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JoeMcC

Expat Mortgage

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Hi, 

we currently own a home in the UK and we are living in Oz. We currently have a resident mortgage on our home with a permission to let agreed by our mortgage provider. Our fixed rate period is due to expire soon and our mortgage is about to get really expensive. Can anyone recommend an expat mortgage company that doesn’t require you to work for a multinational company? 

 

thanks,

joe

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From reading past posts it is really difficult as a non resident. I would say to try and negotiate a better deal with your current provider first.

All ex pat buy to let mortgages seem to have higher rates and fees so you may not find anything better.


So many wineries ......so little time :yes:

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Thanks rammygirl. 
 

i had an initial screening interview with HSBC expat mortgages which was successful but I’ve got to wait three weeks before I can meet with an actual mortgage person and process the application. But as you say, expat mortgages have significant higher rates than the UK high street

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I hope you are across all the tax implications of owning an investment property in the UK as an Australian resident


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Fortunately as it’s our only home the implications aren’t too bad but certainly not ideal. 

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24 minutes ago, JoeMcC said:

Fortunately as it’s our only home the implications aren’t too bad but certainly not ideal. 

You mean in terms of Australian capital gains?   Just keep an eye on it, the years go by faster than you expect!   But also I hope you've got a depreciation report to reduce your Australian tax on the income.  Not easy to get in the UK I know, but well worth doing unless it's a very old property.


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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On 21/10/2020 at 05:04, JoeMcC said:

Hi, 

we currently own a home in the UK and we are living in Oz. We currently have a resident mortgage on our home with a permission to let agreed by our mortgage provider. Our fixed rate period is due to expire soon and our mortgage is about to get really expensive. Can anyone recommend an expat mortgage company that doesn’t require you to work for a multinational company? 

 

thanks,

joe

I'm in a similar position.  I've got consent to let for now and my fixed rate ends October 2021 when I'll then be on the SVR + 1%.  I've seen Liquid Expat Mortgages recommended on the MSE forum so I'll be giving them a try myself next year to change to a BTL mortgage which should hopefully be less expensive.

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