handy72 Posted October 20, 2015 Share Posted October 20, 2015 Hi, When we moved to Oz last year our UK lender allowed us to remain on our residential rate for 2 years, even though we were letting the property. This time is now coming to an end, and we'd like to be able to remortgage the property to continue our rental, but also to raise capital for a possible Oz purchase. I've had a couple of indicative prices but all seem to have high arrangement/broker fees. Does anyone have any recent experience or contacts that might be able to help? Thanks, Link to comment Share on other sites More sharing options...
srg73 Posted October 20, 2015 Share Posted October 20, 2015 I am amazed you are getting any quotes! Mortgage lenders generally will not lend against buy to let where the landlord is offshore so consider any offer you have even if high. S Link to comment Share on other sites More sharing options...
paisleylass Posted October 20, 2015 Share Posted October 20, 2015 Try mortgage broker John Charcol, they helped us though it was 3 years ago, and we only paid a fee cos it was a small mortgage, otherwise would have been no cost to us. Things have tightened up a fair bit since then, but they are good at working with expats! Link to comment Share on other sites More sharing options...
thebokke Posted October 21, 2015 Share Posted October 21, 2015 Handy, we are in exactly the same position as you, our 2 years runs out in Jan so need to look at what other deals are out there. Any chance you could let me know who you have contacted to quote? Many thanks Link to comment Share on other sites More sharing options...
andyishy Posted October 29, 2015 Share Posted October 29, 2015 I have recently relocated from Saudi Arabia to Oz, there was one guy recommended in the expat community in Saudi for expat BTL mortgages, I don't know the rules here re posting recommendations, but happy to pass his details via PM if required, he helped a number of my friends. Link to comment Share on other sites More sharing options...
rammygirl Posted October 30, 2015 Share Posted October 30, 2015 Have a look at Skipton International. I am considering opening an offshore account there for better interest on my ££££s. I notice they also do ex pat mortgages. they are recommended by several ex pat websites and financial sites Link to comment Share on other sites More sharing options...
handy72 Posted October 30, 2015 Author Share Posted October 30, 2015 Have a look at Skipton International. I am considering opening an offshore account there for better interest on my ££££s. I notice they also do ex pat mortgages. they are recommended by several ex pat websites and financial sites Yep, tried them. Unfortunately they have a minimum lend of 150K and our 800pcm rent did not allow that much borrow. We're moving forwards now, and will reply back on this thread once we're sorted. Link to comment Share on other sites More sharing options...
dmjg Posted October 31, 2015 Share Posted October 31, 2015 Our mortgage is held by a northern British country that seems to be exclusively staffed by women who have lost their husbands......... We were in the position that we had about 60k still left on our uk mortgage at the end of the two years. I kept writing to them saying the uk economy was crappy and we were better able to service the mortgage with an aussie job than a uk one. This strung them along for another two years then they wrote, saying, too bad find someone else. We searched a bit and found that noone else really wanted to take on a 50k mortgage as it was too low to worry about. Plus the ex pat issue. I phoned a manager and explained this and said i was now between a rock and a hard place as i had tried to find another lender, but none would come to the party. He effectively said that, they couldnt just dump us with no where else to go. Especially as we had had no missed payments. They had a duty of care as a lender towards their lendees...... We did agree to pay more than the repayment amount to prove we were doing everything in our power to pay off the dept as quick as possible. Thus we continued for another two years and we are now selling they bloody thing at a loss just to be rid of it. Link to comment Share on other sites More sharing options...
handy72 Posted December 18, 2015 Author Share Posted December 18, 2015 Hi all, Just to let you know, we're now refinanced with NatWest International via Meridian Mortgages. Apparently it's a 50/50 chance whether the refinance will complete, and we had to apply whilst outside Oz (weekend in Auckland..). Now we just need to get PR to avoid Victoria's 3% extra stamp duty for "foreigners" and the FIRB/ATO $5K auction exemption certificate! Please PM me if you'd like more information. handy72 Link to comment Share on other sites More sharing options...
srh82 Posted December 18, 2015 Share Posted December 18, 2015 Good work. Just bear in mind that when you get PR you will have to pay tax on overseas as well as Australian sourced income. Link to comment Share on other sites More sharing options...
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