Mortgage paid off, but would like to recoup some money...

Fit_Like

Sorry if this is in the wrong forum, and a bit long winded...but here goes..

My house in Scotland is purchased outright and currently leased. I live in Australia and I am looking to purchase a house here, ideally needing 20% deposit, I wondered if anyone knew or could recommend a way where I could recoup say 40% of the house value in Scotland.

Hope that makes sense.

kingstreet

Buy to let remortgage.

You'll need a broker experienced in expat BTL business.

Fit_Like

kingstreet wrote: »

Buy to let remortgage.

You'll need a broker experienced in expat BTL business.

Is there anyone you could recommend?

amnblog

This is a tricky market. Particularly if lending requirement is modest in size. Particularly if the property is in Scotland. Particularly if you have been out the Country for some time.

You need a broker who has done this type of work and who works on the Net. Expect to pay a sizeable broker fee.

sylvia.stef

Hi. I am also new to the forum and hoped that I could get some help. Unfortunately couldn't find a way to start my new post, so I am just joining in. My situation is the following: recently bought my first property - a council flat based close to central London, current market price approx £450,000. The flat was cash buy as couldn't get a mortgage due to the 9 storey block of flats. I have only tried with several banks and no other financial institution so cannot be sure if mortgage wasn't an option too. Now my plans are to go in to the buy to let business. So my question is would I be able to get some capital out of the flat to invest in another property. I have 20% deposit on top of that and a full-time employment. Could someone possibly advise me if this is re-mortgage providing I have no mortgage at first place? Would I be better just to go for a buy to let mortgage with my cash as deposit or to get a loan secured against my flat ( plus my deposit) and get another property. Is the second option realistic at all?
I appologize for the chaos in my questions but I have been communicating with few mortgage advisers and no one seems to have the right answer for me. I would appreciate some expert advice and possibly a good mortgage adviser to contact. Many thanks.

SavingSteve

Speak to a broker.

Fit_Like

amnblog wrote: »

This is a tricky market. Particularly if lending requirement is modest in size. Particularly if the property is in Scotland. Particularly if you have been out the Country for some time.

You need a broker who has done this type of work and who works on the Net. Expect to pay a sizeable broker fee.

Thanks for your reply, I do seem to be hitting some blocks re salary not being in £ sterling and non resident status. Wishing I hadn't worked so hard to pay off mortgage now as it was the type of one you could take money back out - if only I had a crystal ball! LOL
Thanks Again