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wish to buy a property, but I am not a UK resident

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  • wish to buy a property, but I am not a UK resident

    Hi there,
    I wish to buy a property in UK. Currently I am on tire1 visa which allows me to do almost anything as a temporery resident i.e. work anywhere or setup own business. My visa is valid for 3 years and it is extandable for 2 more years.

    Currently i am living on rent. If I buy a house, my mortgage would be nearly the same ammount as my rent. But, with mortgage, I can get at least some money back after completion of my visa by selling the house.

    Is somebody else also in the similar situation here? Can I get mortgage from a bank? If so, which one do you suggest? I have enough money to pay downpayment for mortgage. My current sallery is £3100 per month.

    Any suggestion is highly appreciated.

  • #2
    Re: wish to buy a property, but I am not a UK resident

    I don't mean to distract from the question, but you may want to consider the cons of buying against the pros of renting.

    For a start, the UK property market is in a downturn - there is absolutely no guarantee of the property value being higher than the purchase price if you are selling in just a couple of years.

    Additionally, there are various costs involved with buying that you may not have factored in - there's stamp duty fees when buying, and then estate agency fees when selling.

    Also, because we are in a downturn, it may be hard to sell. In which case, if you have to return home yet still have your property up for sale with no buyers, you have the additional costs of having to deal with that.

    Simply food for thought.


    • #3
      Re: wish to buy a property, but I am not a UK resident

      Yes, consider Brians' comments about whether it is a good idea.

      There is no legal impediment to you buying a property in England & Wales - can;'t say about Scotland and Northern Ireland - but wouldn't expect there to be any there either.

      The difficulty will be getting a mortgage from a mainstream UK lender.
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.