Expat buy to let mortgage when renting out our property

Blue_Monkey

We might be moving abroad later this year. Our current mortgage deal ends in April 2017 by which point we'll only have one foreign income. We hope to rent our house out whilst we're away. Here's the figures:

Current mortgage is with Halifax - £255k left, property worth £445k according to zoopla today. Monthly payment is £1080 pm. We should be able to get £1500pm if we rent it out.

Foreign salary will equate to approx £115k

Halifax's BTL isn't a great rate so would like to avoid that if poss. I guess the ideal would be to stay in current product until April 2017 with consent to let then switch providers. Hsbc's rate looks better but would they consider us?

Any help/advice would be much appreciated. Thank you.

dimbo61

This is one for a broker as you will not be in the country when you need to get a BTL mortgage sorted.

Thrugelmir

If you are already out of the country then obtaining CTL may pose difficulties with a new lender.

Blue_Monkey

OK so still looking into this... Just spoke to the Halifax and they said they could approve a CTL, but that once our deal ran out on 30 April, we'd be stuck on their standard interest rate after that.


So we need to find a new provider who will take us from 1st May. By which point we will have been out of the UK for 5 months with only a foreign income...


HSBC Expats want £60k in one of their accounts before they'd consider us. We have approx. £45k so may be able to beg borrow and steal the remaining £15k to get to their threshold.


Anyone else we can consider other than HSBC??