Changing mortgage

[RichTea90]

Hi there,

We recently bought a house, and we completed and moved in in June (last month).

My partner has just been offered a new job opportunity where they have asked whether he would consider possibly relocating to Madrid. He has said no, on the basis that he doesn’t think our mortgage will let us change to a buy to let this soon into it. I can see where he’s coming from, but I personally am not sure… does anyone have any knowledge on this?

Would mortgage providers prefer that you are in the property for a couple of years before changing it?

many thanks xx

I'm not sure they would be massively happy literally the month after but it's a conversation you could at lest have with them?
How long would the Madrid contract be for? Do you need to change your mortgage could you rent short term to a friend?

Contrary to PP, I doubt they care how long your mortgage has been in operation, but they may subject you to onerous terms.

Yeah I totally understand that too…

seems the job might be flexible and let him work hybrid for a while in London… with the view he travels to Madrid as and when needed. Trouble is it’s to set up a new team in Madrid… I think they’re interviewing another fella in Madrid so he might not even get it. It’s a fantastic opportunity however for his career for a prestigious film company.

could always chat to the mortgage company I guess. Tbh I’m quite happy to stay tbh, I love our house xx

Thank you for your response.

I'm surprised he would say no before checking something as easy to check as this

Providers differ - just ask yours.

BTL mortgages have vastly different terms. I think most of them have to have a 25% deposit and I have seen eye watering setup fees (6k? Idk - but very high). Also far higher interest rates (possibly because most BTL LLs opt for interest only).

I guess it’s worth asking, another job may come up later on down the line. I think it’s quite unlikely they will agree.

But besides that, do you want to become landlords? It’s not for the faint hearted these days.