Remortgage of UK property while living in Australia

HappJoss

Hello!

I have a mortgage on a flat in London and I currently live and work in Australia. My current Tracker mortgage is due to end by the end of Sept and I am trying to find another Tracker deal from Oct onwards.

I wanted to remortgage it by myself (that's how my parents did for their first home), but not sure how complicated it would be.

Has anyone else been in this situation before? Did you do it yourself or just use a broker instead? Did you encounter any difficulties if you did yourself?

Cheers!

holly_hobby

You need an ex-pat mortgage broker for this (but may not fit unless you have a defined timetable of return to the UK, and are working abroad via a multi national or UK based company).

Is the flat let or has it been left unoccupied ?

You may well find though that it will be simplier and cheaper to stay where you are, until you return full time to the UK.

Hope this helps

Holly

geoffky

Is the flat rented out...If so you need permission or a btl mortgage..

HappJoss

Thank you Holly Hobby and Geoffky.

Yeah I have rented the flat out before relocating to Australia with the same company from the UK office.

My current contract is due in 2014, so far, our plan is return home before my contract expires.

One question to Holly Hobby through, you mentioned about 'ex-pat mortgage broker', first time heard this term, can any mortgage broker be an expat mortgage broker? how does this work?

Cheers!

HappJoss

Caz3121

how long was the consent to let valid for or are you now on a buy to let mortgage?

holly_hobby

Hi there,

Ex-pat mortgages - are for those UK patriots living and working abroad (usually in central Euorpe and US though).

Typically they are for individuals whom have been temporarily relocated by their UK employer (large multi nationals are also considered).

They are looking for you to have remaining ties to the UK, and a defined return timetable and position - whereby the ex-pat ordinarilly returns to their normal position with their employer, when relocated back to the UK.

Ex pat mortgages are obviously not the bread and butter of the normal high street mortgage advisor, which of course doesn't mean that not all of them know their eggs on them.

Ideally though, you would want an indvidual whom is familiar with both active providers, their criteria, and just from an iniital chat with the individual, whether they can be placed or not - saving everyone wasted time.

In your situation (Australia and not apparently there via a work placement) I would really remain with the lender you are with, and with whom you already have consent to let. As any move will incur exit fees from your current lender, broker advice fees, fees for the BTL mge (up front admin fees not normally refunded if rejected), and if accepted, probably a higher btl pay rate than you're currently on in any event.

Once you're back in the UK, and have secured a position, you can consider either remaining in your current property, or purchasing a new primary residence instead (whilst either selling the currently let home, or retaining as an investment, and at that point remaining where you are lender wise (if they permit), or seeking an alternative dedicated BTL lender & product).

Hope this helps

Holly