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
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.
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