Non residential for tax purposes, can't get a mortgage at all

Discussion in 'Finance, Property, Law' started by thegimp, Mar 20, 2012.

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  1. I'm aware of a similer thread kicked off in a spammy troll like manner. Hopefully this will be more sensible

    I'm a tax dodging **** who plays the non residential tax game

    However I have a place i rent out in the UK.

    I have a large deposit (80-100k) and want to get another property but need a mortgage of some description to top upthe deposit

    No ****** appears able to sort me one out, despite having probably 50% plus deposit

    Went to a mortgage specialist gimp and he said it can't be done.

    Am I just gonna have to buy cash some where honking instead or are there options

    Thoughts please
  2. Have you got an off shore account? We had to use our off shore bank (HSBC) and could do it that way, however we didnt have as many products available to us, but at the same time the more you could put in the better the rates we could get.
  3. What Pantsoff says. Depending where you are, just go along to whichever bank is most expat friendly (HSBC and Citibank in this part of the world). Alternatively get in touch with an offshore bank account provider, I use Lloyds who are great. They should also be able to help. To the best of my knowledge it is, as an expat at least, far easier to get a mortgage through one of the above than it will be to secure one from a UK based provider. You may well find (again depending which part of the world you are in) that you get a better interest rate than available in the UK. Finally many offshore mortgage providers allow you to choose which currency you borrow in and also allow you to switch currencies throughout the life of the loan. When a currency moves severely (as has been the case with the Yen over the last couple of years) you can save vast amounts by switching currencies to take advantage of the movement.
  4. As someone who has been expat for 10 of the past 13 years I went along to my local Lloyds branch on melton mowbray 2 years ago and they gave me a mortgage no problem at all, despite at the time living and working in Abu Dhabi. My 2 year fixed term has just ended and am now on 2.5% and will remain 2% above base for the duration.

    Hello Pantsoff how are you :)
  5. Have you had three consecutive tax years paid in tne UK. Thats what is bumming me according to a "mortgage specialist" ......although he wore crumpled cords, and scuffed up scruffybshoes
  6. Penty prior to 2000 not more than one year at a time since then
  7. This might sound an old fashioned view but I always feel if someone cant look after themselves in business and present themself in a professional manner, why would I trust him to tell me what to do with my money?
    • Like Like x 1
  8. Am well Roger Out flick to other means?
  9. My point exactly
  10. Google "Expat Mortgages" there appear to be quite a few firms in the market but I can't vouch for any of them, therefore, caveat emptor!

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  11. If you have complex 'onshore' and 'offshore' tax arrangements, but a regular provable income try out the following specialist mortgage advisors:
  12. I'm was in a very similar situation. Living in the UAE (AD), house in the UK rented out. Fixed term ran out on existing deal, and previous bank not interested in an expat deal.

    Went with Natwest (with whom I still have a UK account). Great deal, only mildly difficult to deal with. Went through a UK broker.

    PM for details if you want.