Re-mortgaging whilst on secondment abroad

dwsjarcmcd

My niece and her partner both work for a multinational company in the UK.  She is shortly moving to Spain for a year on an international assignment with a fixed end date and is leaving her current job but not forfeiting her UK contract and as part of this arrangement, she will return to an equivalent role (but not necessarily the same role)  on the same terms as she left on.  Whilst in Spain, she will be employed by the same company as now and paid in GBP.  She has all of this is writing.

Her partner will remain in his current role in the UK.

Towards the end of the year they plan to re-mortgage and my question is that given she will not be living in the UK at this time have any bearing on their ability to remortgage, or will the fact that it's a fixed term contract, paid in GBP for the same employer mean that this will not be an issue?

Many thanks

Edi81

If it’s just to deal with the fixed rate ending she should just do a product switch with the existing lender. These don’t require any underwriting. 

dwsjarcmcd

Edi81 said:

If it’s just to deal with the fixed rate ending she should just do a product switch with the existing lender. These don’t require any underwriting. 

Thanks, I understand that, however, this is about keeping their options open, hence the question being about the potential to remortgage 

dimbo61

So it's a complex situation  and depending on the size of the mortgage, ltv, income, they may well be better off speaking to a whole of market broker

MWT

The precise details are going to matter, and the way it is keyed for any mortgage application will be important so they really do need to use a broker if looking at other lenders.

If she is being paid and taxed in the UK by the same UK employer then it may not have much impact, but if she is transferring to the Spanish payroll of the Spanish branch of the company then it isn't the 'same employer' even if they are paying her in GBP, and a good broker would be advisable.

Preferably not one of the 'free' national companies, this is one they should expect to pay for...

dwsjarcmcd

MWT said:

The precise details are going to matter, and the way it is keyed for any mortgage application will be important so they really do need to use a broker if looking at other lenders.

If she is being paid and taxed in the UK by the same UK employer then it may not have much impact, but if she is transferring to the Spanish payroll of the Spanish branch of the company then it isn't the 'same employer' even if they are paying her in GBP, and a good broker would be advisable.

Preferably not one of the 'free' national companies, this is one they should expect to pay for...

Thanks, that’s useful, my thought was if same company, paid in GBP, it may not be an issue but you point of Spanish payroll/company might be different so I’ll check with her.