CONSULTING UK MORTAGE CO. WHEN MOVING OUT TO OZ
Feb 23rd 2009, 6:21 am
#1
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Thread Starter
Joined: Feb 2009
Posts: 136
CONSULTING UK MORTAGE CO. WHEN MOVING OUT TO OZ
Hi Guys
I have recently put an offer in for a property in the UK which I plan to let out when I move to Oz next year as anybody had any problems with their mortgage lenders allowing them to change usage to a Consent to Let please because I have initially put it on a residential mortgage?
Also, are there any implications when it comes to taxation and do you have to pay quite abit back to the Inland Revenue in taxtion?
Any help in this matter would be greatly appreciated.
Many thanks
Debbie
I have recently put an offer in for a property in the UK which I plan to let out when I move to Oz next year as anybody had any problems with their mortgage lenders allowing them to change usage to a Consent to Let please because I have initially put it on a residential mortgage?
Also, are there any implications when it comes to taxation and do you have to pay quite abit back to the Inland Revenue in taxtion?
Any help in this matter would be greatly appreciated.
Many thanks
Debbie
Feb 23rd 2009, 7:55 am
#2
Forum Regular
Joined: Feb 2009
Posts: 152
Re: CONSULTING UK MORTAGE CO. WHEN MOVING OUT TO OZ
Hi Debs
We consulted our BS about transferring to an interest only and letting the house out. No problem from them on interest only and an indication that there should be no problem on letting - pending us putting it in writing and them giving a formal response.
IR we spoke to about what is taxable and can we offset against the existing debt. They were non-commital but didn't say no. Suggest you talk to a specialist over this.
I would point out, however, we are with a Building Society and not a bank. They are incredibly helpful, the staff who answer the phone are really knowledgeable and DO phone back when they say they will!!!
However, since that time we have sold the house so it shouldn't become a problem.......hopefully.
Good luck and if I can help any more - let me know.
A
We consulted our BS about transferring to an interest only and letting the house out. No problem from them on interest only and an indication that there should be no problem on letting - pending us putting it in writing and them giving a formal response.
IR we spoke to about what is taxable and can we offset against the existing debt. They were non-commital but didn't say no. Suggest you talk to a specialist over this.
I would point out, however, we are with a Building Society and not a bank. They are incredibly helpful, the staff who answer the phone are really knowledgeable and DO phone back when they say they will!!!
However, since that time we have sold the house so it shouldn't become a problem.......hopefully.
Good luck and if I can help any more - let me know.
A
Feb 23rd 2009, 11:10 pm
#3
BE Enthusiast
Joined: Nov 2006
Location: Camberwell, Melbourne, Australia
Posts: 781
Re: CONSULTING UK MORTAGE CO. WHEN MOVING OUT TO OZ
Hi Debs
We consulted our BS about transferring to an interest only and letting the house out. No problem from them on interest only and an indication that there should be no problem on letting - pending us putting it in writing and them giving a formal response.
IR we spoke to about what is taxable and can we offset against the existing debt. They were non-commital but didn't say no. Suggest you talk to a specialist over this.
I would point out, however, we are with a Building Society and not a bank. They are incredibly helpful, the staff who answer the phone are really knowledgeable and DO phone back when they say they will!!!
However, since that time we have sold the house so it shouldn't become a problem.......hopefully.
Good luck and if I can help any more - let me know.
A
We consulted our BS about transferring to an interest only and letting the house out. No problem from them on interest only and an indication that there should be no problem on letting - pending us putting it in writing and them giving a formal response.
IR we spoke to about what is taxable and can we offset against the existing debt. They were non-commital but didn't say no. Suggest you talk to a specialist over this.
I would point out, however, we are with a Building Society and not a bank. They are incredibly helpful, the staff who answer the phone are really knowledgeable and DO phone back when they say they will!!!
However, since that time we have sold the house so it shouldn't become a problem.......hopefully.
Good luck and if I can help any more - let me know.
A
The again, maybe just come out her and see if you like it and tackle that another time!
in regardsa tax, our letting agent handled that and gave us the forms which then means, once approved, they will pay you without taking the tax off. A lot easier way of doing it and fairly easy to do as well...
