Extra borrowing for emigration bond

ROLF's_MAYO

Hi all,
Im hoping to get out of our lovely country in the near future and head for Australia. They operate a points system and you get points for profession/skills, level of English, familyu connections etc.
To get the last 5 points I need to invest a £42k bond in the Australian government for 1 year. This is fine as it earns 5% intrest and is as secure as the government.
My house is worth around £200k and I have a current mortgage of £112k. Additional to the £42k I will need about £14k to pay off credit cards and a small loan (emigration fees are quite high!)
My total borrow I figure will then be about £168k (approaching 85% of property value)
Im worried that my lender will not help me as Im 'investing' overseas and have heard of people failing to move because they couldnt borrow. My plan is to borrow the funds and then put my house on the market so the lender potentailly wont make that much out of me cos Ill pay it back soon.
Does anybody have any experience of lenders not being happy with this? Im with Nationwide and tied in for another year

Any help or advice on this would be greatly appreciated

Ads

silvercar

I imagine a lender may be unhappy if he thought you were mortgaging to the hilt to do a disappearing act. The idea of consolidating existing debts and home improvements may be easier to swallow. You can only ask, a decision will be based on salaries and credit rating - while the Oz idea is still pie in the sky.

My plan is to borrow the funds and then put my house on the market so the lender potentailly wont make that much out of me cos Ill pay it back soon.

This shouldn't be a problem in itself, as the rate charged will reflect the fact that you are choosing a no redemption fees deal.