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Ok to buy house in U.K. then go away for few years?

(4 Posts)
newhouseeee Fri 27-Jan-17 18:28:37

Just that really. We are looking at buying a property with a view to living in it with plans to go abroad for few years and probably rent it out. Do this cause any problems mortgage wise?

AuntiePenguin Fri 27-Jan-17 18:36:49

You either need a buy to let mortgage (which typically are more expensive) or you need a normal mortgage, to live in the house got a period of time (varies how long) and then apply to your bank for permission to let it out temporarily. Talk to your bank or mortgage broker to check what the banks conditions for that permission are likely to be, and make sure those are realistic for the property you choose: for example, a lot of banks won't let you rent properties to people claiming housing benefit.

You'll also need to consider insurance for the property, loss of rent insurance so you can cover the mortgage while it's empty, who will manage the property in your absence, and how much tax you will be paying on the rental income.

specialsubject Sat 28-Jan-17 09:57:12

You also need a good agent to manage it, and to keep chasing them up.

timeforsomethingnew Sat 28-Jan-17 11:58:18

We did that for many years. We needed to let mortgage lender know / I can't remember if they increased the rate - my recollection was no, but I may be wrong. We had agent manage it which worked well for us.

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