Expat Remortgage to BTL

Idonex

Hi guys
I seem stuck with a situation which seems trickier to resolve than it should. I'm a UK national relocated to the EU with my company and got a consent to let to let our family home in the UK while we were gone. Due to COVID my project here will now go on for maybe another 2 years and my company asked me to stay which my family and i are happy with. However the consent to let ends in June and the bank (who i hold a decent amount of savings with and have ben banking with for 25 years) say they wont extend and wont give us a BTL (effectively then our only option is to repay in full or sell) as we are not UK residents anymore. Are there any options, i guess this is the sort of thing a broker could arrange? Has anyone been in this situation. Our LTV is low and rent would cover all stress tests I've seen for income. I didn't think something like this would be so difficult, are there options here or do we have some serious decisions? I saw a few lenders like Skipton but they say you cannot intend to ever live in the property, at any point in the future.
Thanks

K_S

@idonex Assuming the numbers stack up, with a sufficiently low LTV it should be fairly straightforward to get an expat BTL mortgage. Rates are going to higher than what would be available to UK resident landlords.

I would recommend getting in touch with a broker when it's time to remortgage.

Out of professional interest, is it HSBC?

Idonex

K_S said:

@idonex Assuming the numbers stack up, with a sufficiently low LTV it should be fairly straightforward to get an expat BTL mortgage. Rates are going to higher than what would be available to UK resident landlords.

I would recommend getting in touch with a broker when it's time to remortgage.

Out of professional interest, is it HSBC?

Thanks K_S, yes it's HSBC. In your experience, would it be an issue if my partner who is a joint tenant and on the current mortgage is not working at the moment. Numbers wise my salary easily covers it, obviously the rent does too.

K_S

Idonex said:

K_S said:

@idonex Assuming the numbers stack up, with a sufficiently low LTV it should be fairly straightforward to get an expat BTL mortgage. Rates are going to higher than what would be available to UK resident landlords.

I would recommend getting in touch with a broker when it's time to remortgage.

Out of professional interest, is it HSBC?

Thanks K_S, yes it's HSBC. In your experience, would it be an issue if my partner who is a joint tenant and on the current mortgage is not working at the moment. Numbers wise my salary easily covers it, obviously the rent does too.

@idonex That shouldn't be an issue.