Release equity from uk

Discussion in 'Loans & Mortgage Brokers' started by weejimmy, 16th Sep, 2015.

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  1. weejimmy

    weejimmy Well-Known Member

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    I have a house in Scotland which has a fair chunk of equity in it. I want to use it to buy a IP over here.
    Dose anyone know anybody that can help with this ?
    Do I need a broker in the uk?
    I'm not sure I it's even possible but would realy help me out if I could do it somehow.
     
  2. tobe

    tobe Well-Known Member

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    You need a broker in the UK. My understanding is brokers work a little differently there, they don't have as wide a panel of lenders for instance.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Richard Taylor of the forum may be able to assist - I beleive he speaks the language of England is was originally from there as well as being a broker here.
     
  4. weejimmy

    weejimmy Well-Known Member

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    Thanks guys I'll try Richard then terry.
     
  5. myhillg

    myhillg Member

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    I've been through a UK purchase last year, and about to extract some equity in a separate split from the same property for a renovation at the moment.

    I found the panel of lenders for AU based PAYE income is quite limited but I've found two brokers that have access to some decent products.

    If you want any info, feel free to send a PM.

    Pros:
    2.99% fixed for 3 years.
    25 year IO term

    Cons:
    Usually limited to 75% LVR
    No offset/redraw facilities
     
  6. weejimmy

    weejimmy Well-Known Member

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    I only need about 50%lvr so that's fine
    I've sent a pm
    Thanks
     
  7. ellejay

    ellejay Well-Known Member

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    I'd be interested to hear how you got on if possible, and if you managed to extract equity from a property in Scotland.
     
  8. weejimmy

    weejimmy Well-Known Member

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    I'll update if I get any news .
    Do you have a property in Scotland too?
     
  9. ellejay

    ellejay Well-Known Member

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    Yep! :)