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Release equity from uk

Discussion in 'Property Finance' started by weejimmy, 16th Sep, 2015.

  1. weejimmy

    weejimmy Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    52
    Location:
    Perth
    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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    Melbourne
    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 Solicitor, Finance Broker, CTA Business Member

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    Sydney
    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

    Joined:
    19th Jun, 2015
    Posts:
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    Location:
    Perth
    Thanks guys I'll try Richard then terry.
     
  5. myhillg

    myhillg Member

    Joined:
    27th Jun, 2015
    Posts:
    14
    Location:
    Sydney
    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

    Joined:
    19th Jun, 2015
    Posts:
    52
    Location:
    Perth
    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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    Location:
    Kimberley and NZ
    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

    Joined:
    19th Jun, 2015
    Posts:
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    Location:
    Perth
    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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    Location:
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    Yep! :)