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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7620
Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi, I currently live in oz (expat) 4 years, i have two properties

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Hi, I currently live in oz (expat) 4 years, i have two properties back home currently rented out. If I tell my mortgage company i have moved to oz, can they enforce foreclosure? I am up to date on payments and paid 25% deposit on original value when purchased.

I plan to buy more properties with an expat mortgage company but am concerned having these all in my name, what is best protection vehicle and tax efficent vehicle to buy houses in uk for expat? The discretionary trust in oz is excellent for tax and protection but i know uk trusts arnt best tax wise? pls advise thanks

Are you simply asking what the lender would do if the found out that you were not based in the UK?

Customer: replied 4 years ago.
Yes and also asset protection vehicle for buying more in future

Are they on residential or buy to let mortgages?

Customer: replied 4 years ago.
Buy to let

Thanks for your patience.

It’s not likely that they will take enforcement action if they found out that you were outside of the UK. They will only taken enforcement action (to repossess) if you start missing repayments.

If you default on your UK mortgages then other lenders will sell the properites for what they can as quickly as possible, which may be less than market value. They will then pursue you for the debt and would be successful. This would likely preclude you from getting further mortgages in the UK.

You need to maintain the mortgages, or maintain and then sell the properties if you wish to start new property ventures.

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