Two_Trick

Hi

Does anyone know if I can use the equity in my house in the UK to secure a mortage in NSW?

And if so, who does such mortgages?

Thanks

skippy2107

How much equity do you have?

Bermudashorts

It is still a mortgage. Nobody is going to give you £x because you have equity in your UK property and not expect you to make monthly repayments. So if you can afford to repay the mortgage, then why not take one out on the property you are planning to buy. Much simpler especially as Australian lenders are not going to be queuing up to remortgage your UK property.

spottydog

You would have to remortgage your UK house with a UK bank (if they will do that) then bring the cash you have withdrawn over.

Bermudashorts

It would be a lot easier and less riskier to get an Australian mortgage on the Australian home.

In fact I think it would be completely barking to take out a mortgage on a UK house in order to buy an Australian one mortgage free / low mortgage.

spottydog

but if you need to release equity from the UK for a deposit it's the only option, no Aussie bank will lend based on a property in another country.

skippy2107

True. How soon after landing can immigrants expect to be given an Aussie mortgage?