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Moving to Dubai from UK, what to do with my mortgage?
I have a 5 year mortgage on my London property, on year 1 of 5. If I move what happens to my mortgage? Can I just keep it and not tell the mortg… I am planning to move to Dubai for 1-2 years for work.
I have a 5 year mortgage on my London property, on year 1 of 5. If I move what happens to my mortgage? Can I just keep it and not tell the mortgage company and rent it out or do I tell them? Will I loose some of my capital gains allowance when I sell the property? I will become a Dubai resident so I think I sound tell them as I wont be on the electoral role anymore etc... I want to keep the London property for when I move back. I plan to become a resident of Dubai also.
Consent to let is the standard route, but your lender might push you onto a more expensive product for the rental period. Some lenders just add a flat 1% margin to your current rate instead of a whole new deal. If you've got a decent LTV on that London place, it's worth checking if switching to a proper buy-to-let mortgage makes more financial sense over two years rather than paying a premium on a residential product you can't use. On the CGT side, you'll get principal private residence relief for the years you lived there plus the final 9 months of ownership, so the gain from April 2015 to when you moved out is what's really at risk. An accountant in Mayfair or the City who handles cross-border stuff regularly will sort that out for a few hundred quid.
ngl, you can't just hide it from the lender. they'll find out when your tax residency changes or the property insurance lapses. most uk banks will give a consent to let for 1-2 years if you ask, but they'll bump the interest rate by like 1-2% and charge a fee around 200 quid. also, talk to a uk tax accountant about the capital gains thing - if you're non-resident when you sell, you'll still owe cgt on the gain from april 2015 onwards, but you might get relief if it was your main home before you left
right, another one of these. for the love of god talk to a uk mortgage broker before you go, not strangers on the internet. you'll prob need a consent to let from your lender or you're breaching terms and that opens a whole can of worms with the tax man. as for
Dubai/Sharjah Road Scam?
damn u basically did a free taxi run to rak. thing is they usually target cars with a single guy driving & look for dubai plates so u look like u got somewhere to be. best move is roll ur window down like two inches, say u already called the cops for them & keep moving, dont even unlock the door
yeah that's a known one on e311 & the sharjah ring road, usually they wave you down near the adnoc or before the rta cameras claiming wallet got lifted. classic play is they ask for a lift to the next emirate then bail once you slow down, sometimes a second guy on a bike is tracking you. next time just call 999 or drop them at the nearest police point, don't let anyone in your car off the highway ngl
The RAK route is the tell. No one genuinely stranded on the ring road needs to get all the way to Ras Al Khaimah, that's a 90 minute drive. These guys work in pairs and the second car picks them up after they hop out, usually somewhere past the Al Sajaa junction or near the ADNOC on E311. If it happens again, tell them you'll drive them to the nearest police station and watch how fast the story changes.