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Found 6 results

  1. Hi All, I've been reading posts for many months now where people have struggled with the restrictions around providing UK buy-to-let mortgages to UK expats in Australia. Largely the difficulties arise because the mortgage provider is required to be regulated both in the UK and Australia, meaning they need a presence in both countries. This significantly limits the size of the market. Prices for these products quoted to me by brokers have been much higher than equivalent products provided to UK residents. Further the broker fees have been in the thousands, not hundreds. This might be a familiar story for some of you, or at least it will become thus in the not too distant future. The good news is that I've just had a really positive experience on this front. After speaking to many brokers and being provided with higher level interest rates and exorbitant broker fees, i was able to find a solution that was equivalent to what i would pay and receive in UK. I've just completed on the mortgage. The answer was that I engaged directly with HSBC UK. The only difficulty was the fact that I had to do it all myself without a broker. On the flip side it gave me access to exactly the same products UK residents receive. In doing so i'm saving a lot of money and have been able to secure a long term fixed rate mortgage so I can carry on out here in Australia and not have to deal with this headache again for quite some time. To the details. HSBC offer 2 avenues for mortgages to Ex pats in Australia: The first route is via an Ex Pat mortgage through HSBC Expat. This one was prohibitive for us as it requires a certain amount of capital (i believe it was £60k+, maybe more) to set up an HSBC offshore expat account. This might be appropriate for someone with money sat around. The second route is via a regular buy-to-let mortgage route. The website link is here: https://www.hsbc.co.uk/1/2/mortgages/buy-to-let-mortgages Please note the eligibility criteria. Critically you need to have lived in the house at some point since you bought it for at least 6 months - so this mortgage doesn't suit you if you are an overseas landlord looking to buy an investment buy-to-let. Also when we applied as an overseas landlord the minimum annual salary requirement (single or joint, depending on the application), was £75k - although i cannot find the requirement on their website anymore so perhaps things have changed since we started the process in January. They also say that the rent must be 145% of the mortgage repayments. I'm not sure whether this has changed since we started our application but they were only looking for 145% of the interest portion of our capital repayment mortgage when we applied. The whole process took about 8 weeks from start to finish and it was painful because of the speed of mail and general lack of competence of some of HSBC staff. Note that we had to get some documents notarised here in Australia which cost about $150. The only document that we actually had to send by post was the signed mortgage deed. Everything else we were able to scan and send. We had our managing agent for the UK property issue the current tenancy agreement directly to the conveyancing company which was acceptable. This was a welcome relief to us, we are able to save at least £200 a month on what the brokers were quoting with this HSBC product, which over the long term is a really meaningful saving. I'd be more than happy to answer any questions or provide additional feedback on the process if anyone's interested. Cheers, The Ozzie Pom This post has been promoted to an article
  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

    Hi All, I've been reading posts for many months now where people have struggled with the restrictions around providing UK buy-to-let mortgages to UK expats in Australia. Largely the difficulties arise because the mortgage provider is required to be regulated both in the UK and Australia, meaning they need a presence in both countries. This significantly limits the size of the market. Prices for these products quoted to me by brokers have been much higher than equivalent products provided to UK residents. Further the broker fees have been in the thousands, not hundreds. This might be a familiar story for some of you, or at least it will become thus in the not too distant future. The good news is that I've just had a really positive experience on this front. After speaking to many brokers and being provided with higher level interest rates and exorbitant broker fees, i was able to find a solution that was equivalent to what i would pay and receive in UK. I've just completed on the mortgage. The answer was that I engaged directly with HSBC UK. The only difficulty was the fact that I had to do it all myself without a broker. On the flip side it gave me access to exactly the same products UK residents receive. In doing so i'm saving a lot of money and have been able to secure a long term fixed rate mortgage so I can carry on out here in Australia and not have to deal with this headache again for quite some time. To the details. HSBC offer 2 avenues for mortgages to Ex pats in Australia: The first route is via an Ex Pat mortgage through HSBC Expat. This one was prohibitive for us as it requires a certain amount of capital (i believe it was £60k+, maybe more) to set up an HSBC offshore expat account. This might be appropriate for someone with money sat around. The second route is via a regular buy-to-let mortgage route. The website link is here: https://www.hsbc.co.uk/1/2/mortgages/buy-to-let-mortgages Please note the eligibility criteria. Critically you need to have lived in the house at some point since you bought it for at least 6 months - so this mortgage doesn't suit you if you are an overseas landlord looking to buy an investment buy-to-let. Also when we applied as an overseas landlord the minimum annual salary requirement (single or joint, depending on the application), was £75k - although i cannot find the requirement on their website anymore so perhaps things have changed since we started the process in January. They also say that the rent must be 145% of the mortgage repayments. I'm not sure whether this has changed since we started our application but they were only looking for 145% of the interest portion of our capital repayment mortgage when we applied. The whole process took about 8 weeks from start to finish and it was painful because of the speed of mail and general lack of competence of some of HSBC staff. Note that we had to get some documents notarised here in Australia which cost about $150. The only document that we actually had to send by post was the signed mortgage deed. Everything else we were able to scan and send. We had our managing agent for the UK property issue the current tenancy agreement directly to the conveyancing company which was acceptable. This was a welcome relief to us, we are able to save at least £200 a month on what the brokers were quoting with this HSBC product, which over the long term is a really meaningful saving. I'd be more than happy to answer any questions or provide additional feedback on the process if anyone's interested. Cheers, The Ozzie Pom
  4. Devonshire Dumpling

    Getting a UK mortgage after 7 years in Aus

    Hi there, just wondering if any one had any suggestions or info regarding UK mortgage lenders that are likely to lend to a UK citizen who has been living in Aus for the past 7 years. My partner and I are returning to the UK for good in 2018 and would like to purchase a property before we return so it’s ready to go when we arrive. We would be seeking a residential mortgage as opposed to buy to let as we would be living in the property. Just looking to see if anyone has been in a similar situation and whether they have any tips or advice as to mortgage lenders etc. thanks all ?
  5. Hi All. I wondered if anyone could pass on some advice. In 2007 we left the UK. We attempted to sell our UK property, but sadly were unable and in August 2008 we rented the property. We still own this property today. Our mortgage is a buy to occupy mortgage, but the company has a facility to allow you to rent the property our under certain circumstances. (Relocation). Their patience is wearing thin. They don't have any Buy to Let products. I've been in touch with a Mortgage Consultant in the Uk, but they only want to deal with UK residents. The rules for non residents are quite different he says and as such we've been put in the 'too hard basket'. We want to keep the property but it seems like we are going to have to remortgage it. Does anyone have any good advice or contacts which you have used in similar situations, being non resident in the UK and needing a UK mortgage? Many thanks. Chris.
  6. 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
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