Moving to work abroad- do I need to tell my loan company?

jamllew · 28 February 2010 at 11:24AM

Hi,

I have just been offered a job to work in the USA for two years. I currently have a mortgage and plan to rent the property as well as a loan that has 5 years left. I have enough money to cover the cost of both the loan and the mortgage and will leave money in my UK current account to cover the costs as part of my budget even if I do not find someone to rent the property.

Do I need to inform my banks?

Thanks for any advice

molerat · 28 February 2010 at 11:41AM

You will need approval from your mortgage lender and insurers to let the property or leave it empty. You don't have to tell the loan company that you are moving abroad as long as they have a method of contact even if that is a third party passing on mail, you don't want to come back to a couple of CCJ's if something has gone wrong. A lot depends on your "normally resident" status as to eligibility for some bank accounts and services.