Pastor Flaps

I want to rent out our property when we move to NZ, but have initially found that nobody will give me a buy to let mortgage or interest only if we are not a UK resident.

Has anyone found a way around this?

Are there any lenders who will help.

Thanks

Paul

SarahB

So you already have the house but want to rent it out whilst over here? I didnt have a problem doing that at all, but I did make sure when I initially got the mortgage that if I wanted to rent it out in the future that it would be ok with them. The mortgage was with Norwich and Peterborough. So when I moved in with my partner a few years back I just checked with them if it was OK if I let it out and they said yes but I had to change my house insurance to Landlords Insurance, which wasnt any extra money. So maybe try N & P?

Thinking about it.... why tell them you arnt going to be resident there? Do you have to do that? I didnt. That might be the one thing thats putting them all off to start with... how about just saying you are wanting to rent the house out.

I have found that apart from the Inland Revenue its sometimes best not to tell companys/banks/lenders that you are emigrating. Even now Lloyds Bank know I'm here but I still tell them its only for 2 years. I use my partners dads address for correspondence over there and if any is important I get MIL to scan it in and email it to me.

HTH

SarahB

ukkiwi

Dont tell the building society - or if feel you need to, say you moving to NZ because of work and dont have a choice. They should allow you to keep your current mortgage for 2 years.

thebears

ignore that comment

They are then well within their rights to then seize the property and sell it (which means potential loss of all your equity).

ukkiwi

Erm i did this myself so why would the BS seize it if you've agreed it with them in the first place?

thebears

The agreement is fine (before you move out or rent) - its the not telling them that isnt.