Originally Posted by Natters108 (Post 11552122)

Hi,
I am a UK citizen, my spouse is from the US.I have applied for a CR1 visa and the application is still at NVC.

I have a property in the UK which is rented out. I understand I will have to declare this income both for the UK and in the US which is fine.

My question is.

After I receive my green card and start living in the USA, If I decide I want to remortgage the property in the future will I still be able to get a buy to let mortgage for my property in the UK from UK mortgage providers?

Originally Posted by JAJ (Post 11552143)

That will be much harder once you are no longer a U.K. resident. Not necessarily impossible, but more difficult.





Pay a dollar in interest to save maybe 35 cents in taxes? Not a good financial strategy, usually.




They are, but as far as I understand that's deferred to 2017. In any case, that wouldn't really affect you since any tax you pay to the U.K. would likely offset against your U.S. tax.

What's much more important is that if you sell the property after becoming a U.S. tax resident, you will have to pay capital gains on the entire gain. Unless you have lived in it for 2 years out of the last 5, even then there may be some tax to pay.

Of course, you should compare this to the U.K. capital gain you would pay either if you sell the property before becoming U.S. resident, or afterwards. Take into account that non-residents must be outside the U.K. for 5 years to escape the capital gains tax net and they are going to tax appreciation from April 2015 regardless.

One further issue to consider. If you keep the property in the U.K. it will always be subject to U.K. Inheritance Tax, even if you lose your domicile in the United Kingdom.

Have you considered selling the property?

Originally Posted by Natters108 (Post 11552154)

I plan on investing the money on a property in USA which I will rent out, so this should more than pay the interest.


I don't want to sell the property as we are planning to return to the UK in the future.

Originally Posted by SarahG (Post 11552226)

We remortgaged 2 years ago for our UK property that we let out and we got a really good rate from Halifax. Our fixed rate is up this year and we plan on selling the house.

Originally Posted by Cook_County (Post 11553615)

Don't forget that a future repayment of a Sterling mortgage may trigger a taxable foreign currency gain in the US, which could result in a substantial tax bill...