cooperplace Posted December 31, 2013 Share Posted December 31, 2013 I lived in the UK for 4 yrs and bought a house there which I still own and rent out, and I have >20 yrs perfect management of the mortgage there. I'm an Aus citizen, my wife also and she has right of permanent UK residency. Her family all live in London. We would like to buy another buy to let in England, but cannot get a mortgage, despite much trying. Our house there is almost paid off and we would use it for security, so total LTV for a new loan would <50%. We are both employed professionals. The reason offered by most UK mortgage brokers is that Australian banking laws prevent UK banks lending to Oz residents. Does anyone know a UK lender who we should approach re a mortgage? Thanks. Link to comment Share on other sites More sharing options...
Alan Collett Posted January 1, 2014 Share Posted January 1, 2014 I'm sending a PM to you. Best regards. Link to comment Share on other sites More sharing options...
cooperplace Posted January 2, 2014 Author Share Posted January 2, 2014 I'm sending a PM to you. Best regards. thank you Link to comment Share on other sites More sharing options...
antrimlad Posted January 5, 2014 Share Posted January 5, 2014 There's a great little 3 bedroom house just coming on the market in Antrim if your interested lower price than England and a high rental return. Pm me if your interested cooper. Link to comment Share on other sites More sharing options...
dxboz Posted January 5, 2014 Share Posted January 5, 2014 Alan I would also be interested if you wouldn't mind sending me a pm also - thanks Link to comment Share on other sites More sharing options...
Chris S Posted April 27, 2014 Share Posted April 27, 2014 Ditto here Alan if possible please, I know there are a couple of brokers, but would rather go direct to the insurance company preferably, its just finding out who they are. Many thanks. I'm sending a PM to you. Best regards. Link to comment Share on other sites More sharing options...
Alan Collett Posted April 27, 2014 Share Posted April 27, 2014 Ditto here Alan if possible please, I know there are a couple of brokers, but would rather go direct to the insurance company preferably, its just finding out who they are. Many thanks. Hello Chris. Can you send a PM to me please, with your name and email address? Thanks. Link to comment Share on other sites More sharing options...
2and3 Posted July 7, 2014 Share Posted July 7, 2014 Hello. We are in the situation that we would like to take some equity out of our uk property in order to have a deposit to buy in oz and not have to pay the LMI. We are with the BOI on a permission to let mortgage at the moment . I know they said we would be unable to take any money out of the house when we first did this with them. My question is how can we get some of our equity ? Do we need to remortgage? or is will it be a case of selling the property? (we are going to sell but from past sales in the area it can take a very long time to sell -but yes who knows) Is there anyway we can get the money for a deposit at all ?? Any pointer would be much appreciated. Link to comment Share on other sites More sharing options...
poolprouk Posted July 10, 2014 Share Posted July 10, 2014 Hi 2and3. Our situation is somewhat similar to yours. We are with BofI on the SVR and on permission to let (just over a year now as we moved out in May2014). I rang BofI a few weeks back looking to switch to one of their BTL mortgages as they've now restarted selling mortgages in the UK after trying to run down their mortgage book a few years ago. I was pretty much told we couldn't change anything, BTL was a no no as we would still need to have another residential mortgage before they consider BTL, nor would they consider a fixed residential while on PTL. Therefore we just have to leave it as it is. The person i spoke to suggested we'd be given Max 4 years on permission to let before they withdraw that permission so we are resigned to selling in a couple of years, hopefully by then the UKP will be stronger against the AUD and house prices in the UK will have gone through the roof! (wishful thinking i know). I guess this doesn't directly answer your question but I just thought i'd indicate that you're likely to get nowhere with BofI based on my experience. I'd be interested to know how long you've been on PTL for? Also keen to stay in touch to share experiences with BofI (PM me if keen). Link to comment Share on other sites More sharing options...
2and3 Posted July 22, 2014 Share Posted July 22, 2014 Hello. Well, after reading through what little paperwork we did bring with us, I rang them back again and the bloke had a look at it , put me on hold then came back as said as we were a 'special case' lol we can switch to a proper buy to let -rates a bit higher. My next question was about changing to IO, he said we were unable to do this but I got the feeling that this bit was perhaps beyond him and once again it may be a case of speaking to another person. looking at the paperwork it does appear that we 'should' be able to change. But one step at a time. He did go through rental amounts etc and it having to cover 125%. Gave me a phone number if we wanted to go ahead with it and that department would deal with it and he made a note of the fact we could switch. We have been on PTL for 2.5 years now -which is longer than I thought we would be able to do it for. So thanks for the 4 yr figure. For anyone reading this who has not yet left and is leaving a house behind, make sure you look into sorting this stuff out before you do go ! I did get a response from one other company that was mentioned on here and it was a yes from them but as the moment have not looked into doing as yet. Mainly because we are undecided what to do ourselves for the best ! Just sell the uk house and use the money for a ppor in oz, or an investment in oz as the area we are in is expensive for a family home or keep the uk house as it is -although really as an investment the returns are not the best or, buy a uk investment with returns !! My head is fried ! With regards taking out equity, the way I read it is you cant whilst on PTL but if you change to BTL to can -depending on rental income, loan to value and all that. So if they are allowing me to change to BTL - which they are, if the sums are correct I Should in theory be able to take money out. But that's the situation as it is. If I think of anything else I will let you know ! Link to comment Share on other sites More sharing options...
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