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  • FIRST POST
    • sangupt
    • By sangupt 29th Nov 17, 2:50 AM
    • 51Posts
    • 6Thanks
    sangupt
    becoming non-resident, Q on remortgage
    • #1
    • 29th Nov 17, 2:50 AM
    becoming non-resident, Q on remortgage 29th Nov 17 at 2:50 AM
    Hi


    I currently have a joint mortgage with my wife in the UK. Next year I might be moving abroad to work while my wife will continue to stay and work in the UK. I will become non-UK resident.


    When time comes to remortgage, do I need to get an expat mortgage? I'm not sure what the rules are in such a case?


    Can someone please advise?


    Thanks & Regards
    SG
Page 1
    • kingstreet
    • By kingstreet 29th Nov 17, 8:33 AM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #2
    • 29th Nov 17, 8:33 AM
    • #2
    • 29th Nov 17, 8:33 AM
    Are you remortgaging, or asking your current lender for a customer retention product.

    In the case of the former, you may have problems. The latter, probably can be done online with no further checks.
    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. Please do not send PMs asking for one-to-one-advice, or representation.
    • sangupt
    • By sangupt 29th Nov 17, 11:53 AM
    • 51 Posts
    • 6 Thanks
    sangupt
    • #3
    • 29th Nov 17, 11:53 AM
    • #3
    • 29th Nov 17, 11:53 AM
    Thanks Kingstreet! I'll be up for remortgage in end 2018 and if I am non resident at that time, am I still eligible for the customer retention offer that my current provider might(and has been so far) offer?


    Do I need to declare legally I am non resident and do I need to go through the entire mortgage application process - this was my main concern.


    Thanks & Regards
    • kingstreet
    • By kingstreet 29th Nov 17, 12:38 PM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #4
    • 29th Nov 17, 12:38 PM
    • #4
    • 29th Nov 17, 12:38 PM
    A remortgage is a new mortgage with a new lender on the current property to repay the current mortgage.

    A customer retention product is a new mortgage rate from your existing lender when your current product ends.

    As stated, you will have issues remortgaging. You may need to explore your current lender's customer retention products to see what is available and if there are any qualification requirements.
    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. Please do not send PMs asking for one-to-one-advice, or representation.
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