Renting out my property

AH1234

My circumstances are that I own a 1 bed property that I live in with my partner.  We are expecting a baby next year.  I’m out of work due to coronavirus and I don’t get any furlough or universal credit.

We are planning to move abroad to stay with family and rent out my property.  If my vendor allows this I will be able to let it out for 2 years.

Problem is after 2 years I may won’t to continue letting it since it will no longer be a suitable home with a child and we may choose not to return to the UK.

But I also don’t want to be forced to sell my property if the property market  goes down due to the ongoing recession.

But I’m worried I may not be able to get finance to do this if there is a big recession and I’m living abroad.

Any advice on refinancing my property.  Who are the lenders that would lend to me in my circumstances?

Caz3121

have you considered selling the property before you leave the country? do you really want to be an overseas landlord? do the yield numbers work? taxes, agents fees etc?

AH1234

Yes I’m considering that, but only if I can get a good price for it.  I suspect I won’t get what I paid for it and it could take time.  I may sell for a small loss, but not too much loss.

Thrugelmir

There's no guarantee that letting the property will be profitable. Best advice is to sell it before you leave. 

If you decide to sell it at a later date. It will need to be empty. This in itself could cost a large sum of money.

alt80

Could be potentially some options for lenders I suggest you enlist a good mortgage broker who may find a suitable mortgage or apply for consent to let with your current res provider. However, you'll need a damn good managing agent and with no previous LL experience you could get very badly stung.

I would advice you sell tbh.