Relocating abroad made difficult by lender?

Relocating abroad made difficult by lender?

10:30 AM, 5th July 2016, About 8 years ago 2

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I am moving abroad at short notice and am only 5 months into a 5 year fixed mortgage.difficult

I asked the mortgage company for permission to let (they would not grant). I asked if I could convert to a buy to let but they want £7k which I cannot afford.

I now see no option other than to use an independent lettings company to manage the property for me whilst I’m away and not tell the mortgage company. I really see no other way out, however I’m worried the mortgage company is already now suspicious because I made enquiries.

Help is much needed.


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Neil Patterson

10:36 AM, 5th July 2016, About 8 years ago

Hi Al,

Obviously my advice has to be to tell the lender as they could force you to repay the loan immediately if you break the mortgage contract.

It is not impossible for the lender to give you permission and 1 to 2 years max is the norm.

I would make an official complaint to the lender as they then have to take the reasons for your request seriously.

They may be assuming that your intentions were known when you applied for the mortgage so you need to dissuade them of that and that it is genuine unforeseen change in circumstances.

Kate Mellor

19:53 PM, 6th July 2016, About 8 years ago

When you say they want 7K, is this an early repayment fee? Usually you take on a mortgage which has particular terms & if you want to vary them it will be essentially a remortgage. If it's with the same lender it's usually quite straight forward, but you may have early repayment charges plus new arrangement fees. There are some very competitive BTL deals about though at the moment so do shop around with other lenders even though you only did yours 5 months ago...I've just been accepted for a BTL remortgage at 1.89% & our previous remortgage (on a different property) which completed in March was at a rate of 3.74%! Check out Virgin Money's latest deals.

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