Moving out and want to rent it - help!

Stuart_Kirk

Hi,

I need some advice on moving out of my home and renting it. If only it were that simple.

My existing fixed mortgage deal (circa 27% equity) runs til next July. The lender have agreed I can rent the property, charging a 1% premium for the privilege. Tenants found, rent agreed and ready to move in.

However, I plan to move to Dublin so will not be earning in the UK and therefore unable to apply for a new fixed rate in 12 months time. I assume.

My initial thought had been to apply for a 5-year fix now and get the same consent to let agreement (potentially with the same lender).

However, I'm concerned that they may not agree the letting in the first place (and so I jeopardise the agreement made for the next 12 months); I've also read that such an agreement is subject to review each 12 months anyway.

Other options such as buy-to-let or let-to-buy don't seem feasible as I will not have another mortgage in the UK, which seems to be a condition.

Any advice, past experiences but preferably not horror stories gratefully received!

Lilla_D

You are unlikely to get approved for a new resi deal with the same lender and also get a consent to let. It'd be a lie anyway (and as such mortgage fraud) since you're not going to live in the property.

Going to another lender with the same idea to get a resi deal and then apply for consent to let also falls into the same category as above. Not recommended

The proper course of action is to get a BTL (LTB - same thing, just official name for converting a resi to a BTL). Your info is incorrect, it is possible to do it even without buying a new resi property.

If you to move to Dublin without an income in the UK, it is possible to remortgage to a new deal remotely as an expat, but your lender options will be limited.

Your best bet is to speak to a broker who can discuss the various options based on the actual details and make the necessary arrangements, as it seems that your current info about what is possible and what is not is incorrect.