should I tell lender that I am moving abroad

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • KSP
    started a topic should I tell lender that I am moving abroad

    should I tell lender that I am moving abroad

    I have a property on buy to let mortgage. I am considering moving abroad for a while. Do I have to tell my BTL lender? When I googled, all the answers are about getting permit to let for your residential home. How about BTL provider? Is it true that I don't have to tell the lender as long as I have no difficulty in paying the mortgage? When I read the T&C, I cannot see anything obvious other than something like "we can withdraw this offer at any time if any information you have provided changes and such change affects our decision to lend".

    Another question is that will it be possible to remortgage BTL whilst I am abroad?

  • loanarranger
    replied
    Gordon is correct so far as having the ability to raise a BtL mortgage whilst abroad; presently there are several lenders who will consider BtL mortgages for those abroad but the underlying theme is that one must demonstrate that rental income has been declared, have a main stream income , some restrict earnings from multi national firms but others seek evidence of employment and income being paid to a bank account. Furthermore one should continue having a UK bank account to receive rental monies. The main problem occurs where individuals are self employed whilst abroad and given that the likes of Experian or Equifax do not operate in the same way as they do in the Uk , credit data is sketchy at best so lenders can be pedantic in their underwriting.

    Leave a comment:


  • Gordon999
    replied
    Yes , you can re-mortgage whilst abroad but you have to prove your job income and your rental property income. Its easier to remortgage whilst still here because you have job and can pay for the valuation etc.

    You can google search for expat - mortgage for UK property . Some banks like Barclays or Santander with offshore branch in Spain or Guernsey may offer mortgages.

    You have to ask their head office because managers in the local high st branches don' t have the information.

    Leave a comment:


  • loanarranger
    replied
    It is important that you notify the lender of the change in personal circumstances, are you proposing to use another UK address for correspondence , if yes then provide it. I am presuming that you are engaging a Managing Agent to manage your property whilst you are abroad, should this be the case then please advise the lender. The same applies to the Insurance Company if the tenure is Freehold, if leasehold then the Agents for the Freeholder.
    You will also need to notify HMRC as your Self Assessment will probably need to be completed as an individual who presently is "Offshore" .

    Do not make any presumptions regarding your affairs particularly relating to the BtL. Play it with a straight bat and you will not get any subsequent hassle when you return and wish to rationalise your. affairs.

    Leave a comment:


  • theartfullodger
    replied
    When they find out ( most lenders subscribed to a change-of-occupation service) if you hadn't told them they'll likely assume you're up to no good.

    Will tenants have a working valid address in UK for the service of notices?

    Leave a comment:


  • KSP
    replied
    Why do I tell them if I don't have to? It is just like someone lossing job during the term of the mortgage. We don't have to unless we see difficulties paying off the debt. Is that the common sense or am I trapped in some kind of pitfall?

    For sure, I will update the address, inform HMRC, insurance etc..

    Leave a comment:


  • Interlaken
    replied
    Surely you have to give your lender and up to date address? Banks will all have a slightly differing policy with this sort of thing - why not ask your lender?

    Why do you want to be devious - honesty is the best policy? I'm sure there are many BTL borrowers who live outside the UK but as long as you are paying tax in the UK on the rental income and you have informed HMRC that you live abroard all should be fine. You are declaring/paying tax on the rental income aren't you?

    Leave a comment:

Latest Activity

Collapse

  • Legal fees or cashback for remortgaging
    blinko
    Hi guys I'm doing my first ever remortgage I wanted to ask I have 2 products to choose from both are offering me a good rate 5 year fixed 2.1% £1,000 arrangement free with free standard valuation but one product offers free legal fees and the other offers £300 cashback which one do you think I should...
    16-07-2019, 17:18 PM
  • Reply to Legal fees or cashback for remortgaging
    loanarranger
    Much depends on the firm being used by the lender. By and large these firms are “ Conveyancing Factories” and you would be a case number with no guarantee of always speaking with the same case administrator. Much depends on how urgent you are seeking the Remortgage , I would suggest you get a quote...
    16-07-2019, 19:19 PM
  • Type of bank account for Service Charges
    deb_hyp
    Hoping someone can advise. We have a building that's been converted into 5 flats and we have set up a Ltd management company, which is run by all the flat owners. Each owner has a share in the company and we are all directors of the company. We want to setup a new bank account for collecting/holding...
    03-06-2019, 11:03 AM
  • Reply to Type of bank account for Service Charges
    eagle2
    Lloyds advertise a "designated client account" which is more appropriate than their treasurer's account. There should be no transaction charges,...
    12-07-2019, 04:11 AM
  • Reply to Type of bank account for Service Charges
    AndrewDod
    There is much more than the type of account -- It needs to be held in Trust. Is a legal requirement under Section 42

    You need to get the words "trust" and "client" into the name of the account if at all possible, as well as the name of the property, e.g:
    ...
    11-07-2019, 21:09 PM
  • Mortgage Query - Buy To Let
    The_Fitz
    Good Afternoon,

    Myself and my wife are looking to rent out our home that we live in. It is our only property and we are moving to Ireland but will look to return at a future date (maybe 3-5 years) to the property.

    I sent in an application for a CTL a few months ago but it...
    10-07-2019, 12:06 PM
  • Reply to Mortgage Query - Buy To Let
    loanarranger
    I hope indeed that your wishes are granted, unfortunately Barclays have not been consistent in their underwriting assessments resulting in much wailing and gnashing of teeth , and that is me a broker.
    11-07-2019, 16:09 PM
  • Bridging Loan
    beakermoo
    What are the best sort of rates (set up costs and monthly interest rate) I can expect on a bridging loan. This is to pay off a mortgage (avoid a repossession) due to a sale on the property falling through just before exchange. The exit strategy would be selling the property which is being actively marketed...
    09-07-2019, 13:57 PM
  • Reply to Bridging Loan
    beakermoo
    Thank you both for the sound advice. I'm trying to work something out with this.
    11-07-2019, 10:56 AM
  • Reply to Mortgage Query - Buy To Let
    The_Fitz
    Good advice - thank you very much.

    My product finished at the end of September (moves from 2.9% to 3.2%) so I suppose I will wait until then, and put in the request for the CTL with Barclays.

    I'll hold off instructing the letting agent to do anything until then.

    ...
    11-07-2019, 09:13 AM
Working...
X