Finally was able to capture this annoying bug with UI FOV that likes to rear its ugly head mostly after going into housing editor mode and I think the mail interface.
The bug: My FOV slider is and always has been set to 130 on Third Person FoV. Most of the time its set properly distance wise from the character but when this bug occurs its like something sets the FoV back to 100 even though my setting are still set to 130. The only way I can fix it is to go into Settings > Camera and then slide the Third Person FoV down to its minimum value and back up to 130 then exit settings and then the FoV is properly set. Also just for clarification, mouse wheeling up and down makes no difference in the maximum distance FoV is allowing until I go into settings and adjust the sliders all the way down the back up to where it was set originally.
The image below on the left shows a closer FoV (and the FoV is set to 130 in that image). The image on the right I have went into settings and moved the slider down to minimum and back up to 130 and as soon as I exited settings you can clearly see a further away FoV. Red areas circled are showing you can see to the left of the pillar, see the mushroom to the right of the screen and even see 3 additional stairs that you cant see in the first image.