Moving to UK - mortgage

[Ash21]

I am would like to buy a particular property in the UK with the intention of living there in the coming months. I would like to purchase the property before the move so I believe the best way to do that is under the buy to let scheme.

Can anyone recommend an institution who can help with the mortgage. The particular property I am hoping to purchase is about £193,000 but would only have a rental income of £650 pm. I have spoken to Mortgage Express and IIB who both say that I would need to put down 30%.

I have a reasonably good income here about E70K, but half of this is commission but my payslips do reflect this, would any of the banks consider my own income and offer a larger mortgage?

When I am settled there, I would change the mortgage to residential, are there any penalties to look out for?

And my last question, how much would I expect back from from our revenue as a PAYE worker, finishing Nov 06?

 

[Propman]

Ash21

I think you should reconsider:
1) Don't buy a property before going to live in the UK. Go over and rent short term for a month or several months; look around and really understand the place you want to live, commute to/from work from etc.
2) Once there, as a UK resident, with UK bank accounts, UK job assumed etc., you will qualify for far better mortgage terms than as a non-resident - a full 1%+ more.
3) Don't buy a £193k property with rental income of £650 (4% gross rental yield). With that knowledge, I guarantee that you will be paying too much and that you will find a less expensive property while living there on the ground.
4) Most banks will recognise your commission income once you can prove it by payslips.
5) You won't need a buy to let mortgage if you are living in the apartment? You will qualify for a standard one?

 

[ETY]

Try Capital Home Loans (CHL) as well as IIB. They are a UK subsidiary of Permo.