Unable to change mortgage

sardaZZles662

Hi, we have a UK mortgage but now live in Australia. The interest rates have increase significantly (monthly re-payments have nearly doubled) and we looked to change the product. The mortgage company will not change our product due to us not living in the UK and have not been nice to deal with on other aspects of our communications, so we are looking for another provider and have to do this through a broker. Unfortunately, we have been unable to find a broker who will help us due to the amount left on the mortgage being low (as stated by the brokers). Any assistance would be appreciated.

Ms_Chocaholic

How much is owing? Could you get a credit card/loan to repay this?

Hoenir

Is the property let? 

ACG

Are you looking for a fee free mortgage broker? 
If you were to find one who charges, they may be more inclined to do the extra work needed? 

Or have you googled expat mortgage brokers? This sort of thing would be their bread and butter and so would probably be able to place it quite quickly. 

sardaZZles662

Thank you for the comments. In answer to the questions: A) Amount owing is around $120,000, so not really an option. A) Yes, the property is let but no were near covering the mortgage. A) We have been in touch with brokers that cost but what we were told by one of them is that it is not worth them taking it on for what they will earn from it (they are looking for the bigger earners). We did find 2 expat brokers who took all the details and said great, we'll get back to you and they didn't, and then they are no longer 'contactable'. We will keep looking. 

Hoenir

sardaZZles662 said:

. A) Yes, the property is let but no were near covering the mortgage.

Has a broker confirmed if you are meeting lenders criteria for a BTL mortgage ? Given it's a relatively small mortgage balance outstanding. Is this even a viable investment that's worth holding onto. 

amnblog

Part of the issue is that many ex pat Lenders have a minimum lending level, which leave very few options.

Secondly, Lender's can be sniffy about your Employment in Australia. If you are employed by a multi-national that helps but self employed or working for a local Firm makes matters even more difficult.

It's painful work and not profitable for the Broker with a sensible fee being charged.