Moving To France -what does that mean for my mortgage

A

Au Revoir

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I was made redundant this summer and have decided to leave Ireland and move to France to take up a position

I received a redundancy payment at the end of June and have been claiming social welfare over the summer. I have been paying my mortgage as normal. I am currently tied into a 2 year fixed rate which will run until May 2010

I have applied for redundancy protection and am waiting for my claim to be processed

I am moving to France at the end of the month and plan to rent out my property.

I am wondering what the mortgage implications of this are- whether I need to talk to my provider and change to an investment mortgage or whether I can continue to operate as is.
 
Depends on the terms & conditions of your mortgage. If it was myself I wouldn't be too quick to tell the bank.

However, it is very important you make sure your house insurance provider knows and that you cancel any mortgage interest relief you might be getting. You also need to register as a landlord and do all that that entails...
 
aristotle25 said:
If it was myself I wouldn't be too quick to tell the bank.
...
and that you cancel any mortgage interest relief you might be getting.
Click to expand...
A little hard to do one without the other.

If you were a first time buyer you would more than likely have a stamp duty clawback liability as well. By Redundancy Protection are you referring to an insurance poilcy or the HSE sponsored relief? I wouldn't imagine you could claim the relief once you left the country.
 
First time buyer clawback only effective if renting out within first 2 years of mortgage.
 
Hi
I have been in the house just over two years and was a first time buyer-so didn't pay stampduty at the time
The redundancy protection I am referring to is from the insurance company -yes I won't be able to claim that once I have left the country
thanks
 
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