Buying in the UK

Finance to buy in the UK

Hi all,

I am Australian my wife is Welsh. We live and work in Aus but plan to head back to the UK in a few years and I'm interested in buying something over there now and renting it out for a few years prior to us getting there.

Question is... How do you get finance etc? Do you lend from an Aus bank or UK bank? Has anyone been down this road before and can offer some advice?

Thanks in advance.
 
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I've bought & sold in the UK. Finance availability had plummeted this year. Gone are the days of cashback and discounts. HSBC, one of the few banks left with any money, requires 40% deposit now on buy-to-lets. Rental income must cover repayments by 125% usually. Negative cashflow is not allowed. The market is expected to further decline 15% through 2009 on top of the 15% this year and lenders are factoring this in also.
 
The person you buy the house from doesnt mind where the cash comes from. You can either re finance and get cash out of your properties in Australia and move the money across to the UK to purchase there, or you can get a loan over there with a UK bank for the purchase money.
What you cant do is ask an australian bank for a loan against a UK property. The bank will only do finance for properties in the same country.
 
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