Remortgaging to buy a new home UK/Ireland

Mfren

I have a flat in London (halifax residential mortgage with a consent to lease agreement and tenants, rate increased to 7.8% and I have 20% of the property value left to pay off). I recently moved to Ireland and have found a property I really want to buy. I want to sell the London flat but won't be able to do this immediately even if I sold at auction as the tenants need 2 months notice and there are some works that need to be finished. So, I wanted to figure out how I can essentially take money back out of that mortgage in order to buy the property in Ireland. Unfortunately when I spoke with Halifax they said I am not eligible for further borrowing on the mortgage as my salary is paid in euros into Revolut, which isn't a bank they support. Do you have any advice for how I might be able to proceed with trying to release some money for the new house? Will I still get a mortgage if I get a loan to cover the deposit or is that ridiculous? 

K_S

Mfren said:

I have a flat in London (halifax residential mortgage with a consent to lease agreement and tenants, rate increased to 7.8% and I have 20% of the property value left to pay off). I recently moved to Ireland and have found a property I really want to buy. I want to sell the London flat but won't be able to do this immediately even if I sold at auction as the tenants need 2 months notice and there are some works that need to be finished. So, I wanted to figure out how I can essentially take money back out of that mortgage in order to buy the property in Ireland. Unfortunately when I spoke with Halifax they said I am not eligible for further borrowing on the mortgage as my salary is paid in euros into Revolut, which isn't a bank they support. Do you have any advice for how I might be able to proceed with trying to release some money for the new house? Will I still get a mortgage if I get a loan to cover the deposit or is that ridiculous? 

@mfren If you want to retain the rental property, you may have to explore the possibility of a capital-raise remortgage to an expat BTL product which allows you to raise funds for this purpose. 

Alternatively you could try to sell with tenants in-situ to a landlord so no need to evict the tenants. You may not get the most you would get on the open market but at the right price you might get a buyer.

Mfren

Would the expat BTL remortgage be through halifax (my current provider) as when I spoke to them they said no? Or would I need to change mortgage lender? 

K_S

Mfren said:

Would the expat BTL remortgage be through halifax (my current provider) as when I spoke to them they said no? Or would I need to change mortgage lender? 

@mfren Halifax (like most other mainstream lenders) don't offer expat lending, you'd have to look at remortgaging (changing to a new lender) options if any.

Mfren

Thank you! That's been so helpful! 

ammmiller

Hello, I came across this post and am in a similar position - own and live in a property in the UK and me and my family are planning to move to Republic of Ireland. We are on a tracker mortgage now but would like to remortgage and release equity on our UK property to buy in Ireland. Do you have advice on what expat BTL providers would offer a capital raise mortgage? As noted above UK lenders do not seem able to do this.