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!

What happens to mortgage if there's change to residency status?

2»

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    chappers wrote: »
    Not in St Albans is it ? My brother-in-Law is in Bermuda and in the process of remortgaging his flat in St Albans.

    Nope Bingley in Yorkshire - :D
    I am a Mortgage Adviser
    You 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.
  • chappers
    chappers Posts: 2,988 Forumite
    I know where I would prefer to live given the choice out of the three.
  • owitemisermusa
    owitemisermusa Posts: 954 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    chappers wrote: »
    I know where I would prefer to live given the choice out of the three.


    Bingley!!!!!
    Tough times never last longer than tough people.
  • Constantine_P
    Constantine_P Posts: 1 Newbie
    herbiesjp wrote: »
    No problem at all really if you live in another country

    There are plenty lenders that will look at this scenario for you - the lower the LTV the more options available.

    Also, as ever, the rental income would need to be enough to cover the mortgage payment.

    Doing one currently for a client in Bermuda! Some lenders will offer free legal fees and valuations, but it all depends on what you are looking for and if you meet the critiera of the lender at that point in time

    Our lender isn't being helpful at all

    We live abroad and our UK property is rented out.

    We want to borrow around 130k. The outstanding mortgage is 58k and the property value is 585-600k.

    The property is rented out and the income more than covers the mortgage.

    Our current lender says that we cannot borrow more with them as they do not lend for buy-to-let which comes as a surprise given the property value, rental income, amount we're looking to borrow and our perfect repayment record with them.

    Any suggestions would be most welcome

    Thanks in advance
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.2K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture