Buying property using UK home as Equity
Jun 14th 2009 | 3:37 am
#1
Thread Starter
wannabeeinaussie
Joined: Aug 2005
Posts: 398
From: Australia
Buying property using UK home as Equity
Has anyone done this? I'd be interested to hear how easy it is. We are mortgage free, and will return to Australia one OH retires, but we thought maybe the time is right to buy a property in Australia. Your advice or comments would be welcome.
Blossom
Blossom
Jun 14th 2009 | 4:26 am
#2
Forum Regular
Joined: Sep 2008
Posts: 172
Re: Buying property using UK home as Equity
I have just secured and recieved additional borrowing on my UK property for taking with me to Australia. My Nationwide mortgage advisor advised me to say the money was for a holiday home.
I have rented out my UK property and the rent will pay my mortgage.
I have rented out my UK property and the rent will pay my mortgage.
Jun 14th 2009 | 10:26 am
#3
Thread Starter
wannabeeinaussie
Joined: Aug 2005
Posts: 398
From: Australia
Re: Buying property using UK home as Equity
Wow, well done you. If I am currently mortgage free, will banks bldg societies be willing to mortgage, in this current climate?
If we buy a property in Australia our daughter will rent it from us, so there will be income to pay the mortgage.
If we buy a property in Australia our daughter will rent it from us, so there will be income to pay the mortgage.
