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Old May 2nd 2009, 10:18 pm
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Default Borrowing in Australia to buy in UK

Would a bank entertain the thought of lending me money to purchase a buy to let property in the UK?

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Old May 2nd 2009, 10:19 pm
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Default Re: Borrowing in Australia to buy in UK

only if you can guarantee it against a property in OZ....
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Old May 2nd 2009, 10:22 pm
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by MarkMC
only if you can guarantee it against a property in OZ....
I only rent here in oz,
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Old May 2nd 2009, 10:55 pm
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by jazzys
I only rent here in oz,
The problem is that a mortgage is a secured loan (secured on the property and the bank holds the deeds) An aussie bank will not be willing to have the hassle of re-possessing a UK based property.
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Old May 2nd 2009, 11:43 pm
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Default Re: Borrowing in Australia to buy in UK

Not sure if it makes a difference but the mortgage is currently a joint one with myself and my ex partner, she currently lives in the house and i was looking at the possibility of buying her out alltogether.

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Old May 2nd 2009, 11:46 pm
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Default Re: Borrowing in Australia to buy in UK

ok, can't you change the original mortgage to your name only?
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Old May 2nd 2009, 11:47 pm
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by jazzys
Not sure if it makes a difference but the mortgage is currently a joint one with myself and my ex partner, she currently lives in the house and i was looking at the possibility of buying her out alltogether.

Jazzys

Probably it won't!
Why not try a UK bank?
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Old May 2nd 2009, 11:48 pm
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by MarkMC
ok, can't you change the original mortgage to your name only?
I don't know. How will that give the ex half the profit on the house?

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Old May 2nd 2009, 11:49 pm
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by MarkMC
ok, can't you change the original mortgage to your name only?
Imagine the legal hassle that would cause.
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Old May 2nd 2009, 11:50 pm
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by The Bloke
Imagine the legal hassle that would cause.
I can't.

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Old May 2nd 2009, 11:51 pm
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by jazzys
I don't know. How will that give the ex half the profit on the house?

Jazzys
What I meant - was re-mortgage with the current UK bank?
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Old May 2nd 2009, 11:55 pm
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by MarkMC
What I meant - was re-mortgage with the current UK bank?
i don't have any funds in the uk anymore, would the uk building society entertain such an idea?

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Old May 3rd 2009, 12:06 am
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by jazzys
i don't have any funds in the uk anymore, would the uk building society entertain such an idea?

Jazzys
Don't see why not, you are paying it ok now I guess? Only problem I had was they wanted to turn it in to a buy to let mortgage (higher interest) I told them it was my main home and that I would only be in Oz for 2 years, they agreed to leave it as a normal mortgage for now.
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Old May 3rd 2009, 12:12 am
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by jazzys
I can't.

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What I mean is would she make waves if you tried to change the loan documentation?
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Old May 3rd 2009, 1:05 am
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Default Re: Borrowing in Australia to buy in UK

Originally Posted by The Bloke
What I mean is would she make waves if you tried to change the loan documentation?
No mate, she's desperate to get rid of the house.

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