Captain Roberto Posted May 31, 2015 Author Share Posted May 31, 2015 bumped Quote Link to comment Share on other sites More sharing options...
novakg Posted June 10, 2015 Share Posted June 10, 2015 Hey All, First time poster on here. My wife and I are looking to come out in mid September - my wife has secured a job in QLD and we're both on a 457 visa. We have a property in the UK that we'd like to rent out as whilst we're committed to our new life in Oz, it's a safer bet for us to hold a base here and rent in Oz until we find the right area to settle. My query is does anyone know of a mortgage provider who would provide a Buy To Let mortgage for someone who is about to emigrate to Australia? Early indications suggest none of the providers are willing to do it which will cause us problems. Any advice on this matter would be greatly appreciated! Thanks Gary Quote Link to comment Share on other sites More sharing options...
Sharyn10 Posted June 18, 2015 Share Posted June 18, 2015 Hi, would you mind me asking who you have your mortgage with and what rate you got? ( if you dont mind me asking, you don't have to answer the last question) We are planning on moving to Perth at the end of September with a permanent residents visa. We are looking to be renting out our UK property as we would like to keep it as a pension option. We don't think our current mortgage lender (nationwide) will let us rent with them. We are trying to find out our options, so any advice would be greatly appreciated. Many thanks, Sharyn Quote Link to comment Share on other sites More sharing options...
Captain Roberto Posted June 18, 2015 Author Share Posted June 18, 2015 Hi, would you mind me asking who you have your mortgage with and what rate you got? ( if you dont mind me asking, you don't have to answer the last question) We are planning on moving to Perth at the end of September with a permanent residents visa. We are looking to be renting out our UK property as we would like to keep it as a pension option. We don't think our current mortgage lender (nationwide) will let us rent with them. We are trying to find out our options, so any advice would be greatly appreciated. Many thanks, Sharyn Hi We're with the nationwide and they allow us to rent. I know a few other people with NBS and they also let their houses. So just ask them. For us we didn't need to get a different mortgage. We just signed some form and it was sorted. Interest rate is slightly higher for this type of mortgage though. But it make little difference to monthly repayments. Quote Link to comment Share on other sites More sharing options...
Sharyn10 Posted June 18, 2015 Share Posted June 18, 2015 Hi, thanks for your reply. That's excellent to know. Did you tell them you were emigrating? Sharyn Hi We're with the nationwide and they allow us to rent. I know a few other people with NBS and they also let their houses. So just ask them. For us we didn't need to get a different mortgage. We just signed some form and it was sorted. Interest rate is slightly higher for this type of mortgage though. But it make little difference to monthly repayments. Quote Link to comment Share on other sites More sharing options...
Guest Posted June 18, 2015 Share Posted June 18, 2015 We did the same with the Coventry - we did not tell them it was a permanent move just 'working overseas' and for a year the interest rate was the same, after that it was supposed to go up but 3 years later we were still renting it out and it never did. Funnily enough we decided to return and moved back in temporarily and it was when we decided to move and rent it out again that they had an issue, because we were buying another house in the UK we couldn't have a residential mortgage anymore but they simply moved it to a 'buy to let' though we had to go through an application process which made us a bit nervous as we had only been back a year and I'm self-employed - all was good though. Quote Link to comment Share on other sites More sharing options...
Captain Roberto Posted June 18, 2015 Author Share Posted June 18, 2015 Yes we said we were looking at emigrating for a while in a year or two. So they just put 'home renovations' on the form. No worries Quote Link to comment Share on other sites More sharing options...
wolvesaussie Posted June 19, 2015 Share Posted June 19, 2015 Just my two cents, again it only my personal circumstances but I had the agents in for valuations for a sale this week. Now the currency is starting to return to a more normal value. Renting it out from Australia has been a real pain... its not in a great area tho so its very hard to get a quality tenant. Quote Link to comment Share on other sites More sharing options...
Sharyn10 Posted June 19, 2015 Share Posted June 19, 2015 Thanks for the replies. Hubby spoke to nationwide today and apparently they don't do buy to let mortgages?! He got told to look at some comparison website. I think we need to ring again! If we can't rent it, we will sell, but really don't want to at the mo. We are in Cambridge and the houses in our area are in demand so quite lucky in that respect. Quote Link to comment Share on other sites More sharing options...
Guest Posted June 19, 2015 Share Posted June 19, 2015 Asking permission to let your house out whilst you work abroad is not the same as a 'but to let' mortgage & the terms are usually much more favourable - be careful how you ask. Quote Link to comment Share on other sites More sharing options...
paisleylass Posted June 19, 2015 Share Posted June 19, 2015 We are about to pull out of renting. It's been awful, so stressful. Last two tenants abandoned and left a lot of damage, dirt, mess and arrears. The deposit is a joke and barely scratches the surface of our losses. I may be biased, but my advice is only let out if you are prepared for headaches, heartaches and expense. Tenants often do not care about your house fixtures and decoration. We have holes in walls, the colours we chose for the walls have been covered with tacky wallpaper, mirrors glued to a wall, kitchen cupboard door destroyed by a massive dog, several metres of fence pulled down. Last tenants claimed to be professionals but were still claiming housing benefit for their previous home, and funnily enough did not pass it on to us. Maybe we are very unlucky, but please be prepared. Quote Link to comment Share on other sites More sharing options...
Chortlepuss Posted June 19, 2015 Share Posted June 19, 2015 For the most part I have had great tenants and only 5 months total vacancy in 8 years. Cam over on 457 so didn't sell, but I'd advise anyone if coming on PR to sell, especially as the exchange rate is more favourable. If you can afford to buy here and continue to rent your house in UK then that's another matter - But we have had to rent here and renting sucks. We are now citizens and can't afford anything decent to buy without selling our UK home. So much hassle, capital gains etc.... We have moved 5 times in 8 years and it is expensive and an upheaval. We pay tax on our UK rental as have paid the mortgage off - a nice problem to have I know, but if you're keeping your UK property make sure you release some money by re-mortgaging so you have money for a deposit here and can offset the UK rental income against tax. One of my major motivators for heading back home is to have my own home again and not put up with this rubbish - being mucked around, poor maintenance, blame when something goes wrong (un maintained houses do have problems) and having to move when landlord returns to property or decides to jack rent up 50%. We have been great tenants and rent at the top of the market - I have heard so many terrible stories, and there are a huge amount of amateur landlords in Oz due to negative gearing. Quote Link to comment Share on other sites More sharing options...
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