Mortgage for UK property

Discussion in 'Property Finance' started by ymmf, 14th Nov, 2018.

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  1. ymmf

    ymmf Well-Known Member

    Joined:
    21st May, 2018
    Posts:
    48
    Location:
    Sydney
    I bought a flat on residential mortgage while I lived there. Now that I am in Australia the bank says it cannot convert it to a buy-to-let because I don't have an UK income. And the Consent To Lease cannot run forever so it sounds like I have to re-mortgage to another provider.

    I got some quotes from expat mortgage brokers in UK and the interest rate is around 4.04-4.54% for 2/5-year fix (<60% LVR). That is a fair jump from my 1.89% fix at the moment!

    Would there be any lenders in Australia who could offer something so I can compare?
     
  2. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

    Joined:
    18th Jun, 2015
    Posts:
    19,064
    Location:
    Remote
    No Australian bank would lend for foreign jurisdictions unless they had local branches in the country.
     
  3. 4theBoys

    4theBoys New Member

    Joined:
    17th Feb, 2018
    Posts:
    3
    Location:
    Various
    HSBC is quite supportive but would suggest you create a Aus account (premier preferred) and then the status helps get lending in UK as the premier status transfers