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Remortgage UK property from US

Remortgage UK property from US

Old Feb 14th 2007, 4:02 pm
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Default 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
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Old Feb 14th 2007, 5:23 pm
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Default Re: Remortgage UK property from US

Originally Posted by kel.n.issy View Post
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


I did this to purchase a bunch of rental property over here. Only differnce is that I still have income from the UK
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