Overseas landlord - bank wants address confirmation

[flyingvisit]

Anyone have experience of being an overseas landlord (with a UK property), and getting emails from their bank asking for confirmation of address because the bank think you've moved? Should I fess up and tell Barclays I've left the country, or will they close my account if I do? It will be a real pain and cost a packet in fees if I have to have the rent paid to my foreign account, and then pay the mortgage from the same account.

The first email said I could use telephone banking to confirm I still lived at the property, but apparently they weren't convinced...

[zbc]

I've been in your situation for 10 years now and my UK bank don't care that I live abroad. They have my address here and send everything to it. The rent goes into the account and the mortgage goes out. As I understood it the only problem is in opening a new account with a UK bank whilst you are abroad.

[flyingvisit]

zbc said:

I've been in your situation for 10 years now and my UK bank don't care that I live abroad. They have my address here and send everything to it. The rent goes into the account and the mortgage goes out. As I understood it the only problem is in opening a new account with a UK bank whilst you are abroad.

Barclays? And you told them you're living abroad? If they're happy with that, then I'm happy. If appears to be impossible to open a new UK or offshore account while living abroad (unless you have the required fistfull of dollars - 25k? - to stash in the UK account).

[Sarnie]

flyingvisit said:

Anyone have experience of being an overseas landlord (with a UK property), and getting emails from their bank asking for confirmation of address because the bank think you've moved? Should I fess up and tell Barclays I've left the country, or will they close my account if I do? It will be a real pain and cost a packet in fees if I have to have the rent paid to my foreign account, and then pay the mortgage from the same account.

The first email said I could use telephone banking to confirm I still lived at the property, but apparently they weren't convinced...

Have you told them you've moved abroad?

Is it a BTL mortgage?

[flyingvisit]

Sarnie said:

Have you told them you've moved abroad?

Is it a BTL mortgage?

I told the mortgage company, and switched to a BTL mortgage. The problem lies with the bank, as I don't want them to close the account because I'm no longer a UK resident. So for the moment I'm keeping quiet, but I think my tennant may have returned some mail to the bank marked 'gone away'...

[marky1]

I had an account with smile and moved overseas. Told them at the time and it's still open 10 years later, can't see a problem....

[flyingvisit]

marky1 said:

I had an account with smile and moved overseas. Told them at the time and it's still open 10 years later, can't see a problem....

Thanks, interesting. I'm still hoping to find someone who banks with Barclays and did the same.

[XJSJohn]

Been overseas for ages now and my CitiBank uk account follows me everywhere with no issues, i just keep a few grand parked in there just in case i do go back to the UK, as i bet it will be a right hassle opening a new account there nowadays with no UK history!!

I do believe that some of the more "building society" style banks don't allow overseas addresses, but any international bank (HSBC, RBS, Barclays, Citi, etc) should have no issues.

I even have citi accounts in Thailand, Malaysia, Singapore and Hong Kong and they are all linked on my one central online banking account so can move funds between the countries at no (obvious) charge immediately.

[zbc]

flyingvisit said:

zbc said:

I've been in your situation for 10 years now and my UK bank don't care that I live abroad. They have my address here and send everything to it. The rent goes into the account and the mortgage goes out. As I understood it the only problem is in opening a new account with a UK bank whilst you are abroad.

Barclays? And you told them you're living abroad? If they're happy with that, then I'm happy. If appears to be impossible to open a new UK or offshore account while living abroad (unless you have the required fistfull of dollars - 25k? - to stash in the UK account).

No not Barclays but I have a friend with a Barclays account, although they don't have property in the UK, and they have had no problems. I can't really believe that Barclays would give up the custom. It may just be a question of taxes or money laundering regs but I know no one who has had to get rid of a UK bank account, a few that have chosen to but that's different again.

[flyingvisit]

zbc said:

No not Barclays but I have a friend with a Barclays account, although they don't have property in the UK, and they have had no problems. I can't really believe that Barclays would give up the custom. It may just be a question of taxes or money laundering regs but I know no one who has had to get rid of a UK bank account, a few that have chosen to but that's different again.

Sounds like I'm worrying about nothing. I'll give them a call.