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mortgage renewal while living in the US

mortgage renewal while living in the US

Old May 23rd 2020, 2:56 am
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Question mortgage renewal while living in the US

The fixed-term of the original re-payment mortgage on our UK house is coming up for renewal later this year. We will have to either move to a different product or to a different company to have a fair rate on our mortgage.

We don't intend to sell the house and may move back to it in the coming years. Hence, we'd like for it continue as a re-payment mortgage if possible.

2 specific questions in this context:

1) Which companies will re-finance our UK mortgage now that we live in the US? I've heard Skipton, HSBC etc. Any personal experiences?
2) Travel is a big constraint now - so we'd be keen to electronically wrap this up while in the US. Any firms where any of you have managed to wrap up paperwork without having to go in person to the UK?

If you can share any personal experiences in this area, would be great!
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Old May 24th 2020, 12:53 pm
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Default Re: mortgage renewal while living in the US

Will the current company not work with you on this?
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Old May 25th 2020, 5:08 am
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Default Re: mortgage renewal while living in the US

No experience with the international part, but we've always re-mortgaged with our existing lender (Nationwide). This is the easiest route, and I think can be done electronically. We usually looked around to see what the interest rates were at other lenders and Nationwide were always willing to match, if theirs wasn't already better. I don't think they would have cared that our address changed, except that if you're not living at the property, then you'd want to make sure your insurance covers uninhabited properties, or that if you're renting it out, that you choose a mortgage that allows you to do so. (Ours would have, but it required notifying them that we would do so, and then the interest rate would have increased six months afterwards.)
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Old May 25th 2020, 3:11 pm
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Default Re: mortgage renewal while living in the US

Thanks for your responses!

We haven't explored our current lender yet - but do intend to. They're a local building society, so we weren't sure if their options would be competitive and wanted to look around to seen what's available. I guess the hassle of the paperwork is enough to stay with the current lender!
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Old May 25th 2020, 3:28 pm
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Default Re: mortgage renewal while living in the US

Originally Posted by SFNative View Post
No experience with the international part, but we've always re-mortgaged with our existing lender (Nationwide). This is the easiest route, and I think can be done electronically. We usually looked around to see what the interest rates were at other lenders and Nationwide were always willing to match, if theirs wasn't already better. I don't think they would have cared that our address changed, except that if you're not living at the property, then you'd want to make sure your insurance covers uninhabited properties, or that if you're renting it out, that you choose a mortgage that allows you to do so. (Ours would have, but it required notifying them that we would do so, and then the interest rate would have increased six months afterwards.)
I was going to make the point about renting out a property that has a residential mortgage instead of a buy to let one without Consent to Rent from your mortgage provider, but then I saw your post. It's a point well made, I'm on a few UK landlord forums and have seen quite a few people come a cropper with this.

OP, if you are renting out your property and you just have a standard residential mortgage, this article may be of interest to you https://www.finder.com/uk/is-it-ille...o-let-mortgage
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