Anyone capitalised on overseas property?
 

I hope I've phrased that properly. I don't have the savings to meet the deposit requirements on the sort of house I want to buy and I don't want to sell my London home just as prices seem to be going up.

I have a very low mortgage on my UK house and could easily afford to increase it. Anyone any experience of this? My mortgage company doesn't know I'm overseas so that could be a problem. (Rental income all kosher with the IRD though in case you were wondering;))

Be interested in other ideas for finding the depost too. I have a guy from Westpac coming round on Monday to give some advice.

Re: Anyone capitalised on overseas property?
 

Hi, we have just bought, we did have a fairly decent deposit though.
We got half of our deposit by taking further funds from our UK mortgage, the repayments are covered by the rent the tenants pay, however this was set up when we moved our mortgage 2-3 yrs ago.
We did tell them we are renting here but actually got advised by a mortgage adviser not too, trouble is we are too honest :(
I'm sure they would extend your mortgage without too many problems and how would they know you are here, unless you had to do a interview

I'm not an expert in any way though

Good luck

Re: Anyone capitalised on overseas property?
 

We remortgaged before we came out, the Post Office were happy for us to be overseas, and their rates weren't too high for buy to let. I also found an insurance broker that specialises in overseas landlords, as that's turned into a niche market in the last two years. If you search my posts you'll find their details. Hope this helps.

Re: Anyone capitalised on overseas property?
 

Wow that's helpful - thank you both. It's nice to know that it's possible.