I have encountered difficulty with my bank as I look to obtain a mortgage. I have had an offer accepted on a property, however, as I work in Dubai I have been unable to obtain a suitable mortgage.
My wife lives in the UK and my children are educated in the UK, however, as I am the income earner and paid in Dirhams, my existing bank have stated that my income can not be taken into consideration as I do not pay UK tax. I am in a good job, on a good income and will be earning a lot more than if I was in a similar position back in the UK.
Is this the case with all banks or is there a solution out there?
Ask the Specialist response:
Many thanks for your enquiry. You situation isn't wholly unusual and clients typically make contact with us having been left frustrated that their existing bank has turned them down due to their tax status.
Although in principle this should work, this is a market in which limited lenders are prepared to operate.
Firstly, it would be dependant on the affordability of the mortgage, ensuring that your income would be able to cover both a mortgage in the UK and also living costs in Dubai - such as rent, flights, utilities etc.
Furthermore, UK lenders would typically prefer you to work for a multi-national company with offices in the UK and Europe that if you were to repatriate, you would be able to continue in your current position.
If you work for a local company, it is something that we have assisted clients with previously, however, it would limit your choice slightly further.
In principle, it is something that here at Capital Fortune we can help with.
David Rostron MEng(Hons) CeMAP CeRER