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Expat mortgage / Options
Uabladalis
Posts: 2 Newbie
Hi All,
Would greatly appreciate any insights as to what are our options in this situation.
Essentially we are EU citizens living in the UK, we recently bought a property and our fixed mortgage expires in November this year. We are moving back to Belgium (both still have settled status in UK in case any interesting career opportunities arise). I have a few questions regarding the property, what are our options and what would be the best thing to do for us.
- Can we rent the property out (of course informing the bank about it)?
- What would happen to our fixed mortgage once it expires? Can we obtain another deal with a different provider considering that our income will be in EUR?
- In case of a scenario where we decide to sell the property apart from surveyor, legal and ERC fees anything else we would need to be aware of?
Many thanks guys!
Steven
Would greatly appreciate any insights as to what are our options in this situation.
Essentially we are EU citizens living in the UK, we recently bought a property and our fixed mortgage expires in November this year. We are moving back to Belgium (both still have settled status in UK in case any interesting career opportunities arise). I have a few questions regarding the property, what are our options and what would be the best thing to do for us.
- Can we rent the property out (of course informing the bank about it)?
- What would happen to our fixed mortgage once it expires? Can we obtain another deal with a different provider considering that our income will be in EUR?
- In case of a scenario where we decide to sell the property apart from surveyor, legal and ERC fees anything else we would need to be aware of?
Many thanks guys!
Steven
0
Comments
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England / Wales or Scotland (as you mention surveyor fees)?Mortgage started 2020, aiming to clear 31/12/2029.0
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As an Expat Mortgage Broker I can say that the below will apply:
You can ask your existing lender for a consent to let mortgage as you are going to live abroad.
Once you are abroad and your fixed mortage expires when you are there your existing lender may allow you to transfer your mortgage in to another fixed deal or make you to stay on their stanmdard variable rate as not all the lenders offer retention product to the clients who have moved abroad.
Once you live abroad the only options available to you apart from potential retention deals from the current lender will be of those lenders that consider foreign nationals residing abroad.
Unfortunately it will be making almost no difference that you have lived in the UK beforemas you are not British ,there will be significantly fewer options available to you as opposed to those available to Brithish nationals who have moved abroad.
At the monment if a foreign national living abroad can get a UK buy to let mortgage at the rate of 3% they can consider themself lucky0 -
Scotland. Thanks!0
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Uabladalis wrote: »Scotland. Thanks!
That reduces your oprions even more as there are more expat lenders dont let in Scotland than those that do.0
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