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My mortgage and relocating abroad

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Peter44
Peter44 Posts: 3 Newbie
in Mortgages & endowments
I am relocating abroad temporarily where I have found a good job opportunity. I am planning to let my flat while abroad but my mortgage lender only allows me to do this on a short term basis (maximum a year). They told me I should arrange a buy to let mortgage but they do not have any buy to let product at present. Shopping around has been difficult as lenders are not happy to give a buy to let mortgage if I am going to be working abroad. What can I do??? I do not want to sell my flat as I am planning to get back to the UK, but it may take few years before it happens! Any suggestions??

Many thanks

Peter44
:confused:

Comments

  • JayZed
    JayZed Posts: 731 Forumite
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    I don't understand why lenders are worried about you working abroad. It's not an uncommon situation, and I know many people who've done this.

    Maybe you should get consent to let for a year from your current lender, and then look around for a BTL mortgage. By that time you will (hopefully) be able to show a track record of rent received covering the mortgage.

    Or you could just do what I did, and not tell your lender (but make sure that you arrange appropriate insurance).
  • Bromley86
    Bromley86 Posts: 1,123 Forumite
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    I suppose the logic is that he'll have to pay rent/mortgage in the new country, so his UK mortgage will be covered by rental income. That's a higher risk to the bank than an owner-occupier paying from salary.
  • silvercar
    silvercar Posts: 47,227 Ambassador
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    Owners abroad are harder to chase than those with a UK address.
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  • Peter44
    Peter44 Posts: 3 Newbie
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    Thanks JayZed!
    I have considered not telling the lender as suggested by some estate agents but go scared when I read the terms and conditions from the lender saying that if they find out I am letting the property without their knowlegde they will take court action and could even repossess my flat!
    Thanks again.
    Peter44
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
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    There are lenders that will offer you a residential mortgage, if it is your intention to return back to the UK, or if you are becoming an ex-pat as it were.

    It all depends on the figures and your personal circumstances as to whether this would work as opposed to a BTL
    I am a Mortgage Adviser
    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.
  • polo2000w
    polo2000w Posts: 28 Forumite
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    which lender are you with?
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