stig2k16

Hi,

Apologies if this has been discussed on another thread however I am keen on some further advice.

I have lived in Sydney for around 4 years and I am looking to purchase a buy to let back in the UK. After a number of discussions with potential lenders they have advised me that there is an Australian law that basically makes this near impossible.

My questions are is this possible, who with and how do I contact the relevant parties?

Many thanks in advance

mikelincs

Not sure about that law, but UK lenders are very reluctant to lend to people overseas, there are a number of threads on this, and you might be very lucky to find one at any sort of a reasonable rate.

not2old

I would like to suggest that you post your question on the UK thread to get an easy quick answer, because there are one or two folks that have done this as well, I believe there is a mortgage person on there that deals with ex-pat mortgages

Moving back to the UK - British Expats

stig2k16

Thank you all

JAJ

Did they say which law, exactly?

In general, retail banks are reluctant to do anything that could look like an active business in another country where that bank does not hold a retail banking/credit licence.

However, more importantly, most U.K. banks are going to be reluctant to deal with an Australian resident since the credit risk is so much higher. You don't reside within the U.K. courts jurisdiction and they don't have the resources to pursue legal action for debt recovery in Australia. At least, not as easily as they can do so in the U.K.

You may still be able to find a provider through a specialist mortgage broker but be prepared for a higher interest rate and/or a lower loan to value ratio than would be the case if you were U.K. resident.

Presumably there is a reason why you want to buy a property in the U.K., not in Australia?

brits1

Hi

We were offered a mortgage while still living in Aus with The Halifax, we had to supply all our pay slips etc and our UK passports and have all these documents validated by a Justice of the Peace and then was offered a mortgage, it was at a slights higher rate than if we were still in the UK but it was still way lower than any Aussies rates at that time. Good luck

killerhales

Unless the law has changed recently, there is no law that stops you doing this. I can recommend a UK broker that we used in 2010 when we lived in Australia:
I hope it is still current. A "finders fee" is payable, so you might want to try the Halifax direct (that's who we used) although we found we had to use the broker as they didn't offer the product we used direct to the public

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Robcuk

Hi

We had a Halifax mortgage up until last year, we paid it off and we were looking into buying another house but Halifax then informed they had changed there policy and could no longer offer us a mortgage.

I spent some time on Google and found this guy:

Expat Mortgages UK - Special Mortgages for UK Expats

He found me a mortgage with Ipswich BS for 3.99% on a two year fix - obviously he had a fee but it was by far the best product.

MJR

In case you are still considering purchasing a buy-to-let property in the UK, you probably need to look into an expat mortgage or a 'shariah' mortgage (no, you don't have to be muslim to get the latter!).

Not many mortgage brokers know about these.

Basically, it is possible to buy property in the UK when you are living in Australia, but there are limits to the amount you can borrow based on the purchase price and the rent that the property will achieve.

Have a chat with Mitchell Mann at www.mmmortgages.co.uk (email: [email protected]). We have been dealing with him and he shld be able to give you up-to-date, accurate information about expat mortgages based on your situation.

I hope that helps, and good luck!