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Found 164 results

  1. Hi - just wondered if anyone had any experience of arranging a buy-to-let mortgage on their UK home before the move to Oz. Our house has been on the market for a few months, but its very sluggish and so we were weighing up the possibility of borrowing against this house to take cash out to Oz with us (and still have security of property back here). The figures are good, but we can't find a lender willing to let us fly off with their money! Thanks.
  2. Hi all, This is my first post, have been a lurker for a while, since we started thinking about returning. We have been here 13 years now and Oz has been fab for us, but on our last couple of visits back we have felt the pull of home, so hoping that sometime after Xmas we will be able to make the move back. We came with just a few boxes of personal stuff and will return with a 5 bed house full of furniture, 2 cats and 4 kids!! Not to mention the experiences we've had, money and friends we've made. Can anyone share their experiences of buying in the UK once they return please, especially how they obtained a mortgage ? And what you needed to get it? I realise we will find it difficult having been away so long, as will have no credit history or work history. My OH would be going to a job but I imagine he would need a few months payslips before they'd consider us. Rentals big enough for a family of six seem hard to come by in the area we are returning to and we feel our children would settle better if it was our own place and we could start putting down roots, so we would love to be able to buy our own place ASAP. Thoughts / experience / advice appreciated - thanks
  3. So I think its fair to say that a hot topic at the minute seems to be the cost of living - be it either the UK or Oz! My query is slightly related to this in that I'm not sure how much we should budget for rent and eventually a mortgage when living in Oz. We are moving to Melbourne in June with our two boys who will be 6 & 7, although it adds pressure to the move we want to at least try to get it right first time, we don't want to have to move the boys from school to school just coz of our to our lack of planning! To start off with I will be the sole earner on about $80k (with the potential to rise to about $120k in a few years time). We want (as I'm sure many others do!) to live in the best area we can afford, with a good school(s) close by and we also need to be able to afford to rent and eventually buy there. In the UK we spend around 21% of our joint (gross) income on our rent, is it safe to assume we can do the same in Oz or would we be way off the mark? I know there are so many variables to this but how do we know where to start looking if we don't know what we can afford!?!?!
  4. Hi How are you all? I wonder if anyone can advise of a good mortgage deal for expats living in Oz. We have a house in the UK and our bank have informed us that our permission to rent is ending at the end of October. Meaning they want to increase our mortgage rate from 3.75% to 7.5%. There is no way we can pass this huge increase onto our tenants or indeed pay this extra ourselves. Does anyone have any contact details for a good independent mortgage advisor, or know of any good deals out there? thanks!
  5. Hi all, just a bit of info to share. I have just contacted our mortgage lender, natwest, to enquire about getting consent to let our house. They said they need to send us a lettings pack, which are sentbp out every Monday from their central office, so it might not go until a week on Monday. This will have all the info, and conditions we have to meet, if we meet everything we then fill in some application which they will assess and then if ok, we pay £100 and they grant it. So if like us, you are leaving everything to the last minute, give yourselves 2 or 3 weeks at least just to sort this out! I'll let you know more when I do. :-)
  6. whoiam

    how long for completion.

    Hi guys--I've never sold a house in my life and have bought only one so I'm trying to get some insight into the timescale for conveyancing and completion. We've accepted an offer on our house yesterday(albeit 12k below what we paid for it). We were hoping to leave for Oz next month and haven't yet booked our tickets(which is a good thing now). How long does it have to take for completion etc. Is it possible in 4 weeks? BTW the buyer has no chain but needs a mortgage.
  7. Hi All, After a little help please. Okay so, my wife and her father have a financial business and I am thinking of trying my hand at Insurance Brokering. What I would like to know is what qualifications should I be aiming to complete? I have seen a diploma of financial planning which looks like it would be the right thing but just not sure? Also my wife has her CeMAP which is currently not being used but if she used it for a few years before trying to get over to Oz would that be enough to get us over & also would her skills (and mine if I trained as a Insurance Broker) be sort after? We are looking at Brisbane. Thanks in advance. Dean
  8. Has anybody who is a contractor or self employed managed to get a mortgage without having to wait two years?? Who was it with? Would love to hear from you if you have.
  9. i been looking into buying some property in the uk as investments and have come up against a hurdle, ex pat mortgages are tuff to find and then we have been informed we cant buy in the uk with a UK mortgage buy to let, as there is a corporate law 2001 that prevents residents in Australia buying property in the uk unless they use Australian banks or unless they work for multinational companys anybody know a way to jump the hurdle, i have an offshore bank account and was thinking of setting up an offshore company and buy through the company or set up trust funds for the kids 2 of whom still live in the uk Thanks for any help:spinny:
  10. Hi We are moving to Perth next year on a state sponsored 176 visa. We will be selling up everything in the UK – which won’t be a great deal, but we’re hard workers and preparing to start again with the aim of providing a better quality of life for the whole family... However, we have a stumbling block that needs sorting because the worry is starting to take its toll: 6 years ago we bought a very small village house in Spain, purely as a pension for us. For the last 3 years we haven’t been able to let it (there are hundreds of empty houses and apartments in this area now after a huge building spree) and after 3 bad tenants we decided to put it up for sale. Unfortunately, the recession has hit tremendously and there is no work there. Houses are being sold for half their value maximum. The exchange rate has crippled us as we are making monthly mortgage payments. We can’t sell it despite it being on with 10 agents. The last year we have negotiated an interest free period which we have had to pay for by taking an extra evening job. The bank is not helpful and there are thousands of people like us in the same boat. Now we are at the end of the road. After going back and forth we cannot feasibly take this mortgage to Australia. If we hand back the house, we will still owe about half the mortgage due to the huge slump in property. Even when we sell up in the UK, we wouldn’t have spare money to put towards it. We’re trying to do everything the ‘right’ way, but we don’t know how things will pan out. What we really need to know is how this could affect us in WA. We have read that mortgage and finance companies don’t/can’t look at foreign debt and that credit is built up from scratch? But, what really concerns us is that because we are on the 176 visa we will have all our details available for the first 2 years. Would a default be traced? Or even something put on our passports if we travelled back to the EU that might show? And, how about in 4 years when we apply for citizenship? It’s all ‘what ifs’, but the whole thing is just a hugely bad experience. We don’t want to blow the best chance we have of changing our lives by this. Any advice, information or relevant stories would be really useful. Many thanks in advance.
  11. Today started off really good with our agents calling to say first batch of paperwork for visa ready to go to Australia, so exciting but my nerves are dreadful at same time! Then the bad news followed - mortgage company finally gave us an answer on our current situation and now we are left in limbo, no idea what to do. Here are some facts - 1. The current crappy UK market values our house at £112-114k at best! (We paid £122k just a few years ago so this shoves us well in to negative equity). Initially they agreed to waive the £4500 early repayment charge if we sold before 2014 when due to remortgage, they have now gone back on this meaning that we are expected to pay the repayment fee plus any shorfall (estimated at at least £8-10k) at the time of selling or they will refuse the sale full stop! We cant afford to pay that amount of money in one go as it would take all our savings leaving us with nothing to move with. We tried negotiating to make a payment plan monthly for the shortfall and the fee but they refused totally and seems no room for negotiation. The most devestating part is we have already spent at least £10k on it over the last 3 years and its added no value at all because of the market - may as well have just set fire to £10k!!!! 2. To rent this house out means spending at least £3-4k on it to get it landlord approved etc and it will only bring us a maximum of £500 per month. The mortgage is £675 a month so even if we were in a position to rent, we would have another type of shortfall to pay to cover costs etc. Has anyone else been in a similar or same scenario and what did you do?? I am not willing to give up on the dream of moving to Australia and am not happy to postpone our visa application as the guidelines keep changing so much each year that one year the goal posts wont just have moved, they will have closed!!!! Plus there is no guarantee that this house will have improved in value if we wait another year, two years, 5 years.......... I just feel so deflated having had such good news this morning. It feels like one step forward, ten steps backwards!! Do we give up on the dream, stay in a house thats worth nothing and eats every penny we earn just to keep it going and be miserable knowing we will regret this? Do we hang on and start application again in years to come hoping goal posts are still flexible but not knowing if house price will improve? Do we try and negotiate with mortgage company even though they have flatly refused any flexibility or compassion? I wish we had never gotten the mortgage full stop as it seems the only thing flattening our dream!!!:frown:
  12. Hi Guys So we havent been successful at selling our UK property and with our impending move to Oz (next week) we need to rent, we have a standard UK Mortgage with HSBC does anyone else have a property with these guys and rent it ? and did you inform them you were renting it I hear they will let you rent for 12 months but then want you to convert to a Buy-To-Let Mortgage ? From researching on the net I find a lot of people rent and dont tell the mortgage company I dont think its a great idea as technically they own the house ! I fear my head will explode in the next week... Cheers Jess and Matt
  13. Hi, My family and I are looking at heading over to Perth (transfer to the RAN) Jan 13 all being well. An opportunity has come up here for me to get a property cheap, with guarenteed tenants. If I took out a mortgage here in the UK what effect would that have on obtaining a second mortgage in Australia. Do the two financial systems work together? Do banks even check international debt? I have no idea where to even start looking! Thanks, Chris
  14. Guest

    Aussie mortgage

    hi guys we're heading out to perth the end of jan(just changed flights), we have permanent resident visa's...just wondering how long after being in perth would we be able to get a mortgage..obviously dependant on how soon hubby gets a job...but do you have to be in the country 6 months etc before u can buy?thanx
  15. Can anyone pass on information on how easy it is to get a mortgage in Australia, we are hoping to move over next year on a 176 but if I keep getting 7's on my IELTS reading we will have to go for the 475 visa.
  16. jamesandsarah

    mortgage mulltiples

    Hi we are looking at emigrating but will need a mortgage to purchase our home, I am an electrician and Sarah is a Mental Health Nurse, We have been told that jobs should not be hard to find we are flexible and willing to work. We ideally would like a 4 bed property and looking at the prices a new build is approx 400K, does anyone know how the mortgages are assessed? i.e income multiples or affordability? we probably wont have a large deposit, due to the declining prices in the uk any help would be much appreciatied:cool:
  17. HI, We are looking at moving back to the UK, and would like to get back into the market as soon as possible when we get back. But we are worried about problems with getting a mortgage after being out country 4 years and not having any UK wage slips etc.... straight away! Is there a time limit before we can apply? And has any one else had a similar experience to us? We would also have 20% deposit to put in to the property. Thanks Sarah
  18. Guest

    paying mortgage from oz

    hi just wondering if its possible to pay our mortgage from oz? my husband has been offered a job in perth and they want him asap, we still have older children living at home so cant sell the house yet, do we have to tell the mortgage that we have gone because we are not renting out just letting our children live here untill we decide its the right time to sell up, any info will be much appreciated
  19. Guest

    Moving to Ballarat

    Hi everyone! My family an I are moving to Oz in January and are really looking forward to it!! We have most things in hand, Dale of house container and flights booked!! The only thing we're having issues with is sending the dog(trying to get him there before the rabies jab comes into play) and the other is finding a property! We are hoping to buy but it seems we can't do that till we have been there for several months. Do you qualify as a first time buyer ? Even though you have owned a property in the uk? If anyone has any advice on this, it would be greatly appreciated! Cheers!!
  20. Hi, we are looking to rent when we first land in Perth, however I would like to buy soon. How easy/difficult is it to get a mortgage out there? :jiggy:
  21. Guest

    Mortgage Brokers

    If you are looking for an advice regarding mortgage then there is nothing better than taking the assistance of independent mortgage brokers. Unlike many mortgage brokers that are tied to specific lenders, independent mortgage brokers have good working relationship with all the lenders. Therefore, independent mortgage brokers suggest you lot more options as compared to other mortgage brokers.
  22. Cost of living pressures have pushed levels of mortgage stress to an all-time high, a report says. The September edition of the Genworth Streets Ahead report, released on Wednesday, found 25 per cent of borrowers had struggled to meet a mortgage repayment in the past year. The result was up four percentage points from the previous survey undertaken in March. 'Current economic uncertainty and increases in living costs have seen stress rise to unprecedented levels in the six months to September 2011,' the report said. 'No previous survey has seen mortgage stress levels hit 25 per cent, not even during the depths of the GFC (global financial crisis).' Levels of mortgage stress have been on the rise since calendar 2010 when interest rates began rising, the figures showed. 'The main drag on homebuyer confidence in this period is the increasing concern among homebuyers about their ability to repay their mortgage in the future,' the report said. 'This, in turn, is likely underpinned by media attention on domestic and global economic conditions affecting consumer sentiment, despite many strong domestic economic indicators for property markets.' Mortgage stress was the primary reason for the Genworth homebuyer confidence index falling 1.9 index points to 94.4 points in September. This represented a two per cent decline from the previous survey in March this year, the report said. I'm sorry but do people not factor in rate increase when taking out a mortgage:sad:
  23. I've had a mortgage for several years, and have had consent to let to rent out my flat to tenants for the last 3 years. I'm now thinking about moving to Australia - do I have to tell my lender? I've heard rumours that they are not happy about lending to expats in Aus (though I obviously already have my mortgage in place). Also, I currently have tenants, but in a few months time my friends are going to move into my flat for a while. Do I have to tell my mortgage provider who is staying there? Surely it's up to me where I live, and who lives in my flat as long as I still pay the mortgage?! Especially since I have permission to lease. My concern is that telling them anything these days opens up an opportunity for them to increase my mortgage rate (it's not currently fixed). Thanks!
  24. So we are now almost resigned to letting the house out due to the current property market difficulties. I decided to start asking around buy to let lenders, only to face a problem immediately - I spoke to Skipton who will only lend to UK residents. Yes, we are residents currently, but apparently we aren't allowed to live abroad at all! This is very worrying and currently I'm too upset to ask around any more lenders. Has anyone managed to arrange a BTL mortgage, with the lender knowing you'll be abroad? Someone must have done it, you can't all be sneaking around not telling mortgage companies what you're up to! Maybe we should just stay here :cry: ETA should have said we're going on a 457. IF we go (
  25. How much could a family of four afford roughly for a) maximum mortage amount b) monthly mortgage repayments if the familys income was roughly 140K AUD (before any deductions) 200K AUD (before any deductions) Just trying to get a feel for the prices of houses we should be looking at & what we could afford. Obviously rent to begin with but scared about being out of the property ladder for too long. (probs looking at a 25 year mortgage)
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