Moving back to the UK and need to remortgage

Palferoo

I need some advice regarding remortgaging my property in the UK. I moved abroad 3.5 years ago and retained my property in the UK. The property has since been rented out to a tenant and I have never defaulted on the mortgage during this time. Obviously my mortgage transferred with Bank of Ireland to a Buy-to-Let mortgage from a standard repayment.

We are now moving back to the UK and aside from the fact that I want to change from the Bank of Ireland, what are the chances of me being able to remortgage? I will be coming back to the UK without a job so will be looking when I get back - paying the mortgage won't be a problem as I have savings but I appreciate this can't be classified as income.

Has anybody had a similar experience or can offer some advice?

Sarah P

Dave_Ham

Hi Sarah,

Very slim I am afraid. If you have an existing relationship with Barclays or HSBC Wealth then possibly..

The issue is as always credit score. Banks will say they will lend subject to credit score which is unlikely you will have given you have not resided there for 3 years and therefore will not be on electoral role.

Once back with employment from a UK company, this can be remedied quite quickly..

This is only my experience of this situation, happy if someone comes on who knows another solution...

I did use National Counties once a while ago for this sort of situation and they were quite open minded from memory...

Palferoo

Thanks for the response. My problem is what to do in the meantime then? Do I keep the mortgage as a Buy-To-Let even though I am in the property?

I anticipate moving back and being on housing benefit until I find a job. I have been working here but started a family so it wasn't on the level of the job before I left the UK.

Dave_Ham

Its a hard call to be honest..

Call them up and ask what their policy is on this. Would not give personal information just yet so you can assess your options.

Without employment, you are not going to get a remortgage full stop unfortunately.

Once you get employment, then take another look at what is out there.

All this is made easier with a low loan to value or harder with a high one...