Emigrates facing obstacles to moving abroad

As emigration in the UK continues to grow one problem many are dealing with is the ability to sell their current house before the move abroad.  Most visas have a deadline by which they must be used.  For some this deadline has run out which has made emigration an unlikely reality.

One company called HiFX is making recommendations to help potential emigrates avoid this pitfall.  The director of HiFX, Mark Bodega, said "frustrated Brits [should] consider remortgaging and then letting out their property in the UK, releasing enough equity to fund the first 12 months of their move abroad. This also has the benefit of allowing émigrés the opportunity to decide which area of the new country they want to live in, prior to making a commitment to purchase.

"Also, if for some reason things don't work out as expected and émigrés want to return home, it is simpler to return to the UK and avoid all the purchase costs such as stamp duty and estate agents costs, of buying a new home.

"For a rented property to 'pay for itself' then émigrés need to secure a rental income of at least 1.25 times the mortgage payments; however some deals allow as little as 1.1 times.

"They should also change from a residential to a buy-to-let mortgage, which is fairly straightforward as long as you have 25 per cent equity in the property, although some lenders will allow as little as 15 per cent on some products.

www.hifx.co.uk