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cash out mortgage for UK property to buy in US
birdhen77
Posts: 1 Newbie
Hi there,
This is quite a specific question and I couldn't find the answer elsewhere.
I am a UK citizen living in the USA. I have a property bought out right with cash in the UK which I rent out. I would like to buy an apartment in the US and figured it may be a good time to do so (due to the unfortunate situation here). Can I get a cash-out mortgage for the UK property from a UK lender to put down a deposit and get a mortgage over here?
I am unsure of the ins and outs and any help would be greatly appreciated.
Thanks!
This is quite a specific question and I couldn't find the answer elsewhere.
I am a UK citizen living in the USA. I have a property bought out right with cash in the UK which I rent out. I would like to buy an apartment in the US and figured it may be a good time to do so (due to the unfortunate situation here). Can I get a cash-out mortgage for the UK property from a UK lender to put down a deposit and get a mortgage over here?
I am unsure of the ins and outs and any help would be greatly appreciated.
Thanks!
0
Comments
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You would need to re-mortgage your UK flat to "release equity". As a non-UK resident and (presumably) no UK taxable income other than the ret you receive from the flat your choice of lenders will be limited. I would suggest you need to contact a good, UK based, whole of market broker.0
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Theoretically yes.
Realistically, it will depend on how long you have been out of the UK, the rent received etc etc.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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