Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 4 weeks ago 47
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?
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