Rishek, HiHi, it's my first time on this forum so I'm a little unsure of how it all works. Apologies if I've come through the wrong channel.
I'm moving from Auckland, New Zealand to work for my employer in London for the next 5 years commencing April 2009. Probably living somewhere in Oxfordshire and travelling to work in Slough, West London.
My wife and I own 2 houses in Auckland with a loan to value ratio of 66%. One is negatively geared whilst the other is cashflow positive. Total value of properties is 1.2million NZD (ie.425,000 pounds). Total borrowings are 810,000 NZD (ie. 287,000 pounds).
We have an overdraft loan available from our NZ bank of 60,000 NZD (ie. 21,000 pounds).
It seems cheaper and smarter to take on a mortgage given our 5 year stay in the UK rather than simply renting. The monthly payments are similar but will it be a difficult exercise trying to obtain a mortgage if we can only put down a 5-10% deposit?
Could we even find anything around 200,000 pounds in one of the villages in Oxfordshire?
My UK salary will be 40,000 pounds per annum and my wife is an ESOL teacher and would probably work part time (ie. 10,000-12,000 pounds per annum).
What would you suggest?
First, wish you and your wife every success for your future employment & lifestyle.
Second, suggest you check: Rightmove - UK's number one property website for properties for sale and to rent to see what might meet your price options and, second, visit: unbiased.co.uk and using the postcode for your new employers offices or, one from the homes on RightMove, find an Independent Financial Adviser. You can select one who will work on commission or by fees.
These guys will be able to provide you unbiased, 'sound' advice taking your present situation into full account also.
Again, wish you every success...