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First direct mortgage for a home exchange abroad? Anyone know?
Andy_Pandy1968
Posts: 2 Newbie
in Loans
I have the opportunity to work in Australia for 2 years.
I have a mortgage on my home with First Direct, with an LTV of ~50%.
I do not wish to rent my house out, as I would prefer to leave my stuff in it. I have been working on a Home Exchange with a family in Australia, and we have agreed in principle they would live in my home for 8 months in the UK, while I would live in there's in Australia.
This is a non-commercial arrangement. Almost like mutual house sitting. I will continue paying all the bills for my home, e.g gas, electric, council tax, mortgage, and they will do the same for me for their home.
Obviously, I will not be resident in my home. Does this matter? I know FD will not allow me to rent my home out, which I didn't mind, because I didn't want to, but would they view this as a rental even though no money will be changing hands?
We were going to have a license agreement notarised each end. Advice welcome.
I have a mortgage on my home with First Direct, with an LTV of ~50%.
I do not wish to rent my house out, as I would prefer to leave my stuff in it. I have been working on a Home Exchange with a family in Australia, and we have agreed in principle they would live in my home for 8 months in the UK, while I would live in there's in Australia.
This is a non-commercial arrangement. Almost like mutual house sitting. I will continue paying all the bills for my home, e.g gas, electric, council tax, mortgage, and they will do the same for me for their home.
Obviously, I will not be resident in my home. Does this matter? I know FD will not allow me to rent my home out, which I didn't mind, because I didn't want to, but would they view this as a rental even though no money will be changing hands?
We were going to have a license agreement notarised each end. Advice welcome.
0
Comments
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I suspect you will have to ask FD,why wont they allow you to rent your home out most lenders will but will increase your mortgage rate0
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Andy_Pandy1968 wrote: »I have the opportunity to work in Australia for 2 years.
I have a mortgage on my home with First Direct, with an LTV of ~50%.
I do not wish to rent my house out, as I would prefer to leave my stuff in it. I have been working on a Home Exchange with a family in Australia, and we have agreed in principle they would live in my home for 8 months in the UK, while I would live in there's in Australia.
This is a non-commercial arrangement. Almost like mutual house sitting. I will continue paying all the bills for my home, e.g gas, electric, council tax, mortgage, and they will do the same for me for their home.
Obviously, I will not be resident in my home. Does this matter? I know FD will not allow me to rent my home out, which I didn't mind, because I didn't want to, but would they view this as a rental even though no money will be changing hands?
We were going to have a license agreement notarised each end. Advice welcome.
Crazy idea - ring FD and ask.0
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