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Remortgage whilst on a gap year?
heather89
Posts: 5 Forumite
Hello,
I have a 5 year fixed rate residential mortgage with Nationwide which has an interest rate of 3.75% (the fixed rate comes to an end in August 2017). I decided to take a gap year and travel in February 2016 (until approx March 2017). I wanted to find out whether I am stuck in this mortgage until I have employment when I return. Am I able to find lenders which would take me on despite not having employment? I would like to make the most of lower interest rates.
I have a gross income from this house of >£1000 per month (I have a consent to let on this house) as well as income of £700 from another flat I am letting out (BTL mortgage) - am I able to use this to show that I have enough income or would it not work like this? I doubt I would pass affordability checks at the moment but on paper for me I am easily able to meet the mortgage payments with the rental income. I would ideally still keep it as a residential mortgage with a consent to let incase I move back there when I return.
Many thanks for your advice!
Heather
I have a 5 year fixed rate residential mortgage with Nationwide which has an interest rate of 3.75% (the fixed rate comes to an end in August 2017). I decided to take a gap year and travel in February 2016 (until approx March 2017). I wanted to find out whether I am stuck in this mortgage until I have employment when I return. Am I able to find lenders which would take me on despite not having employment? I would like to make the most of lower interest rates.
I have a gross income from this house of >£1000 per month (I have a consent to let on this house) as well as income of £700 from another flat I am letting out (BTL mortgage) - am I able to use this to show that I have enough income or would it not work like this? I doubt I would pass affordability checks at the moment but on paper for me I am easily able to meet the mortgage payments with the rental income. I would ideally still keep it as a residential mortgage with a consent to let incase I move back there when I return.
Many thanks for your advice!
Heather
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