Re mortgage UK property and bring the money to Oz.... Anyone??
 

We have a house in the UK and have plenty of equity. Has anyone re mortgaged their UK property and brought the money over to Oz? Is it straight forward?
Thanks for any advice.

Neil.

Re: Re mortgage UK property and bring the money to Oz.... Anyone??
 

I can't offer you any really useful advice, but I've been looking into this recently as I would like to release some of the equity in my house in the UK. However, I've discovered that there is very little choice for expats at the moment.

My house is let on a corporate let so I am looking for a buy-to-let mortgage. I've tried a few brokers and and so far I've only been offered one deal (with Barclays) which is not very competitive (it has a 3 year tie in and lots of penalty provisions if I choose to pay it off early). My current lender will not agree to an increase at the present time.

I'm finding this a bit frustrating as the new loan would still leave me with equity of 60% at the current property value (so the risk is fairly low) and even if I could sell, I wouldn't want to do so just to get at my money as I think long term the house is a good investment!

If you have better luck perhaps you could let me know.