10:23 AM, 2nd October 2017, About 4 years ago 6
My residential home, which I am currently letting on an AST whilst I am out of the country on a sabbatical, has an ordinary residential mortgage, the term of which comes to an end in a month or so.
Whilst trying to arrange a remortgage, I have been told that FCA regulations stipulate that regulated business activities, such as mortgages, can only be carried out by authorised personnel in the UK and if either party are outside the UK then the transaction cannot be permitted.
If that is so, then I must cut short my traveling and return to the UK just to sign a form. Is that absolutely necessary? Whether this has any bearing on the matter I have no idea but the LTV is 33%.
And when I return to the UK after my sabbatical, I shall take up residence once more in my home. Would I be correct in thinking, therefore, that I am not required to obtain a Buy-To-Let remortgage?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|