Follow this topic Q&A » Mortgages

Relocating abroad for maybe two years

by pamsy 26 September 2010 |

3 comments | Love

Love 0 loves

I have a very good mortgage with First Direct i.e. .95% above bank rate, tracker, lifetime, offset. Does anyone have experience of getting them to allow me to rent out without changing to a Buy to Let mortgage. I do not want to lose this deal and have been overpaying by £1300 per month to take advantage of it. Should I not risk asking them and just rent it out. Would an agency take me on? Any help greatfully welcome.

Report

Enjoyed this? Show it some love

Retweet

Comments (3)

Facebook

Twitter

General

Comments (3)

824

MikeGG1 posted
If you are relocating abroad temporarily in respect of your current employment, you should get a 'Consent to Let'. There would need to be a definite intention to return to live in that same property.
Ask them. State categorically that you would return to live in the property and provide any evidence that you have as to the temporary nature of the relocation.
Overpaying your mortgage does not help you to keep it. When you say 0.95% above bank rate, do you mean Bank of England Base Rate or First Direct's base rate? If you are only paying 1.45% you could invest net of tax much better than that.
Mike
Posted on 26 September 2010 | Love 0 loves Report
5

pamsy posted
Thanks for this. Yes it is 1.45%. The reason I have been paying it off is so that I have a record of good payment and increase my loan to value percentage. I have heard that though many companies will consent First Direct never does. Do you know if this is true. Do I have to have their consent before a letting agency will take me on?
Posted on 26 September 2010 | Love 0 loves Report
824

MikeGG1 posted
Sorry. I have no experience of First Direct. Hopefully someone else will come along who has.
The problem is that if they did find out while you were abroad, they could call in your mortgage at a very inconvenient moment.
Is there a family member who could rent it? It would seem to be better to take a low level of rent rather than to switch mortgages. You would need to keep it as your postal address, especially for any First Direct accounts. Someone would need to forward it, although it could be the Post Office.
Mike
Posted on 26 September 2010 | Love 0 loves Report

Post an answer

Something you're dying to ask... or answer?

Get started now

Sign in for a better Q&A

Registered already? Great! You can just sign in to ask and answer questions.

W3C Thank you for using Lock, Stock and Two Smoking Barrels