Moving abroad - mortgage options

iceviking

Hi

My partner and I bought our first flat in London at the end of March 2019. Our mortgage is with HSBC and is a 2-year fixed rate. The mortgage is in both mine and my partner's names.

I now have the opportunity to take a new post in New York with my current employer. It is not yet clear if my partner can also convince her work to do the same.

I have done some research and it seems that we could either
1. Both move, apply to HSBC for Consent to Let (for a year), then come back to the UK in time to remortgage without going to SVR - effectively capping the NYC experience at one year
2. Both move, apply to HSBC for Consent to Let (for longer than a year), then absorb the pain of going to SVR for the remainder of the time we are in NYC, assuming HSBC does not refuse a Consent to Let extension and require us to convert to a Buy to Let mortgage (which we are likely unable to do due to the significant cash demand)
3. Just I go, my partner continues living in the property, and we sublet the second room to help supplement the mortgage payments

Firstly, if anyone has any experience of moving abroad, getting consent to let and navigating a remortgage at some point in between, that would be amazing.

Secondly, if we go for option #3 above, do we have to tell the mortgage lender? Will it matter if I am on a US contract and being paid in dollars into a US bank account, or will they not care as long as the mortgage payment continues to be paid each month in full? As a follow-up question, will it raise any flags for them or impact our mortgage deal in any way? My income would be at least the same and hopefully increase, particularly if I am paid in dollars and the FX rate continues to be where it is.

Finally, I am assuming there is no way the bank (in scenario #2 above) would let us remortgage a residential mortgage and concurrently extend our Consent to Let?

Thanks in advance for any help.

MortgageMamma

OK firstly if your property is let out, you will need to switch to a buy to let mortgage once the consent to let is withdrawn. Not impossible by any means but you will need a broker if you are paid in dollars.

Secondly, if your partner lives in the property and you move out and let a room a lender will still need to be informed and consent to let granted, however with it being a rent a room thing the lender may well grant it for longer

Thirdly, if you both go to NYC and rent the property out, there are mortgage lenders available who will accept an application from you given you are paid in USD. I can only think of a couple off the top of my head and you would have to meet their lending criteria in other ways, there is more to this than just the currency you are paid in and where you are currently residing.

I know its early days and you are still working out the finer details but once you have a clearer idea of your plan you would be best seeking the advice of an experienced whole of market mortgage adviser.