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Uk buy to let mortgages

Posted: Fri Jan 5, 2024 2:12pm
14 replies8 members subscribed
MikeandLeann

Posts: 33

11 helpful points

Location: Roquetas de Mar

Joined: 18 Jan 2022

Hi all. We live in the UK but plan to move to Spain in about 18 months.

We have 4 buy to let properties on interest only mortgages in the UK.

We are applying for a new remortgage on one of the properties as our current deal has come to an end, but it seems that you have to have a UK address as your main residence.

My question is has anyone faced this problem. I'm not bothered about the tax implications, that is all in hand. It's purely down to the mortgage situation. 

Thanks in advance. 

Mike and Leann 

Sveinb

Posted: Sat Jan 6, 2024 8:17am

Sveinb

Helpful member

Posts: 302

259 helpful points

Location: Sorbas

Joined: 11 Nov 2020

Posted: Sat Jan 6, 2024 8:17am

Speak to your UK solicitor, from what you say this has pt nothing to do with Spain (now or 18months ahead). Your registered address surely is in UK?

MikeandLeann

Posted: Sat Jan 6, 2024 10:06am

MikeandLeann

Original Poster

Posts: 33

11 helpful points

Location: Roquetas de Mar

Joined: 18 Jan 2022

Posted: Sat Jan 6, 2024 10:06am

Sveinb wrote on Sat Jan 6, 2024 8:17am:

Speak to your UK solicitor, from what you say this has pt nothing to do with Spain (now or 18months ahead). Your registered address surely is in UK?

Hi Sveinb. Yes, my address is in the UK, but in 18 months times my address will be in Roquetas de Mar and the terms and conditions of the mortgage clearly state that my main residence must be in the UK. I was just wondering if anyone else had a UK buy to let with their main residence in Spain and if they had any problems 

Geordiemark

Posted: Sat Jan 6, 2024 7:47pm

Geordiemark

Helpful member

Posts: 308

294 helpful points

Location: Arboleas

Joined: 22 Oct 2021

Posted: Sat Jan 6, 2024 7:47pm

MikeandLeann wrote on Sat Jan 6, 2024 10:06am:

Hi Sveinb. Yes, my address is in the UK, but in 18 months times my address will be in Roquetas de Mar and the terms and conditions of the mortgage clearly state that my main residence must be in the UK. I was just wondering if anyone else had a UK buy to let with their main residence in Spain and...

... if they had any problems 

It's easy, just don't tell them. As long as the blood sucking leeches are getting the money and you get your correspondence to a UK address they won't give a sh*t.

MikeandLeann

Posted: Sat Jan 6, 2024 8:06pm

MikeandLeann

Original Poster

Posts: 33

11 helpful points

Location: Roquetas de Mar

Joined: 18 Jan 2022

Posted: Sat Jan 6, 2024 8:06pm

Geordiemark wrote on Sat Jan 6, 2024 7:47pm:

It's easy, just don't tell them. As long as the blood sucking leeches are getting the money and you get your correspondence to a UK address they won't give a sh*t.

That's exactly what I was thinking. My only concern is would the Spanish tax authorities have anything to say about my correspondence address for my buy to let's not matching my Spanish address 

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Geordiemark

Posted: Sat Jan 6, 2024 8:22pm

Geordiemark

Helpful member

Posts: 308

294 helpful points

Location: Arboleas

Joined: 22 Oct 2021

Posted: Sat Jan 6, 2024 8:22pm

MikeandLeann wrote on Sat Jan 6, 2024 8:06pm:

That's exactly what I was thinking. My only concern is would the Spanish tax authorities have anything to say about my correspondence address for my buy to let's not matching my Spanish address 

I've always worked on the principle of. "It is better to ask for forgiveness, than permission". What's the worst that can happen? If your lender finds out, they will probably apply an additional x% to the interest rate charged. But as long as everyone is getting their pound of flesh, then it's unlikely you're going to have an issue.

MikeandLeann

Posted: Sat Jan 6, 2024 8:33pm

MikeandLeann

Original Poster

Posts: 33

11 helpful points

Location: Roquetas de Mar

Joined: 18 Jan 2022

Posted: Sat Jan 6, 2024 8:33pm

Geordiemark wrote on Sat Jan 6, 2024 8:22pm:

I've always worked on the principle of. "It is better to ask for forgiveness, than permission". What's the worst that can happen? If your lender finds out, they will probably apply an additional x% to the interest rate charged. But as long as everyone is getting their pound of flesh, then it's un...

...likely you're going to have an issue.

I think I might take up that philosophy. That made me smile. Many thanks Mike 

John99andrew

Posted: Sat Jan 6, 2024 10:18pm

John99andrew

Helpful member

Posts: 783

451 helpful points

Location: Mojacar

Joined: 29 Nov 2017

Posted: Sat Jan 6, 2024 10:18pm

MikeandLeann wrote on Sat Jan 6, 2024 8:33pm:

I think I might take up that philosophy. That made me smile. Many thanks Mike 

By broadcasting what you are doing is not a good idea, don’t you think the Spanish authorities look at these post on the  forum, it will only be a matter of time before they catch up with you, I know a person that they caught up with,  it was 15 years but they got him in the end.

MikeandLeann

Posted: Sat Jan 6, 2024 10:51pm

MikeandLeann

Original Poster

Posts: 33

11 helpful points

Location: Roquetas de Mar

Joined: 18 Jan 2022

Posted: Sat Jan 6, 2024 10:51pm

John99andrew wrote on Sat Jan 6, 2024 10:18pm:

By broadcasting what you are doing is not a good idea, don’t you think the Spanish authorities look at these post on the  forum, it will only be a matter of time before they catch up with you, I know a person that they caught up with,  it was 15 years but they got him in the end.

Dont worry. I will do the right thing. I don't want to fall foul of the Spanish laws. I have every intention on declaring everything to the Spanish authorities. It was the English mortgage I have concerns about, and whether it was possible to live in Spain and have UK buy to let mortgages 

John99andrew

Posted: Sat Jan 6, 2024 11:17pm

John99andrew

Helpful member

Posts: 783

451 helpful points

Location: Mojacar

Joined: 29 Nov 2017

Posted: Sat Jan 6, 2024 11:17pm

MikeandLeann wrote on Sat Jan 6, 2024 10:51pm:

Dont worry. I will do the right thing. I don't want to fall foul of the Spanish laws. I have every intention on declaring everything to the Spanish authorities. It was the English mortgage I have concerns about, and whether it was possible to live in Spain and have UK buy to let mortgages 

Just bear in mind if you make yourself resident in Spain you are taxed on all your worldwide assets and you have to declare all your worldwide income.

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