UK Property

Old Feb 25th 2002, 8:59 pm
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Default UK Property

This forum has been a wealth of useful information.
We are hoping to finally get our PRV soon having waited almost four years!!
I need to decide whether or not I should sell our property near London or keep it and rent it out. As I am unlikely to find employment soon after arriving Down under, would it be possible to obtain a mortgage based on the equity in our UK property rather than from an income from wages? We have sufficient savings to enable us to make a reasonable down payment on an Australian property. It's just the matter of obtaining an Aussie mortgage without being employed that is worrying me.
Any advice would be gratefully received.
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Old Feb 26th 2002, 3:53 pm
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Default Re: UK Property

We considered renting out our property in London whilst living in Australia but the tax implications (payable on the rental income) made us change our mind, as it worked out to be quite a chunk of the profit.

We have decided to use the equity in our property to buy a house outright in Aus and not have a mortgage there, so that we can live off our savings until we get a job, and not have to worry about a mortgage at all.
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Old Feb 26th 2002, 4:25 pm
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Default Re: UK Property

I agree , unless you are going to be in Aus short term
you don't want to deal with the headache of dealing
with a rental property in the UK. Also if you can buy a property
outright in Aus - go for it. I plan to do just this, and can't wait
to have the security of a owning a house with no mortgage.
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Old Feb 26th 2002, 11:15 pm
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Default Re: UK Property

You could also re-mortgage your property in the UK up to 75% ( capital raising ) to relase the equity from your home if you don't wish to sell at first.
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