Angela Posted January 23, 2017 Share Posted January 23, 2017 Hi everyone, is there anyone out there that has bought an investment property in the U.K. Either by using their super or by getting a UK mortgage? We plan to go home in a couple of years and would like to buy a house, let it out and then eventually go back to live in it. is there any way it can be done?? Thanks in advance for your thoughts and advice Angela Link to comment Share on other sites More sharing options...
Keith and Linda Posted January 23, 2017 Share Posted January 23, 2017 We bought a house in UK over Christmas, but a cash sale. You would I imagine have to have a "self managed super" to access money for such, though not sure on all the rules regarding buying foreign property and tax from income of such. When I enquired about a mortgage through my UK bank (HSBC) they said I would have to have an Aus HSBC account which would have to be my main account for all my Aus banking including existing mortgages, so the two banks and accounts can be linked to each other so they can make an assessment and proposal. If you can realize enough equity on your Aus house would that be enough to buy cash and then have the rental money transferred back to Aus to pay the interest. UK letting agents are a big rip-off by the way! Link to comment Share on other sites More sharing options...
Angela Posted January 23, 2017 Author Share Posted January 23, 2017 We bought a house in UK over Christmas, but a cash sale. You would I imagine have to have a "self managed super" to access money for such, though not sure on all the rules regarding buying foreign property and tax from income of such. When I enquired about a mortgage through my UK bank (HSBC) they said I would have to have an Aus HSBC account which would have to be my main account for all my Aus banking including existing mortgages, so the two banks and accounts can be linked to each other so they can make an assessment and proposal. If you can realize enough equity on your Aus house would that be enough to buy cash and then have the rental money transferred back to Aus to pay the interest. UK letting agents are a big rip-off by the way! Thank you for that, much appreciated Link to comment Share on other sites More sharing options...
Tulip1 Posted January 23, 2017 Share Posted January 23, 2017 It would need to be a buy to let mortgage and in general they are given based on rental income earnt and not salary (can be either in most cases). Link to comment Share on other sites More sharing options...
Ferrets Posted January 23, 2017 Share Posted January 23, 2017 I think you need to watch out if using Australian super.....I recall flicking through and you cannot live in a property that is under the control of your self invested Super, so if oyu did have a property you might need to sell it to then cash in your super. With a variety of charges, etc would imagine it better to go for either cash or a UK mortgage rather than using super funds. Link to comment Share on other sites More sharing options...
Guest Posted January 23, 2017 Share Posted January 23, 2017 You will need an expat mortgage E.g. https://www.skiptoninternational.com/mortgages/expat - lots of others just google. Link to comment Share on other sites More sharing options...
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