Has anyone bought property in the UK?

Here's something I hadnt previously considered...

Is it possible (as a Brit/ Aus dual citizen - been in Aus 4 years) that I could get a UK mortgage and invest in a CF+ IP over there? I see this as an attractive option since prices there dropped a lot with the GFC and also my AUD$ deposit will go a long way due to the good exchange rates. Plus low interest rates...

Would I need to have a UK income to get a mortgage?

What are the tax implications?

Has anyone else done this?

Interested to hear....
 
Here's something I hadnt previously considered...

Is it possible (as a Brit/ Aus dual citizen - been in Aus 4 years) that I could get a UK mortgage and invest in a CF+ IP over there? I see this as an attractive option since prices there dropped a lot with the GFC and also my AUD$ deposit will go a long way due to the good exchange rates. Plus low interest rates...

Would I need to have a UK income to get a mortgage?

What are the tax implications?

Has anyone else done this?

Interested to hear....

You could, as far as I can see. It is us Aussies who have a hard time trying to get a mortgage over there, as we are foreigners. Being a pom would allow you to talk to any bank you want.

You may need an income, however, unless you have an asset that is greater than your investment.

There is thoughts that even though the bottom has dropped out of the market, there may be more to go???

I have a property in London, but I bought this over there when I was working there a few years ago. As it is positively geared, luckily, I don't need any other income.

As we have a double taxation agreement with England, you declare your income here at tax time. I get a tax refund from the inland revenue over there. (This is just the tax really taken from my bank accounts, so is few hundred pound reimbursement)

Cheers,

F
 
I had a property in Southampton many years ago.

We were living there when we bought in 1988. Cost was £50,000. Sold in 1997 for £43,000.

Bought at the top, sold at the bottom.

But circumstances meant that we did not have a lot of choice.

A part of the problem was that property management was not very good. The place had deteriorated heaps (well, it was over 100 years old) but the property manager had not told us. A very amateur repaint was not noticed.

Not a definitive answer for you, but some things to think about.
 
Yes, lack of UK income might be an issue... how is it people on here are are investing in the US?

The other issue I see is that you could not release the equity in the IP in future to secure against further IP's in Australia...

?
 
us banks take the ability for the asset to pay itself off into their equations.

so lets say you buy a house - one house. if it's untenanted then where do the payments come from? you. so, let's look at your serviceability blah blah blah.

buy a MF (multi family) or unit set up over there, and all of a sudden, if you have one or two vacant out of ten units, the rest make up the shortfall. so, let's look at the asset's ability to pay the debt with a reasaonable accepted vacancy rate....

different lending structures make for different assesment criteria.
 
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