Foreign mortgages, the UK to be specific

[Paterson00]

Hi all,

those that have met me on here already may know that I am from the UK having been here just three years. My first PPOR which is now my only IP is still in the UK and is doing very nicely for me and has a nice chunk of equity too.

I recently re mortgaged that house from here to help out with a deposit for my first PPOR in Australia which, fingers crossed, settles tomorrow and we will move into it on Thursday after I am back from working away.

The mortgage in the UK was not easy to obtain now that I live here but it was possible and I know it is not uncommon for expats to gain mortgages there.

After listening to a UK property podcast for a while now, I see that the UK market does not support negative gearing as the losses are not tax deductible against your earnings form your job and owning property there with a buy and hold strategy is almost always positively geared. knowing this has made me think about buying my next IP there rather than here so I would like to know if anyone on here has experience with that and could advise at all on a broker to help with a mortgage or any other tips and advice.

I guess my question is, is there anyone on here who does the same as I would like to do and can help me at all?

Hoping someone can help or point me towards someone who can.

Thanks

Paul

 

[Weejimmy]

Hi
I'm also from uk and have my PPOR over there now turned into a IP
I was looking to do the same as you so interested in any replys you get.
I have been looking for an expact mortgage to he. My equity out for a while now with only 1 or 2
Companies that seem any good.
Do you mind sharing who you went for? Do you recommend them?

 

[Paterson00]

Hi Jimmy,

I see you are in Perth, I am just down in Mandurah, maybe we should have a meet up.

I'll PM you the guy I used. I have just asked the same question on a uk property forum and noticed this thread while I was there and gained some useful info from it. Here it is..

http://www.propertytribes.com/overseas-property-investor-wanting-to-buy-uk-btls-t-13439.html

I have been listening to The Property Podcast which is a UK podcast and one of the hosts of that has his own company who also know how to help out people in our shoes. I recently emailed them but had no reply just yet but its early days.

https://itunes.apple.com/au/podcast/the-property-podcast/id624127071?mt=2

Let me know if you have any success.

When I carried out my re mortgage it was like pulling teeth, it was painfully slow and a reminder of how slow that process in the UK is and the time difference didn't help as I would be making calls there to chase people up until far too late when I was getting up far too early but I completed it all and, as I said, we are about to move into our shiny (second hand) house on Weds so it was all worth it in the end. Never would have had a double garage and an en suite in the UK and room for four cars on my driveway. God bless Australia.