Uk Mortgage Whilst Living In Thailand

[slippery when wet]

Hi all.

I am looking at ways to return to thailand with y family and was wondering if it would be possible to get a remortgage on my property in the UK whilst living in Thailand.

The reason for this being with the UK property market booming I was considering letting my house out and returning to Thailand, when I feel the need of some money release some of the equity that is currently tied up in the house as a form of additional income.

I was wondering with the salary so low in Thailand whether mortgage companies/ lenders in the Uk would consider lending you money solely based on the equity in your property as would not be able to support the normal annual income equirements.

Any advice would be appreciated.

Thanks slippery.......

[everydaysthesame]

Hi all.

I am looking at ways to return to thailand with y family and was wondering if it would be possible to get a remortgage on my property in the UK whilst living in Thailand.

The reason for this being with the UK property market booming I was considering letting my house out and returning to Thailand, when I feel the need of some money release some of the equity that is currently tied up in the house as a form of additional income.

I was wondering with the salary so low in Thailand whether mortgage companies/ lenders in the Uk would consider lending you money solely based on the equity in your property as would not be able to support the normal annual income equirements.

Any advice would be appreciated.

Thanks slippery.......

Hi,

You could get a buy to let mortgage whereby the rental income is used to calculate the amount you can borrow. As long as the rental will comfortably cover the repayments (I think most lenders require the rental to cover the payments by at least 125%) htere shouldnt be a problem. Also they like there to be plently of equity left in the property for them in case they need to repossess. The loan to equity ratio will affect the amount of questions they will ask you and how deaply they will probe if you also need to self certificate saying you have a self employed income which you dont want to disclose. some lenders need a second source of income as well as a rental income.

I recently did this to borrow money to finance a move over here. I set it up whilst in the UK, although I suppose it could be possible to do it over here if you had an understanding mortgage broker who was willing to UPS all the relevant forms out to you. (In my experience mortgage brokers are usually more than willing to massage the facts on mortgage applications!)

I got a flexible mortgage which isnt a great rate 6.5% or something but its like an overdraft with an agreed maximum and I can just call up and request more money in multiples of £500 at any time (3 days to clear) up to the agreed max. I can also repay any amount (over the minumum) each month if say I have a windfall or make some cash out here. You only pay the interest on the current balance. Its better than having to borrow the full amount which you might not need all of at one time, which even on a much lower rate would end up being more expensive as youd have a load of unused cash sitting in the bank earning a lower rate than you were paying out.

hope this is useful,

[astral]

It is few years ago, but I used money left by a relative to buy a property in the UK, and obtained a mortgage

to cover the remaining cost.

The lender was not interested in the rental income, only my ability to cover the payments from my own income,

and the loan had to be covered by a life policy.

All the interest on the loan can be offset against income tax on the rental income as well as agents fees etc.

[glenbat]

i've got a year left on a fixed rate repayment mortgage in Uk (I'm still living here at the mo) and when i'm due to renew it early next year I'm going to be fishing for a fixed 5 or 10 year mortgage so I can let me place and forget about it for a few years and live off the profit in the sunny LOS

Thats my plan anyways