9:26 AM, 1st September 2016, About 5 years ago 4
I have found this website very helpful and I am now in a situation where my BTL mortgage is approaching the end of fixed term very soon, I am looking to remortgage to another lender with a better rate.
The tricky thing is that I now get an opportunity to work abroad and I would consider taking the opportunity in a few months time. I talked to my mortgage advisor and told him my situation. He said as long as I am currently reside in the UK I can remortgage to standard BTL. Even if I do decide to go abroad eventually, I am not obliged to tell the lender as long as the mortgage is paid.
This all sound very reasonable to me. However, I read from another thread, which seem to suggest that I have to get an expat BTL otherwise I may “involve Nondisclosure of information that would materially affect the lenders decision.” https://www.property118.com/emigrating-remortgaging-consent-let/67899/
Maybe I have misunderstood the thread above, but can some one advise :
1. Whether I should take expat BTL or standard BTL in my current situation?
2. If I take standard BTL now, and I do decide to go and work abroad for a while later, do I have to tell my lender at that time?
What implication it will be?
I am pretty confident that I will be able to afford the mortgage even if tenants move out and no rental income can be used to cover the mortgage.
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