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Renting your home whilst working in Gib

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Jgh2911

Hi, I want to accept a job offer in Gibraltar but own a home in the UK which i want (and need ) to rent out.

I have a mortgage on the home and want to know what you have to do to make this all happen. Current deal is actually about to expire at the end of May.

Are there special mortgage lenders who you have to use or do the normal banks let you do this.

Other issue is my wife won't be working so our income will be less than at present.

I'm not interested in making any profit on the rental just as long as the mortgage is paid.

Any advice from anyone who is in a similar situation and who has made the move would be greatly appreciated.

Big_Al

I contacted my existing lender. They didn't have an issue with me renting out my property, they simply charged a small admin fee plus insisted on a few clauses within the rental agreement.

It may be more complex if you try and change lenders at the same time, I suggest you speak to a mortgage broker who should be able to get you a good deal and ensure that the new lender will allow you to rent out your property.

Good luck.

Jgh2911

Thanks so much for that. Will contact a broker on Monday.

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