Advice please: Remortgaging UK Property from Overseas

crzbean

Hi All,

I was wondering if you could help. We have a mortgage in the UK and only have 5% of the mortgage value left on it and therefore all of our capital is tied into this property. we can't sell it a) for the fact that the property market is slow and b) because the exchange rate to AUD is poor.

Now that we're in Australia we want to purchase a new property and we were hoping to remortgage and take some of the equity out to purchase a new property.

We've spoken to Mortgage providers here in Australia and the fact that we have a property in the UK makes no difference to them, they want to see cold-hard cash.

We want the Australian property to have an Australian mortgage and the UK property to have a UK mortgage, so that we can set and forget.

So effectively we need equity out as Cash. Does anyone know if this is possible. I know that you can remortgage and transfer equity to the new property but we want the mortgages to be separate.

Oh yes, we are renting out our UK property and will look to extend the mortgage life time so that the rent covers the mortgage. We are hoping to take 60% of the equity out to help start a new life in australia

Any ideas? Hope this makes sense Thank you for your help!