Can I get a remortgage to BTL if I may emigrate next year?

smashed

We are at the end of our residential term so we are looking to fix again. However, we are looking at moving abroad next year so we are considering changing to BTL And renting in the interim.

Can we just apply for a BTL and answer the questions to get a mortgage? Most criteria seem to mention applicants being uk residents (we would be UK residents whilst applicants). Or do we need to notify them that we may go?

If , last year, we had fixed for 5 years ( prior to considering moving ) then I don't see that they would force you drop your product?

Existing lender did not want to help at all once I mentioned leaving the UK for a non-determined time period.

Thank you for any info

Thrugelmir

Do you really want the hassle of a let property in the UK if you are emigrating?

Many lenders require ownership of a residential property as a pre requisite of granting a BTL mortgage. So probably worth speaking to a broker.

smashed

Thrugelmir wrote: »

Do you really want the hassle of a let property in the UK if you are emigrating?

Many lenders require ownership of a residential property as a pre requisite of granting a BTL mortgage. So probably worth speaking to a broker.

Thanks for replying.

Yes, we would definitely like to let out as we like our house and we are unsure of how quickly we will return.

I did see that some lenders require residential property also. My only concern was whether we had to advise the lender that we may emigrate during the application process? Thanks

silvercar

At the moment you are living in the property. That you may move abroad next year is not a definite.

I would say that you don't need to mention it at this time, but that you try and find a lender who is reasonably likely to allow consent to let. A broker would know which lenders would be sympathetic to this, though no guarantees that lenders don't change their rules.

smashed

silvercar wrote: »

At the moment you are living in the property. That you may move abroad next year is not a definite.

I would say that you don't need to mention it at this time, but that you try and find a lender who is reasonably likely to allow consent to let. A broker would know which lenders would be sympathetic to this, though no guarantees that lenders don't change their rules.

Thanks. I did consider another residential and hope for consent to let but they could deny it and then we would be stuck with a 5% charge to get out and then really be stuck with options. This is why we were considering BTL as an option first. It would mean that we would not the issues if and when we worked abroad.

smashed

Does anybody else have any advice on on whether I can obtain a BTL and then move abroad a few months later? Thank you