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Moving to America from UK - Should I change my mortgage to 'buy to let' & declare my move to US?

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I am a UK resident and will be moving permanently to US in a couple of months . I want to keep on renting my UK flat out while living in USA and planning to sell the flat in a couple of years. My main concern is that I want to pay the lowest interest rate and fees as possible to allow me to pay back the mortgage quickly. Should I keep my current mortgage while living in the US or change it?

Points are:

  • My current mortgage is 3.39% above Bank Base Rate. 
  • I have 15 years of payments left on my mortgage.
  • Should I declare to the old/potential new mortgage company that I am renting the flat out?
  • Should I declare to the current mortgage company that I have moved abroad as I could exchange my US salary and transfer to my UK bank account, therefore the mortgage company will not know I have moved abroad? Am I financial better off doing this?
  • I will be renting my flat out while living in US.
  • I am planning to keep the flat for at least five years until I sell it, maybe keep it for 10 years.

Hope you can help. Thank you,


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  • 7 months later...

Of course, you should inform us that you are moving to another country, especially if you are moving so far away. I would say this even if you were going to Germany or France. However, I don't think you should change your mortgage if you have 15 years of payments left. Do you believe that the bid may change to a more unprofitable one? I would be afraid of this most of all. Probably, you are satisfied with the interest that you are paying right now. I recently moved from Britain to Singapore. In Britain, I still have my apartment. I didn't sell it. I still rent out my apartment to a young family with children. I am happy that I have a steady income. Even when I called the services of movers from cheapmoverssingapore.com, their rent money was handy to me.

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