From: John Boyle 
Newsgroups: uk.finance
Subject: Re: mortgages
Date: Sun, 29 Oct 2006 11:58:45 +0000

In message <1162046327.867966.275050@f16g2000cwb.googlegroups.com>, Brad 
 writes
>Hi,
>
>I´m an entertainer working on a cruise ship and I have been working on
>various different ships on a self employed basis for about 3 years. I
>earn 400 pounds a week and I´m trying to figure out if I´m going to
>be able to get a mortgage.
>
>I can show copies of all my contracts, and all my pay has been going
>into the same bank account for the 3 year period.
>
>I can save up enough for a deposit, 10% or even 20%
>
>What I´m worried about is the banks saying no because I have unstable
>employment, I heard a rumour that if you have a 20% deposit you will
>almost definately get approved (no questions asked) is this true?
>
You could get a UK mortgage form just about anybody. Whilst 
'entertainers' arent regarded as the highest point scoring occupation 
you will have no trouble in UK.

>To make this even more complicated however, I hold both a UK and
>Australian passport, all the money I have received over the last 3
>years has been into my UK bank account and I originally left Australia
>3 years ago so don´t think an aussie lender would approve me.
>
>I dont care who gives me the mortgage but I want to buy property in
>Australia,

Ahh, this is where the problems start. A mainstream UK lender wont lend 
on normal domestic mortgage terms against the security of an Australian 
property because of the exchange risk and their lack of knowledge of the 
Australian property market. There are three factors in a domestic 
mortgage loan, the income, the loan and the security. When one is 
different from the others the risk increases dramatically. Currency 
Loans against UK properties are readily available in UK, but the Loan to 
value is usually maxed at 60%, i.e. you would need a 40% deposit. This 
would be a bank loan and expect to pay +2% ish over the base rate of the 
country of the currency you are borrowing in.  I am sure Australian 
Banks will do the same for you, i.e. property in Oz but dosh lent and 
repaid in £s,  but it will be on normal banking terms, not cheap home 
purchase terms.

>can anyone give me any suggestions as to how I can convince
>someone to give me a mortgage?

Go to a bank in Oz and ask. I dont know their banking market but I would 
expect that you would need to go to a proper bank, not a local b/soc 
type outfit.

Finally, it is YOU who gives the mortgage on the property to the lender. 
The lender does not give the mortgage to you, they give you a loan 
secured by the mortgage you give them
>

-- 
John Boyle