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    • Ted35
    • By Ted35 8th Jul 17, 8:26 AM
    • 2Posts
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    Ted35
    First time buyer and getting new jobs
    • #1
    • 8th Jul 17, 8:26 AM
    First time buyer and getting new jobs 8th Jul 17 at 8:26 AM
    Hi,
    We're first time buyers and been told by a mortgage lender that we could borrow 200,000. Weve been looking at the quality of houses in our area compared to other areas for this budget and other areas are much more tempting! However this would mean a change in jobs. Are mortgage lenders likely to agree to this?
Page 1
    • Lilla D
    • By Lilla D 8th Jul 17, 9:27 AM
    • 238 Posts
    • 109 Thanks
    Lilla D
    • #2
    • 8th Jul 17, 9:27 AM
    • #2
    • 8th Jul 17, 9:27 AM
    If you'd move so far that the commute to your current workplace would become unreasonably long, then lenders are likely to request evidence of a new job offer near the new home. And in that case the affordability checks would take into account your new incomes.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • YoungGentry
    • By YoungGentry 8th Jul 17, 10:24 PM
    • 17 Posts
    • 2 Thanks
    YoungGentry
    • #3
    • 8th Jul 17, 10:24 PM
    • #3
    • 8th Jul 17, 10:24 PM
    Hi,
    We're first time buyers and been told by a mortgage lender that we could borrow 200,000. Weve been looking at the quality of houses in our area compared to other areas for this budget and other areas are much more tempting! However this would mean a change in jobs. Are mortgage lenders likely to agree to this?
    Originally posted by Ted35
    The mortgage in principle is based on salary at the time, a recalculation base on new earnings can be done when your salary changes, however beware some lenders may be difficult with you, if you try (A friend had this problem with Santander)
    • Thrugelmir
    • By Thrugelmir 8th Jul 17, 10:50 PM
    • 54,403 Posts
    • 47,247 Thanks
    Thrugelmir
    • #4
    • 8th Jul 17, 10:50 PM
    • #4
    • 8th Jul 17, 10:50 PM
    Hi,
    We're first time buyers and been told by a mortgage lender that we could borrow 200,000. Weve been looking at the quality of houses in our area compared to other areas for this budget and other areas are much more tempting! However this would mean a change in jobs. Are mortgage lenders likely to agree to this?
    Originally posted by Ted35
    Just because you can borrow X amount doesn't mean you have to. Why not borrow less. Remain in the area. Keep your current jobs. Build some equity in the property. Then move to your dream home at a later date.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • Ted35
    • By Ted35 9th Jul 17, 8:31 AM
    • 2 Posts
    • 0 Thanks
    Ted35
    • #5
    • 9th Jul 17, 8:31 AM
    • #5
    • 9th Jul 17, 8:31 AM
    Even if we go up to the top of the borrowing amount (which we'd have to save more drop deposit for!) the houses in this area are in very poor areas with a lot of known criminal activity. We're looking at a positive change and quality of life. We can have a 'fixer upper' house but need space as planning to have children and the area needs to be nice.
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