Remortgage & moving abroad

Trickster_3

Dear MSE's,
I'm just about to sign up for a C&G 3 year fix remortgage on the advice of my broker - am I doing the right thing?
I was recommended C&G as I'm hoping to move abroad for a year or two & was advised that they were generally quite sympathetic to buy-to-let switching - although I would need to get this confirmed at the time.
My worry is that if they decide not to let me keep the same (general residential) mortgage then not only will I have to pay a big ERC, but in the meantime I'll be on a higher rate than I would otherwise be paying for a base rate tracker - could lose out twice over..
Does anyone have any experience or advice on this?
Thanks,
Trickster

koexelek

Your broker is right. They normally are OK with that sort of thing, particularly as you are going to be out of the country.

But in this current market, you never know what lenders are going to do.
At worst, I could see them loading your rate a bit if you want to let it. I really could not see them insisting you fully repay it and pay the full penalty.

It's still a bit of a hypothetical question though, as lender criteria seems to change daily these days

Trickster_3

Thanks koexelek,

That's as reassuring as it can be.

herbiesjp

I've got a couple of mortgage still going through with C&G on the same basis

Should be ok