W- 2 equivalent in the U.K.?

[yabasta 0]

I am currently looking at using my credit status in the U.K. for credit onc ei get a job int he U.S. and i wondered if anybody knew what the UK equivalent of a W-2 would be. It seems too good to be true but they seem to think i can be ready to buy when our rental lease runs out in December.

Any advice in this whole area is much appreciated but specifically i have been asked for W-2`s.

thanks

[Boiler 45,525]

Your wasting your time.

Some credit card companies, Amex for example will switch your account over, for most it is a question of starting again.

[yabasta 0]

Well i am not tryign to switch my actual credit but just use my credit history with a new lender. I am told by a lender that i just need pay stubs and bank statements and then obviously when i get to America i will need a job. They also want 2 years W2`s and i wondered what the U.K. equivalent would be.

[Fandango 1,439]

Your credit does not follow over.

Credit is based on a ss# which you do not have. Therefore, no US credit.

Not saying you can't keep your UK CCs...I dunno about that.

[yabasta 0]

No i am not trying to do that. I have just been told by lender that they can base my credit on my previous credit history and then use the pay from my new job(when i get one) as the basis for how much i can borrow. It did seem to good to be true but they said as long as i have my W2`s and my pay stubs and my bank records i can get a mortgage based on that. So all i need to know is the u.k. equivalent to a W2. If it turns out they are lying to me or mistaken in some way i will be annoyed but i need to try.

Thanks for responding though, both of you.

[Fandango 1,439]

No i am not trying to do that. I have just been told by lender that they can base my credit on my previous credit history and then use the pay from my new job(when i get one) as the basis for how much i can borrow. It did seem to good to be true but they said as long as i have my W2`s and my pay stubs and my bank records i can get a mortgage based on that. So all i need to know is the u.k. equivalent to a W2. If it turns out they are lying to me or mistaken in some way i will be annoyed but i need to try.

Thanks for responding though, both of you.

That sounds very very odd to me. I am a realtor® (shush ET!) and I can tell you that while I don't practice anywhere other than FL, the way it is here is as such:

If you don't have US credit, your wife can get a mortgage based onher credit score. Or you can have a cosigner. But the cosigner can't live too close or else it'll be deemed 'income property' as it would be too close to the primary residence of th CoSigner to be another dwelling. But I digress....It's not jsut credit score they look at...they look at 'trade lines'...what is in your name monthly...cell phone, leccy bill, etc...you have no ss# and no trade lines. And no job history here. Your interest rate would be based on a credit score which is reported via your SS# that you don't have. See where the problem lays? I don't know if what you're being told is something new or just uniformed runaround, but it sounds higly suspicious to me.

Also, a w-2 is what you would file on how they calculate what you owe in taxes thru your job, so I really have no clue what this bank is telling you to bring a UK equiv as it has no bearing on your current financial situation whatsoever.

But you cannot qualify for a regular mortgage with 'UK equiv credit'. You canhowever, get a foreign national loan of which you'll pay a bit over prime in interest and I don't think it's fixed, and you'll have to put down summat like 30%.

Now I want it to be clear that I am not a mortgage broker, banker or anything like that. I have worked with new immigrants witht he purchase of housing and I have never seen it done any other way. Also as the future wife of a Brit with stellar credit, I have spoken to many of my mortgage broker & bank contacts to see if there was any other way to circumvent this as it seems like a tragic shame to not be able to capitalize on so many years of excellent history and all I've ever heard is a resounding NO.

If I prove to be wrong, by all means do let us know!

Edited May 27, 2006 by LisaD

[Fandango 1,439]

Keep us informed either way. I'm sure the information could be of use to many here

Edited May 27, 2006 by LisaD

[yabasta 0]

Well thanks. I was suprised myself to be honest. I had always read(probably on this site) that i needed to build up my credit from scratch. I am not sure what the plan was i was just given the email of a realtor who then gave me the email of a lender. Both seem to be aware of my details unless i have somehow explained myself badly and given them the wrong impression. I have been honest since i would rather not get my hopes up and know now if this is just some hopeful realtor leading me on a dance hoping to make a buck. I will keep you all posted but thanks for the advice.

[broma25 2]

Your P60 would be the equivalent of the W-2.

[yabasta 0]

oh right thanks. I was not sure.

[Mr. Big Dog 10,747]

I am a realtor® (shush ET!) ...

[Fandango 1,439]

Well thanks. I was suprised myself to be honest. I had always read(probably on this site) that i needed to build up my credit from scratch. I am not sure what the plan was i was just given the email of a realtor who then gave me the email of a lender. Both seem to be aware of my details unless i have somehow explained myself badly and given them the wrong impression. I have been honest since i would rather not get my hopes up and know now if this is just some hopeful realtor leading me on a dance hoping to make a buck. I will keep you all posted but thanks for the advice.

I wouldn't say it's the realtor...we deal with the contracts & whatnot & are really only on the periphery of the funding aspect. While I can say I probably have more knowledge vs non industry types concerning mortgages I am in no way a mortgage expert. I would speak to the lender more. Have him/her explain the programs that they have and how you qualify and how much everything will wind up costing. If they say it can be done...while I am quite skeptical and very curious, I would defer to the expert.

If it can't be done, I'd chalk it up to miscommunication somewhere, as we're bound to a specific code of ethics & cannot see what could possibly be gained by leading you astray. I don't want you to walk away from my original post here as thinking I was trying to say that someone was trying to scam you or anything because that wouldn't be the case.

ET......

[yabasta 0]

I wasn`t thinking a scam was going on or that you were saying that, for the record. I will just have to follow this avenue and see what happens or doesn`t happen.

thanks again.

suprised you replied at all though.

[Fandango 1,439]

this is a community of people and these boards benefit A LOT of people. I wasn't responding only for you.

[Boiler 45,525]

You can get an International Credit Report for Mortgage purposes. An exception to the rule.

In our case it would have taken too long so we used my wife's record.

But when it comes down to it any financial institution can do it on whatever basis they want, just make sure you are not being overcharged on the rate/terms. Much more hard nosed here, some practices that just could not happen in UK are rife. Buyer very much beware.