Remortgage but may move abroad

Sparkle21

Hi all,

I'm currently looking at remortgage possibilities for my BTL flat. I would like to go for another 5 year fixed deal. However, there is a possibility that we could emigrate in the next 5 years. Will this be a problem? Can I maintain a standard BTL mortgage if I move (I would not be intending to sell the flat) or would I have to move onto a different mortgage as a non-dom and pay the ERC?

Many thanks for your replies

Thrugelmir

If you emigrate do you want the hassle of a property in the UK? Something to consider very seriously.

Jimbo1976

If you take our a BTL mortgage then it does not matter where you subsequently move to. You would not have to change mortgage. The T&Cs would stay the same. At the end of any 5-year fixed rate period, it would be harder to remortgage if you are an ex pat but not impossible

Sparkle21

Thanks for the advice Jimbo. I'm happy to go ahead now.

We have considered the hassle but think it is worth it and we will also be renting out the current flat we live in. My partner has a house abroad which has been rented for 10+ years with little problem. I think with a good letting agent and family to keep an eye on it, it is possible and we would return annually to check ourselves plus email etc. Thanks for the advice again.