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Getting a loan in the Uk( or NZ) to buy a property in New Zealand
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PercyS
Posts: 3 Newbie
I know this is a crazy time, but my father died in NZ last year very sadly. Big family issues. So a difficult time. I now suddenly have an opportunity to buy out the other family members, and own the house myself. But NZ lenders do not seem able or willing to consider my UK income in terms of giving me a loan. As I do not want to stay there at the moment I am not "resident". My father gifted half the house to me years before he died, so I only want to borrow 40% of the house value anyway. Does anyone have any suggestions? All thoughts appreciated.
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Do you have a property in the UK which you could remortgage to release sufficient funds to acquire the property? That might be the easiest way of doing it.
If you want a NZ mortgage, it might be best to approach a NZ broker, as they will know which lenders are prepared to deal with overseas buyers.2 -
Welcome to the forum -----and condolences on the death of your father.
Any sort of reputable loans, for whatever reason, depend on your ability to repay it, and the risk as lenders see it. So you need the necessary income levels. But I do not see why you are asking NZ Banks for loan/mortgage???
It seems as though you do not want a mortgage at all. It seems to me that you want to buy out other family members so I do not see why any NZ loan link should be involved at all. If that is so, I cannot see any reason why you cannot take out a loan in the UK from a company specialising in all-purpose loans such as https://www.allpurposeloans.co.uk/landers/10.5?redirected=1
using your 40% share of the NZ house as collateral ( or indeed just your own UK salary ). Then pay off the family members with the loan proceeds. Then buy the NZ house , making sure you have left enough for the legal costs etc in NZ.
I am no expert in this particular field, and I'm sure someone will find flaws in my concept, but it's worth a thought. I'm still a bit mystified why you are asking NZ lenders for money. Good luck.0 -
Dont you have to be resident for 2 years in NZ before buying a property there?0
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craig1123 said:Dont you have to be resident for 2 years in NZ before buying a property there?That's rightI would think to get a loan in New Zealand you would need to be a resident.I was hoping the OP would have researched this vital point.
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