Remortgage UK property from US
Feb 14th 2007, 4:02 pm
#1
Forum Regular
Thread Starter
Joined: Nov 2006
Location: Blackpool-chesterfield-Colorado
Posts: 159
Remortgage UK property from US
Has anyone else tried to remortgage their UK Property (ours is currently being used as a rental property and will continue to be so whilst we are here).
We currently have a smallish mortgage and lots of equity in the property
I dont want to sell it but due to the lack of credit history we have I think we should pull some funds out of it to be able to put 20% down here in the US which stands us in better stead of getting a good deal on a mortgage.
The mortgage company we currently used said as we had no employment in the UK they would be reluctant and as the rent would just covers the mortgage and no other income coming in it could be a lengthy process.
Just wondered if anyone had any advice on this.
issy
We currently have a smallish mortgage and lots of equity in the property
I dont want to sell it but due to the lack of credit history we have I think we should pull some funds out of it to be able to put 20% down here in the US which stands us in better stead of getting a good deal on a mortgage.
The mortgage company we currently used said as we had no employment in the UK they would be reluctant and as the rent would just covers the mortgage and no other income coming in it could be a lengthy process.
Just wondered if anyone had any advice on this.
issy
Feb 14th 2007, 5:23 pm
#2
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Remortgage UK property from US
Has anyone else tried to remortgage their UK Property (ours is currently being used as a rental property and will continue to be so whilst we are here).
We currently have a smallish mortgage and lots of equity in the property
I dont want to sell it but due to the lack of credit history we have I think we should pull some funds out of it to be able to put 20% down here in the US which stands us in better stead of getting a good deal on a mortgage.
The mortgage company we currently used said as we had no employment in the UK they would be reluctant and as the rent would just covers the mortgage and no other income coming in it could be a lengthy process.
Just wondered if anyone had any advice on this.
issy
We currently have a smallish mortgage and lots of equity in the property
I dont want to sell it but due to the lack of credit history we have I think we should pull some funds out of it to be able to put 20% down here in the US which stands us in better stead of getting a good deal on a mortgage.
The mortgage company we currently used said as we had no employment in the UK they would be reluctant and as the rent would just covers the mortgage and no other income coming in it could be a lengthy process.
Just wondered if anyone had any advice on this.
issy
I did this to purchase a bunch of rental property over here. Only differnce is that I still have income from the UK
