Mortgage Abroad

[shirley1]

Im teaching in Japan. Im saving a deposit for a house but im wondering if I can raise a mortgage on my salary here. It is also only a one year contract. What do you think?

[vicars]

Why bother? With prices looking high and possibly falling you may be putting your money at undue risk. As for lenders, no lender I know will entertain this as you should be UK resident. However if you work for a multinational company (does not sound like you do) you could take out a buy to let with Birmingham Midshires. Your only chance is an investment (buy to let) mortgage and I am sure there are lenders who would entertain this with sufficient deposit (20-30%). Otherwise don't worry - keep saving and even when you are back in the UK you will have to have a minimum period of residence/work before they will give you a mortgage. So keep saving and get a better choice of deals when you get back. Hope this helps.

[shirley1]

Yes it does help.  Only today I found a website predicting prices falls in 2005 so my contract ends in september so I can watch from afar in any event.

Thank you very much !