How would I go about paying things in england, if I lived abroad. PLEASE read.

BrettMorganxD

I have just spoken to one of my friends (she is from the phillapenes) and she told me how cheap it is to live out there. I have also seen the photo's and it is beutiful the place I want to live in a couple of years.

I am currently saving for my own house, and my plan is this.

When I buy my house (get my mortgage) I want to beable to move over their and rent my property out. So I have two questions.

1) Would I still beable to pay the mortgage if I lived abroad (I would have 1 years mortgage payments saved in a current account for this)

2) I would want to rent my house out, how do I get the rent paid to me in a foreign bank account, or would I have to keep it in an english one then transfer.

richardw

Will you need a Visa to live there?

peachyprice

BrettMorganxD wrote: »

I have just spoken to one of my friends (she is from the phillapenes) and she told me how cheap it is to live out there. I have also seen the photo's and it is beutiful the place I want to live in a couple of years.

I am currently saving for my own house, and my plan is this.

When I buy my house (get my mortgage) I want to beable to move over their and rent my property out. So I have two questions.

1) Would I still beable to pay the mortgage if I lived abroad (I would have 1 years mortgage payments saved in a current account for this)

2) I would want to rent my house out, how do I get the rent paid to me in a foreign bank account, or would I have to keep it in an english one then transfer.

You would need a buy to let mortgage, for which you usually need a larger deposit (25%) a minimum income and the rent will need to be 125% of the mortgage payment

You need to do your homework You can't just take out a residential mortgage and up sticks, you have a duty to any tenents that live there to do things properly.

BrettMorganxD

peachyprice wrote: »

You would need a buy to let mortgage, for which you usually need a larger deposit (25%) a minimum income and the rent will need to be 125% of the mortgage payment

You need to do your homework You can't just take out a residential mortgage and up sticks, you have a duty to any tenents that live there to do things properly.

I wouldn't be buying it just to let it, I would be living in it and have a job up until I move.

For my original question, can I still pay things in england if I live abroad?

briona

BrettMorganxD wrote: »

I have just spoken to one of my friends (she is from the phillapenes) and she told me how cheap it is to live out there. I have also seen the photo's and it is beutiful the place I want to live in a couple of years.

Are you eligible to work in the Philippines, and if so, how do you intend to make a living? You should note that while the cost of living is much lower in the Philippines, so too is the salary. You'd need to check whether your rental income would cover all your commitments in the UK.

BrettMorganxD wrote: »

When I buy my house (get my mortgage) I want to beable to move over their and rent my property out.

BrettMorganxD wrote: »

I would want to rent my house out, how do I get the rent paid to me in a foreign bank account, or would I have to keep it in an english one then transfer.

As stated by an earlier poster, if you intend to rent the property out, you will need a Buy-To-Let mortgage.

BrettMorganxD wrote: »

For my original question, can I still pay things in england if I live abroad?

Of course it's possible to pay things in the UK whilst living abroad - you use internet banking.

Voyager2002

I lived in the Philippines (note spelling) for two years, and I assure you being a foreigner there is not easy. Unless you have some kind of professional skill that is very highly required, you will not be allowed to work there, and even if you did manage to find work, most salaries are lower than the usual rate of unemployment benefit (or JSA, if you prefer) paid in this country. Unless you were sponsored as a professional employee, your visa would be quite expensive and would only be valid for a year, after which time you would need to fly out of the country and apply again from abroad.

Basically, there is so much wrong with your plan that your original question is irrelevant.

peachyprice

BrettMorganxD wrote: »

I wouldn't be buying it just to let it, I would be living in it and have a job up until I move.

You still have to chage it to a BTL if you have tenants regardless of whether you've lived in it or not, like I said you need to do your homework.

BrettMorganxD

peachyprice wrote: »

You still have to chage it to a BTL if you have tenants regardless of whether you've lived in it or not, like I said you need to do your homework.

Why can;t you just let your OWN property out to who you like on a normal mortgage?

Don't intend to work out there, justl ive. Phillapeno friend told me it is so cheap £1,000 could keep you going for months

richardw

BrettMorganxD wrote: »

Why can;t you just let your OWN property out to who you like on a normal mortgage?

Because the terms and conditions of the normal mortgage may say you can't and if you do they may have a right to repossession. Is it worth risking?

BrettMorganxD

richardw wrote: »

Because the terms and conditions of the normal mortgage may say you can't and if you do they may have a right to repossession. Is it worth risking?

"may" being the operative word ill check ito ut before I take it out. Seems silly how some companys work with loans, as long as they get their monthly repayment why should they bother what you do with your home.

richardw

BrettMorganxD wrote: »

Seems silly how some companys work with loans, as long as they get their monthly repayment why should they bother what you do with your home.

Because they are commercial organisations and interested in making money, if you are letting a property out that isn't on a buy to let mortgage, which makes them more money, then they are bothered.

Doubt you'll find a mortgage that lets you do what you want that isn't at a buy to let mortgage rate.