There are a number of things to consider before moving abroad, Abbey warns, so it’s a good idea to make sure everything’s in order before you go.
Once you’ve made the decision to move, some major factors need to be taken into consideration, says Abbey, such as whether your home will be protected by your insurance while you are out of the country, should you let it out to tenants, and will you buy or rent property abroad?
If you leave your property empty, you must inform your insurance company, which might make certain stipulations, such as appointing a responsible individual to keep watch over it.
If you decide to let it out, then you should also insure you have adequate insurance, and decide how you will manage the property, for example using a letting agency. Also, some mortgage providers will charge higher rates if you change your property’s status from residential to rental use.
Buying property abroad is becoming increasingly popular amongst expatriates, with people living in temporary accommodation while they look for the ideal property, investment and location.
Less significant aspects to think about regarding relocation include language and cultural barriers, and which kind of removal service you will use – a full relocation service which handles a range of issues from helping you to find a house to finding a good school for your children – or a basic international removal firm.
Banking is also important, with internet banking allowing you to maintain a UK bank account, but Abbey advises that expatriates choose carefully to ensure that they get the best support and functionality for their needs.
Jane Matthews, Head of Marketing & Business Development at Abbey International said: “For expatriates, keeping track of their savings rates when they move abroad during periods of frequent interest rate changes can be confusing and time consuming.
“Our Base Rate Tracker range of products offer a clear solution to this, with a guarantee that interest rates will change within two banking days of any change in UK Base Rates. With such a transparent structure and ease of access via our internet banking service, we believe that our Base Rate Tracker accounts are one of the most attractive products available.”
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