toon williams

Really surprised that the poll is about even!! Need more voters to make it more realistic!! So get voting!!

cadman

I haven't voted toon as I think it totally depends on your personal circumstances and I don't have any knowledge of tax implications, mortgages etc.

I would like to know what a buy to rent mortgage is though!

I've heard of people re-mortgaging to release the equity in their property (to buy in Oz) and then renting it out to pay the mortgage.

Presumably, worst case scenario, if the house didn't get rented what would happen if the owner just gave the keys to the mortgage company? just fecked off to oz and didn't tell them they were going? they've got the equity out of the property, they're in Oz, they've bought their new house?

I, of course, wouldn't dream of doing such a thing!
(we couldn't do it as our mortgage is with our bank the HSBC and we are planning on opening an account with them in OZ!)

andy

Poppy

A Buy To Let Mortgage is usually what people do when they want to buy a second property to release the equity from the property they are in and then rent their first or second property out to cover the mortgage or sometimes they pay it themselves and do property's up to sell them and then they start again. They give you approx 85% of your equity and you can have interest only or repayment and have the term over as many years as is possible depending on your age - if you did sod off and not return, they would still have the house to sell, but obviously you would lose out on the 15% they still have. They do a valuation etc before they decide on how much it is you'll get. I think it's a good idea, that way you can release what's yours without having to sell. I hope I've got that right anyway, that's how I understand it!

Cheers

Poppy

toon williams

I cant understand why it says 593 people have viewed this thread and out of that huge number of people only 23 have voted?? I love voting on these polls and seeing results, etc must be just me that is a little strange then!! ha ha

Come on I need more votes!! Husband is still 100% for renting I am in the middle still!!

Stuck

OK, it depends on how certain you are about Oz. Certain, sell it. Unsure, rent it. We sold in UK and bought in Oz, but are now back in UK and a bit sorry. Thinking at the time though was that after paying on top for the equity release, plus agent fees, tax etc. it could be a bit of a struggle to maintain a property in UK pounds with Au dollars. Now rented our house out in Oz and anything that needs doing seems really cheap. Happy to have it to go back to one day!

toon williams

Any more views on renting/selling??

halcyon 52

Hi Toon, I did laugh at that.
I was just giving a worse :scared: case scenario presumming the tennants went wild with a pick axe

toon williams

On your advice will make sure we take the pick axe to Oz with us in order to make sure tennants dont use it!! ha ha

halcyon 52

Hi again Toon.
I think the reason not many people have voted is that they just dont know. I have not voted and the reason is I dont know either. I still do not know wether to rent out or sell my house. I think I will probably rent it as it is good to have a foothold on the U.K property market as it is never going to be cheap to live here no matter what anyone says. It is overcrowded and that is the reason it will never be cheap.
My freind moved to Spain and said he would "never" come back. People who claim this are fools and sometimes you may not want to come back but may have to due to family cicumstances as is often the case (btw after 3 years he now wants to come back but cannot afford to).
I am reasonably happy in the U.K although there are things I am not happy with but after 2/3 years in another country a different set of gripes will develop anyway.
I want to move to Oz to have a different experience of life and ideally will have a house here and a house there.
Rent it.

toon williams

Hi halcyon 52

I agree with alot of what you say there!! Someone earlier said if you are sure about Oz sell it if you are not sure then rent it, but I think you can never be 100% sure with something as huge as this, having spoken to the OH I think we will rent the house out for say 12-24 months as we feel in this time frame we will know if we are going to stay in Oz for life or not!! We are not people that enter into anything lightly, and we will give Oz a full "go" but like you said you just never ever know what the future may hold, so I think the more we have thought about it the more comfortable we are renting the house out initially!!

Our plan is to rent in Oz for the first 12 months anyway even if we had sold, in order to make sure we settle in the right place for us, so really we not losing anything, only gaining hopefully!!

Good luck with you move!!

Stuck

Sorry, I do just have to say that those who do not think it is possible that UK house prices will drop should take a closer look at the ecomony.

skywalker

I just sold it and I'm feeling better now, no stress, no nothing!