Non resident remortgage options

omgdada

Hi

I'm about to leave UK for a foreign assignment from my work on 31st Oct. This is expected for a duration of 2 or 3years. I'm UK citizen and resident till date. I own a house in UK, mortgaged with nationalised bank Bradford and Bingley. During my foreign travel I will rent out my house to cover the mortgage costs. I have already signed Assured Shorthold Tenancy agreement with prospective tenants, secured a rental Household insurance, fixed a management agent.

I applied for "Consent to Lease" from the lender, and I received their consent only yesterday. But on the consent letter they specified that the consent is valid only for 12months, after which they expect me to move back to the property or sell or move to another lender.
This is where my concern/ worry begins. I do not have many days left to go back to the lender and challenge them on the consent.

Valuation - the market value of my house will be £350000, however I'm aware that banks will devalue during their valuation
Loan - £278000
LTV - 79%

I could reduce the LTV to 75% in next 6months, based on valuation of £350k.

I came across your website and understood that you cater for mortgages for Non-residents/ Expatriates.

Will you be able to assist me.
What are your costs, do I have to pay or will that be paid by the lender.
Will there be challenges to get a relevant mortgage and perform the duties as I will be abroad.
Being non-resident, will that cause problems are there mitigation steps.

I will appreciate your prompt response.

Yorkie1

This website doesn't provide mortgages to individuals; it's a discussion forum where people can ask questions and hopefully receive other posters' opinions and responses.

The situation you are in is complicated by the fact that you will be out of the country and I suggest that you try to contact an independent mortgage advisor locally to you as a matter of urgency. They will be able to advise you properly regarding whether you will be able to obtain a buy-to-let mortgage elsewhere and whether you would need to be / remain resident in the UK for that to be available.

herbiesjp

What you are looking to do is possible.

As stated above though, this is not a mortgage lender website.

So there are no specific details that you will get on here, other than get in contact with a good broker.