Ben12345

Hi guys, Hoping someone can help. Is it possible for me to get a buy to let mortgage in the UK while i live in Australia? I want to buy a property for my retired mother to live in and wondered if anyone has ever bought property before and what the max LTV is etc? What proof of earnings they look at from Oz? Thanks for your help.

That’s the problem. There’s no equity in there so I doubt they would allow this. They would lose money.

Thanks Ken. I bought the property to live in initially so does that mean I wouldn’t be able to claim on it?

How can you claim 100% if it’s interest only? In the past I was told I could only claim on the different between the rental income and the mortgage payment and any home Improvements.

Yea I can overpay as much as I want to reduce the principle. That’s a good point about the interest, its 4.38. variable. I was told by an accountant to not over pay and keep my saving and try to get depreciation tax on it but I don’t think that would make me better off.

Yea I’d just overpay. I just checked and there’s actually 20 years left on the secured amount and 14 on the unsecured. Painful how long it is, not sure if it’s worth trying to pay it off earlier or saving my cash here. Might be worth speaking to a financial advisor.

Thanks mate.

If I was to sell I’d be paying approx $700 per month on 30k shortfall. Prob best I keep renting as I’ve been ok the last 8 years. It’s currently on IO but I’ll change it to repayment and just pay it off. Rental income covers about 80% of the MRP.

The market in the north east hasn’t moved from what I’ve seen and yea had it valued recently.

That would be nice! Lucky yours made some equity, I thought mine would have risen a bit in 8 years. So you don’t need to pay anything upfront? Thing is if I contact them then lender might find out I’m in Oz which I don’t want.

Yes it was then they changed to NRAM. That’s great, how long has that been going on and what have they advised? I’ll have a look. Cheers.

It’s one of those deadly together mortgages so not a chance I can sell it. Yea you’re probably right. Thanks for the advice everyone!

I rent it out but the lender won’t give consent so I do it on the side. Worrying if they ever found out. Don’t have any choice. Got the property just before GFC so it’s 20k Gbp In negative equity and all the repairs add up. Another 14 years left to pay and the prices have never risen in the last 8 years. Im what is called a mortgage prisoner over there. Suppose I’ll just have to live with it.

Hi not sure if anyone can help but I am a citizen of Australia and have a property in the uk that I am stuck with as it’s in negative equity and I can’t sell it. I’m thinking of stopping paying the mortgage and letting it get repossessed but worried if I will be chased the money owed here in Oz, can that happen? Thanks.