Doctors are in high demand all around the world. This means that once you’ve qualified as a doctor in the UK, you could find work opportunities anywhere in the world. Lots of doctors want to experience the working life and culture of living abroad at some stage in their careers. While some medical professionals go abroad to work and decide to stay for longer if visa requirements allow, many doctors opt for temporary contracts and return to life in the UK.
If you think your move back to the UK will be a permanent one, then it’s likely that you’ll be keen to buy a house to live in. However, getting a mortgage straightaway isn’t impossible, but it can be tricky. Keep reading to find out what your options are when it comes to securing a mortgage after returning to the UK from living and working abroad.
Why Can It Be Tricky To Get A Mortgage After Returning to the UK?
If you’re thinking about coming back to the UK after working as a doctor abroad or you’ve just come back, then it’s natural that you might start to look at what your mortgage options are. However, securing a mortgage can be challenging because lenders may struggle to verify your credit history or proof of address. This can be particularly problematic if you’ve lived in multiple countries over the years.
What Do Mortgage Lenders Consider When You Return to The UK After Working Abroad?
You’d be forgiven for thinking that you wouldn’t run into any problems applying for a mortgage if you are a British citizen returning to the UK from abroad. However, the opposite is true. If you’ve been living and working in another country, you will likely have set up a bank account in that country to be paid in another currency. This means that you likely won’t have a recent UK presence or a banking and credit history. Without this, banks won’t be able to conduct their credit checks, and it is unlikely that you’ll be approved for a mortgage.
How To Increase Your Chances of Being Approved
The good news is that there are some things you can do to improve your chances of being approved for a mortgage if you’re coming back to the UK after working abroad:
- Maintain a UK Presence – If possible, it’s best to maintain some sort of UK-based presence. This might include keeping a UK bank account or having your address registered in the UK. If you previously didn’t own your own home or lived in a rental, then you could register your address through a family member. Having a UK-based phone contract or credit card can also help you build up a positive credit file, provided you’ve kept up with monthly payments.
- Save a Large Deposit – To increase your chances of having your mortgage application approved, it’s a good idea to save up a large deposit if you can. This will lower your risk in the eyes of lenders and also give you access to lower interest rates.
- Employment History and Future –Your income has a big part to play when it comes to securing a mortgage, as it’s peace of mind to the lender that you’ll be able to afford your monthly repayments. In cases where you’ve been living abroad, it’s unlikely that UK banks will accept your previous payslips as evidence, but they might if your application is packaged correctly. If you have a contract of employment for your new position in the UK, some lenders will accept this as proof of income.
What Happens If You Don’t Meet The Criteria?
If you are unable to meet the lender’s criteria for a mortgage because you didn’t keep up a UK-based presence while you were away, for example, then it is likely that you won’t be accepted for a mortgage straightaway. In these cases, you will need to wait for 12 months before you can apply for a mortgage. This will give you time to build up a credit file, address history, and evidence of earnings. However, it’s important to note that each mortgage application is assessed on a case-by-case basis, so you might stand a chance of getting accepted if you don’t tick every box.
We’re Here To Help You
If you’re a doctor returning to the UK after a period abroad and are worried about your mortgage options, then we’re here to help. Our team of medical mortgage professionals has established trusted relationships with specialist lenders over the years, who are understanding of your unique circumstances. We know how to package your mortgage application and present your special circumstances as a returning doctor to the UK, so you get approved. If that sounds good, contact our professional team today.
