Remortgaging from abroad?

Some readers from New Zealand have a home in the UK, but are unsure about remortgaging on their property before their fixed-rate deal expires.

Drawing on years of experience, mortgage adviser Katie Tucker - technical manager at fee-free whole of market mortgage broker charcol.co.uk - takes her through the situation and what it means for her finances.

Susan from Wellington asks:

My partner and I bought a property in the UK nearly three years ago borrowing from Skipton Building Society.

We are now living and working in New Zealand and the fixed rate is due to end in July.

Will we be able to remortgage with another company to get the best rate, or will we have to stick with Skipton as we are not working in the UK?

Katie replies:

Hi Susan,

If your property is let then you should be remortgaging to a buy-to-let anyway, and your being abroad should not make much difference.

If the property is just empty, and you are retaining it as your main residence to return to soon, you can still get a normal mortgage but your choice of lenders will be reduced. Find out what Skipton can offer you, then search for your best remortgage alternative.

Use a broker such as Charcol so that they can do the search leg-work for you, and also because they can help considerably with the to-ing and fro-ing of forms and chasing the lender, solicitor and valuer so you don't have to.

If you have a question for Katie, go to the myfinances.co.uk Ask the Mortgage Expert section.

For more information on the issues discussed here, go to mortgage broker charcol.co.uk or call 0800 358 5560.

Charcol Limited is authorised and regulated by the Financial Services Authority (FSA registration number 427339). The FSA does not regulate credit cards, personal loans or some investment mortgage contracts. Some buy-to-let mortgages are regulated by the Consumer Credit Act (CCA).