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  • FIRST POST
    • ar73n3
    • By ar73n3 14th May 18, 5:33 PM
    • 3Posts
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    ar73n3
    Need advice about Buy To let -remorgage
    • #1
    • 14th May 18, 5:33 PM
    Need advice about Buy To let -remorgage 14th May 18 at 5:33 PM
    I bought my house 10 yrs ago and currently the value is in circa 230k. My morgage provider is Nationwide and the outstanding morgage is currently in circa of 73k. Last year in April I moved to France and the house has been renting since. I informed the Bank and all was ok. The rule is 6 mths after the tenancy they will increas an additional 1% from fix deal of 4.09%. My deal runs out at the end of July this year. I tried to sign on a new deal however Nationwide said I am not allowed to.If my property is currently being let out, I am unable to change my deal or select a new one once it expires. Once my deal expires, I will be placed onto the Standard Mortgage Rate +1%. I then tried to find a new morgage lender however due to my non resident status, no lender is willing accept my application. So I am basically stuck. It does not seem fair. Can anyone help with my situation? Any advice will be greatly apprecaited. Many thanks in advance.
Page 1
    • Thrugelmir
    • By Thrugelmir 14th May 18, 5:51 PM
    • 59,809 Posts
    • 53,165 Thanks
    Thrugelmir
    • #2
    • 14th May 18, 5:51 PM
    • #2
    • 14th May 18, 5:51 PM
    It does not seem fair.
    Originally posted by ar73n3
    There's nothing unfair. The rules haven't changed at all. Are you intending to return to the UK?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • ar73n3
    • By ar73n3 14th May 18, 6:16 PM
    • 3 Posts
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    ar73n3
    • #3
    • 14th May 18, 6:16 PM
    • #3
    • 14th May 18, 6:16 PM
    not at the moment. it seems unfair because i am paying an additional 1% on top of whatever rate they are charging. And I can't even sign for a new deal after my current deal expires nor can I sign with a new lender. That is unfair for me.
    • Thrugelmir
    • By Thrugelmir 14th May 18, 6:28 PM
    • 59,809 Posts
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    Thrugelmir
    • #4
    • 14th May 18, 6:28 PM
    • #4
    • 14th May 18, 6:28 PM
    it seems unfair because i am paying an additional 1% on top of whatever rate they are charging.
    Originally posted by ar73n3
    That's a commercial interest loading that's been in place for some years.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • martinlewisjunior
    • By martinlewisjunior 15th May 18, 12:35 PM
    • 88 Posts
    • 13 Thanks
    martinlewisjunior
    • #5
    • 15th May 18, 12:35 PM
    • #5
    • 15th May 18, 12:35 PM
    "Moved to france" well... sell the house and let someone who lives and works in the UK have it. Unless you have intention to move back?
    • Mortgage_Adviser
    • By Mortgage_Adviser 15th May 18, 2:13 PM
    • 177 Posts
    • 65 Thanks
    Mortgage_Adviser
    • #6
    • 15th May 18, 2:13 PM
    • #6
    • 15th May 18, 2:13 PM
    There are expat mortgages available in the market. However this is a specialist product and as so would have higher than usual rates.

    There are rates available on expat mortgage market which would be circa 1.5% lower than what you are currently paying.

    The inportant thing however is that you would only be saving circa 75 per month with such a small mortgage, however the costs for arranging the mortgage which inlcude broker fee. lender fee, valuation fee etc are going to be 2-3k so it could take you a good 3-4 years just to get your fees back.
    • ar73n3
    • By ar73n3 15th May 18, 3:00 PM
    • 3 Posts
    • 0 Thanks
    ar73n3
    • #7
    • 15th May 18, 3:00 PM
    • #7
    • 15th May 18, 3:00 PM
    Thank you for your response. The standard rate I will be on when my deal expires is 3.99% and plus 1%, I will be paying 4.99% instead of 5.09% the current rate. So it is slightly less however it!!!8217;s the uncertainty that concerns me. Perhaps I just try to pay toward my equity as much as possible from now on.
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