Halifax - Stuck on a SVR

euan_gemmell

Hi, I’m in a bit of a dilemma. I currently have a property which I used to live in which I’m renting out. It’s on a consent to lease with Halifax with the current fixed rate coming to an end. I got in touch to see if I could switch to a buy to let, as I don’t intend to move back into the property. I now live in Australia , so switching to a different provider may be difficult. I plan to move back in a couple of years. 

Halifax have said my only options are 
-let me current deal end and go onto a SVR. 
-find a buy to let mortgage with someone else. 

The second option may be difficult as I’m overseas. Property was bought for 112000 with 55000 owing. Still 15 years left to go on the mortgage. 

Does anyone have any advice they could share? 

Thanks for taking the time to read! 

Euan

[Deleted User]

euan_gemmell said:

Hi, I’m in a bit of a dilemma. I currently have a property which I used to live in which I’m renting out. It’s on a consent to lease with Halifax with the current fixed rate coming to an end. I got in touch to see if I could switch to a buy to let, as I don’t intend to move back into the property. I now live in Australia , so switching to a different provider may be difficult. I plan to move back in a couple of years. 

Halifax have said my only options are 
-let me current deal end and go onto a SVR. 
-find a buy to let mortgage with someone else. 

The second option may be difficult as I’m overseas. Property was bought for 112000 with 55000 owing. Still 15 years left to go on the mortgage. 

Does anyone have any advice they could share? 

Thanks for taking the time to read! 

Euan

Specifically you need an ex-pat BTL mortgage.  I'm in a similar situation to you and I have consent to let but will need to switch to an ex-pat BTL or be stuck on the lender's SVR next year.  I found a broker specialising in ex-pat mortgages so my suggestion to you would be to do the same.  If you like I could PM you the broker I'm using.

Thrugelmir

In the UK BTL mortgages aren't on the whole directly available through lenders. You'll need the aid of a mortgage broker. Being overseas compounds your problems. In the short term unless to return to visit and organise something. You might just have to live with the situation unfortunately. 

[Deleted User]

Thrugelmir said:

In the UK BTL mortgages aren't on the whole directly available through lenders. You'll need the aid of a mortgage broker. Being overseas compounds your problems. In the short term unless to return to visit and organise something. You might just have to live with the situation unfortunately. 

The OP doesn't physically need to be in the UK to arrange an ex-pat BTL mortgage.

[Deleted User]

Lover_of_Lycra said:

Thrugelmir said:

In the UK BTL mortgages aren't on the whole directly available through lenders. You'll need the aid of a mortgage broker. Being overseas compounds your problems. In the short term unless to return to visit and organise something. You might just have to live with the situation unfortunately. 

The OP doesn't physically need to be in the UK to arrange an ex-pat BTL mortgage.

They live in australia,  this brings another level of complexity as Australia and UK have weird laws that limit lending to each others residents.   New Zealand is not a problem, Australia is a problem.   There are still lenders around but you'd probably be able to count them on one hand even if you are missing a few fingers.  Last time I looked at an expat BTL for someone on a high street lenders SVR I told them to stick with what they have got as it was a cheaper option 

Worth looking at but they arent cheap

[Deleted User]

Deleted_User said:

Lover_of_Lycra said:

Thrugelmir said:

In the UK BTL mortgages aren't on the whole directly available through lenders. You'll need the aid of a mortgage broker. Being overseas compounds your problems. In the short term unless to return to visit and organise something. You might just have to live with the situation unfortunately. 

The OP doesn't physically need to be in the UK to arrange an ex-pat BTL mortgage.

They live in australia,  this brings another level of complexity as Australia and UK have weird laws that limit lending to each others residents.   New Zealand is not a problem, Australia is a problem.   There are still lenders around but you'd probably be able to count them on one hand even if you are missing a few fingers.  Last time I looked at an expat BTL for someone on a high street lenders SVR I told them to stick with what they have got as it was a cheaper option 

Worth looking at but they arent cheap

I also live in Australia, I'm a British citizen but I reside in Australia, and the rate my broker quoted was about half my current lender's SVR + 1% (for the CTL).  I will caveat this by saying it was before the world went to hell in a hand cart.

[Deleted User]

Lover_of_Lycra said:

Deleted_User said:

Lover_of_Lycra said:

Thrugelmir said:

In the UK BTL mortgages aren't on the whole directly available through lenders. You'll need the aid of a mortgage broker. Being overseas compounds your problems. In the short term unless to return to visit and organise something. You might just have to live with the situation unfortunately. 

The OP doesn't physically need to be in the UK to arrange an ex-pat BTL mortgage.

They live in australia,  this brings another level of complexity as Australia and UK have weird laws that limit lending to each others residents.   New Zealand is not a problem, Australia is a problem.   There are still lenders around but you'd probably be able to count them on one hand even if you are missing a few fingers.  Last time I looked at an expat BTL for someone on a high street lenders SVR I told them to stick with what they have got as it was a cheaper option 

Worth looking at but they arent cheap

I also live in Australia, I'm a British citizen but I reside in Australia, and the rate my broker quoted was about half my current lender's SVR + 1% (for the CTL).  I will caveat this by saying it was before the world went to hell in a hand cart.

I have also just remembered that mine was a US national living in UK who then moved to abroad.  So probably better options for UK nationals. 

euan_gemmell

Sorry it took a while to get back to this, didn’t realise anyone had responded. There’s only actually been a slight increase in what I’m paying currently due to what’s going on in the world. Ill maybe sit tight for now as the SVR is fairly low anyways. I’m planning to return to the UK in 1-2 years so might hold on until then. If rates increase , I’ll look at the expat BTL option. 

Thanks for all the advice!