Hey,
Interested in hearing from people that have invested in the UK how thay secured finance – from a uk bank or australian bank. Also do they have to pay stamp duty? Any tips on how to research UK locations wld be greatly appreciated too
Cheers
You will not find an Australian lender take a UK property as security so you can forget that route.
Selected UK lenders will look at Buy To Let (Our version of Investment properties) loans.
Stamp Duty is exempt for properties upto 125,000 pounds and then it is a graduated scale.
Ran a very succesfull property scouting trip for 4 months there last year for investors and will be back again trying to pick up some more bargains later in 2012.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard! Have you ever worked with those UK lenders & if so who do it?
Richard has been on this site for a long time. You will not find anyone with more knowledge of offshore Finance than Richard
Nigel Kibel | Property Know How
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UK Stamp Duty was increased substantially in the most recent budget (couple of weeks ago). Not a killer, but be aware of it:)
http://www.homestagingconsultants.co.uk/Stamp_Duty_Rates.htm
Not aware of too many investors who spend more than £2M on a property.
The increased Stamp Duty was for properties more than £1M but the big increase kicked in $1M later.
Other crackdown was for Jersey & Channel Island companies.
Really no big deal considering our last development the properties went for $43,000 Max with 85% lvr available.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I didn’t know the numbers you were dealing with. The property press were bleating like Welsh lambs in Spring about the stamp duty increases. Evening Standard property (wed) edition were along the lines of “kill the recovery’ – ‘ruin our livlehood’ etc etc. Argument being that the larger stuff won’t trade therefore lower priced would rise and will meet the threshold – and inevitably it will, like in Aus it is an abhorrent tax. The Jersey and Channel Is issue (I thought) was more about companies owning UK RE, which I felt could affect Aus purchasers. I don’t own in the UK (would like to – sadly just too damn far away) but having seriously considered it once I keep an eye on it.
Does it make any difference for lending, if you are also a UK citizen? I have been considering purchasing in the 40K quid area as per above as my brother who still lives there has several properties making good returns.
Macca,
there are plenty of UK sites, too many. try http://www.fish4homes.co.uk
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