Re mortgage of UK home or buy-to-let while overseas

manbecause

My partner and I rent out our home in Scotland and our fixed term mortgage is soon to end.

We now live abroad and will likely remain abroad for the next few years.

Until now we've advised our home mortgage lender that we are abroad and they have agreed that the current mortgage agreement remains unchanged and for one year. This period will soon be up.

Am I right in thinking now we will remain abroad, that our home mortgage may now be classed as a buy-to-let mortgage?

So if we look for a more competitive mortgage (same lender or other) that now we will only be able to consider buy-to-let mortgage products?

I've asked the broker we used on our current mortgage but they've refused to advise or get involved this time round because we are abroad. Anyone know a broker that is used to dealing with UK citizens, mortgaging home or buy-to-let while abroad?

Thank you.

foxy-stoat

Depends on the what the lender says, they may increase your interest rate or wnat to change your mortgage to a BTL.

Your better off waiting and seeing what their offer is, if the monthly repayments still make it affordable then do nothing, you can off set the interest element of the mortgage payments against your income tax anyway ( well 75% ) of it after April.

Good lucks and let us know how you get on.

misshappy26

@manbecause I'm in the same situation. Mortgage broker says very difficult and only decent offers are from my existing mortgage provider but the rate is (at a minimum) 0.2% more than I'm paying now.

#nothappy

silvercar

misshappy26 wrote: »

@manbecause I'm in the same situation. Mortgage broker says very difficult and only decent offers are from my existing mortgage provider but the rate is (at a minimum) 0.2% more than I'm paying now.

#nothappy

Some would say 0.2% is very good, some lenders charge an extra 1% and others won't give consent.

#behappy