Remortgaging from abroad.

badrol

Hello everyone.

At the moment, I live in sunny Dubai and would like to buy some property there.
I also have a property in the UK worth around 140K, and the outstanding mortgage on it is only 32K. At the moment, it is generating GBP 540 per month, the mortgage is only GBP 285 per month.

I was thinking about releasing some equity on the UK property (say 34K, which would be GBP 304 per month over the remaining 15 years) in order to pay for a deposit on the Dubai property, but my UK lender, widely known across the nation would not do it because they want a UK salary paid monthly in my account to lend me more.

So I have 3 question:

1. Is this approach the right one?
2. Can anyone recommend a company/broker who could do this from abroad?
3. Are there some suggestions on how to do things better?

Thanks in advance.

badrol

Obviously a difficult one ...

herbiesjp

There are lenders that will do this for you -normally at high street rates.

Some may even offer free legal fees and valuations.

I'm currently doing one for a client in Bermuda and another client in Libya - so they can be done

However due to the current credit crunch climate you need to talk to an adviser, as they will know which lenders to go for, seeing as the rates and criteria on these deals are changing as well.

mightymouse

Hi

There are a lot of advisors both in the uk and abroad not all registered with FSA.

So I would select a qualified Mortgage Broker who is registered with FSA and you should have no problem.

A lot of web sites are introducers only or offer limited choice so shop around.

There are uk IFA's (FSA registered) based in Dubai so a chat there might not go amiss.

(FSA - Financial Services Authority) (IFA - Independent Financial Advisor)

badrol

thank you for your suggestions.

will be leaving Nationwide (who have been useless & misleading on this occasion, not to mention that no-one ever offered to review my rates for years - I am the one to blame I guess ) for the Woolwich who seem to have the right product for me, buy-to-let while working from abroad, at 6.89% though (fixed 5 years).

time to get in the sun I guess.

:cool: