint

    clovispoint Occasional commenter

    HSBC UK will if done via HSBC Expat. Several colleagues have done this.

    I did have a substantial deposit. Oddly I was not asked directly about my contract, possibly HSBC Expat take it as given that you will be on contract terms. We did have to provide proof of employment, obviously.

    I agree to an extent, however, if you will need a mortgage on top of your deposit, you'll most certainly need a job. Securing a mortgage on a property whilst employed overseas may be a sensible move in case you do not have sufficient income on your return to buy the home you want. Cashing out all your investments to buy a house might not be the best idea, sharing the risk with the bank at a relatively low mortgage rate (especially if you can lock in a fixed rate now) may be a sensible move.
  14. frogusmaximus

    frogusmaximus Occasional commenter

    Hippo, time for you to give up that British Passport.

    I hear Bulgarian ones are easy to come by.
  15. the hippo

    the hippo Lead commenter Community helper

    No, I am not going to agree with my aquatic chum, even if he did once take part in a chorus from Aristophanes.

    I want to hang on to my British passport. Mrs. Hippo and I have our BG residency cards and that is enough, we hope. Probably we will get 10 year cards when our current ones expire. As she also has a British passport, going back to the Crimea is a pain for Mrs. H. and she needs visas and invitations and so on.

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