Locking in mortgage before travelling

jamscho

Hi,

I am looking to lock in a remortgage 3 months before the end of my current agreement. Once it is locked in I aim to quit my job and go travelling for a number of months.
Is there any risk in this or will the mortgage just switch over without them needing to know if my circumstances had changed at all? Unfortunately due to personal reasons I am unable to delay my travels.

Thanks very much

BoGoF

One of the questions on nearly all credit applications is do you anticipate a change to your circumstances.....

Exodi

From a litigative standpoint (from which most MSE posters should advice), intending to quit your job whilst declaring (whether explicitly or implicitly) that you do not anticipate a change of circumstances is fraud.

Thrugelmir

Are you intending to let the property while you are away on your travels?

silvercar

I think if you had given in your notice, it would be considered fraud. If you just had an idea of jacking everything in but had done nothing about it, it would be viewed as a daydream. People don't generally declare daydreams on credit applications.

muhandis

In your place I would not do a remortgage and would rather consider an online/phone product switch staying with the same lender. No underwriting or affordability checks required. No declaration needed confirming that your circumstances haven't changed.

If you do want to switch lenders and remortgage, I would not take any steps towards ending my employment until after completion.

jamscho wrote: »

Hi,

I am looking to lock in a remortgage 3 months before the end of my current agreement. Once it is locked in I aim to quit my job and go travelling for a number of months.
Is there any risk in this or will the mortgage just switch over without them needing to know if my circumstances had changed at all? Unfortunately due to personal reasons I am unable to delay my travels.

Thanks very much

jamscho

Yes, I will be

Exodi

jamscho wrote: »

Yes, I will be

Presumably this is in response the question of whether you'll be letting the property out whilst you're away.

You should also request consent to lease from your lender else you will be breaking the terms of your contract on two fronts...

You're entitled to do what you want, and of course I don't mean to come across as a goody two shoes; it's a posters responsibility to offer above-board advice.

Caz3121

Do you plan on asking for consent to let? What if they say no?

haras_nosirrah

it is highly unlikely a lender would give you consent to let within 6 months of taking out a new residential mortgage.

If you don't have consent to let it can invalidate the terms of any home insurance (even if a btl insurance policy)

All things to be aware of

Sea_Shell

Not to mention the problems you might face getting the tenants out when you want to move back into your property!!!

You could become homeless with a very expensive legal bill.

With or without any new mortgage deal!!