Mortgage renewal whilst working abroad

Nicolato

I own a house in the UK. We lived there as a family up until recently, before work took me abroad for a while. We expect to be back in the UK living in the same house again in the late summer this year (2013).
Meanwhile, it's time to apply for a new mortgage deal. We have been accepted in principle and we like the rate and terms. But are we legally able to apply for a standard residential mortgage whilst our UK house has tenants living there? The tenants living there will be moving on in July this year.
Any answers or advice you can put forward would be very much appreciated.

Crashandburn

I would say you are perfectly able to apply for the new residential mortgage in anticipation of you moving back into the property.

However, from reading your post, its seems you have approached a new lender for this mortgage. They will only allow this to be drawndown on the basis you will be living in the property.

Usual process would be to offer you the money and once you are back in the property in July, then you can complete on the deal. However the lender may wish to retain some sort of control over this.

The new lender will no doubt be asking a lot of questions regarding the use of the property.

holly_hobby

I assume you have obtained consent to let, and your lender knows you are not currently resident in the UK ?

As their agreeance to a new residential deal, suggests otherwise.

Hope this helps

Holly