Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • kokolino23
    • By kokolino23 17th Jun 17, 11:20 PM
    • 98Posts
    • 16Thanks
    Remortgage while abroad
    • #1
    • 17th Jun 17, 11:20 PM
    Remortgage while abroad 17th Jun 17 at 11:20 PM
    My current mortgage deals ends in a couple months time and I've got a job offer from abroad. Because I don't know how the life will be out there, I'd like to keep the property in UK and rent it out.

    I'll move abroad AFTER I can remortgage here so I've got the intention to secure that for 2-5 years as I've got a decent LTV.

    If I'll remortgage NOW for 2 yrs, how difficult will be to do it again while I'll be working abroad? I'd guess the chances are slim because the lender will ask for payslips, bills, etc.

    Or it's better to remortgage NOW for a longer term (3-5 yrs) and I won't have any hassle except renting the property out? In this way I'll have the option to stay in my own property should I decide to come back to UK.

Page 1
    • Thrugelmir
    • By Thrugelmir 17th Jun 17, 11:25 PM
    • 58,490 Posts
    • 51,851 Thanks
    • #2
    • 17th Jun 17, 11:25 PM
    • #2
    • 17th Jun 17, 11:25 PM
    You'll need the lenders permission to let the property. If you remortgage to a new lender this may well not even be a possibility for the first 6 months.

    Once abroad then you'll lose your UK credit history, have no UK employment etc. Resulting in your options being greatly diminished.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Lilla D
    • By Lilla D 18th Jun 17, 10:25 AM
    • 329 Posts
    • 171 Thanks
    Lilla D
    • #3
    • 18th Jun 17, 10:25 AM
    • #3
    • 18th Jun 17, 10:25 AM
    Indeed, when letting out the property, you'll need the lender's permission (consent to let), which can only be gained at the earliest 6 months after starting the new deal.

    You'd be best placed to speak to a broker, because we either know or can easily check whether a particular lender will even allow a consent to let and if so, after how long and with what conditions (e.g. without raising the interest rate).

    Just a slight correction re UK credit history - as long as you keep your current account open and pay your UK mortgage, your UK credit history will be retained, so that's ok. However, your options for a remortgage in a few years' time will indeed be restricted as only a few lenders offer expat mortgages. It is possible to remortgage, but with T&Cs attached.
    I am a Mortgage Broker
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

107Posts Today

1,651Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin