Remortgaging while living abroad

northernlad1984

Registered User
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Hi

I have a query about remortgaging while living abroad that I’m hoping people can help me with.

I took out an ordinary UK residential mortgage with Santander in 2011 for the flat I moved in to. I lived there until the end of 2017 when I moved to Sweden with my wife. I am working here and the move is open ended but not necessarily permanent.

At the same time I let out the flat to tenants with consent to let from Santander. I also told them i was moving abroad, but I used my mum’s Uk address for correspondence.

Because at the time there was only a year left on the 5 year fixation period they allowed me to continue on the same deal, ie without making it a buy to let mortgage.

Now the fixation period is ending, I need to convert to a buy to let mortgage and they’ve provided me with the option of a 2 yr fix or tracker (or don’t do anything and go on to the svr).

I’m not sure they’ve properly recorded I’m living abroad, and I don’t know if I’m obliged to tell them again.

Eg on their website it says Santander mortgages are available only to Uk residents, although these are new deals not remortgaging. And when I search for the word expat it suggests that only Santander jersey provide mortgages to expats...

Not sure what checks they do when remortgaging - maybe they don’t care about the fact that I don’t have a Uk income (other than the rent) as long as I’m paying the mortgage. I have never missed a payment and the rent comfortably covers the mortgage (and my salary in Sweden is similar to my Previous Uk one).

Should I just go ahead with remortgaging and not mention anything, given I told them I was moving abroad a year ago?

Has anyone been in a similar situation and did you renew your mortgage or have to apply for an expat mortgage?

Thanks
 
We successfully re-mortgaged a UK house while living here around 2007/8, it really depends what paperwork they require. IIRC, we just had to check a box on which rate to move to, there was no income discussion (probably as the mortgage had been repaid for 10+ years without issue at that point).

Just checked and Santander's SVR is very high - if that's your only option then I would contact a UK broker and switch to B2L.

I assume everything is tax-compliant in the UK (you are filing returns based on the rental income) - the broker will ask you for that I am sure.
 
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