steven106 Posted September 5, 2017 Share Posted September 5, 2017 Looking for help if possible as I am not sure where to start.. right me and mrs's been in australia for 9 years love it to bits, but we are looking to poor our extra cash in to an investment property but looking at the U.K., I work away away on the mines make pretty good coin.. 200k plus, mrs also works, also own a 750k house have equity in that I could use as a deposit. is there any brokers in the U.K. That would lend me money based on the money I earn in australia, I am still fully set up in the U.K. With banks etc and kept them rolling over. I travel back every year for at least a month, would I have to get a family to help put it in there name etc? Any help elm would be much appreciated steve Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted September 5, 2017 Share Posted September 5, 2017 It is possible although Australian lenders will not allow you to use a home loan in Australia to purchase a property overseas. This is because they require Australian property as security, otherwise a lender cannot legally recoup their losses in the event that you default. However, if you only have 60% remaining on your mortgage you can draw "cash out", this allows you to borrow the equity in your home loan in Australia to use for whatever reason you see fit, on a loan document you would state it's for an investment property but afaik they don't ask in which country it is for. Link to comment Share on other sites More sharing options...
jadie464 Posted September 5, 2017 Share Posted September 5, 2017 Hello I've been a mortgage broker in the uk for over 6 years. Now living in QLD. Most standard mortgage lenders in the U.K. wont lend if you are not a UK resident. Up to you if you feel comfortable to put in a family members name, however legally they would be the owners - and the mortgage would need to be in their names (you could then 'gift' the deposit funds to them for the purchase and for the purpose of the deposit trail which most lenders would need now if over £50k). Once the property completed, you could look to set up a deed of trust for example to ensure your interest in the property was covered. A standard lender would not lend with that being set up prior however. Tricky one. There are other non standard lenders that can offer ex pat type mortgages - something to look into, but I'm sure you will pay extra doing it this way. Any reason you don't want to invest here? Sent from my iPhone using PomsinOz Link to comment Share on other sites More sharing options...
jadie464 Posted September 5, 2017 Share Posted September 5, 2017 Also, for a buy to let mortgage, with some lenders such as The Mortgage Works (buy to let side of Nationwide) they will look to lend a mortgage based on the rental income coverage on the property (usually rent needs to cover the mortgage by 125-150% at a particular interest stress rate) which will be backed up by the mortgage valuation report. They don't go on income and you can even buy an investment property with a mortgage with them if you were unemployed or retired as long as the rental income is sufficient for the mortgage payment at a certain stress rate. I was an underwriter for them for 4 years too. However I'm 99% sure you must be a uk resident- they will check things like electoral roll records and bank statements to see regular spending in uk if they have concerns for any reason you are not a uk resident.Income isn't really an important thing with buy to let mortgages necessarily. Good luck!Sent from my iPhone using PomsinOz Link to comment Share on other sites More sharing options...
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