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How do we relocate and continue our mortgage?
Alfietinker
Posts: 562 Forumite
:hello: Just a bit of general, impartial advice please if anybody can (I've done a search on this forum but nothing came up, so apologies if this has been answered before.)
First a bit of background info. We have mortgage of £72k, a further advance of £12k. Our fixed rate mortgage ends next year by which time we hope to have funds to pay off the advance, leaving total mortgage of £72k. Our house is worth approximately £170k, so we have equity of approx £100k.
In a couple of years we (hubby and I) want to relocate to Norfolk/Lincolnshire. We've been looking at houses for around £140k which would suit us nicely, so we would be looking at a mortgage of £40k-ish. We've also got approx £11k of savings if needed, and we'll be saving every penny to increase the fund.
So my question is: How on earth would we go about getting a mortgage in a new area? We couldn't get a job in advance of buying a house as we live too far away to commute, and presumably we couldn't get a mortgage until we get a job?
Is the only option to sell our house, rent a place in the new area and get a job, and then apply for a mortgage? Or are there any specialist 'bridging/relocation' mortgages available?
Or is there anything we could do now to facilitate a move? (that's why I gave info on our current situation).
(One of our other ideas is to save like mad, leave relocation for a few years and try and buy a house with no mortgage. This isn't ideal though as we'd like to start a family, and we couldn't save that much if I was at home with a baby, so family plans would have to go on the back burner once again)
I know it's a bit in advance, and a bit vague but if anyone does have any advice we'd be grateful.
First a bit of background info. We have mortgage of £72k, a further advance of £12k. Our fixed rate mortgage ends next year by which time we hope to have funds to pay off the advance, leaving total mortgage of £72k. Our house is worth approximately £170k, so we have equity of approx £100k.
In a couple of years we (hubby and I) want to relocate to Norfolk/Lincolnshire. We've been looking at houses for around £140k which would suit us nicely, so we would be looking at a mortgage of £40k-ish. We've also got approx £11k of savings if needed, and we'll be saving every penny to increase the fund.
So my question is: How on earth would we go about getting a mortgage in a new area? We couldn't get a job in advance of buying a house as we live too far away to commute, and presumably we couldn't get a mortgage until we get a job?
Is the only option to sell our house, rent a place in the new area and get a job, and then apply for a mortgage? Or are there any specialist 'bridging/relocation' mortgages available?
Or is there anything we could do now to facilitate a move? (that's why I gave info on our current situation).
(One of our other ideas is to save like mad, leave relocation for a few years and try and buy a house with no mortgage. This isn't ideal though as we'd like to start a family, and we couldn't save that much if I was at home with a baby, so family plans would have to go on the back burner once again)
I know it's a bit in advance, and a bit vague but if anyone does have any advice we'd be grateful.
New year, no debt! Debt free date - 02/01/07 :j :j :j 
0
Comments
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Have you spoke to your existing lender? - some lenders can port your mortgage to a new property
and you can decide whether to use the equity as a deposit
I saw someone today who is relocating - they have got a new mortgage with same lender on the new property. They are lucky in that their employers are paying removals ect
Good luck0
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