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jonjoemily@gmail.com

Remortgaging UK Property whilst in Auz?

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Hi there,

Does anyone have experience with remortgaging a UK property, while based over in Australia?

We are looking to remortgage our house in the UK (have almost completed our current mortgage) so we can have some money for a deposit for a house in Australia. First of all is this possible, and second of all can anyone make any good recommendations on companies to approach?

Cheers Jo
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Hi Jo, 

It's a contentious one! I found it really easy to re-mortgage to a better rate and 3 year fixed term by doing a variation of existing mortgage. (It saved me over 120 pounds a month!) 

If you want to re-mortgage to release equity then that will be far more difficult, It is possible I believe but you would only be able to get to a certain LTV and most likely pay a higher APR. 

We are a few years down the line and similar position as we own two places- We're most likely going to sell one or both to buy here. 


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It’s a difficult one. I lived in Oz for 10 years between 08 and 18 and retained a UK property throughout.. During that time I was never able to obtain either a new mortgage or change product with the existing provider so was essentially stuck on the same product throughout. Fortunately the existing product was very competitive so it didn’t matter too much.

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I was able to re-mortgage my unmortgaged UK property to release equity around the 2007/08 period. I paid it back as my plans changed but was never permitted to repeat that feat again when I tried in 2014.

Looking at all the T&C for mortgages, they all specify they are for UK residents only. For suggestions, try going through a mortgage broker or you could try an approach to an international branch of a UK bank based in say the channel islands.

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