Moving back to UK-Mortgage and credit?

[QQQQQQ]

We are moving back to the UK next year after over a decade in Asia. We do not have a house there as we sold our property 5 years ago. We want to buy a house, car and have credit cards on our return. I's say 80% of our mortgage will be cash, however we will need to borrow some money and will want to buy a car on credit and have credit cards.

Has anyone experienced difficulties in setting these things up or getting a mortgage on their return to the UK. We had a good credit rating before we left and never missed a payment on our mortgage or cards. I respect that we do not have a credit rating now though!

[but why]

is 80% of your mortgage cash??

Do you mean you are going to need to borrow just 20% of the house purchase price? 

If so, why are you then borrowing to buy a car

[yes, why?]

... especially when interest rates are so low!

[yes...]

it's weird...buying a car on a credit card, yet buying a house with 80% cash...Nice one.

[NoNotMyKidney]

I've just moved back after well over a decade and my new UK accounts and credit cards were arranged by HSBC before I left - as I am an HSBC SIngapore customer.  Not sure about mortgages in UK, I did ask HSBC Sing about remortgaging my flat there based on a UK income and they they seemed quite happy with the idea. I can't see that a UK bank would be any more difficult - especially if you are putting down loads of cash.  Do you really mean you are only planning on borrowing 20%?

[QQQQQQ]

Yes, only planning on borrowing 20% for the house. We have saved hard to do that. We don't want that kind of debt hanging round our necks.

Yes, of course, that was a stupid comment about the car. We would not borrow to buy a car, especially not on a credit card. We are planning on using the money from the sale of our car here to buy a car in the UK. We only want to have credit cards for using to buy day to day items such as groceries and shopping.

We too are with HSBC and have been with them for over a decade. We will go talk to them. 

[80%]

not sure what you mean by 80% of our mortgage - but if you mean you are putting down an 80% cash downpayment & only getting 20% loan I doubt any bank would not sign you up on the spot.


Plus Singapore has a credit rating agency - you could ask them to look there.

[cool Q]

Wont be an issue OP.  We just moved back a few months ago, and with that sort of deposit you will be quids in.  Property is very cheap at the moment. 

We just bought a new build at a very good price and are enjoying the peace and quiet of our own garden again after all those years of noisy apartment living and battling the daily crowds. !!

[OP]

PP, are you happy to be back? I must say that whilst I've really enjoyed my time here in Asia, I'm glad to be leaving. I know that it won't be better there, just different. How do you find it?

[Cool Q]

Its very nice to be home and do not regret leaving at all and we could not ever go back again because we had been there 10 years and felt we'd had enough the crowds, cost of living, materialism, shopping mall culture, etc although its on our holiday trail next year as a transit stopover to Hong Kong and Malaysia. Our living standards personally are better back in UK although our take home pay is lower.  Over there we lived in a tiny two bedroomed condo.  Now we are in a detached home with a garage & nice garden where we have squirrels, birds, bunny rabbits even the odd fox as regular visitors.   The job situation is not good at home though and although it is slowly improving, it took us a while to find work.  Schools are fine for the kids, they seem happy .  However choose the area you move to carefully !!! . Petrol £1.32a litre is the biggest bummer of all.  The new coallition govt cuts triggering a lot of strikes..a lot of not so good stuff too

[OP]

Thanks Cool Q. I think that I am going to miss a lot of things here but really one thing I am really looking forward to is having a nice house with a garden and being able to do what I want in it and with it. I am sick of the landlords here and I am really a very house proud person, as I think a lot of English people are. I love to have nice things and take pride in my place. Unfortunately here, it's difficult to do that in rented accommodation. I am really looking forward to buying my own place, decking it out, doing it up, having a veggie patch and doing whatever the hell I like in it!!!!

[ooops]

Yes, only planning on borrowing 20% for the house. We have saved hard to do that. We don't want that kind of debt hanging round our necks.

Yes, of course, that was a stupid comment about the car. We would not borrow to buy a car, especially not on a credit card. We are planning on using the money from the sale of our car here to buy a car in the UK. We only want to have credit cards for using to buy day to day items such as groceries and shopping.

We too are with HSBC and have been with them for over a decade. We will go talk to them. 

Banks doesnt care if you have banked with them 100 years!! They are solely there to make as much money as possible, even when your so called bank manager says otherwise.

Why on earth are you coming back to the UK??! Its in a terminal decline, so much so even the public sector is making ist staff redundant. Stay where you are, or move elsewhere like Australia. Dont come back to the UK, it isnt a nice place if you are old.

[OP]

PP

Whilst I agree that the UK is not the best place to live in the world, neither is Singapore. Singapore is great whilst you have young kids or you need to escape from your real life for a long  holiday, but it's not home and you cannot do the things here freely that you can in your own country. For example, as an expat wife, go now try and set up your own company. You'll find that it is really difficult. Go try and apply for PR, many people are being rejected. SP is great for up to 4 years, after that you realise that a lot of it is just gloss. Some people like to remain in this bubble and decide to stay, others decide it's not for them.

I'd love to live in Australia, but there is nothing we can do there, so we won't. After living in 5 countries around the world, I just want to go and set up home with my kids and be with the rest of my family. That's another thing, I've made some great friends over the years, who have all moved back home at some point. The ones left are the superficial ones. I'd much rather be amongst my real friends and people I care about back home. I'll miss the easy life, I'll miss the great holidays, I won't miss the people here and I wont miss Singapore.

[Agent007]

We won't miss you either.

[carrots and tomatoes]

We won't miss you either.

Wish you would go back home to bombay also.