paisleylass Posted July 12, 2011 Share Posted July 12, 2011 So we are now almost resigned to letting the house out due to the current property market difficulties. I decided to start asking around buy to let lenders, only to face a problem immediately - I spoke to Skipton who will only lend to UK residents. Yes, we are residents currently, but apparently we aren't allowed to live abroad at all! This is very worrying and currently I'm too upset to ask around any more lenders. Has anyone managed to arrange a BTL mortgage, with the lender knowing you'll be abroad? Someone must have done it, you can't all be sneaking around not telling mortgage companies what you're up to! Maybe we should just stay here :cry: ETA should have said we're going on a 457. IF we go ( Link to comment Share on other sites More sharing options...
Guest robnnic Posted July 12, 2011 Share Posted July 12, 2011 Oh gosh....there must be a way surely. We haven't got that far yet, but will be looking into the BTL mortgage. Hope someone else can help, let us know how you get on.x. Link to comment Share on other sites More sharing options...
Cal2 Posted July 12, 2011 Share Posted July 12, 2011 have you tried the letting agents see what they say? Link to comment Share on other sites More sharing options...
Guest siamsusie Posted July 12, 2011 Share Posted July 12, 2011 So we are now almost resigned to letting the house out due to the current property market difficulties. I decided to start asking around buy to let lenders, only to face a problem immediately - I spoke to Skipton who will only lend to UK residents. Yes, we are residents currently, but apparently we aren't allowed to live abroad at all! This is very worrying and currently I'm too upset to ask around any more lenders. Has anyone managed to arrange a BTL mortgage, with the lender knowing you'll be abroad? Someone must have done it, you can't all be sneaking around not telling mortgage companies what you're up to! Maybe we should just stay here :cry: ETA should have said we're going on a 457. IF we go ( Hi PaisleyLass, This is a subject I know absolutely nothing about, but I am sure a few people can come up with some good ideas shortly. Have you looked at this site at all?http://www.expat-mortgages.co.uk/?gclid=CIP7vdHH-6kCFQMUHAod73NfYw or is this just for ex pats already over here? Susie x Link to comment Share on other sites More sharing options...
paisleylass Posted July 12, 2011 Author Share Posted July 12, 2011 Hello! Haven't even got as far as speaking to letting agents, this whole idea was more as backup in case we can't sell but we can't even market the damn thing yet as it's not ready! I think the expat thing looks promising Susie, thanks. The buy to let section does sound like one specifically applies from abroad (ie proof of overseas address), but we could worry about that later. Move date is yet to be agreed, maybe we'll have to go later than expected instead of rushing off ASAP! Link to comment Share on other sites More sharing options...
Cal2 Posted July 12, 2011 Share Posted July 12, 2011 Hello! Haven't even got as far as speaking to letting agents, this whole idea was more as backup in case we can't sell but we can't even market the damn thing yet as it's not ready! I think the expat thing looks promising Susie, thanks. The buy to let section does sound like one specifically applies from abroad (ie proof of overseas address), but we could worry about that later. Move date is yet to be agreed, maybe we'll have to go later than expected instead of rushing off ASAP! same here Link to comment Share on other sites More sharing options...
Guest siamsusie Posted July 12, 2011 Share Posted July 12, 2011 PaisleyLass, you might find this link of interest http://www.pomsinoz.com/forum/moving-back-uk/85970-expat-mortgages-2.html http://www.pomsinoz.com/forum/money-finance/114205-getting-uk-mortgage-while-oz.html Thread //6 Susie x Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted July 12, 2011 Share Posted July 12, 2011 You shouldn't have any problem getting a buy to let mortgage if you have at least 60% loan to value in your property most mortgage companies recommend a buy to let if you intend on living abroad but want to keep your property, maybe Skipton was a one off? Link to comment Share on other sites More sharing options...
paisleylass Posted July 12, 2011 Author Share Posted July 12, 2011 same hereHorrible headache isn't it? I feel sick that we are effectively having to re-buy our own house only to pay more fees and higher interest with no offsetting - wish First Direct could be more flexible in this difficult situation. Susie thanks again, makes interesting reading and good to know there are experts who post on here! Maybe we market for a while before going, and apply for buy to let later. Great to know it's an option. What is most annoying me is it's perfectly fine with our current lender to leave our house empty ad infinitum as long as we pay the mortgage (surely a burglary/squatting risk?!), but it's not OK to apply within the UK for a buy to let mortgage, then go abroad. If we are using a letting agent why on earth do we need to be in the UK?! Feels like we are being punished for trying to better our lives ( Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted July 12, 2011 Share Posted July 12, 2011 Horrible headache isn't it? I feel sick that we are effectively having to re-buy our own house only to pay more fees and higher interest with no offsetting - wish First Direct could be more flexible in this difficult situation. Susie thanks again, makes interesting reading and good to know there are experts who post on here! Maybe we market for a while before going, and apply for buy to let later. Great to know it's an option. What is most annoying me is it's perfectly fine with our current lender to leave our house empty ad infinitum as long as we pay the mortgage (surely a burglary/squatting risk?!), but it's not OK to apply within the UK for a buy to let mortgage, then go abroad. If we are using a letting agent why on earth do we need to be in the UK?! Feels like we are being punished for trying to better our lives ( Have you asked first direct about consent to let? If you explain your going abroad on a tempory visa they may give you consent a lot of mortgage providers do these days. Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted July 12, 2011 Share Posted July 12, 2011 Have you asked first direct about consent to let? If you explain your going abroad on a tempory visa they may give you consent a lot of mortgage providers do these days. I've just found the answer to that and first direct don't offer consent to let but they should refer you to HSBC there parent company for a buy to let. Link to comment Share on other sites More sharing options...
paisleylass Posted July 12, 2011 Author Share Posted July 12, 2011 I've just found the answer to that and first direct don't offer consent to let but they should refer you to HSBC there parent company for a buy to let. We can have up to 12 months consent with First Direct which is better than nothing but really not long enough - we'll be away at least 2 years probably 4, may not even come back at all if we can help it! Really if we're going to let we need to be able to do so indefinitely, as who knows when the market will pick up! I already approached HSBC, and without even asking about my salary or savings the guy said no way could I have one of their buy to let mortgages as you need to be a HSBC Premier customer. He just assumed I don't have a 6 figure salary. Which I don't! But he wasn't to know that, the little snot! Link to comment Share on other sites More sharing options...
Shazza110 Posted July 12, 2011 Share Posted July 12, 2011 Hi We move out to Jooondallup in November and we have renters ready to move in. I was also wondering about this yesterday and am now contemplating doing the sneaking around business after what I have read on here - you dont get as good interest rate and there are arrangement fees. I am seriously considering not advising them and looking at ways round it. Would be interested in any advice too Sharon :biggrin: So we are now almost resigned to letting the house out due to the current property market difficulties. I decided to start asking around buy to let lenders, only to face a problem immediately - I spoke to Skipton who will only lend to UK residents. Yes, we are residents currently, but apparently we aren't allowed to live abroad at all! This is very worrying and currently I'm too upset to ask around any more lenders. Has anyone managed to arrange a BTL mortgage, with the lender knowing you'll be abroad? Someone must have done it, you can't all be sneaking around not telling mortgage companies what you're up to! Maybe we should just stay here :cry: ETA should have said we're going on a 457. IF we go ( Link to comment Share on other sites More sharing options...
JBO76 Posted July 12, 2011 Share Posted July 12, 2011 I have a great mortgage broker who I am sure will be able to help you. They are very creative in finding solutions that will get you what you need and keep you well within the law. PM me if you would like details. Link to comment Share on other sites More sharing options...
fourcorners Posted July 12, 2011 Share Posted July 12, 2011 Hmm, I recently phoned up my mortgage provider (Cheltenham & Gloucester through Lloyds TSB), explained our situation and he said yeah no problem all you do is fill in a form (which he then sent me), they re-assess the mortgage (ie push the rate up) and bob's your uncle. He acted like he got requests like this all the time and it was no problem. And our initial deposit was only 15% so we still owe a lot on it. Personally I don't see the problem as long as they money keeps flowing to them through your UK account. Especially once they realise we'll be earning twice as much in Oz.... Link to comment Share on other sites More sharing options...
jonbclark Posted July 12, 2011 Share Posted July 12, 2011 Hi, we have a Woolwich mortgage (now Barclays) and asked them about buy to let, and they said that we didn't need one just tell them when we propose to be letting the property and pay a small admin fee (£30). Link to comment Share on other sites More sharing options...
Guest The Tattams Posted July 12, 2011 Share Posted July 12, 2011 Hi Halifax were fine, filled a form in and away we went. Haven't told them that we are living abroad yet and if its going to be a problem then I will leave my parents address. They let us let for the term of the mortgage agreement i.e. the next four years which is when our mortgage review is due. As long as we don't fall into arrears I don't think we will have a problem. Good luck Link to comment Share on other sites More sharing options...
paisleylass Posted July 19, 2011 Author Share Posted July 19, 2011 No go from the Halifax either. I asked for a good reason why we need to be resident when we are just letting the property out and didn't get one. I just said "That makes no sense, but thank you" and hung up. Seems it's OK if you've had your mortgage for years with same lender already, AND they are willing to give indefinite consent to let. No such luck here. Gonna have to go the expat mortgage route methinks! Link to comment Share on other sites More sharing options...
Guest jmahood Posted July 22, 2011 Share Posted July 22, 2011 Do you need to tell them that you are moving abroad? Plenty of people rent out their houses, so I don't understand why you are having such an issue. Surely all you need to do is advise your current mortgage lender that you plan to rent out your house, they then add a fee for the privilege of doing so, take out landlord insurance and off you go. Buy to Let mortgages themselves were phased out by a lot of the banks and lenders following the recession fallout so maybe the mortgage product itself is an issue. Either way it seems you're creating a headache for yourself when it could be a lot simpler. A letting agent should be able to advise you on legal formalities but the most important issue at the moment would be for you to get a tennant. I imagine that the letting agent will manage the property for you, so you'll have nothing to worry about there. Some PIO people have thought about renting without telling the mortgage company but there are implications to this, but if you already have a mortgage on the house then it shouldn't be as much hard work as it seems to be for you. Good luck with it all! Link to comment Share on other sites More sharing options...
paisleylass Posted July 22, 2011 Author Share Posted July 22, 2011 Do you need to tell them that you are moving abroad? Plenty of people rent out their houses, so I don't understand why you are having such an issue. Surely all you need to do is advise your current mortgage lender that you plan to rent out your house, they then add a fee for the privilege of doing so, take out landlord insurance and off you go. Buy to Let mortgages themselves were phased out by a lot of the banks and lenders following the recession fallout so maybe the mortgage product itself is an issue. Either way it seems you're creating a headache for yourself when it could be a lot simpler. A letting agent should be able to advise you on legal formalities but the most important issue at the moment would be for you to get a tennant. I imagine that the letting agent will manage the property for you, so you'll have nothing to worry about there. Some PIO people have thought about renting without telling the mortgage company but there are implications to this, but if you already have a mortgage on the house then it shouldn't be as much hard work as it seems to be for you. Good luck with it all! Yes we do need to say we're going abroad as all our accounts are linked and it will be obvious re. salary no longer going in, international transfers etc. As I said somewhere else on this thread, First Direct will not allow more than 12 months letting as per their mortgage underwriters. Much less equity and they'd have said no letting at all. It's not me creating the headache for myself, it's the bank I've been a loyal customer with for 18 years. FD will not move on this one, and are quite happy to lose my custom to get a longer term BTL mortgage. Those with lenders who will simply ask them to fill in a form and pay a fee/higher interest are lucky their lenders are so flexible, and it seems most actually are. Not First Direct. I would advise any First Direct mortgage customers thinking of moving abroad and letting out more than 6 months from now to switch their mortgage to a more amenable lender immediately. For us things have moved too quickly as it's a 457 visa, but who knows we may even be able to sell and forget this migraine of an issue! (decorating is coming on nicely :cute:). Thanks for all the wishes of good luck, will update if anything happens! Link to comment Share on other sites More sharing options...
Guest jmahood Posted July 22, 2011 Share Posted July 22, 2011 Hope it sells quickly for you then! You would think that as long as the mortgage is paid FD would be happy. Typical banks, of no help to anyone. Best of luck! Link to comment Share on other sites More sharing options...
Guest Greg191 Posted July 22, 2011 Share Posted July 22, 2011 Banks are corperate industries simply interested in making money, if your mortgage gets paid every month, the bank will never ask any questions. If you give them an opportunity to make more money, they'll grab it with 2 hands. Link to comment Share on other sites More sharing options...
Guest mdeejacks Posted July 22, 2011 Share Posted July 22, 2011 Hello! Haven't even got as far as speaking to letting agents, this whole idea was more as backup in case we can't sell but we can't even market the damn thing yet as it's not ready! I think the expat thing looks promising Susie, thanks. The buy to let section does sound like one specifically applies from abroad (ie proof of overseas address), but we could worry about that later. Move date is yet to be agreed, maybe we'll have to go later than expected instead of rushing off ASAP! hello, i just started looking too to do the same thing and there are options so don't get too stressed. put "overseas landlord" in google and choose. also speak to a mortgage advisor for free advice. good luck jack Link to comment Share on other sites More sharing options...
jamesnparry Posted July 22, 2011 Share Posted July 22, 2011 hi done buy to let mortgages both ways, one when i was over seas, and bought in uk, and also once here in uk, with job overseas agreed for voer 2yrs. both mortgages where with clydesdale, /yorkshire bank...as they are owned by national bank of austraila........so suggest you speak to london office, gresham st, and say you want to bank with them, whe you get to auz, and finance your btl property here in uk...... pete and ann Link to comment Share on other sites More sharing options...
Guest mdeejacks Posted July 23, 2011 Share Posted July 23, 2011 Banks are corperate industries simply interested in making money, if your mortgage gets paid every month, the bank will never ask any questions. If you give them an opportunity to make more money, they'll grab it with 2 hands. Hello all, I thought of doing this too but I am worried how my house insurance will hold up should anything happen. any idea on this issue cheers jack Link to comment Share on other sites More sharing options...
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