Repaying a mortgage while one half is living overseas

jaidenj

My sister and I are looking to get a mortgage on a flat together in London. She intends to stay long term at the property. I'm looking to live there for the first 6 to 9 months and then spend 4 - 6 months of the year overseas with contracting work before returning for a similar period and possibly going again.

We have a decision in principle and the repayments are well within my means (I'd leave 6 months payments in advance). I'd also continue recieving mail to the address. The question I'd appreciate if anyone could help with is would there be any regulations in the mortgage itself prohibiting one of the two people being out of the country for an extended period? And if so, would there be any way of them being informed ie notified by some government department?

Perhaps giving government departments a little too much credit but does anyone know the answer to this?

Thanks

Wh05apk

No problem at all, if later the lender became aware you were out of the country, they may simply want confirmatin that you are not living overseas and renting the property, but as your sister will be living there, it should not be an issue.

StuC75

worth making sure you think longer term about what will happen when one party wants releasing from the mortgage..

e.g. One of you wants to buy a property on there own, but affects Sum that can be borrowed \ Negative equity prevents Sale...

jaidenj

Thanks a lot for your replies.

We've agreed that if either wants out of the mortgage we would sell the property. I personally think buying with my sister is safer than buying with a partner.

StuC75

Get that in writing; have the solicitor draw up a suitable agreement re tenants in common etc..

Many a post on MSE about the pitfalls of buying with family and matters going sour..