What to do with my mortgage?

calamity7

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

Thrugelmir

A few questions to help us.

Who is your lender currently ?

What's the value of the property and the outstanding mortgage ?

Rental Value of the property.

Is your contract in Canada a fixed term one of 14 months?

In reply to your last question. You don't have any rights its entirely at your lenders discretion!

calamity7

I'm currently with the Stroud and Swindon, on fixed at 5.7% (expires Oct 30th)

My flat is valued at 235,000 and I've got 188,000 left on it.

My job in Canada is a fixed contract, and I've got my job in the UK to return to in Feb 2012.

I'm going to be renting out the flat for 1100pm, minus 10% for the rental management agency.

I didn't really think I had 'rights' as such, just thought I'd try to vaguely get a grip and know what I was talking about when I rang them!

Many thanks for any advice, really really gratefully accepted
C