General Discussion: Property thread


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Toasted
Toasted avatar

1733 posts since 15/10/09

16 May 2022 12:14
joeyjojo wrote: Anyone have any advice to with regards to changing a residential mortgage to a buy-to-let being a non uk resident? Most of the places I’ve looked at expect you to be a resident.
Also any recommendations for brokers/ advisors that may be able to help in this situation?

This is not a recommendation but we just didn't disclose to our lender when we let out the house we had been living in when we moved.
toocan
toocan avatar

888 posts since 7/11/07

16 May 2022 13:03
Don't mean to put a downer on it but that's in breach of your mortgage terms (heavily FCA regulated)… If your tenant wanted to be a dick for whatever reason or someone else did - an ex or other, its a sure-fire way to have your credit record fucked for a long period of time and suffer some financial penalties from your lender + penalties… Messy just swap it imo
eazypz
eazypz avatar

3585 posts since 16/4/10

posted 16 May 2022 13:51, edited 16 May 2022 13:51
BTL mortgage usually requires minimum 25% equity, so if you don’t have they already you’d have to lump in more.

Know someone who was in the same situation, spoke to the bank and told them they couldn’t afford the mortgage anymore due to losing their job, so asked if they could rent it out to cover the mortgage.
Bank obliged and switched it with no extra equity required.

This was pre-pandemic though so not sure what’s changed since.
joeyjojo
joeyjojo avatar

4712 posts since 24/8/06

16 May 2022 14:37
Thanks guys for the responses but specifically just looking into the ‘non resident’ part. I’m considering doing what you suggested Toasted tbh. Doubt anyone would find out and not bothered about my credit score etc in UK as won’t live there again ( maybe )
sydneyking
sydneyking avatar

5183 posts since 26/9/09

16 May 2022 14:48
eazypz wrote: BTL mortgage usually requires minimum 25% equity, so if you don’t have they already you’d have to lump in more.

Know someone who was in the same situation, spoke to the bank and told them they couldn’t afford the mortgage anymore due to losing their job, so asked if they could rent it out to cover the mortgage.
Bank obliged and switched it with no extra equity required.

This was pre-pandemic though so not sure what’s changed since.

Was that a legit case of losing their job? seems an extreme response to potentially being out of work for a couple of months
eazypz
eazypz avatar

3585 posts since 16/4/10

16 May 2022 16:32
sydneyking wrote:
eazypz wrote: BTL mortgage usually requires minimum 25% equity, so if you don’t have they already you’d have to lump in more.

Know someone who was in the same situation, spoke to the bank and told them they couldn’t afford the mortgage anymore due to losing their job, so asked if they could rent it out to cover the mortgage.
Bank obliged and switched it with no extra equity required.

This was pre-pandemic though so not sure what’s changed since.

Was that a legit case of losing their job? seems an extreme response to potentially being out of work for a couple of months

No, just wanted a BTL mortgage.
From what I recall, said he’d been out of work for six months already and couldn’t continue to pay the mortgage, hence renting.
swede
swede avatar

10372 posts since 21/3/09

16 May 2022 17:43
joeyjojo wrote: not bothered about my credit score etc in UK as won’t live there again ( maybe )

Ubercool