I’m interested in buying a property abroad - maybe in France. Can I let out my current home in the UK and use the funds to purchase a new home in France?
I presume you are asking if you can refinance your home onto a buy to let mortgage and raise capital to assist with the French purchase. In principle “letting to buy” is fairly straightforward but only when the borrower remains in the UK. In your case, it will be harder to find a lender for two reasons:
- Lenders are not keen on borrowers moving overseas because if they were to need to repossess the property, it would be more difficult to facilitate.
- Lenders like to see the onward purchase to make sure you will not be remaining in the house. This will be more difficult for them on an overseas property transaction.
Do get in touch if you need help, as there are a few lenders who might be willing to take a view.
Call us on 0345 345 6788