aidan771 Posted January 22, 2015 Share Posted January 22, 2015 Hi all, Hoping that someone can provide advice on this one. Summary: We have a rental property in Sydney that has a mortgage in my wife's name (she is Australian and bought the property 10 years ago before we married). We are currently living in the UK but plan to move back by the end of the year. Currently she is not working but would like to remortgage the property (over 70% equity in the property currently valued at ~$700k. The remortgage will be based on my UK salary (>£120k). We've been told that this shouldn't be a problem however I am unsure as to whether they would need to credit check me here in the UK or from Australia? I have a partner visa and and am a UK citizen so don't have an Australian credit record as not lived or worked in Australia (although have HSBC accounts in Australia). Also not sure if having credit cards debts here in the UK will impact the application? Any advice would be greatly appreciated. thanks! Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted January 22, 2015 Share Posted January 22, 2015 Hi Aidan, Andrew will be tucked up in bed now but hopefully he can help in the morning. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted January 22, 2015 Share Posted January 22, 2015 Hi Aidan, Andrew should be able to better advise than I, but we were thinking of something similar but in reverse, we have HSBC in UK though no longer in Aus, but I had a chat with my bank in the UK about mortgaging in both countries, with HSBC there is a special type of account for this type of personal international banking (sorry can not remember the name/type), basically you need to have accounts in both countries which are linked and have a certain amount of cash/equity in them, this then meant both branch's know about you and talked to each other regarding/assessing your requirements/ circumstances. So maybe that is one avenue to try. Quote Link to comment Share on other sites More sharing options...
Parley Posted January 22, 2015 Share Posted January 22, 2015 I would think the property would have to be changed to be in both names also. I don't think you could have the house in the name of one party with the loan based on someone's income who is not on the title. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 22, 2015 Share Posted January 22, 2015 I would think the property would have to be changed to be in both names also. I don't think you could have the house in the name of one party with the loan based on someone's income who is not on the title. You certainly can over here - the other party is the Guarantor. Quote Link to comment Share on other sites More sharing options...
Parley Posted January 22, 2015 Share Posted January 22, 2015 Don't think they would go for it. He has a salary in the UK today but will leave the UK at the end of the year. So presumably no salary then. They would not accept him as a guarantor unless he has substantial assets in his own name that he could mortgage. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted January 22, 2015 Share Posted January 22, 2015 Hi all, Hoping that someone can provide advice on this one. Summary: We have a rental property in Sydney that has a mortgage in my wife's name (she is Australian and bought the property 10 years ago before we married). We are currently living in the UK but plan to move back by the end of the year. Currently she is not working but would like to remortgage the property (over 70% equity in the property currently valued at ~$700k. The remortgage will be based on my UK salary (>£120k). We've been told that this shouldn't be a problem however I am unsure as to whether they would need to credit check me here in the UK or from Australia? I have a partner visa and and am a UK citizen so don't have an Australian credit record as not lived or worked in Australia (although have HSBC accounts in Australia). Also not sure if having credit cards debts here in the UK will impact the application? Any advice would be greatly appreciated. thanks! Hi It is possible here to use a spouse income even if they are not on the title. Why are you looking to re-mortgage? Do you mean raise funds via equity release? If so have you contacted the existing lender? There are additional requirements for overseas residents however as your Wife is a Citizen this should help meaning that it would be possible to go above 80% in some cases which is usually max for overseas residents. When being assessed in Australia they cannot access your UK credit information and will only run their credit checks in Australia however they will wish to know your UK liabilities and these will be factored in to the servicing calculations. Also with overseas income usually only around 80% is considered to allow for currency fluctuations. There will also be the rental income your Wife achieves for servicing purposes of course. Regards Andy Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted January 22, 2015 Share Posted January 22, 2015 Hi Aidan, Andrew will be tucked up in bed now but hopefully he can help in the morning. I certainly was, why was you not?? Quote Link to comment Share on other sites More sharing options...
aidan771 Posted January 27, 2015 Author Share Posted January 27, 2015 Thanks all for replies. Everything is now sorted using equity release Quote Link to comment Share on other sites More sharing options...
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