Moving abroad - how to handle credit card debt?

ManyWays

You need to find out out what it could be rented for. this is a key piece in the full picture you are looking at. You can't make any decisions without that.

I need to speak to our lender, but I think they mentioned in the chat that their consent to let is limited to 27 months. So a tenancy would only be limited in time as well

At the end of the current fix you could switch to a BTL mortgage. A bit more expensive though

If you are not sure you will return to the UK, there is a lot to be said for selling now and quickly even at a low price. Getting you a clean start abroad. letting is a hassle and if you are out of the country it can also be expensive

ivy66

you could let it out for a while to give you time to settle then sell. which area are you? could signpost you to letting companies.

Boabyfromcraiglang

Do. Not. Rent. Your. House.

Little good can come from it.

So much to take into consideration.

Mortgage, tax, insurance, maintenance etc

And what if your tenant stops paying rent? You have to keep paying the mortgage. It's very difficult and hugely expensive to evict them. Can you afford that?

Do you really want to insert yourself into someone else's life when you are making a fresh start?

Please, don't do it.

Worried_fool

You can keep your existing bank accounts open for the next two years. During that period, you can continue to make payments to your cards and so forth in the usual way. There are cost-effective ways to transfer money between bank accounts in different countries. So long as your income in your new country is adequate, there is no particular difficulty.

If you cannot sell your house, explore turning it over to a council or housing association. You would receive a fixed monthly payment and would not need to worry about complying with the various laws that apply to landlords. Furthermore, your contract would have a clear finishing date and you could be reasonably confident that your property would then be refurbished and returned to you in good condition.

I do not recommend letting through a managing agent: despite what they promise, many (most?) agents have only a vague idea what the law says, and you would be legally liable for anything that went wrong.

djdebt_bosh

I can comment on the student loan from experience, having cleared the bulk of mine (Plan 1) whilst living abroad. Assuming it’s not changed in last 2 years, just tell them you’re going abroad and confirm what your husbands salary will be and they will accept the payments pro rata if you are above the threshold for repayments (it’s calculated per country and depends on your plan so check online). I know several people who just ignored it completely though and were never chased for payment so that’s up to you. If/when you return, update them and it’ll switch back to regular repayments from salary.

One thing I would definitely recommend however is to check about state pension arrangements. You can make voluntary NI payments to keep your pension contributions topped up. You don’t have to do it (that’s why they’re voluntary!) but depending on whether or not there is an social security agreement between the destination and UK will affect the type and amount paid. I paid for 10 years of UK pension contributions for roughly £11 a month.