777, yes that's correct, the existing mortgage would need to be settled, the new purchase completed via the SPV and then the land registry title completed. As you observe, this is a costly exercise, SPVs work well if you have a chunk of cash to buy outright or with minimal loans, if you wanted a new mortgage via an SPV you would need to get a buy to let and the deposit could be north of 30%. The other sting is the interest rate SPV rates tend to be about 2% higher than standard rates. Even if you have an SPV in the UK you will need to fill a self assessment and and declaration under the non-resident landlord rules or the should stop tax from the rental. For one property, it's much easier just to declare the income and pay the tax... if any Profit exists after regular maintenance and service costs, improvements are not tax deductible.