Mortgage funded by rental income in UK?

[Ruth7862]

We are planning to move to Melbourne on a PR parent visa in a few years at age 65. We have three rental properties in the UK and our own home. We did think of selling two or three properties to buy outright in Melbourne but wondered if it would be possible to get a mortgage based on the rental income of the UK properties instead if we had a decent deposit. This would save the costs of selling and potential currency exchange issues. Is there a limit to what age you can have a mortgage until? We could just use the UK rent to rent in Melbourne but would prefer to buy if possible. Any guidance or observations would be helpful thanks.

[Andrew from Vista Financial]

Hello Ruth

It is becoming increasing difficult (dare I say ALMOST impossible) to get a mortgage in Australia using foreign income to service it.

As far as I am aware Citibank seem to be the only lender considering foreign income currently (there could be others smaller/alternative lenders, not sure).

 

 

[Ruth7862]

Thanks Andrew. At least I know now that is probably not the right strategy. Perhaps another way would be to mortgage against the UK buy to lets before we leave to raise the capital to buy in Australia.