Remortgage but living abroad

turbotoaster

Not sure what is likely to happen with this.

Moved over to Australia but have kept our house in the UK.

Have family living in it on the basis that they send me the mortgage payment each month.

It means they have somewhere to live cheaper than what is available locally and my mortgage gets paid, so felt like a win win.

When we are due for renewal I will have 9 years left on the mortgage, I want to stay with the lender im with as to keep everything nice and simple as we can see easily see the balance from the bank account(Barclays)

My current account now only has the 'rent' going in and the mortgage going out, normally just sits there with a £20 buffer

What im wondering is, I would be happy to extend my term up to 17years which would reduce the monthly mortgage(yes i know more interest over the term)

But with that from what ive read if im asking to change the term they would in theory look at my wages and im guessing decline me on funding grounds as they cant see any UK income.

Am i assessing that correctly, If I kept the same term I just contact them closer to the renewal date and accept what they are offering for another 5years?

400ixl

Did you change to a buy to let mortgage or get permission to rent it before left and let you relatives live in it?

silvercar

You need a regulated buy to let mortgage to let to family members. Alternatively, you could ask for consent to let on your existing mortgage.

You may be able to say they only have lodger status if they don’t have access to the whole property ie you keep a room for your own use. That’s trickier if you are so far away that you don’t use the room.
 

Brie

Will your bank continue to be able to have you as a customer if you don't live in the UK?  I know that UK banks are restricted on having customers in the EU but I'm not sure if this is the case for Australia.  Have you investigated having a mortgage in Australia for your UK property??

MWT

turbotoaster said:

Am i assessing that correctly, If I kept the same term I just contact them closer to the renewal date and accept what they are offering for another 5years?

This looks like your only option.

Too many ways for the whole thing to go wrong if you attempt to change the term given how far outside the terms of your mortgage you have already gone...

dimbo61

I am a Barclays customer and can access our mortgage account and move to a new deal online 
Have you checked the website ?
You don't have lodgers you have tenants 
So I hope you have carried out Gas Safe checks and all the other things Landlords need to do !

HouseMartin567

dimbo61 said:

I am a Barclays customer and can access our mortgage account and move to a new deal online 
Have you checked the website ?
You don't have lodgers you have tenants 
So I hope you have carried out Gas Safe checks and all the other things Landlords need to do !

Including paying tax on the income…..minus allowable expenses of course.

turbotoaster

dimbo61 said:

I am a Barclays customer and can access our mortgage account and move to a new deal online 
Have you checked the website ?
You don't have lodgers you have tenants 
So I hope you have carried out Gas Safe checks and all the other things Landlords need to do !

I havent done anything yet as its not within the 6 months, I can see it on the banking app, I was wondering if something will pop up on there to give me an indication, im guessing when you say website you have logged into your banking via a laptop, or did you log onto a specific barclays mortgage website to find it