Hi Propertytalkers
I'm looking get an idea how difficult it will be to get a mortgage while living overseas. Am I likely to need a broker?
I've recently moved to London, and will be here for the next couple years, but I don't want to put accumulation on hold for that long. I'll be visiting New Zealand in March, and will be looking at properties then, but will only be there for a couple weeks, so want to know what I can sort beforehand, and what has to be done while I'm there.
In terms of income, living in London it is significantly higher than it was back home. In currency-converted-after-tax terms mine is almost double, and my wife's is a tiny bit lower. But we are technically self employed, and so will have no "proof" of our income until May at the earliest. In terms of deposit, I expect to have around $80k cash available, and estimate I could increase the mortgage on the rental we currently have by another $50k, as similar properties nearby are asking almost $120k more than we paid back in 2012.
So I could probably look at cheapie in Rotorua without having to raise a new mortgage, but I'd rather buy something at 60-80% LVR, in the low $400s in a nicer area of Hamilton, or somewhere out in the distant reaches of Auckland, maybe Tuakau or Orewa. But I need to know how easy it will be to raise the funds.
Anyone have any experience/knowledge of the process?
I'm looking get an idea how difficult it will be to get a mortgage while living overseas. Am I likely to need a broker?
I've recently moved to London, and will be here for the next couple years, but I don't want to put accumulation on hold for that long. I'll be visiting New Zealand in March, and will be looking at properties then, but will only be there for a couple weeks, so want to know what I can sort beforehand, and what has to be done while I'm there.
In terms of income, living in London it is significantly higher than it was back home. In currency-converted-after-tax terms mine is almost double, and my wife's is a tiny bit lower. But we are technically self employed, and so will have no "proof" of our income until May at the earliest. In terms of deposit, I expect to have around $80k cash available, and estimate I could increase the mortgage on the rental we currently have by another $50k, as similar properties nearby are asking almost $120k more than we paid back in 2012.
So I could probably look at cheapie in Rotorua without having to raise a new mortgage, but I'd rather buy something at 60-80% LVR, in the low $400s in a nicer area of Hamilton, or somewhere out in the distant reaches of Auckland, maybe Tuakau or Orewa. But I need to know how easy it will be to raise the funds.
Anyone have any experience/knowledge of the process?
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