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Remortgaging property in UK

Remortgaging property in UK

Old Mar 24th 2019, 8:10 am
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Question Remortgaging property in UK

Hi there,

Does anyone have experience with remortgaging a UK property, while based over in Australia?

We are looking to remortgage our house in the UK (have almost completed our current mortgage) so we can have some money for a deposit for a house in Australia. First of all is this possible, and second of all can anyone make any good recommendations on companies to approach?

Cheers Jo
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Old Apr 25th 2019, 7:32 am
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Default Re: Remortgaging property in UK

We done it, but it wasn't the best decision. Because we had left the UK over 2 years our only option was to get a totally different type of mortgage. Although we had no mortgage to start with so may be different in your case. But we took a mortgage as we were planning to extend and renovate the property, the only way we could do this was by getting a 5 year term, with no repayments until the 5 years was up. However, the interest was based on the Halifax Price Index and because the property prices we going up the interest ended up being extionate. We decided not to extend so paid a big chunk straight back after the 12 month period so we didn't get penalised. Then we just kept paying as much back as we could. In the end the interest was so high we ended up remortgating here just to off load the uk debt !! As I said though we didn't have a mortgage in the first place so your situation may be different.
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