Renting uk property and re-mortgaging

[Guest guest8040]

We've accepted we are going to have to rent our UK house out. We currently have 2 mortgage advisors on the case looking for a deal for us but wondered if anyone would share their experience of remortgaging? We want to release as much of the equity as possible (our mortgage is currently about 55% of the value) but keep the monthly repayments down.

[Misplaced]

I'll be interested in the advice you get on this.

 

Can I be cheeky and let me know why you get advised - if you don't mind? Completely understand if you do mind.

 

Good luck with getting a good deal.

[TomJonesDad]

Been honest all my life in everything (not always to our advantage) but in this case ours was all for home improvements. Lenders are getting very particular about what they lend for!

[natasha2106]

When we enquired about remortgaging we were told that we could get 85% of value of the property value and this still kept our repayments down. Not sure if this still the case as this info we got was about 18 months ago.

good luck

natasha

[Guest guest8040]

Thanks everyone and no problem at all Misplaced as TJD says I think you have to be prepared to be a little maverick with what you say and definitely don't say you are emigrating permanently!

[Guest guest8040]

Gawd it's complicated will keep you posted as soon as there's an update...

[Misplaced]

Gawd it's complicated will keep you posted as soon as there's an update...

 

Mmmmm..........I was hoping you weren't going to say that!

[Guest guest8040]

Well that's one mortgage advisor down, he's exhausted every possibility to no avail. He did manage to get us a buy to let mortgage but not one that releases enough equity. Pinning all our hopes on the second one coming up with something but as he's gone quiet I think he's probably struggling too. Part of our problem is how much our house is worth. It's always been one up on the southerners, our cheap northern housing but now it's come back to bite me on the backside. We have a mortgae that is about 55% of the property value but we can't release enough equity to fund the move. As I understand if you have equity in the property over £100k (we don't) and that is at least 50% of the property value you may be in with a chance? Completely stressed now as we've booked flights and may now have to shell out for a holiday we can't afford to validate our visas if the house doesn't sell. With family not happy about the move we aren't feeling the excitement at all!

[Misplaced]

Well that's one mortgage advisor down, he's exhausted every possibility to no avail. He did manage to get us a buy to let mortgage but not one that releases enough equity. Pinning all our hopes on the second one coming up with something but as he's gone quiet I think he's probably struggling too. Part of our problem is how much our house is worth. It's always been one up on the southerners, our cheap northern housing but now it's come back to bite me on the backside. We have a mortgae that is about 55% of the property value but we can't release enough equity to fund the move. As I understand if you have equity in the property over £100k (we don't) and that is at least 50% of the property value you may be in with a chance? Completely stressed now as we've booked flights and may now have to shell out for a holiday we can't afford to validate our visas if the house doesn't sell. With family not happy about the move we aren't feeling the excitement at all!

 

Good luck with the other advisor. Hopefully he'll bring you better news.

 

We had to validate my wife's visa back in August but had the advantage of having someone to stay with.

 

We both just need a buyer and quick!!!

 

Keep smiling,

 

Misp

[Guest guest8040]

Yep fingers crossed for us all!

[trevorpayne]

We have rented our property in the UK out.

We also remortgaged and released some of equity this way.

I have our advisers number if you wish to speak with him.

We took our new mortgage on interest only, just for the simple reason that we would keep the house for around 5 years then sell hoping the exchange rate had risen and the housing market would have stopped falling .

So far touch wood we have had two tenants both signed 12 month agreements with bonds our latest one wants to stay for a couple of years as her daughters only young and at the local school.

To be honest I don't really think about the house anymore it looks after itself now and gave us the deposit for our new home in Ozz.

I wouldn't mention emigrating so if you can have a relative let you use there address this will make things easier.

I think Nationwide ask for the least information

[Guest guest8040]

We've got an agreement in principle today and hope to have an experience similar to yours Trevor ie it'll pay for itself and we can forget about it! Made us both feel happy as Oz is a 2-3 year trial hopefully permenant move but you never know what life has in store, so if it doesn't work out we still have somewhere in the UK and if it does we have a little investment for the future!

[Guest wolvesaussie]

Im thinking about renting my UK house as well

 

Do you really think its easy to just forgot about it? The estate agent will look after it all for a cut of the rent?? Worried about people setting up shop then not paying the rent?... tho I think its just become easier to evict them now

[Misplaced]

We have rented our property in the UK out.

We also remortgaged and released some of equity this way.

I have our advisers number if you wish to speak with him.

We took our new mortgage on interest only, just for the simple reason that we would keep the house for around 5 years then sell hoping the exchange rate had risen and the housing market would have stopped falling .

So far touch wood we have had two tenants both signed 12 month agreements with bonds our latest one wants to stay for a couple of years as her daughters only young and at the local school.

To be honest I don't really think about the house anymore it looks after itself now and gave us the deposit for our new home in Ozz.

I wouldn't mention emigrating so if you can have a relative let you use there address this will make things easier.

I think Nationwide ask for the least information

 

Hi Trevor,

 

Did you tell the advisor what your intentions were?

 

Did you have to put a 20% deposit down for your home in Oz? If you don't mind me asking.

 

Cheers,

 

Mis

[Guest guest8040]

You can take out an insurance to cover you if tenants don't pay etc. we've been very lucky to find an ex policeman who does property management to look after our house, he takes no shoit apparently and after 30 years in the force is a pretty good judge of character and has ways of checking out potential tenants I'm pleased as I've heard mainly bad reports about agents. With regard to a buy to let mortgage get a couple of advisors on the case, we had one who said he couldn't get us a mortgage and seemingly exhausted every avenue the other came up trumps with no hassle. Renting out is not ideal but with the property market being dead it's the next best thing - just have to summon the guts to conquer my horrendous nerves that have kicked in about the move now! Good luck everyone

[Guest guest8040]

Just thought I'd update on this one, what a rollercoaster and we're still not off it yet. The lenders market has changed SO much just in the last 6 months, many lenders are pulling out of the interest only market altogether week by week so if you're pinning your hopes on that act quickly. We were delighted our second broker found us a deal on an interest only buy to let mortgage releasing the equity we needed. We shelled out £430 for survey that was done on Thursday and were gutted it was valued £15k under the estate agents valuations. Why?? I asked. Apparently this is the norm too, it's a very cautious lending market so don't necessarily to get the same valuation from a surveyor as an estate agent. Consequently despite being offered the mortgage it's reduced the equity we can release by £15k, leaving us with £7k to arrive with which I just think is massively risky; we couldn't buy a car, pay for a long term rental deposit and have a buffer while we look for work on that. Oh and we would have had £4500 more to add to that if we weren't having to purchase our lease (if you have a lease with less than 70 years on it you may struggle with a remortgage so factor that in - we didn't) plus the £7k is reliant on me being made redundant too! Just don't know what to do now, thankfully I'm hysterical rather than despairing at the minute. Could put it back on the market in the New Year and pray for a miracle sale. Getting the visa was most definitely the easy peasy bit

[Misplaced]

Thanks for the update guys and really sorry to hear it isn't getting any easier for you.

 

We are now up with 2 agents in the hope that they will push each other to get us a buyer. Would have done this earlier as we thought we'd have to pay commission to them both but we don't, just the one who introduces the buyer.

 

Anyway, fingers crossed for us both and have great Christmas and New Year.

[Guest guest8040]

It's naff isn't it? Going to see if I get made redundant this week as my potential redundancy pay is the clincher. If I don't get that it's probably back on the market for us or a lottery win! Have a great Christmas too, we will have to have a celebratory drink in oz sometime in the future x

[Misplaced]

The drink sounds a great idea......mind you the way things are going it maybe in this country!

[barbaitch]

 

Renting out is not ideal but with the property market being dead it's the next best thing - just have to summon the guts to conquer my horrendous nerves that have kicked in about the move now! Good luck everyone

 

Snap! This is our story, too. We're going for three years on 30 Jan '13 and are renting our home out. It's all arranged and we're happy with our tenant (who happens to be best friend of our next-door-neighbour - who also now happens to be a friend of ours since we moved here six years ago), so we're very lucky in that respect. The other part of your story that's identical to mine is the horrendous butterflies, which feel more like trampolining elephants at times! It's weird, because we lived in Oz for 24 years and have been back 17 times in the 20 years since we left Adelaide), so we're hardly strangers! But this time it's different. We're going for our Citizenship this time and it's a whole new ball-game. Exciting though. The only fly-in-the-ointment is those bluddy wobbles I keep getting when I least expect them; they're what's making me panic - even though I know there's nothing to panic about!!! Crazy.

 

I wish you Good Luck and Great Happiness in Oz!!!

[Guest guest8040]

Aw good luck with everything, glad to hear you still have butterflies even with that background!

[Guest beckeithking]

Us too. Visa to be validated in April, hope to go permanently then but unlikely. Can stay with family to keep costs down.

 

Work for me ( midwife) is scarce in the borders so NEED A BUYER!! its a lovely wee house!

Good luck everyone.

Bec x

 

 

Good luck with the other advisor. Hopefully he'll bring you better news.

 

We had to validate my wife's visa back in August but had the advantage of having someone to stay with.

 

We both just need a buyer and quick!!!

 

Keep smiling,

 

Misp