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Considering emigrating but want to keep house here, advice please?
aliasojo
Posts: 23,053 Forumite
Considering (only considering at this stage,lol) emigrating but the thought of completely selling up and having nothing to return to if it doesn't work out freaks me out.
So we're wondering if it's feasible to try to keep our house here but haven't a clue the best thing to do.
We only have a small mortgage right now with 6 and a half years left to run. The house is 4 bedroom but because of where we are in Scotland, these houses don't sell for the kind of silly money they do elsewhere in Scotland or England. We have roughly 75%+ equity in the house.
The house still needs some stuff done - we had been doing things on a month to month basis but it looks like we're going to need it finished much quicker than anticipated so we may have to raise funds to get it all done at once, and quickly.
The original thought was to sell up, pay off mortgage/credit cards etc and move with what was left. We're now thinking perhaps we could remortgage so that the work could get finished, cards paid off and have some funds left to move with and rent the house out to cover the new mortgage payments.
Would mortgage lenders be happy with lending to people who were leaving the country? Would we need to tell them at point of applying to remortgage, or wait until we were finally leaving? Do we have to remortgage to a particular type knowing that we would be looking to rent the house out at some point in the future, or do we base our application on our need now (i.e. us living in the house as normal)?
Can anyone offer advice/suggestions/warnings of pitfalls etc.
Very unsure what to do for the best, so any input would be warmly welcomed.
Thanks everyone.
So we're wondering if it's feasible to try to keep our house here but haven't a clue the best thing to do.
We only have a small mortgage right now with 6 and a half years left to run. The house is 4 bedroom but because of where we are in Scotland, these houses don't sell for the kind of silly money they do elsewhere in Scotland or England. We have roughly 75%+ equity in the house.
The house still needs some stuff done - we had been doing things on a month to month basis but it looks like we're going to need it finished much quicker than anticipated so we may have to raise funds to get it all done at once, and quickly.
The original thought was to sell up, pay off mortgage/credit cards etc and move with what was left. We're now thinking perhaps we could remortgage so that the work could get finished, cards paid off and have some funds left to move with and rent the house out to cover the new mortgage payments.
Would mortgage lenders be happy with lending to people who were leaving the country? Would we need to tell them at point of applying to remortgage, or wait until we were finally leaving? Do we have to remortgage to a particular type knowing that we would be looking to rent the house out at some point in the future, or do we base our application on our need now (i.e. us living in the house as normal)?
Can anyone offer advice/suggestions/warnings of pitfalls etc.
Very unsure what to do for the best, so any input would be warmly welcomed.
Thanks everyone.
Herman - MP for all!
0
Comments
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My brother is doing exactly the same, and has remortgaged the house, and is moving abroad for good. There was no problem with it, as he has done it all now whilst in this country.
He is going to rent his house out and get an agent to look after it. They usually charge 10% of the monthly rent, but the advantage is that they will do call outs for repairers etc etc etc.
My advice is to do it up best you can, and then get renting it out. You can do it on six month renewable contracts, so that if you want to come back as you miss Blighty a lot then you can.
Hope this helps
A_S xx
:A** Getting back in the swing of saving again.... **
:T :T :T :T :T
Trying to find the best deals to save as much as we can..........0
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