Like Tree1Likes
  • 1 Post By Beanieskis

Impact on UK Mortgage if no longer in UK Electoral roll

Reply
  1. #1

    Impact on UK Mortgage if no longer in UK Electoral roll

    I've got a 5 year fixed Buy-To-Let UK mortgage with a UK bank which I took out last year when I was in the UK. My circumstances have changed and I'm back in HK now and don't have an obvious address in the UK to register to vote and more crucially, be on the UK electoral roll.

    Does anyone know if coming off the electoral roll could be an issue in terms of my continuing validity to maintain the UK mortgage product I have in place? I recall something about needing to be a UK resident to have access to the product. Or is this something that will only become an issue in practice if and when I renew the mortgage say at the end of the 5 years?


  2. #2

    Join Date
    Nov 2011
    Posts
    120

    During the five year fixed it has no impact.
    For the remaining term of the mortgage there is also no impact if you stay with the original product and terms.

    If you look to change to a new fixed deal after the five years you may find that a lot of the headline rate, high street bank deals will not be available to you as a non-resident.

    The LTV you can access may also be reduced.


  3. #3

    Join Date
    Feb 2009
    Location
    Hong Kong
    Posts
    2,372
    Quote Originally Posted by MidnightBaker:
    I've got a 5 year fixed Buy-To-Let UK mortgage with a UK bank which I took out last year when I was in the UK. My circumstances have changed and I'm back in HK now and don't have an obvious address in the UK to register to vote and more crucially, be on the UK electoral roll.

    Does anyone know if coming off the electoral roll could be an issue in terms of my continuing validity to maintain the UK mortgage product I have in place? I recall something about needing to be a UK resident to have access to the product. Or is this something that will only become an issue in practice if and when I renew the mortgage say at the end of the 5 years?
    UK can register to vote as an overseas voter for 15 years after leaving the UK. You'll register in the place you last lived.
    shri likes this.

  4. #4

    Join Date
    Aug 2007
    Posts
    1,127

    At the end of the 5 year fixed, the bank will default move your mortgage to a variable rate. Your concern is primarily about the address you have with your bank account.