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Remortgaging and relocating to US

samwood_2
Posts: 10 Forumite
Hi all
We are in a bit of a dilema which is stressing me out...
We are currently with Nationwide on their low variable rate after coming out of fixed rate a year ago. Also we are off to US on Thursday for a job interview with a company who is looking to sponsor my husband on a work visa.
We also have about £20k of debts. The dilema is we want to remortgage the house to get a fixed rate for stability and hopefully pay off the debts we have, Nationwide have offered us a remortgage and a 'top' up to cover the debt and do a bit of home improvement of £30k. These will be 2 separate mortgage accounts but both on fixed term of 2 years.
My question is should I go for this deal with our current lender as they are more likely to allow consent to lend if we do end up living in US next year? And what is the downside of having these 2 different mortgage accounts, one for the mortgage and one for the 'top up'??
Or should we go with a totally new remortgage with another company and hope they consent to rent (we will look at companies who would generally allow this??
We would be looking to keep this property for the first 2 years whilst we decide to either stay in US or come back to UK, we wanted to have a back up.
SO many questions, so little time.... Any help or advice would be appreciated as my head is all fuzzy with what ifs???
Cheers
Sam
We are in a bit of a dilema which is stressing me out...
We are currently with Nationwide on their low variable rate after coming out of fixed rate a year ago. Also we are off to US on Thursday for a job interview with a company who is looking to sponsor my husband on a work visa.
We also have about £20k of debts. The dilema is we want to remortgage the house to get a fixed rate for stability and hopefully pay off the debts we have, Nationwide have offered us a remortgage and a 'top' up to cover the debt and do a bit of home improvement of £30k. These will be 2 separate mortgage accounts but both on fixed term of 2 years.
My question is should I go for this deal with our current lender as they are more likely to allow consent to lend if we do end up living in US next year? And what is the downside of having these 2 different mortgage accounts, one for the mortgage and one for the 'top up'??
Or should we go with a totally new remortgage with another company and hope they consent to rent (we will look at companies who would generally allow this??
We would be looking to keep this property for the first 2 years whilst we decide to either stay in US or come back to UK, we wanted to have a back up.
SO many questions, so little time.... Any help or advice would be appreciated as my head is all fuzzy with what ifs???
Cheers
Sam
0
Comments
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Can anyone help???0
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With all the additional debt. Will the rental income cover the cost of the mortgage while you away? The Nationwide charges an additional 1.5% for the priviledge of consent to let.
Are the Nationwide aware that you may be changing employers?0 -
Yes the rental will cover the new mortgage (with additional borrowing) whilst we are away.
As it is not certain we will be going and if we do go it won't be realistically until at least Feb next year then we haven't told Nationwide that we may be changin employers.
COuld this be a problem in terms of consent to let?0
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