mortgage back in UK
 

What is the best and most economical way to pay for my Uk mortgage whilst working in Canada? My canadian wage will have to pay the uk mortgage so i don't know how halifax from the uk will receive payments from hsbc in canada.

People who are in this position can you share your experience please. I am sooo worried.

My wage will definately not be enough to cover rent in vancouver + mortgage in the uk. please don't ask me to rent because it is up for sale and renting isn't an option.

Thank u all

Re: mortgage back in UK
 

Any decent Bank in Canada can transfer money to practically any other Bank in the UK providing they have all the correct information. There will be a charge, but it can be done.

Re: mortgage back in UK
 

First if you haven't done already changer your mortgage to an interest only - we did and ours is on the market.

Mortgage is with the Halifax too!

I send a wire transfer from here to our bank in England once a month (pain to do the first one but subsequent ones are easy as they have all the details on file.

Mortgage then comes out of UK bank account by DD each month.

Cost to do this about $10 for outgoing wire and £15 for Halifax privelage of recieving it :curse: bit of a pain but not too bad in the long run (of course you need to bear in mind the exchange rate when wiring money - for some reason it always seems to spike the wrong way about 5 mins before I send the wire!!!!!)

Re: mortgage back in UK
 

As an afterthought if you look on your UK bank statement in the top right there are the international account details that HSBC in Canada will need to transfer the money to.

Re: mortgage back in UK
 

When you did this did you need to set up an insurance policy to run along side it? or did Halifax let you just pay the interest?

Re: mortgage back in UK
 

Strictly speaking you should have an "endowment" but we didn't - Halifax weren't too hp about it but seeing as the house is on the market for way more than the mortgage is for they conceeded.

We just told them why we wanted to do it. :thumbsup:

Re: mortgage back in UK
 

I have been told by my lender that I can 're-borrow' on my interest only mortgage provided that I sign to say that I will repay on the sale of the house.

I am glad that I left a small amount owing as there will be no set up costs or revaluation - just an admin fee for borrowing back some of the capital I have put into reserve to pay at the end of the term.