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drewby

Looking to Remortgage UK Property

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Having just received confirmation that my PR has arrived, I now want to remortgage my property in the UK.

 

There are no financial issues (thankfully) which should cause issues, but I'm struggling to find a lender with decent rates who doesn't require me to leave Australia when the new mortgage application is submitted.

 

This seems entirely bizarre to me: needing to go abroad (from Australia) in order to apply for a remortgage in the UK. Has anyone else experienced this, and/or could anyone please suggest a good company to use?

 

Many thanks

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Sorry drewby I am not able to assist.

 

Attention Mods - Are you able to place this thread under Money and Finance, it may be someone there can, thanks.


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Having just received confirmation that my PR has arrived, I now want to remortgage my property in the UK.

 

There are no financial issues (thankfully) which should cause issues, but I'm struggling to find a lender with decent rates who doesn't require me to leave Australia when the new mortgage application is submitted.

 

This seems entirely bizarre to me: needing to go abroad (from Australia) in order to apply for a remortgage in the UK. Has anyone else experienced this, and/or could anyone please suggest a good company to use?

 

Many thanks

 

I don't understand what you mean, in fact, am quite baffled. In order to get any meaningful replies, i would suggest you explain exactly wat you have been told and by whom? E.g what lenders, where based etc.

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I don't understand what you mean, in fact, am quite baffled. In order to get any meaningful replies, i would suggest you explain exactly wat you have been told and by whom? E.g what lenders, where based etc.

 

Thanks for your mail Rupert.

 

I have approached a specialist expat mortgage company (easily findable via google), who are based in UK. They can offer excellent rates when remortgaging a UK property from Australia. However, in order for the application to be submitted, the applicant must be outside of Australia. I am wondering if anyone else has had a similar experience, as it seems strange.

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My understanding is that there are a number of additional reporting requirements to the tax authorities in the UK because of the changes in the double tax agreement. Changes that the ATO demanded.

 

As a result a number of institutions in the UK will not accept Australian customers, it's just "to hard". Hence the requirement to be out of Australia. Could be wrong, but that's my take on it.

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My understanding is that there are a number of additional reporting requirements to the tax authorities in the UK because of the changes in the double tax agreement. Changes that the ATO demanded.

 

As a result a number of institutions in the UK will not accept Australian customers, it's just "to hard". Hence the requirement to be out of Australia. Could be wrong, but that's my take on it.

 

Although OP seemed to be suggesting that they should temporarily leave the country, which wouldn't change them being an Australian customer.

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Hi drewby,

i too am experiencing problems trying to find a re mortgage with sensible rates for a uk property. I would

like to release some equity to buy here in oz. there does appear to be some rule or law which makes the process difficult (hence more expensive), but am struggling to get a definitive answer as to what this is.

Have you managed to find any meaningful advice, or found a suitable broker to help you out?

any advice appreciated, thanks

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Hi drewby,

i too am experiencing problems trying to find a re mortgage with sensible rates for a uk property. I would

like to release some equity to buy here in oz. there does appear to be some rule or law which makes the process difficult (hence more expensive), but am struggling to get a definitive answer as to what this is.

Have you managed to find any meaningful advice, or found a suitable broker to help you out?

any advice appreciated, thanks

 

What's your email address? I'll mail you a helpful broker's details.

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Hi Drewby - I sent you a message with my email, any chance you can let me have the details please

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My understanding is that there are a number of additional reporting requirements to the tax authorities in the UK because of the changes in the double tax agreement. Changes that the ATO demanded.

 

As a result a number of institutions in the UK will not accept Australian customers, it's just "to hard". Hence the requirement to be out of Australia. Could be wrong, but that's my take on it.

 

That's about par for the course for Australia...full of expensive crap. Rather than create the conditions to retain money here or for encouraging investment to come in, their answer is to make it difficult for money leaving. While the pollies and bankers talk cheaply about having open financial systems, in practice its little more than a continuation of the restrictive financial practices of the 70's.

 

To Drewby,

 

Any chance of passing on the details of 'your' helpful broker? I'm toying with the idea of buying a place in UK and in need of a small mortgage.

 

Cheers

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I had a chat with a specialist broker a few weeks ago (been busy and having looked further into it).

 

They were able to offer me a better rate (2% less than current deal), however I had to complete the documentation and post from outwith Australia. It was suggested that I fly to Bali or NZ.

 

I also had to say that I was considering moving back within two years.


“Self-conceit may lead to self destruction"

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I'm trying to re-mortgage our house from ozz, we only owe 50% of whats it's worth. But we can't seem to get anyone to give us a mortgage.

 

Any new developments on this post?


IELTS: L8,R7.5,W7.5,S8.5 | TRA Applied 10/04/12, (E E Technician - 312312) Positive Skills Assessed 12/06/12 | EOI 05/07/13 | 189 Invitation to Apply (60 points) 10/08/13 | 189 Applied 15/08/13 | CO Assigned 20/09/13 | visa granted 13/12/2013 | Landed in ozz 20/01/2014 - O Yeah Baby

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I'm also in the same position - similar equity level.

@drewby is there any chance you could pass on your broker's details please?


Australia grabs you, and it won't let go!

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I had a chat with a specialist broker a few weeks ago (been busy and having looked further into it).

 

They were able to offer me a better rate (2% less than current deal), however I had to complete the documentation and post from outwith Australia. It was suggested that I fly to Bali or NZ.

 

I also had to say that I was considering moving back within two years.

 

Could you not post the documents to a relative in the UK, who would then repost them in a new envelope for you?


IELTS: L8,R7.5,W7.5,S8.5 | TRA Applied 10/04/12, (E E Technician - 312312) Positive Skills Assessed 12/06/12 | EOI 05/07/13 | 189 Invitation to Apply (60 points) 10/08/13 | 189 Applied 15/08/13 | CO Assigned 20/09/13 | visa granted 13/12/2013 | Landed in ozz 20/01/2014 - O Yeah Baby

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I'm just back after several weeks in the UK. During my time I attempted to open up an interest paying bank account with no success. I then further attempted to ask my bank, the RBS, with whom I have banked with for 25+ years to consider a mortgage application from me. I have a mortgage free flat which I have unlimited access to whenever I go back that could also have been used as collateral if necessary but once again, I was knocked back.

 

My financial situation is sound but the reason given to me was because I am an Australian resident. If I was American, French, Brazilian...almost any resident you care to mention there wouldn't be a problem but Australia does not allow its residents to have overseas financial products. All UK banks and financial institutions have to adhere to this guidance. Any Australian resident wanting to open a UK bank account or have a UK mortgage...any overseas mortgage it seems; will have to do so by making false declarations.

Edited by le petit roi

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I'm just back after several weeks in the UK. During my time I attempted to open up an interest paying bank account with no success. I then further attempted to ask my bank, the RBS, with whom I have banked with for 25+ years to consider a mortgage application from me. I have a mortgage free flat which I have unlimited access to whenever I go back that could also have been used as collateral if necessary but once again, I was knocked back.

 

My financial situation is sound but the reason given to me was because I am an Australian resident. If I was American, French, Brazilian...almost any resident you care to mention there wouldn't be a problem but Australia does not allow its residents to have overseas financial products. All UK banks and financial institutions have to adhere to this guidance. Any Australian resident wanting to open a UK bank account or have a UK mortgage...any overseas mortgage it seems; will have to do so by making false declarations.

 

Hi, just wanted to update you all regarding remortgaging UK property whilst on PR visa in Australia - it is not easy but it can be done! Finally after 8 months of investigating, being knocked back and a lengthy and costly application (think around 5 k in total fees) - we have been offered a mortgage!! For us it will be worth it but obviously not an easy process. Happy to give further info if any wants to pm me. Just wanted to reassure you that it is not impossible ....:biggrin: No false declarations made and did not have to leave the country either

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So, I've just come off the phone with a Mortgage Adviser from John Charcol . She was very helpful and i am having a further consultation over the phone next week.

 

Has as anyone used this company before? Any feedback would be great...

Edited by noworriesmate
removed link as per forum rules

Australia grabs you, and it won't let go!

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Sorry I'm not particularly computer savvy and have literally only just joined pomsinoz so am not sure how to PM you for the details of your mortgage broker in the UK. Would you be able to send me the details?

 

I'm just starting to look at how we can release some equity from our property and am looking at the cost of this to see if it will be worth it. We are dual Australian/UK Citizens so are not on any visa here. Also can you let me know how much equity you needed to leave in your property in the UK? We currently have about 50% equity.

 

Many thanks!

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I concluded my discussons with John Charcol last week. I found their customer service to be excellent but ultimately they could not beat my consent to lease deal that I have at the moment.

 

I would have no qualms in approaching them again.

 

I came to the conclusion that expat mortgages are an excuse to bump up the interest rates. Also, we were only looking for an 80K mortgage and surprisingly few lenders were prepared to entertain us - I always thought the lower the loan to value, the better the interest rate! Well, not for expat mortgages.....

 

So, we are just going to keep with our existing lender for the time-being.


Australia grabs you, and it won't let go!

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Guest Grantyboy

They are exempt from the Australian Corporation Act if the paperwork is signed outside of Australian territories, UK high street banks do not like this act !

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Guest Grantyboy

Hi Drewby I did answer your question but with too much detail apparently, you do have options as there are lenders out there, good luck

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Hi Drewby I did answer your question but with too much detail apparently, you do have options as there are lenders out there, good luck

 

The detail was fine - the links promoting and providing links to external companies is against forum rules.

 

NWM

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The detail was fine - the links promoting and providing links to external companies is against forum rules.

 

NWM

 

What have I missed? :-)

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What have I missed? :-)

 

Nothing - just the usual - people pretending to be satisfied customers, blah, blah, blah.

 

NWM

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