FTB - mortgage flexibility for relocation

24102017

Good morning,

I have a request for advice, before I proceed to contact a broker.

I am living in a regional city and I would like to purchase a property as a FTB. I have a very sizable deposit (c. £100k) and a fairly high salary for region, as well as an excellent credit history. All sounds good.

However, for career reasons, there is a significant chance that I could change my job and city (perhaps even country) within the next 12-24 months. As such, this could happen a few months into actually being in a mortgage contract.

My questions are:

In this scenario, is any flexibility with respect to a mortgage possible or available? For example remortgaging to a BTL if I am renting elsewhere (NB this is not an underhand way to get into BTL as a FTB. The scenario is that I want to get onto the property ladder but I may be moving around over the next few weeks. My current location is a long-term location.) I expect if this is possible, there will be onerous penalties.

The possible relocation (for a few years) may include London. I would happily rent there (cost is £1.5-£2k/month) providing I have bought a property already outside in the regions (in my long-term home) that's building equity.

You may ask why I do not just purchase in the potential new city. This has the following drawbacks. a) The new city may not be a permanent city; b) it may be London, in which case I cannot afford to buy; c) my present city is where I'd like to live on a long-term basis.

Any advice is much appreciated - I have not taken out a mortgage before, although I imagine that, for the protection of the lender, such flexibility is possible, but at onerous costs.

kingstreet

Your options are consent to let from existing lender, or remortgage to a BTL.

You may wish to look for a product free of early repayment charges, such as a tracker, to keep total flexibility.