HartleyHare

Please check the T&C's of your Landlord Insurance as it is likley a requirement that you have obtained permission from your lender to let your property. You could run the very real risk of any insurance claim being rejected if you decide to keep quiet and continue to let without permission.

When we let our UK home a couple of years ago we had to supply proof from our building society that we had their permission to let our property and sign a declaration.

We were also in a similar situation whereby we had permission to let for a maximum of 3 years only and would then have to obtain a buy-to-let mortgage which our lender no longer offered. Worse case scenario would have seen us selling and buying somewhere else outright (as a PP has suggested), but fortunately we were happy to return to the UK at the end of my husband's two year contract.

Bermudashorts

I wondered how long it would be before this came up.

Actually it is not particularly likely that the insurer will give a damn how the property is financed, it has got nothing to do with insurance. Mr BS and I read the policy with a fine tooth comb and with thirty years of insurance industry experience between us and there was zero about financing arrangements, I think it is one of those myths that prevails. I would say you are the exception rather than the rule if it were the case for you.

Hence I stick to my earlier advice, keep quiet.

spouse of scouse

But you'd need to let your home insurer know that you rented your property out? That's a clause in Aviva's home building insurance, anyway.

tomar

We have been renting out UK properties for about 20 years, and now we only have building insurance. Touch wood have never had a problem.
We have very good agents in place, 3 monthly property reports, and take between 4/6 weeks rent deposit depending on where the property is. Not returned until final inspection is approved.
We rent furnished and unfurnished out, but we only have small places so wouldn't cost a fortune to replace any furniture.
You do hear of horror stories, so good agents are important, but as we know plenty of expats like ourselves who also rented out their houses, luckily no horror stories.

tomar

Might be different now as there was no problem getting a buy to let mortgage then as expats. Just asked my husband if he told the lenders who the building insurers are answer no, perhaps should, but never been an issue.

Bermudashorts

Absolutely. That is essential. Zero chance of a claim being paid out otherwise.

Totally different to telling them about financing arrangements.

Alan Collett

What is your LTV % please?

Best regards.

economy_1

We own 3 houses in US currently on rent.You can take cash out from your current Australian mortgage and pay off UK mortgage.AUD is weak currency with poor exchange rates.

Alan Collett

=> Not compared with the GBP presently!

Best regards.

Bermudashorts

Well if that were true, it would not be helpful to try to pay off the UK mortgage with AUD. However as the AUD is currently very strong against the pound, it would indeed be good to use AUD to pay off a UK mortgage. That assumes the OP has an Australian mortgage or spare AUD though, which they have not said.

roryjoseph

Hi. There are a few UK lenders who still consider BTL mortgages for expats. Due to some legalistic thing, Australia makes in harder, but it is still possible <snip>
I wouldn't add FOREX risk into the mix and borrow in AUD for a £ debt if I were in your shoes.
National Counties and KR a good place to start.
Good luck!
Rory <snip>

Beoz

And who might they be?

Last time I went on that merry go round, they say one thing, then when you dig a little deeper, they want a 50% deposit and a 10% interest rate.

roryjoseph

Standard BTL:
Kent Reliance
NCBS
Skipton International (not Australia)

Larger loans:
EFG
NatWest International
Kleinwort Benson
SG Hambros (client dependent)

and a few more

I may be accused of self-interest here, but find a UK broker who has experience of these - generally they will charge a fee, but it should be modest, should only be payable when it goes through and will save you an awful lot of hassle.
A good specialist will have good relationships with key lenders, and if they are only being paid when they come through for you, they will make sure that they do.
Do check the fee and the T & C's though!

....though it will still be a fairly draining experience, as you rightly say Beoz! However, if yours and the broker's goals are aligned, they should do some of the heavy lifting.

Beoz

If indeed you are a broker, yes it might be self interest but it might be worth posting your contact details.

This questions comes up a lot here and is useful to know a contact point.

That said, I won't be paying a fee to be told its a 50% deposit and a 10% interest rate.

roryjoseph

Yep, I am a broker for my sins.

Not sure admin rules allow me to post contact details? Can anyone advise....

Thanks all, Rory