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Moving UK mortgage provider while still in Australia

Moving UK mortgage provider while still in Australia

Old Dec 30th 2014, 12:42 am
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Default Moving UK mortgage provider while still in Australia

I'm looking to move mortgage provider for my UK property which is currently being rented, because my current interest rate is high. But I'm struggling to find another provider as I am no longer a UK resident, due to being in Australia for a couple of years now.

Anyone know of any mortgage advisors who could provide any advice??

Cheers.
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Old Dec 30th 2014, 1:05 am
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Default Re: Moving UK mortgage provider while still in Australia

Originally Posted by kevton View Post
I'm looking to move mortgage provider for my UK property which is currently being rented, because my current interest rate is high. But I'm struggling to find another provider as I am no longer a UK resident, due to being in Australia for a couple of years now.

Anyone know of any mortgage advisors who could provide any advice??

Cheers.
The high street banks won't touch you.

You will need to google "mortgages for non residents UK" and phone around.

You will find that the interest rate for non residents is high and may not beat your current rate.
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Old Dec 30th 2014, 6:58 am
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Default Re: Moving UK mortgage provider while still in Australia

Beoz is correct - I am a OZ broker here - basically as you are non resident then you come under different lending criteria normally resulting in lower levels of lending to you with a higher interest rate as well.

Most UK banks are very restrictive presently on who they will lend too. So if the interest rate is not ridiculously high then you will probably find it easier to stay with what you have.

Some banks also charge a higher rate if the property is rented out too.


I hope this helps a bit
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Old Jan 5th 2015, 11:57 am
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Default Re: Moving UK mortgage provider while still in Australia

Stick with your current provider and raise your rent.
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Old Jan 5th 2015, 2:45 pm
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Default Re: Moving UK mortgage provider while still in Australia

Originally Posted by fromthetoon View Post
Stick with your current provider and raise your rent.
......what if the renters are already paying market rate?!
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