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  • FIRST POST
    • kokolino23
    • By kokolino23 17th Jun 17, 11:20 PM
    • 85Posts
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    kokolino23
    Remortgage while abroad
    • #1
    • 17th Jun 17, 11:20 PM
    Remortgage while abroad 17th Jun 17 at 11:20 PM
    Hello,
    My current mortgage deals ends in a couple months time and I've got a job offer from abroad. Because I don't know how the life will be out there, I'd like to keep the property in UK and rent it out.

    I'll move abroad AFTER I can remortgage here so I've got the intention to secure that for 2-5 years as I've got a decent LTV.

    If I'll remortgage NOW for 2 yrs, how difficult will be to do it again while I'll be working abroad? I'd guess the chances are slim because the lender will ask for payslips, bills, etc.

    Or it's better to remortgage NOW for a longer term (3-5 yrs) and I won't have any hassle except renting the property out? In this way I'll have the option to stay in my own property should I decide to come back to UK.


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    • Thrugelmir
    • By Thrugelmir 17th Jun 17, 11:25 PM
    • 55,168 Posts
    • 48,365 Thanks
    Thrugelmir
    • #2
    • 17th Jun 17, 11:25 PM
    • #2
    • 17th Jun 17, 11:25 PM
    You'll need the lenders permission to let the property. If you remortgage to a new lender this may well not even be a possibility for the first 6 months.

    Once abroad then you'll lose your UK credit history, have no UK employment etc. Resulting in your options being greatly diminished.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • Lilla D
    • By Lilla D 18th Jun 17, 10:25 AM
    • 308 Posts
    • 154 Thanks
    Lilla D
    • #3
    • 18th Jun 17, 10:25 AM
    • #3
    • 18th Jun 17, 10:25 AM
    Indeed, when letting out the property, you'll need the lender's permission (consent to let), which can only be gained at the earliest 6 months after starting the new deal.

    You'd be best placed to speak to a broker, because we either know or can easily check whether a particular lender will even allow a consent to let and if so, after how long and with what conditions (e.g. without raising the interest rate).

    Just a slight correction re UK credit history - as long as you keep your current account open and pay your UK mortgage, your UK credit history will be retained, so that's ok. However, your options for a remortgage in a few years' time will indeed be restricted as only a few lenders offer expat mortgages. It is possible to remortgage, but with T&Cs attached.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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