Expat Mortgage
Sep 23rd 2021, 1:53 pm
#1
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Joined: Sep 2021
Posts: 7
Expat Mortgage
Hi,
I am British/Canadian dual citizen living in London and planning to relocate to Canada.I have 3 houses in London(2 BTL + 1 residential).
How difficult it is to remortgage them as an expat once fix rate expires? or am i better off selling them all together?
regards,
K
I am British/Canadian dual citizen living in London and planning to relocate to Canada.I have 3 houses in London(2 BTL + 1 residential).
How difficult it is to remortgage them as an expat once fix rate expires? or am i better off selling them all together?
regards,
K
Sep 23rd 2021, 11:05 pm
#2
Forum Regular
Joined: May 2015
Posts: 42
Re: Expat Mortgage
Do you have consent to let on the 1x residential property, else you have have issues remortgaging @ the same rate.
Also worth considering tax implications on the rental income as this has to be declared on CAD return
Also worth considering tax implications on the rental income as this has to be declared on CAD return
Sep 24th 2021, 3:14 pm
#3
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Joined: Sep 2021
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Re: Expat Mortgage
residential mortgage is with Halifax. both btl with santander.
I expect Halifax to consent to let. my fix rate deal ending next year....so even if they don't agree i can switch to BTL mortgage next year. house is anyways empty right now as i am in Canada for last 5 months working remotely and getting paid in UK.
not too bother about taxes as all properties are 99% owned by my wife(for tax efficiency) as she is homemaker and i am 45% band taxpayer in UK. Thus saving lot in taxes as we get to use my wife's personal allowance.
my question is about keeping those investments as an expat. Will halifax or any other bank even provide BTL mortgage after i have become expat. I remember post Brexit all the banks sent letters stating that they might not be able to offer certain financial products to brits residing in EU countries. WIll they even offer me BTL once I make permanent move to Canada.
I expect Halifax to consent to let. my fix rate deal ending next year....so even if they don't agree i can switch to BTL mortgage next year. house is anyways empty right now as i am in Canada for last 5 months working remotely and getting paid in UK.
not too bother about taxes as all properties are 99% owned by my wife(for tax efficiency) as she is homemaker and i am 45% band taxpayer in UK. Thus saving lot in taxes as we get to use my wife's personal allowance.
my question is about keeping those investments as an expat. Will halifax or any other bank even provide BTL mortgage after i have become expat. I remember post Brexit all the banks sent letters stating that they might not be able to offer certain financial products to brits residing in EU countries. WIll they even offer me BTL once I make permanent move to Canada.
Sep 24th 2021, 4:12 pm
#4
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Expat Mortgage
residential mortgage is with Halifax. both btl with santander.
I expect Halifax to consent to let. my fix rate deal ending next year....so even if they don't agree i can switch to BTL mortgage next year. house is anyways empty right now as i am in Canada for last 5 months working remotely and getting paid in UK.
not too bother about taxes as all properties are 99% owned by my wife(for tax efficiency) as she is homemaker and i am 45% band taxpayer in UK. Thus saving lot in taxes as we get to use my wife's personal allowance.
my question is about keeping those investments as an expat. Will halifax or any other bank even provide BTL mortgage after i have become expat. I remember post Brexit all the banks sent letters stating that they might not be able to offer certain financial products to brits residing in EU countries. WIll they even offer me BTL once I make permanent move to Canada.
I expect Halifax to consent to let. my fix rate deal ending next year....so even if they don't agree i can switch to BTL mortgage next year. house is anyways empty right now as i am in Canada for last 5 months working remotely and getting paid in UK.
not too bother about taxes as all properties are 99% owned by my wife(for tax efficiency) as she is homemaker and i am 45% band taxpayer in UK. Thus saving lot in taxes as we get to use my wife's personal allowance.
my question is about keeping those investments as an expat. Will halifax or any other bank even provide BTL mortgage after i have become expat. I remember post Brexit all the banks sent letters stating that they might not be able to offer certain financial products to brits residing in EU countries. WIll they even offer me BTL once I make permanent move to Canada.
Please be aware that you will be required to pay taxes on world income when you reside in Canada.. and will need to declare any assets you have valued at over $100,000 - so ensure that you have them valued before coming, so that any CGT on selling will be potentially reduced. See our wonderful wiki for more advice on tax implications. https://britishexpats.com/wiki/Category:Taxes-Canada
Sep 24th 2021, 4:16 pm
#5
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Joined: Sep 2021
Posts: 7
Re: Expat Mortgage
Hi Siouxie,
many thanks for your reply. this tax related info is really helpful.
kawal
many thanks for your reply. this tax related info is really helpful.
kawal
Sep 24th 2021, 5:07 pm
#6
dah diddly dah
Joined: Jan 2015
Location: White Rock BC
Posts: 155
Re: Expat Mortgage
It is worth remembering that dealing with UK companies from Canada can be somewhat frustrating. Financial organisations in particular seem to have difficulty using a Canadian post code because, one told me, "their template rejects the format"! Due credit to Canada Post who still deliver letters to us even without a post code but some have taken up to 2 months to arrive. The reason for the delay is not evident as UK postmarks are either unreadable or not present.
Another annoyance is the office hours that some keep, take HMRC tax people for example - 9 to 5. Not surprising but when calling from the west coast of Canada it translates to 1AM to 9AM. Mobile phone plans that include international calls are expensive, Skype is good for calls to UK but doesn't have a call-back number in Canada.
Also, on mobiles, the increasing use of two-factor authentication (2FA) might not work to a Canadian number so we kept a UK mobile contract running just for that and for the occasional incoming call - which is expensive!!
Another annoyance is the office hours that some keep, take HMRC tax people for example - 9 to 5. Not surprising but when calling from the west coast of Canada it translates to 1AM to 9AM. Mobile phone plans that include international calls are expensive, Skype is good for calls to UK but doesn't have a call-back number in Canada.
Also, on mobiles, the increasing use of two-factor authentication (2FA) might not work to a Canadian number so we kept a UK mobile contract running just for that and for the occasional incoming call - which is expensive!!
