We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Buy to let / Moving abroad scenario
stoke_bishop
Posts: 70 Forumite
At some point in a few years time, I want to emigrate with my family.
However, we would like to keep hold of our current house just in case we ever decide to move back. As such, at some point we will be looking to do a buy-to-let and have our tennants pay our mortgage while we are away.
My question is: on what criteria do they base a BTL decision? I will not be earning a salary in this country any more, but will still be a UK citizen. Is it possible under these circumstances to get any UK mortgage at all? Or would I need to get an Aussie mortgage to cover our property here, if that's possible?
Thanks...
However, we would like to keep hold of our current house just in case we ever decide to move back. As such, at some point we will be looking to do a buy-to-let and have our tennants pay our mortgage while we are away.
My question is: on what criteria do they base a BTL decision? I will not be earning a salary in this country any more, but will still be a UK citizen. Is it possible under these circumstances to get any UK mortgage at all? Or would I need to get an Aussie mortgage to cover our property here, if that's possible?
Thanks...
0
Comments
-
As still seeking a reply :-)0
-
A UK property so you need a UK mortgage.
A lot of lenders would be nervous if you are going abroad; no-one to chase if you get into arrears. At the very least they may insist that the property is managed by an agent.
It may be easier to organise if you arrange the BTL mortgage from a UK address ie you stay elsewhere while you set up the tenancy etc then go overseas.
Your first port of call would be to ask your current lender if they will consent to lease on your existing mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Whilst it is a little more difficult, it is relatively straightforward arranging a BTL mortgage if you are no longer in the UK
That is, assuming you meet the normal lending critieria.
Lending will be based on the loan to value of the property and the expected rental income from the property.
Some lenders will also offer free legal fees and valuations.
Best bet is also to keep sone tie in the UK - and even a UK account, as they will be needed for the mortgage paymentsI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards