simon t Posted February 28, 2012 Share Posted February 28, 2012 Hi all - I'm wondering if anyone out there has had success in remortgaging their UK property whilst living in Oz and thus being non-resident. My mortgage broker reports that this is pretty difficult and can only come up with some very limited recommendations for companies willing to advance funds in this fashion (a company called B M Solutions, which is apparently an offshoot of Lloyds TSB). The rates look pretty uncompetitive (cheapest is 4.5%), there is a signficant set of up-front fees and a 1 year lock-in, which is off-putting given our situation (we are going PR, but probably with a view to returning to the UK/Europe in the medium/longer term, i.e. 5-10 years). the property is currently owned outright and produces a very good rental yield which we plan to use to offset the mortgage. so, has anyone had any success in this area of ex-pat life that they would share? - or any contacts/websites that they could forward. it would be much appreciated. best wishes simon t Link to comment Share on other sites More sharing options...
paisleylass Posted March 1, 2012 Share Posted March 1, 2012 Are you looking for a buy to let mortgage? As you're renting I suppose you must be. We need to change our mortgage in October when current consent to let expires and the main problem I've come across is the minimum loan amount of £100,000 for every expat buy-to-let I've come across. Which is two - Barclays and some other company. Sorry I have no solutions but will be interested to see the replies! Link to comment Share on other sites More sharing options...
restless123 Posted March 2, 2012 Share Posted March 2, 2012 I'd try speaking with the bank about extending the consent-to-let. They've got so many residential mortgages that have gone under, that most are happy to be flexible about letting. Link to comment Share on other sites More sharing options...
paisleylass Posted March 2, 2012 Share Posted March 2, 2012 I'd try speaking with the bank about extending the consent-to-let. They've got so many residential mortgages that have gone under, that most are happy to be flexible about letting. I wish ) the consent letter says in black and white no possibility of extension and this had been stated several times during my begging calls to the bank. However we're now working on knocking the LTV % as low as possible before consent expires (partly out of worrying how low a new valuation could be - scary!). It *could* inspire a change of heart but I can't see Big Bank going back in its word really. Link to comment Share on other sites More sharing options...
restless123 Posted March 3, 2012 Share Posted March 3, 2012 I wish ) the consent letter says in black and white no possibility of extension and this had been stated several times during my begging calls to the bank. However we're now working on knocking the LTV % as low as possible before consent expires (partly out of worrying how low a new valuation could be - scary!). It *could* inspire a change of heart but I can't see Big Bank going back in its word really. Which bank is it btw? There are actually only a couple that don't have any flexibility, if it comes down to a choice between missing a payment versus granting a consent to let. Link to comment Share on other sites More sharing options...
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