Call us on 0344 346 3672
or arrange a callback

If I get permanent residency abroad, do I have to do anything with my Buy To Let properties?

Posted on 12 June 2013 by Matt


Hi, I currently have 4 UK buy to let mortgages, however I am now considering applying for permanent residency in Australia (having worked for an Australian company for 2 years and on a good salary).
Assuming I get Australian residency, my questions are...
a) Do I need to inform my mortgage lenders?
b) Can I keep my current buy to let mortgages as they are?
c) Will I still need to submit a self assessment tax return every year to the HMRC to declare the rental income/property expenses? Thank you so much for your help in advance. Regards, Matt

Matt,

I am assuming that you are already living in Australia on a visa, and that now you wish to apply for permanent leave to remain there. If that is the case, then, in answer to your questions;

a) You do not need to inform your UK lenders that you are looking to obtain permanent residency in Australia, as long as the lenders are aware that the properties are currently let out and that you are living overseas.

b)If your mortgages are either currently buy to let, or residential with consent to let granted by the lender, then you do not need to change them.

c)You will still need to submit a tax return every year to HMRC as you will have income derived from the UK from your rent, even though your earned income is in another tax territory.

I hope that this is helpful, however if you need any further guidance please do not hesitate to contact us again.

Regards,

Simon

simon.collins@johncharcol.co.uk

More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

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.


Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.