I was notified that Barclays will close UK bank accounts for non residents. I mainly use the account for paying a Uk mortgage and receiving rent. Specifically on Uk mortgage, I use a different bank than Barclays and I am still labeled as owner occupier and not buy to let.
Perhaps someone else in the forum faced same issue and have a clearer picture then me or a link to another website with possible solutions.
Receiving rent. I have wise account and I believe I should be able to open easily a UK bank account through it
Mortgage. I would need to change the direct debit (IBAN from where the bank takes the money every month). Do you think itâs possible to change the iban address ? Or do you think that the bank may need assurances to change direct debit ?
Wise is technically not a bank - but with their borderless account, you do get a UK payment account in your name and with your own UK account number (and sort code). Wise allows direct debits from that, too.
Not sure how your mortgage and its payments work - but why would the mortgage bank have an issue with taking the direct debit from another account? Youâre still liable to pay - and any direct debit from your Barclayâs account can just as well bounce for lack of funds, canât it?
If anything, they may have an issue with you having moved abroad and (supposably) not having a UK employment income anymore - if they donât know that already and were to find out in the process (though, again, would the mortgage terms allow them to do or change anything in that case?)
Most UK mortgage contracts say you have an obligation to inform the lender if you cease to be owner occupier or move overseas. Once you inform them they will probably ask you to repay the loan or switch you to a different product (higher rate).
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