Posted on 13 March 2011 by Stephen Hynes
I currently live and work in Vietnam. I get paid in $ and own a property outright in the UK with my wife, who lives in Australia.
We want to raise some cash out of the property by re-mortgaging, can you advise please on my options.
I presume that you are a British National, but it is your wife's residence in Australia that will make it difficult for you to capital raise on your property in the UK.
Under Australian law banks need a credit licence to grant finance to anyone resident in Australia. As only a couple of banks in the UK have this licence or are willing the overlook it's requirement your choice of Lenders is very restricted.
I recommend that you contact your current Lender first to see if they will allow further borrowing and if not then please give us a call on +44 (0)845 413 1053 and tell the consultant the date and title of your question. They will be able to look at your situation and check whether any one else would be willing to lend.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.