Mortgage for a house far from my work place

jay7_2

Is it possible to get a standard owner occupied residential mortgage for a property which is far from the work place, e.g. 200 miles?

I have a mortgage agreed in principle based on my job in South East. Will the bank still lend me if I buy a house e.g. in Yorkshire? I would quit the job and either find a new one close to the new home or concentrate on my existing online business.

I recon the answer is "no" but I thought I'd ask anyway.

robin_banks

I'd be interested in the answer to this. As I'm contemplating something similar.

morg_monster

Surely lots of people, when relocating, find a house to buy and start the buying process (ie including mortgage app) before changing jobs? Of course they might need reassurance it isn't a BTL, but I would have thought this was a fairly common occurrence?

jay7_2

morg_monster wrote: »

Surely lots of people, when relocating, find a house to buy and start the buying process (ie including mortgage app) before changing jobs? Of course they might need reassurance it isn't a BTL, but I would have thought this was a fairly common occurrence?

That's the question - do they really get the mortgage and buy the house first, or find a job and only then get the mortgage based on the new job?

TrickyDicky

Personally, Id probably move after I got the job, because unless you can find a job first you have no idea what salary you'd get and then what mortgage you could afford. Some employers can offer relocation expenses too, often covering B&B and moving costs if you're lucky.

getmore4less

Wonder if they will even notice that the two places are apart

Conrad

jay

It depends how vigilant the underwriter is. Certainly there is a risk of decline - note the shrill cries on this forum for 'more responsible lending than we had prior' but many of us do not realise the implications for our own future mortgage applications when our lives take a turn.

Worth keeping that in mind when we next hear some poitico like Vince Cable looking for easy applause when arguing for tougher lending criteria.

opinions4u

When I was underwriting mortgages I made the assumption that such applications were made with the intention of letting the property out and asked the applicant to convince me I was wrong.

Invariably I declined the case.

But the last decade or so has seen a significant change in working habits, especially amongst senior staff in many organisations, and the criteria applied in "my day" are possibly less appropriate now.

Conrad

The big Banks with thier vast call centres may be less likely to commit much Human time on your file. A small BS will be a definite no go - they don't miss a trick.

robin_banks

opinions4u wrote: »

When I was underwriting mortgages I made the assumption that such applications were made with the intention of letting the property out and asked the applicant to convince me I was wrong.

Invariably I declined the case.

I work in London though will be increasingly working from home 1-2 days a week in next few months.

We may be looking to buy in the E Midlands, with missus and kids living at said purchased home used as the family home with me working in london and staying over a couple of nights.

herbiesjp

As long as a good case it put forward, there is no reason for a decline.

If you fit all criteria, lenders are still happy to listen to applications.

I tend to discuss all cases with the contacts for each lender - this way they can normally get a feel for the outcome directly from the underwriter

In the past I have had lenders ask for contracts of employment at the new main residence - but it is on a case by case basis, as your situation will be different to some else's they could ask for nothing, or a lot more documentation