Clyde114 Posted November 22, 2016 Share Posted November 22, 2016 Hi all I'm hoping there are some experience of this blind spot I've come across with my mortgage, any advice appreciated! We're planning to move to Sydney on a permanent spousal visa in April 2017 (still tbc but looking promising!) due to Brexit I want to rent out our UK house rather than sell, keep the mortgage in place and then rent another property in Sydney when we arrive. Here's the catch; I've found three mortgage options, but I don't officially qualify for any... Buy to let I have an existing residential mortgage with HSBC but have been told to get a buy to let mortgage I would need a have lived in my own 'non-rental' property for 6 months, so don't qualify. Consent to let HSBC's best advise is to apply for consent to let, but not until 2 weeks before required. They haven't given any specifics on the requirements for a successful application but I gather it needs to be related to a temporary move for work, which on the face of it means I do not qualify. I could bend the truth and state it's a temporary move but not ideal. Expat mortgage I'm not officially an expat yet so do not qualify. I'm thinking consent to let is the best option, but any thoughts or I've options missed, please let me know Thanks in advance N Quote Link to comment Share on other sites More sharing options...
srg73 Posted November 22, 2016 Share Posted November 22, 2016 I was told when leaving by a number of brokers that there were 0, yes zero mortgages on the market which would allow us to rent our U.K. property whilst living in Australia. Every one of the brokers advised, continue as you are, do not declare you are leaving for Australia and run the risk. If there are mortgages available then they will be rare and expensive. Best of luck S Quote Link to comment Share on other sites More sharing options...
Dazken Amac Posted November 22, 2016 Share Posted November 22, 2016 As long as you do your repayments right I don't see any reason why the banks will bother you... In fact I will suggest the earlier you pay your loan the faster you get them off your backs... Rent it out but open a separate account where the rent chq would be deposited and then transfer it to your mortgage account so there's less chance of anyone knowing that you have rented... Moreover you are moving in April 2017... till then you will have only 1 month to go to meet the criteria of the buy to let option... After that you are safe Best regards Nick Quote Link to comment Share on other sites More sharing options...
kevsan Posted November 22, 2016 Share Posted November 22, 2016 skipton do expat mortgages, and although they state in the details you need to be an expat, when we queried they said that they would consider those that are planning to move abroad shortly. Quote Link to comment Share on other sites More sharing options...
Beaty Posted November 23, 2016 Share Posted November 23, 2016 Hi all I'm hoping there are some experience of this blind spot I've come across with my mortgage, any advice appreciated! We're planning to move to Sydney on a permanent spousal visa in April 2017 (still tbc but looking promising!) due to Brexit I want to rent out our UK house rather than sell, keep the mortgage in place and then rent another property in Sydney when we arrive. Here's the catch; I've found three mortgage options, but I don't officially qualify for any... Buy to let I have an existing residential mortgage with HSBC but have been told to get a buy to let mortgage I would need a have lived in my own 'non-rental' property for 6 months, so don't qualify. Consent to let HSBC's best advise is to apply for consent to let, but not until 2 weeks before required. They haven't given any specifics on the requirements for a successful application but I gather it needs to be related to a temporary move for work, which on the face of it means I do not qualify. I could bend the truth and state it's a temporary move but not ideal. Expat mortgage I'm not officially an expat yet so do not qualify. I'm thinking consent to let is the best option, but any thoughts or I've options missed, please let me know Thanks in advance N I would say nothing. B Quote Link to comment Share on other sites More sharing options...
newjez Posted November 23, 2016 Share Posted November 23, 2016 Hi all I'm hoping there are some experience of this blind spot I've come across with my mortgage, any advice appreciated! We're planning to move to Sydney on a permanent spousal visa in April 2017 (still tbc but looking promising!) due to Brexit I want to rent out our UK house rather than sell, keep the mortgage in place and then rent another property in Sydney when we arrive. Here's the catch; I've found three mortgage options, but I don't officially qualify for any... Buy to let I have an existing residential mortgage with HSBC but have been told to get a buy to let mortgage I would need a have lived in my own 'non-rental' property for 6 months, so don't qualify. Consent to let HSBC's best advise is to apply for consent to let, but not until 2 weeks before required. They haven't given any specifics on the requirements for a successful application but I gather it needs to be related to a temporary move for work, which on the face of it means I do not qualify. I could bend the truth and state it's a temporary move but not ideal. Expat mortgage I'm not officially an expat yet so do not qualify. I'm thinking consent to let is the best option, but any thoughts or I've options missed, please let me know Thanks in advance N ours had a letting clause in it anyway. How would they find out, and what are the implications if they did? Quote Link to comment Share on other sites More sharing options...
kevsan Posted November 23, 2016 Share Posted November 23, 2016 I think that technically this would be mortgage fraud and breaches the terms and conditions of the loan. In the worst case scenario lenders could demand full and final repayment, which would force many borrowers to default - if they found out. Quote Link to comment Share on other sites More sharing options...
Fisher1 Posted November 23, 2016 Share Posted November 23, 2016 (edited) I think that technically this would be mortgage fraud and breaches the terms and conditions of the loan. In the worst case scenario lenders could demand full and final repayment, which would force many borrowers to default - if they found out. The mortgage thing is a real problem. We lived outside the UK for years, and despite my salary being paid in the UK with all the usual deductions, we still couldn't get a mortgage to buy a house to come home to! Tried everywhere and the answer was always the same. And we were only the other side of the channel! The trick is, and I wish someone had told me this thirty years ago, Don't sell your house. our mortgage providers at the time were willing to let us continue at a higher rate, but we decided it was too much, as we were worried about income at the time and we sold. I know someone who kept quiet about moving abroad and got away with it, but I thinj you need to think very carefully about that one ... Would you be able to sleep at night? I really hope you find a solution to the problem, I think your best bet is to try Consent to let. Good luck! Edited November 23, 2016 by Fisher1 Quote Link to comment Share on other sites More sharing options...
Clyde114 Posted November 23, 2016 Author Share Posted November 23, 2016 Thanks all for your responses, it's a difficult situation and no wonder mortgage fraud is so rife. I think our best option as Fisher1 points out, is to get consent to let from our current provider for hopefully a couple of years, then get an expat mortgage if the market hasn't sorted itself out by then. I dont like the risk of the keeping quiet option personally. Does anyone know the requirements for consent to let? HSBC were abit cagey about it and stated its for people moving for work on temporary basis only, and I should apply 2 weeks before its required - not much room to change our plans if not approved. Quote Link to comment Share on other sites More sharing options...
Fisher1 Posted November 23, 2016 Share Posted November 23, 2016 Thanks all for your responses, it's a difficult situation and no wonder mortgage fraud is so rife. I think our best option as Fisher1 points out, is to get consent to let from our current provider for hopefully a couple of years, then get an expat mortgage if the market hasn't sorted itself out by then. I dont like the risk of the keeping quiet option personally. Does anyone know the requirements for consent to let? HSBC were abit cagey about it and stated its for people moving for work on temporary basis only, and I should apply 2 weeks before its required - not much room to change our plans if not approved. Could you claim to be moving on a trial basis to see whether or not Australia suited you? Sometimes I think bank managers (do they still exist?) just want a quiet life, and as long as they can tick all the boxes at the outset and all the payments are made on time, would be happy to just let things roll Quote Link to comment Share on other sites More sharing options...
Guest Posted November 23, 2016 Share Posted November 23, 2016 Permission to rent is probably the only way to go. It is not an absolute lie, right now you don't know 100% you won't return. We got permission to rent for the first two years, initially a year and then they renewed it, the building society then added a premium to the rate and allowed us effectively move to a 'buy to let' without going through a mortgage application etc. I definitely wouldn't avoid the issue and just rent it out anyway - no decent letting agent would take it on the books without seeing permission to rent & having suffered at the hands of a dodgy agent, any agent that doesn't vet you thoroughly I can guarantee is not vetting the tenants either. You also will need landlords building insurance and the insurer will also require that you have permission - if you lie then there is ever chance the insurer wouldn't pay up should a claim be made (& if you were talking a total loss situation then the mortgage company would definitely be involved) Our building society provided a 'consent to let' form that we had to complete - it was very basic information. We request a year in the first instance purely to make it more likely to be renewed, at the end of the year I'll admit we did nothing and it was a while later we got a letter from them and we then requested a further year. We did simply say we had a temporary employment overseas - which in our case was true as we went out on a 457 visa. Quote Link to comment Share on other sites More sharing options...
Clyde114 Posted November 24, 2016 Author Share Posted November 24, 2016 Thanks, very useful responses! Quote Link to comment Share on other sites More sharing options...
scuffythetugboat Posted November 26, 2016 Share Posted November 26, 2016 Could you claim to be moving on a trial basis to see whether or not Australia suited you? Sometimes I think bank managers (do they still exist?) just want a quiet life, and as long as they can tick all the boxes at the outset and all the payments are made on time, would be happy to just let things roll Apparently the bones of bank managers are being dug up alongside the bones of the Triceratops. Quote Link to comment Share on other sites More sharing options...
leedarama Posted May 3, 2017 Share Posted May 3, 2017 hi, I know this post is a few months old now but I will also be in the same boat in 6 months time. We want to move to Oz from the UK in January 2018 and are looking to remortgage now (As we are on a variable rate atm). Would anyone be able to recommend any banks or building societies not to go with to remortgage now? And any that would be more likely to give consent to let before we move? Thanks Quote Link to comment Share on other sites More sharing options...
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