We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Remortgaging dilemma
lsupalova
Posts: 19 Forumite
Hi,
I would like to get some advice on our mortgage situation.
Our current fixed deal is coming to an end in Jan, so we were thinking of fixing another 5 yr deal.However, i have been offered an opportunity to work abroad for around 12 months from next May; we have two young kids so of course we'd all like to go and rent the house out for the period.
Now what are the implications to our mortgage?
Do we need to change it for a buy to let mortgage, and then back again when we return (I'd hate to think what the fees would be), or do we just change the the buildings insurance for business/renting purpose? (don't suppose that's actually kosher)...
Thank you for all advice/thoughts
Lucia
I would like to get some advice on our mortgage situation.
Our current fixed deal is coming to an end in Jan, so we were thinking of fixing another 5 yr deal.However, i have been offered an opportunity to work abroad for around 12 months from next May; we have two young kids so of course we'd all like to go and rent the house out for the period.
Now what are the implications to our mortgage?
Do we need to change it for a buy to let mortgage, and then back again when we return (I'd hate to think what the fees would be), or do we just change the the buildings insurance for business/renting purpose? (don't suppose that's actually kosher)...
Thank you for all advice/thoughts
Lucia
0
Comments
-
You'll need permission from your lender to let out your property, especially if you are in a new fixed rate.Thinking critically since 1996....0
-
Who is the lender, some are more lenient, and if you are tied in will be more likely to give permission, particularly where you can show it is for a fixed 12 month contract, and they cam see you will definitely be returning.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards