Is that too risky?

joesl

I bought my house for 163K in mid 2008 and put 10% as down payment, my mortgage now is around 144K, I am currently on variable rate 2.5%, I lost my job early 2009 so I moved abroad to work and rent my house. Should I leave things as it is? do I need to move to fixed rate? am I stuck if not working in the UK?

Please help! thanks.

getmore4less

Did you get concent to let?

lynni_2

I would leave it as it is, if your able to get the tennants in then thats great - someone to pay your mortgage for you

joesl

getmore4less wrote: »

Did you get concent to let?

No consent! my tenant is a family member, no rent contract no agency, nothing official, my furniture is still there ..

herbiesjp

The value of your current property will dictate what rates you can move onto (along with other lending criteria).

Being out of the UK can complicate matters also, but it can still be done if you fit criteria.

getmore4less

joesl wrote: »

No consent! my tenant is a family member, no rent contract no agency, nothing official, my furniture is still there ..

There may be issues with this arrangement but unlikely that anything will come up if you just keep paying the mortgage come back at some point and live in the place.

Where are you resident for tax purposes, whats their position on overseas assets?

OK so you live and work abroad and pay a UK mortgage.

Rates OK so not a lot of point in changing unless you really think you need to fix.

How is your pay determined, if local then you have the currency risks making the cost more or less expensive.

I would also look at the situation if you died abroad just in case there is anything relevent.