Please advise on mortgage as I am moving abroad from UK

batemanjj

Hello friends,
I'm new here, apologies if any mistakes with my post.

I am moving abroad from UK on Office work through "Long term International transfer" and might have to stay abroad for 2-5 years.

We bought property (own home - free hold) 2 years back and took mortgage for "5 years fixed" (we have another 3 years for next re-mortgage). We have mortgage from Natwest through some broker. Now could anyone please advise what should I do before I relocate/move to abroad? Should I convert it to "buy to let mortgage" and/or re-mortgage? As I'm not going to get any income here, will re-mortgage be a problem??
OR
As I have another 3 years for next re-mortgage, could I simply handover the property to a letting agent and have him manage the tenanacy??

Please advise, many thanks!!

Edi81

The mortgage and what you do with the property are two separate things.

It sounds as though you are planning to let the property. The letting agent won’t check your mortgage is a by to let or has consent to let.


Who is your mortgage with? Can you ask for consent to let?

batemanjj

Thank you Edi81 for your quick useful reply
I mentioned in my original post that I have my mortgage with Natwest.
Do you mean to say that I can check with Natwest directly if I can convert it to "to let"?

dimbo61

No you need to " ask for consent to let " from your lender.
If you explain that your employer is relocating you abroad for 2/3 years they may agree to granting you Consent to Let.
You are still responsible for your property as a Landlord and cannot " hand this responsibility to a Letting agent "
Read GM,s post on the " house buying and renting board " very carefully