I am currently over in New Zealand, I thought I was just going to be here for a few months but now it is looking permanent. However I have a morgage back in the UK and a property. I am still paying the mortage and I still want to keep the property should I return to the UK (which could still happen). Do I need to change my mortage? Will I lose my mortage as I am no longer living in the UK?
Just wanted to know what I should do as an expat to keep my mortgage. Saffron
We have been offered the opportunity of working abroad with work for 2 years. Our house in England will remain our sole residence as our house abroad will be paid for by work. We do not want our house to sit empty for 2 years so we are considering renting it out. Does this mean we have to move to a buy to let mortgage? Sally
Saffron & Sally
This is going to depend on your existing mortgage lender. You should apply to them for consent to let your property and let them know what your intentions are with regards to returning to the UK. Saffron, it is possible, although I think unlikely, they will grant consent and let you continue on your current mortgage arrangement. They would normally only grant consent if you are planning on returning within a couple of years so Sally i expect you will be ok.
If they do not grant consent and you let the property you will be in breach of your mortgage terms and conditions, this could lead to your property being repossessed and so you should look at switching to a buy to let mortgage with either the same lender or a new one.
Saffron, the number of lenders will to accept a remortgage from someone based in New Zealand is limited, but I believe that we can help you retain the property if you can not get consent to let. Please call +44207 933 9600 to speak to our reception who will then be able to put you through to one of our independent mortgage advisers.
Sally, if you can not get consent to let we can definitely help you, please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
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