Rich in Perth Posted October 1, 2013 Share Posted October 1, 2013 Hi guys In short it will take me until about about age 239 to save enough for a house in Perth, so I'm looking to buy in the UK as an investment for now. Trying to get a mortgage is proving an absolute nightmare, just because there seem to be no products at all available. Can anyone recommend any building society or bank who do a mortgage for UK properties on a buy to let basis for people living in Australia (in particular if you've done it yourself)? Cheers Rich Quote Link to comment Share on other sites More sharing options...
Fisher1 Posted October 1, 2013 Share Posted October 1, 2013 Hi Rich Sorry to pour cold water on your idea but dont get your hopes up! I lived in Belgium for years, and tried on many occasions to get a mortgage out of a UK bank for a UK property. Given that I was seconded by a UK govt. department during this time and had a regular salary paid into a UK bank account, I was aghast when I found out that nobody seemed prepared to give me a mortgage. This was at a time when banks were handing out mortgages to all and sundry on the flimsiest evidence (in some cases) of income. We were even turned down when we had a 60% deposit! If you are serious about it, the only route I can suggest is through a mortgage broker who specialises in expat mortgages. (I did know someone who actually managed to get a mortgage on a property in the UK but am unsure what sort of guarantees they provided.) If you use a broker it will cost you a couple of hundred pounds, but they are best placed to find their way through the current minefield and also will be able to tell you fairly quickly if it is hopeless. Good luck! Quote Link to comment Share on other sites More sharing options...
Rich in Perth Posted October 2, 2013 Author Share Posted October 2, 2013 Thanks Fisher I think I've found a broker who will do this. There are some products out there but very few which is irritating! Hi Rich Sorry to pour cold water on your idea but dont get your hopes up! I lived in Belgium for years, and tried on many occasions to get a mortgage out of a UK bank for a UK property. Given that I was seconded by a UK govt. department during this time and had a regular salary paid into a UK bank account, I was aghast when I found out that nobody seemed prepared to give me a mortgage. This was at a time when banks were handing out mortgages to all and sundry on the flimsiest evidence (in some cases) of income. We were even turned down when we had a 60% deposit! If you are serious about it, the only route I can suggest is through a mortgage broker who specialises in expat mortgages. (I did know someone who actually managed to get a mortgage on a property in the UK but am unsure what sort of guarantees they provided.) If you use a broker it will cost you a couple of hundred pounds, but they are best placed to find their way through the current minefield and also will be able to tell you fairly quickly if it is hopeless. Good luck! Quote Link to comment Share on other sites More sharing options...
runslikeafish Posted October 3, 2013 Share Posted October 3, 2013 I have looked into this a bit and it is possible. I can't remember offhand the names of the brokers (not that helpful I know - sorry) but a quick Google search should sort you out. I found about 4 brokers who did it and several banks, Barclays I know being one of them. Note that whilst it is possible you won't get the best mortgage deals available which I think isn't particularly surprising. If you're really struggling to find any brokers let me know and I'll see if I can dig up my old enquiries. ...alternatively, if you're looking to buy an investment property, you could always buy one in a cheaper area of Aus? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.