Moving Overseas, Letting property. Implications for my domestic mortgage with KBC?

Hi all,

I'm going overseas to work and need to let my property.

The thing is my mortgage is fixed for 3 years, and that 3 yr period will end in Feb of next year.

The property was/is my primary place of residence. The mortgage was not a buy-to-let just the typical mortgage for a housebuyer. (In fact it was a 100% mortgage. Mad I know).

Can anyone advise me about the new possible implication with regard to my mortgage? e.g especially will my mortgage company (KBC) allow me to let my property? I'm in negative equity too, c.E50,000

I've never missed a mortgage repayment et cetera and have a clean credit record.

Thanks in advance for any advice/info.

I don't see why they wouldn't allow you to let out the property. They will probably apply a buy to let mortgage though and you will have to stop claiming TRS which will see your payments rise.

I also live abroad and still have a property in Dublin. KBC had no issue with me renting it out (it is approx. 20K neg equity). If you want further advice please PM me.

Technically you will need to let the authorities know. This will involve paying the NPPR tax, then change your insurance over to a LET PROPERTY. Not sure if you will be liable for tax on your rental income too if you are out of the country.

Moved from Mortgages and buying and selling homes to Property Investment. Please post in the correct forum/subforum.

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One other question folks and thank you all for your replies/information contained therein. In my situation can I go intrest only on a buy-to-let (BTL) mortgage (presuming KBC let me switch to BTL?) Excuse my ignorance on these matters. ;-[

P.s Lou I will PM you too. Thank you!