[rovers_andy]

I don't know if this will affect anyone else here but the EU will be bringing in a piece of legislation next year called the Mortgage Credit Directive.

Its dealing with people who take out a mortgage in a currency different to their earnings, it seems to be targeting people buying holiday homes abroad but will also have the consequence of making it very difficult for people living in the UK but not earning in Sterling to get a mortgage as mortgage le nders would have to offer a mortgage in the same currency as your earnings

As someone hoping to buy a house next year and having worked hard to save a 20% deposit this could make it almost impossible for me to have a mortgage.

Due to the nature of my job i'm paid in US Dollars but live in the UK

http://www.telegraph.co.uk/finance/p...day-homes.html

https://www.fca.org.uk/static/fca/documents/ps15-9.pdf

Key part is section 2.30

This sucks

[makkan00]

How about those who work in middle east? Dubai, Saudi
As I may shift there for few years.

[gangzoom]

Originally Posted by makkan00

How about those who work in middle east? Dubai, Saudi
As I may shift there for few years.

If you get the right contract, you wouldn't need to worry about mortgages. I know a couple of people who have given up stable, longterm, well paid NHS positions to go to the Middle East for a few years. They will/are earning x3 their NHS salary, totally Tax free, with all their accommodation/travel/substance costs all covered.

I have no idea how it works when you bring the money regrades to tax etc, but if your after fast £££ it's a no-brainer (and happy to leave your family/friends or 24-36 months). Not something I could do but plenty of people manage it. One chap has a A8 in the Uk, one in the US, parked up at airports just for when he comes for visits...The last time I saw him, he took one look at my E90, and asked me why I was still driving a 'piece of rubbish'

[rovers_andy]

Originally Posted by makkan00

How about those who work in middle east? Dubai, Saudi
As I may shift there for few years.

I don't know, i have asked my bank for their position on this and i'm awaiting a response, same with my financial advisor who will speak to some mortgage brokers.

It all comes down to what currency they pay you in, so if you go to the middle east and earn in pounds my understanding is that would be ok

[makkan00]

Originally Posted by gangzoom

If you get the right contract, you wouldn't need to worry about mortgages. I know a couple of people who have given up stable, longterm, well paid NHS positions to go to the Middle East for a few years. They will/are earning x3 their NHS salary, totally Tax free, with all their accommodation/travel/substance costs all covered.

I have no idea how it works when you bring the money regrades to tax etc, but if your after fast £££ it's a no-brainer (and happy to leave your family/friends or 24-36 months). Not something I could do but plenty of people manage it. One chap has a A8 in the Uk, one in the US, parked up at airports just for when he comes for visits...The last time I saw him, he took one look at my E90, and asked me why I was still driving a 'piece of rubbish'

Tell me about it mate....
My career started in middle east and I worked for American Hospital. It was not very well paid (typical American trying to get max out of you) however I took to role to get experience.

However in few years time, I will be go back to middle east to 'enhance' my savings. As you said, some of my mates have gone there and earning 2-3 times more than here.

I think if you get a 'right offer' then you can save decent enough money to buy the house using 'Cash'. I doubt that one will require mortgage.

[AWSAWS]

If you guys could point me in the right direction to find work out there I'd appreciate it.

Got any contacts or good places to look online? I could send a CV

I'd go for the weather alone.

[gangzoom]

http://www.learn4good.com/jobs/langu...tes_uae/more3/

https://medical.careers.global/jobs-...-saudi-arabia/

If both me and wife decided to go there for a few years, we'll be looking at a combined income of $500,000 tax-free per year with no living costs...The way the politicians are carrying on talking rubbish about NHS reforms, they might find the UK will be very short of NHS staff over the next few years.

7 day working is all well and good, but who actually wants to spend 7 days a week at work , 365 days a year.....When are people suppose to 'live', or may be the idiot politicians would like doctors/nurses etc to just permanently live in hospital and never leave. Frankly you have to be crazy to want to carry on working in the NHS if politicians keep on meddling. We already struggle to recruit good healthcare workers, at this rate, people will be seriously considering emigrating, I know me and wife have talked about this quite a lot in the last few months.

[AWSAWS]

Originally Posted by gangzoom

http://www.learn4good.com/jobs/langu...tes_uae/more3/

https://medical.careers.global/jobs-...-saudi-arabia/

If both me and wife decided to go there for a few years, we'll be looking at a combined income of $500,000 tax-free per year with no living costs...The way the politicians are carrying on talking rubbish about NHS reforms, they might find the UK will be very short of NHS staff over the next few years.

7 day working is all well and good, but who actually wants to spend 7 days a week at work , 365 days a year.....When are people suppose to 'live', or may be the idiot politicians would like doctors/nurses etc to just permanently live in hospital and never leave. Frankly you have to be crazy to want to carry on working in the NHS if politicians keep on meddling. We already struggle to recruit good healthcare workers, at this rate, people will be seriously considering emigrating, I know me and wife have talked about this quite a lot in the last few months.

Honestly you'd be mad not to.

Do it, come back and enjoy life with a comfortable bank balance.

I haven't been out of my overdraft for probably 3 years. Living hand to mouth. I could try to save but it would be boring.

Time is limited. You only live once.

[AWSAWS]

Working in UAE!
Oh man, then you could go GT fishing in Oman.

[u2b]https://www.youtube.com/watch?v=5TFNq6_ML9c[/u2b]

Not to mention filling up the car for 2 quid.

Now that's the life.

[1 AKY]

Originally Posted by AWSAWS

Honestly you'd be mad not to.

Do it, come back and enjoy life with a comfortable bank balance.

I haven't been out of my overdraft for probably 3 years. Living hand to mouth. I could try to save but it would be boring.

Time is limited. You only live once.

Living hand to mouth? And yet you drive an E92 335i. No offence, but that doesn't make sense to me.

[csu87]

Originally Posted by AWSAWS

Honestly you'd be mad not to.

Do it, come back and enjoy life with a comfortable bank balance.

I haven't been out of my overdraft for probably 3 years. Living hand to mouth. I could try to save but it would be boring.

Time is limited. You only live once.

Originally Posted by 1 AKY

Living hand to mouth? And yet you drive an E92 335i. No offence, but that doesn't make sense to me.

Well he did say YOLO so its ok.

[AWSAWS]

Originally Posted by 1 AKY

Living hand to mouth? And yet you drive an E92 335i. No offence, but that doesn't make sense to me.

I don't have much left at the end of each month right now but given another 5 month's it'll be fully paid off. I plan to keep the car a good while though. For me the fun is worth the cost. YOLO

[gangzoom]

Originally Posted by AWSAWS

Time is limited. You only live once.

Your right, life is short, far too short to waste 2 years of it working/living in a guarded compound in a country where women aren't allowed to vote.

If we're going to move any where abroad it will be on a permanently basis, probably some where like Singapore or NewZealand. The latter I would happily emigrate to, even if it means taking a 20-25% pay cut.

At the end of the day when your 6ft under it doesn't really matter how much $$$$ your surround by

[AWSAWS]

Originally Posted by gangzoom

Your right, life is short, far too short to waste 2 years of it working/living in a guarded compound in a country where women aren't allowed to vote.

If we're going to move any where abroad it will be on a permanently basis, probably some where like Singapore or NewZealand. The latter I would happily emigrate to, even if it means taking a 20-25% pay cut.

At the end of the day when your 6ft under it doesn't really matter how much $$$$ your surround by

I lived in Thailand for 2 years and spent a good while in Singapore as well. I tried to find sustainable work over there but picked the great time of 2008 to go. Economic collapse. Just my luck.

Anyway. Best time of my life. Singapore is very nice but very small. I'd loved to work there permanently as well.

In about 5 months my wife will have permanent UK resident status, which she can't lose. She's Thai. I committed to 5 years here so she could always come back when she wants. Once she has that I can look to places like Singapore. Would hate to leave my 335i though.

[gangzoom]

Singapore would be perfect for us. I speak Mandarin, and my wife Hindi, so language, culture would be 100% fit. It is small, but pretty well connected, rather than taking a weekend trip to London etc, your only a few hours away from HongKong, Mumbai, Bangkok, and if you like beaches there's no shortage.

The education system there is also world class, so child care side of things I cannot think of anywhere else better to bring up kids. Both me and the wife went through education systems where doing exams/been graded started from about 4, and even now we're still doing professional exams, so we personally have no problems with pushing kids with exams from a young age.

Only thing putting us off is the heat, it's just hot all the time...and also cars are horrendously expensive, to import something half decent is about £40-50K just in registration fees!!! Plus you have no where to drive it anyways

But in a few years time depending on our personal situation, its on our list of possible places to settle down, along side a list of villages in Leicestershire

[Jon D]

Originally Posted by rovers_andy

Due to the nature of my job i'm paid in US Dollars but live in the UK

This may sound too obvious, but would your employer consider converting your salary into Sterling before paying you?