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What to do with my mortgage?
calamity7
Posts: 4 Newbie
Hi all
I'm hoping for a bit of advice.
I've lived in my flat for five years, currently coming to the end (in 6 weeks time) of my 3 years fixed mortgage, and am due to then go onto the SVR (currently 4.74% - substantially better than the fixed rate I was stuck on)
I've just been offered, and have accepted, a job in Canada for 14 months, and am due to leave in 7 weeks. I'll be returning to the UK after this.
I'm wanting to rent out my flat however I'm really worried that I'll be forced onto a Buy-to-Let agreement. I'm only going to be renting out the flat for just over a year, and ideally would do this on a residential mortgage with a letting agreement.
I haven't yet spoken to my mortgage company about any of this, as I wanted to get an idea beforehand of what they might want (mainly to fight my corner!).
Because I won't be on any fixed term agreement, do you think I have any chance in getting what I want? Any suggestions as to what to do? It's just bad timing, I'm sure it would be easier if I was on a deal, but by the time I leave the country, I won't be.
Should I negotiate a new fixed rate deal and then let them know I'll be renting?
I'm very keen to be totally above board with all of this, just didn't want to make a mal-informed phone call to my mortgage company and not know my rights.
Sorry to bother you with this, any help gratefully accepted!
C
I'm hoping for a bit of advice.
I've lived in my flat for five years, currently coming to the end (in 6 weeks time) of my 3 years fixed mortgage, and am due to then go onto the SVR (currently 4.74% - substantially better than the fixed rate I was stuck on)
I've just been offered, and have accepted, a job in Canada for 14 months, and am due to leave in 7 weeks. I'll be returning to the UK after this.
I'm wanting to rent out my flat however I'm really worried that I'll be forced onto a Buy-to-Let agreement. I'm only going to be renting out the flat for just over a year, and ideally would do this on a residential mortgage with a letting agreement.
I haven't yet spoken to my mortgage company about any of this, as I wanted to get an idea beforehand of what they might want (mainly to fight my corner!).
Because I won't be on any fixed term agreement, do you think I have any chance in getting what I want? Any suggestions as to what to do? It's just bad timing, I'm sure it would be easier if I was on a deal, but by the time I leave the country, I won't be.
Should I negotiate a new fixed rate deal and then let them know I'll be renting?
I'm very keen to be totally above board with all of this, just didn't want to make a mal-informed phone call to my mortgage company and not know my rights.
Sorry to bother you with this, any help gratefully accepted!
C
0
Comments
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If you know it will be for a fixed term then they may be happy to charge you some sort of admin fee and then some extra levy on the rate for that period.
You may get an idea by looking for the lender's terms and conditions and tariffs.
Are you intending to stay with the same lender? You probably want to discuss it with them straight away to go through the options that they might have available.
Your buildings insurance may need a change for letting purposes.
I'm not quite sure what will happen with 14 months away spread over 2 tax years, whether you will temporarily lose your UK tax residency - might be worth having a look on HMRC's site for non-resident landlords.IANAL etc.0
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