Posted on 1 May 2010 by Joe O\'Brien
I am a UK citizen now returning to live in the UK, from Australia. I have an Australian property which I own 100%. Can I get a mortgage in the UK, using my Oz property as security, to buy a UK house? If so what mortgage amount and interest rate would apply?
I am pleased to advise you that depending on your individual circumstances, it should be possible to raise a mortgage on your property in Australia to help fund a purchase in the UK.
Although I can't give you definite figures, Lenders will look towards a maximum loan to value of 70% and the current rates are in the region of 4.25% variable. The mortgage would be in Sterling and not Australian Dollars.
I recommend that you speak to an independent mortgage broker about your situation.
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