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About Aussiepom

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  1. Aussiepom

    UK Buy to Let Mortgage Solution

    And for any of you who did take out an HSBC mortgage, take a look at this article. You may be able to save a big wad of £££
  2. Hi All, Those following UK media will know that due to changes of CGT rules for UK property, there's been a flurry of real estate transaction activity over the last few months. Mortgage companies have started significantly dropping their rates For those of you who followed my article from 2018 and are currently enjoying an HSBC mortgage. You may like to learn that 2 weeks ago HSBC performed some significant rate cuts. In fact they were so significant that the money saved by the rate cut was double the 'early exit fee' that was due because to switch meant breaking out from the fixed term early. The process is very simple you just to go the landing page of your HSBC Mortgage account. In there you'll see a 'Manage' button. Click that and you have the opportunity to "start a rate switch". It's pretty easy from there. Benefits = I save approximately £3k over 2 years I extend the mortgage term for an additional 5 years, so: No no more sleepless nights worrying how I'm going to find a low cost mortgage without having to deal with a broker and pay broker fees No effort in getting documents notarised No spending 4 weeks going back and forward with conveyancers No need to get the property re-valued Here's my original topic below (sorry i put it in Renting and Real Estate, @The Pom Queen i don't suppose you could please move it to Money and Finance) Enjoy
  3. Aussiepom

    UK Buy to Let Mortgage Solution

    I just thought i'd make a follow-up post here to highlight that it looks like HSBC have changed their rule again to allow for rental income level being 125% of amount repayable for basic rate tax payers rather than the 145% it was. This is significant because many of you in Australia will be on basic rate in the UK as you will only be counting UK property rental as your income. My 2018 experience was that they were only counting the interest portion for the 145%, not sure if this is changed. My original post is still valid. This is still a viable mortgage solution for expats that is significantly cheaper than any other solution available. If you satisfy the requirements it will be far far far cheaper than using a broker.
  4. Aussiepom

    UK mortgage while in Australia

    See this article here. It's an older thread but it's still relevant today.
  5. Aussiepom

    UK Buy to Let Mortgage Solution

    Really does depend on your long term objectives. We want to keep our UK property because we may want to use it in the distant future and we're quite happy with it slowly paying itself off. In terms of dealing with the headaches of renting. We use a fully managed letting service which means that all the annoying things get dealt with by the letting agent, we just have to cough up money when things change. It's no big deal for us and they're a trustworthy ARLA registered agent. The mortgage interest we pay is deductible here which is nice as it was being reduced just when we left the UK. In terms of income tax, we went through Alan Collett (and the firm he works with) for the Aussie returns, we do our own UK self assessment tax. Our only UK income is from property (total income is less than our joint UK tax free threshold) and it's pretty easy to do once you know how to do it.
  6. Aussiepom

    Remortgaging UK Property whilst in Auz?

    see my post above about UK buy to let mortgage solution. I got a UK highstreet mortgage here in Aus, paying a nice low interest rate and 400 quid in fees.
  7. Aussiepom

    UK Buy to Let Mortgage Solution

    HI There, I wrote an article about this approx 2 years go: At that time (and presumably now), subject to conditions, you are able to purchase a UK mortgage through HSBC. I.E. a product for the UK highstreetnot an expat through their expat division. I did have to hang up and call again a few times to get past idiots but it was possible and I wasn't the only one on this forum successful.
  8. Aussiepom

    Remortgaging UK Property whilst in Auz?

    It may be too late but I posted this in 2018:
  9. I may be too late here... but there is an option to get a BTL mortgage through HSBC and likely Barclays at UK interest rates. I’ve written an extensive guide in how to do this in 2018 when I remortgaged with HSBC.
  10. Aussiepom

    Rental income from UK

    Call HMRC. They're really good +44 161 931 9070 They will be able to help you with this one.
  11. Aussiepom

    Rental income from UK

    If you are a British citizen you will still have your UK tax free threshold. You may not have to pay tax in the UK if the property rental income (minus expenses) is less than your UK tax free threshold. Notwithstanding this you do need to submit a self assessment tax return containing the high level P&L details (you can do this on a 'cash basis'). If you've not registered for self assessment tax in the UK i'd hop to it quickly as you will be required to declare the income even if you do not pay tax on it. You will have to declare the Income in Australia and the chance are you will end up paying a little tax on it, so be prepared for this. Depending on the age of the property and recency of any major building work done to it, you may be able to get a depreciation report done, which can be treated as an expense in your P&L. All of this is relevant to the Australian tax return though (provided you're not obligated to pay tax in the UK due to being above the threshold)
  12. Aussiepom

    Bridging visa on 820/801

    The bridging Visa takes effect when the tourist visa expires as stated above. The key is to understand what makes it expire: If you enter Australia it expires 3 months from the date of entry. unless; You leave Australia and re-enter; in which case the 3 months will start again and expire at the end of 3 months This cycle will continue until the last date of entry, so theoretically the the last possible expiry date is roughly 1st may 2022 Bridging visa kicks in upon expiry so to get on to the bridging visa asap, then you'll need to stay in Australia (i.e. no trips to New Zealand, Bali, or wherever) for 3 months. The bridging VISA will give you work rights if your sponsor is an Australian citizen. You'll also be able to apply for medicare. (these were the facts 12 months ago, not sure if things are different now)
  13. Aussiepom

    UK Buy to Let Mortgage Solution

    Great Update QuantitySurveyor. Glad to see some positive progress. Wishing you all the best with it.
  14. Aussiepom

    UK Buy to Let Mortgage Solution

    I had previously been an HSBC customer but was not one at the time of application. It may be that my status as a previous customer eased the process of ID verification or AML requirements but i just don't know i'm afraid. Perhaps go in and have a chat with them, see what they say?
  15. Aussiepom

    Refused Need Help

    Haha, that's just too funny.