Buying property back home

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  1. #1

    Join Date
    Jul 2008
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    Buying property back home

    Hi everyone,

    I'm a UK citizen would has been living in HK for approaching 3 years, and having married a local we intending to stay for the foreseeable future. I am interested in buying a property back home in the UK, but I don't really have any idea how to go about this with regards to getting a mortgage etc. I assume I would have to go through a UK bank for this? Are there a lot of additional costs involved in getting a mortgage this way?

    I have family in the UK who would assist with the sale, maintenance etc., so it is really the financing I don't have much idea on. If anyone can shed any light on this it would be much appreciated!


  2. #2

    Join Date
    Feb 2009
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    8,280

    You should consider borrowing in HKD to finance a GBP property back in the UK. There are lots of risks to consider, but the benefit is the very low 2% interest rates available here.

    This mob can help you out:
    International Mortgage Service

    Also this mob:
    Hong Kong - Overseas Property Finance


  3. #3

    Join Date
    Mar 2007
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    Gold Coast Marina
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    Not sure what you mean by additional costs. Additional to what? Its normally much easier to get the loan where the property is - all the procedures are well understood.

    Try first direct for a bank without branches so good internet and phone support 24 hours.

    Sent from my GT-P1000 using GeoClicks Mobile


  4. #4

    Join Date
    Jan 2008
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    Income Tax

    Have you thought about Income tax implication? If you maintain a residence in UK, you may be charged tax on your world income ( I am not sure, but I believe that is the case at the moment)

    Quote Originally Posted by newsense:
    Hi everyone,

    I'm a UK citizen would has been living in HK for approaching 3 years, and having married a local we intending to stay for the foreseeable future. I am interested in buying a property back home in the UK, but I don't really have any idea how to go about this with regards to getting a mortgage etc. I assume I would have to go through a UK bank for this? Are there a lot of additional costs involved in getting a mortgage this way?

    I have family in the UK who would assist with the sale, maintenance etc., so it is really the financing I don't have much idea on. If anyone can shed any light on this it would be much appreciated!

  5. #5

    Join Date
    Jul 2008
    Posts
    186

    BDW - Thanks for the advice, I will take a look at that option also.

    Moving - I'm not too sure what I mean either Actually I am a first time buyer so I don't have much clue about any of this! But I wondered if there would potentially be additional fees etc. considering the mortgage is being arranged for someone overseas (or vice versa for a property overseas)


  6. #6

    Join Date
    Jul 2008
    Posts
    186

    Hi Old Timer - I wasn't aware that that was the case, but I will definitely check it out. Thanks...


  7. #7

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    Jul 2008
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    Seems I am one step behind on these posts


  8. #8

    Join Date
    Jul 2008
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    If I am planning to rent the property out, any idea if I would have to get a buy-to-let mortgage (which seem to have higher rates), or would I be able to get a standard rate on the basis I may go back to live there at some point?


  9. #9

    Join Date
    Jan 2008
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    I still would advise to consult a tax lawyer or an Auditor before buying a property.


    Original Post Deleted

  10. #10

    Join Date
    Jan 2008
    Posts
    1,966

    Please read this article:
    Quote "Many clients are surprised to hear they may have to pay UK tax, even if they do not live in the UK. This article is intended to give a brief overview of the different potential tax charges facing non-resident owners of UK property." unquote
    How should non-residents own UK property?: Lawskills


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