Pozz

Just wondering if anyones done a pr, then got an Aus mortgage to buy a UK property.

Any advice?

galba

Yes, we emigrated with PR and bought 2 UK properties but we did this with a UK mortgage.

louie

I would say the chances of finding a lender to lend you money for a foreign property if the mortgage was to be secured on that property would be nil. How would they take possession of the property if you defaulted?

If you mean borrowing money on the security of an Australian property to buy a different property overseas, that's a different story. We've done that in reverse, in that we borrowed money against a UK property to buy in Australia.

BAY

Why emmigrate and then buy a house in the UK ? You'll be on a loser there. Exchange rate is rubbish, Aussie house prices are on the up (just the same as UK), you'll be liable to CGT, etc etc

pomtastic

Rental yields are FAR better in UK than Aus. From an investment point of view I'd buy in UK, prices have come off in many regions, If you are earning Aussie dollars and paying for mortgage in Britsh pounds, then you are even better off, as AUD is historically strong against GBP.

galba

And mycurrent interest rate in uk is 0.69%. We are overpaying because the exchange rate is so good and the mortgage is literally tumbling down.

ossigeno

Any pointers about applying for a UK mortgage? E.g. through a broker or any banks/building societies particularly receptive to non-residents?

hereandthere

Australian house prices are 200% to 300% overvalued, and in fact the world's most unaffordable stock. The next 18 months are going to be full of interest rate rises. They are already 3.75% and could easily go over 10%. When this happens house prices will fall by at least 50% right across Australia. Buy a house now and be a bankrupt for the rest of your life.

As for the UK, sometimes I wonder how there's still law and order there.