moved abroad

[Arthur36]

In short I bought my house 5 years ago (just before values tanked), then 2 years ago had an offer to work abroad & took it. My lender allowed me to let for 2 years on existing deal. (rent is £300/month lower than mortgage repayment, but I can deal with this). current mortgage is repayment. I am still abroad.

The 2 years is almost up and I am concerned they will force me into a buy to let deal with much higher costs, I could not afford to do this.

Tried selling the house with no luck and according to nationwide calculator there is a very small amount of equity in the property (<5%).

Ideally I would like to switch to interest only, until I can sell or keep everything as it is.

If they decide to try and get more out of me monthly then I will fall into arrears within 1 year

I don't want to contact them yet in case it triggers them into remembering they have given me permission to let (I am hoping they will forget and just let things stay as they are)

Any advice? Should I go to a financial advisor to represent/advice me? If so any recommendations?

Thanks

[Enness Private Clients]

You should speak to your lender in the first instance - they are usually ok with things like this so long as you have paid your mortgage on time etc. The main ons (abbey, nationwide, rbs, halifax etc) will just re-set your deal.

otherwise find a good broker to help - im sure you will have plenty of options.

(oh, and nationwide's calculator is a bit hit and miss - look for similar properties near to yours on findaproperty / mouseprice etc to get an idea of your value, or call some local agents)