Permission to let a property on a residential mortgage

djdaface

Good Morning

My employment has asked me to take a position in Spain next year and I am trying to figure out what the possible options are for my home in England if I take the position.

I do not wish to sell the property in the current market and I will be half way through a 5 year fixed term mortgage at the time.

My brother runs a carehome business and would rent the property off of me 

I understand you can apply for permission to do this on a residential mortgage in this situation, before I speak to my provider I wondered if anyone has any experience of this, is it likely to be allowed, is it only for a few months or would it be possible til the end of my mortgage term where i could then decide to either sell or move to a buytolet?

If the spain opportunity goes well I would be looking to buy there after a year but probably through equity release rather than selling

kingstreet

It varies from lender to lender. There is no "one size fits all" answer.

DullGreyGuy

What is your initial period of being out in Spain?
What would you do if you get out there and hate the job and want to return?
Where would you live if the tenant refused to vacate the property and you're having to take them through the courts to remove them?

A colleague once took an overseas posting and rented out his house mansion. The official line was the kids didn't get on in the English language school over there, others said he failed to adapt to the culture and wasnt doing well with the language lessons, so they came back after 5 months or so and had the devils own job getting the tenants out plus then further time in rental whilst repairing the damages the tenant had caused. 

I'd be a touch cautious in renting it out immediately, though finances may demand it.

djdaface

Yes that is the only concern really if the kids do not adapt, the job will allow me to return and travel out once a month instead, but for tax/visa reasons that isnt an initial option.

Finances will require me to rent out immediately unfortunately but if I returned i would just rent or buy elsewhere probably near an airport and travel to the office once a month. Of course if the job was a total failure my spanish isnt good enough that I could secure another job in Spain then I would have to grit my teeth for a year until coming back to the house which is another reason why at least year without having to adjust the mortgage is what I really need