I'm trying to get figures on renting out our house in UK. I've spoken to an IFA and the figures he's quoting are based on a mortgage over 25 years. I'm 43 and can't understand why he's doing this. I was hoping to remortage our property and take the repayment term over 12 years (basically doubling) what we have at the moment. This way I could release some equity to bring with us to Oz and then still have the house, which would be rented out. I've asked him why it's over 25 but he's not got back...he just said.... "
It does not work the way you suggest of increasing the term to 12 years and borrowing £120k."
Anyways..this has got me thinking...that by the time we come to buy (if we can even afford to) in Oz will I be able to secure a mortgage over say 15 years. Is that feasible?
Hope you can help.