PPRuNe Forums - View Single Post - Mortgage in homecountry and moving to the ME?
Old 16th Nov 2018, 11:43
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Espada III
 
Join Date: Oct 2009
Location: North West UK
Posts: 539
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Originally Posted by seven3seven
Keep your house in your home country for sure. Just send money back to pay the mortgage. As long as its being paid I don't think the banks will care where you are in the world.
They do and will.

Your mortgage is based upon the fact of you living there. If you move out and let it to third parties, you have breached the terms of the mortgage. You must obtain permission from the mortgagee to rent the property out. Don't bury your head in the sand with this one; it will come back to bite you. So deal with it now. The interest may well be a little higher, but this is something mortgage companies are used to dealing with and they will work with you.

It is also relevant for insurance. You must take out different insurance as you are becoming a landlord and the tax authorities in your home country need to know your rental income. Use a local accountant and a competent letting/management agent, preferably one who is a member of a reputable regulatory authority - in the UK it is RICS.

Last edited by Espada III; 16th Nov 2018 at 11:45. Reason: OP not in the UK. Advice changed.
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