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A complicated mortagage query from overseas
seahorse3
Posts: 4 Newbie
Hi, have a bit of a tricky one so if anyone can offer any advice...I have a small flat in North West London with quite a larg mortgage. Currently on a discount mortgage of 5.15% with Abbey which is great but is due to revert in May so will need to re-mortagage. Quite simple so far...but I've recently been travelling and have decided to stay on in New Zealand - secured myself a job etc and am looking to rent out the London flat. I can achieve enough rent each month to cover my mortgage payments JUST at the moment, but can't afford for my mortgage to go up by any significant amount. So..I have a few questions:
a) I know I have to declare to the mortgage lender if I am renting out - what impact will that have on my current mortgage?
b) Will I be able to get another discounted deal when I am renting out and living overseas?
c) Will I be able re-mortgage with a new lender f I'm not earning in the UK (my wage here is fine but peanuts if converted into GB£) or will I have no choice but to stick with the Abbey?
This is all new territory for me so apologies if these are basic questions!
Thanks.
a) I know I have to declare to the mortgage lender if I am renting out - what impact will that have on my current mortgage?
b) Will I be able to get another discounted deal when I am renting out and living overseas?
c) Will I be able re-mortgage with a new lender f I'm not earning in the UK (my wage here is fine but peanuts if converted into GB£) or will I have no choice but to stick with the Abbey?
This is all new territory for me so apologies if these are basic questions!
Thanks.
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