overseas mortgages (done to death i know)
Mar 5th 2008, 4:47 pm
#1
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Thread Starter
Joined: Mar 2007
Location: Abu Dhabi
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overseas mortgages (done to death i know)
I have a quick question specific to the above topic..
a *friend* has a newbuild in UK which is completing in approx September 2008.
1. When should they start looking into setting up the mortgage?
2. Is it cheaper for a mortgage if his wife lived in the UK?
3. Are buy to let mortgages much more expensive?
ok ill cut to the chase, they are thinking of getting a normal UK mortgage, stating that it will be his wife's main place of residence.
then rent it out..
Dont shoot me down..
When he says 'thinking' he means the thought has briefly crossed his mind, its prob a daft idea hence feedback from the professionals is appreciated (but without their official hats on, as i know its probably illegal/immoral or something else)
but is it worth the risk v financial gain?
a *friend* has a newbuild in UK which is completing in approx September 2008.
1. When should they start looking into setting up the mortgage?
2. Is it cheaper for a mortgage if his wife lived in the UK?
3. Are buy to let mortgages much more expensive?
ok ill cut to the chase, they are thinking of getting a normal UK mortgage, stating that it will be his wife's main place of residence.
then rent it out..
Dont shoot me down..
When he says 'thinking' he means the thought has briefly crossed his mind, its prob a daft idea hence feedback from the professionals is appreciated (but without their official hats on, as i know its probably illegal/immoral or something else)
but is it worth the risk v financial gain?
Mar 5th 2008, 5:22 pm
#2
Lost in BE Cyberspace
Joined: Sep 2006
Posts: 18,187
Re: overseas mortgages (done to death i know)
I have a quick question specific to the above topic..
a *friend* has a newbuild in UK which is completing in approx September 2008.
1. When should they start looking into setting up the mortgage?
2. Is it cheaper for a mortgage if his wife lived in the UK?
3. Are buy to let mortgages much more expensive?
ok ill cut to the chase, they are thinking of getting a normal UK mortgage, stating that it will be his wife's main place of residence.
then rent it out..
Dont shoot me down..
When he says 'thinking' he means the thought has briefly crossed his mind, its prob a daft idea hence feedback from the professionals is appreciated (but without their official hats on, as i know its probably illegal/immoral or something else)
but is it worth the risk v financial gain?
a *friend* has a newbuild in UK which is completing in approx September 2008.
1. When should they start looking into setting up the mortgage?
2. Is it cheaper for a mortgage if his wife lived in the UK?
3. Are buy to let mortgages much more expensive?
ok ill cut to the chase, they are thinking of getting a normal UK mortgage, stating that it will be his wife's main place of residence.
then rent it out..
Dont shoot me down..
When he says 'thinking' he means the thought has briefly crossed his mind, its prob a daft idea hence feedback from the professionals is appreciated (but without their official hats on, as i know its probably illegal/immoral or something else)
but is it worth the risk v financial gain?
MM, xx
Mar 5th 2008, 8:37 pm
#3
Soupy twist
Joined: Dec 2004
Posts: 2,271
Re: overseas mortgages (done to death i know)
I'd say no. The building insurance would be invalidated, so they'd be running the risk of (say) having the place catch fire and not having any insurance cover for it. And any other considerations aside, I'm reasonably sure it could count as fraud, since they'd have been knowingly making false statements on legal documents for the sake of pecuniary advantage.
Mar 6th 2008, 3:48 am
#4
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: overseas mortgages (done to death i know)
There isn't that much difference in the cost of BTL & main residence costs and your friend would be wise to do things 'above board'. Many lenders will be happy to lend even if the borroweres are resident overseas.
Eeyore is right - the suggestion of making false claims is mortgage fraud, a criminal offence I believe, and insurances would be invalid.
I have a contact that I refer all my clients to for UK mortgages and he is very good indeed. Drop me a line (you should have my email address from elsewhere) and I'll forward the details.
One other point, if anyone requires life assurance for a UK mortgage, but lives overseas you can't arrange this through UK life companies. Again claiming to be resident in the UK on an application form is fraudulent and the policy will be invalid (& hence a waste of money). You need to arrange cover here with an offshore life company and naturally, I can assist with that!
Eeyore is right - the suggestion of making false claims is mortgage fraud, a criminal offence I believe, and insurances would be invalid.
I have a contact that I refer all my clients to for UK mortgages and he is very good indeed. Drop me a line (you should have my email address from elsewhere) and I'll forward the details.
One other point, if anyone requires life assurance for a UK mortgage, but lives overseas you can't arrange this through UK life companies. Again claiming to be resident in the UK on an application form is fraudulent and the policy will be invalid (& hence a waste of money). You need to arrange cover here with an offshore life company and naturally, I can assist with that!
Mar 6th 2008, 2:07 pm
#5
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Thread Starter
Joined: Mar 2007
Location: Abu Dhabi
Posts: 3,968
Re: overseas mortgages (done to death i know)
There isn't that much difference in the cost of BTL & main residence costs and your friend would be wise to do things 'above board'. Many lenders will be happy to lend even if the borroweres are resident overseas.
Eeyore is right - the suggestion of making false claims is mortgage fraud, a criminal offence I believe, and insurances would be invalid.
I have a contact that I refer all my clients to for UK mortgages and he is very good indeed. Drop me a line (you should have my email address from elsewhere) and I'll forward the details.
One other point, if anyone requires life assurance for a UK mortgage, but lives overseas you can't arrange this through UK life companies. Again claiming to be resident in the UK on an application form is fraudulent and the policy will be invalid (& hence a waste of money). You need to arrange cover here with an offshore life company and naturally, I can assist with that!
Eeyore is right - the suggestion of making false claims is mortgage fraud, a criminal offence I believe, and insurances would be invalid.
I have a contact that I refer all my clients to for UK mortgages and he is very good indeed. Drop me a line (you should have my email address from elsewhere) and I'll forward the details.
One other point, if anyone requires life assurance for a UK mortgage, but lives overseas you can't arrange this through UK life companies. Again claiming to be resident in the UK on an application form is fraudulent and the policy will be invalid (& hence a waste of money). You need to arrange cover here with an offshore life company and naturally, I can assist with that!
he does have your email address
