We're due to be coming out this Summer for a couple of years - can't wait.
We want to rent out our UK house in the meantime because we don't know what our long term plans will be.
We're on a terrible fixed rate with the Halifax at the mo (5.19%) which is due to end in September, while we'll be in Adelaide (all being well).
At which point, our mortgage would normally drop to 3.5%. Ker-ching we say! But wait...... Because interest rates have dropped through the floor recently, Halifax have sniffed out that they can grab some cash from this and are insisting we would need to take a "consent to lease product" at..... 5.69% ! That's higher than the rate we pay now!
We really don't want to rent our UK house without the lender's permission, but we don't like being ripped off either - when interest rates were higher they just charged 1.5% above your normal rate for consent to lease. Now the rates are low, all of a sudden consent to lease "products" are compulsory - almost like a buy-to-let mortgage.
I just hate the way banks/mortgage companies sniff out that you might "do well" from the low interest rates, and put a stop to it.
Anyhoot - has anyone get any recent experience of this? Anyone recently rented their house in the UK and got consent to lease on better terms?
Our only other option is to move mortgages in September whilst we're in Oz - can't be easy.... Anyone done that either?
Or move mortgage provider a month or two early (and pay Halifax's £1,080 early penalty fee).
I don't have a lot of love for the Halifax right now...
So - any tales of similar experiences would be greatly appreciated. Many thanks!
Can't wait to join you!