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Mortgage question (resident in NZ)
rorschach71
Posts: 5 Forumite
Hi All,
We're currently living in NZ (have been for about 14 months - so no longer considered resident in the UK), but our house that we own is still in the UK currently being let out.
Our LTV is about 25% (so, we have 75% equity). We're just on the SVR at 4.25%.
Our situation is that we are keen to try and buy something here in NZ (as the rental market is nuts here) but need to raise a 10% deposit. Ideally, we would like to borrow against the value of the house in the UK, but building society (Santander) don't want to lend us anything (despite having made large overpayments over the years) as we're not UK resident and letting our house out.
Any advice?
Maybe even switching mortages (but in that case is it possible to avoid the buy-to-let mortgages, given that it is our only house in the UK).
Appreciate any advice,
Thanks.
We're currently living in NZ (have been for about 14 months - so no longer considered resident in the UK), but our house that we own is still in the UK currently being let out.
Our LTV is about 25% (so, we have 75% equity). We're just on the SVR at 4.25%.
Our situation is that we are keen to try and buy something here in NZ (as the rental market is nuts here) but need to raise a 10% deposit. Ideally, we would like to borrow against the value of the house in the UK, but building society (Santander) don't want to lend us anything (despite having made large overpayments over the years) as we're not UK resident and letting our house out.
Any advice?
Maybe even switching mortages (but in that case is it possible to avoid the buy-to-let mortgages, given that it is our only house in the UK).
Appreciate any advice,
Thanks.
0
Comments
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rorschach71 wrote: »
Maybe even switching mortages (but in that case is it possible to avoid the buy-to-let mortgages, given that it is our only house in the UK)
How do you expect to avoid BTL mortgage for a rental property? Santander have presumably given you permission to let on your residential mortgage, but nobody else will do this knowing up front that it is for a rental property.0
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