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My mortgage and relocating abroad
Peter44
Posts: 3 Newbie
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
Many thanks
Peter44
0
Comments
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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).0 -
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.0
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Owners abroad are harder to chase than those with a UK address.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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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.
Peter440 -
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 BTLI am a Mortgage AdviserYou 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.0 -
which lender are you with?0
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