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Living abroad, renting UK house paying big Mortgage unable to change mortgage captive.

Nickf
Nickf Posts: 1 Newbie
in House buying, renting & selling
Im held prisoner by my Mortgage provider. I live in Cyprus rent my house in the UK and because of this I believe I’m stuck with paying a very large interest rate. As I do not live in the UK I cannot change providers. Or does someone know better and can help please.

Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Sell the house?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Slithery wrote: »
    Sell the house?
    That would certainly be the obvious option...

    OP - is this UK house even making you any money, or are you subsidising your tenants every month?

    Can you raise the money in your home country, moving your debt from the UK to Cyprus?
  • [Deleted User]
    [Deleted User] Posts: 3,297 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Nickf wrote: »
    Im held prisoner by my Mortgage provider. I live in Cyprus rent my house in the UK and because of this I believe I’m stuck with paying a very large interest rate. As I do not live in the UK I cannot change providers. Or does someone know better and can help please.

    Are you letting out a property on a residential mortgage with consent to let by any chance? If so then it's correct that you won't be able to switch to a different residential mortgage product whilst you continue to let the property. I am in a similar situation and when my current fixed rate deal ends in October 2021 I will apply for a BTL mortgage, specifically an ex-pat BTL mortgage. The rates for ex-pat BTL mortgages aren't particularly high at the moment, sub 3% is certainly possible.
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