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Overseas Mortgage / Onshore re mortgage
ironchest
Posts: 6 Forumite
Hello,
quite a complex scenario here, im hoping you can help with.
a family member currently lives abroad with his family working (UK citizens), soon the family except him will be moving back to the UK. He has a house in England currently rented out with no mortgage on it earning a sizeable monthly rent. They want to buy a new house for the family, however, as he will be India working now, he has been advised that irrespective of his salary it will be an international mortgage so will require 25% deposit, which seemed strange. He doesn't have enough of a deposit currently though so is trying to get money out of his other house but he is being advised this isn't possible, even though his wife will be banking the UK rental income. it is all quite confusing, could anybody help out with advice / places to go next?
quite a complex scenario here, im hoping you can help with.
a family member currently lives abroad with his family working (UK citizens), soon the family except him will be moving back to the UK. He has a house in England currently rented out with no mortgage on it earning a sizeable monthly rent. They want to buy a new house for the family, however, as he will be India working now, he has been advised that irrespective of his salary it will be an international mortgage so will require 25% deposit, which seemed strange. He doesn't have enough of a deposit currently though so is trying to get money out of his other house but he is being advised this isn't possible, even though his wife will be banking the UK rental income. it is all quite confusing, could anybody help out with advice / places to go next?
0
Comments
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The family could always rent a property until such time as a deposit has been saved.0
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