roamer25

Hi,

I've been in Oz almost 1.5 years and have had a mortgage in the UK for my flat which I have owned for 6 years. I rent it out, but my tenants are moving on. As the interest rates went down a lot after I re-mortgaged, my rental rate isn't competitive and I'd like to re-mortgage.

Can anyone recommend a company/bank agency to make inquiries with?

My existing mortgage is with Nationwide and I bank with RBS. I neglected to tell either I was here, as I came out for 6 months to see, then stayed but writing to the banks is on my long list of things to do that I haven't gotten round to! I'm on a 457 visa, leading to PR from March next year.

I'm not loaded but I do have 20% equity in the property and I want to hold on to it and rent it out, for at least another 3 years.

Thanks in advance

Trevski

Have you told the Tax man that your a over seas investor now,does the estate agent handling your flat de duct tax or do you fill out a income from investment and then give that to tax man.
First you will have big probs because if you have not told the Mortgage holder then they will not trust you, also they have a duty to inform the tax man.
You need to sort it out or it will bite you in the arse
all the best

roamer25

NO, I have permission to let in the mortgage!

Tax is all being dealt with above board and I am currently making a loss on the rent from the property.

Cheers for the assumption of criminal intent!

Any kosher advice out there?

oldandbold

You may find that if you want to re mortgage the banks may want you to do it as a buy to let, which will probably cost you more (at least that was inferred to us when we were looking at it).

I think what trevski was referring to is the tax man must be informed of the renting. It doesnt matter whether you are making a loss or not but it is mandatory to either:-
Have the tenant deduct the tax from your rent (or the agent if you use one) or
have agreement from the inland revenue under the non resident landlord scheme where they agree you can receive the payments from the tenant gross.
At least that is my understanding and I fall into the second scheme. No assumption of criminal intent intended or implied!!

Hope this helps.

JPSUPERHOOPER

if its your only property then you shouldnt have to change it to a buy to let mortgage.

Bermudashorts

It would depend upon the mortgage, roamer says he has to permission to let in his mortgage contract. But many people would have to change their mortgage if they decide to rent the property out.

galba

We remortgaged almost 2 years ago and Clydesdale Bank agreed to keep it as a residential mortgage however when getting info from other banks/societies they all wanted a buy-to-let loan.

Although the BTL rates are higher than normal loans there was an article in one of the papers saying that these too were beginning to drop as confidence returns to the housing market.

My friend just obtained a remortgage last month in order to fund a house here in Perth. Let me get some info off her and I'll get back to you.

galba

Got the information:

www.expatriate-mortgages.co.uk

Best of luck!