Relocating and Mortgage Advice

jamminca69

Hi

After some advice, looking at potentially moving to other side of country with a new job.

Just wondering what issues this may have with mortgage? We are going to have to live with some in-laws for a few months as house we are buying is a new build which should take 18 weeks once exchanged.

We spoke to mortgage people who will "delay" mortgage for 3 months and refund any ERC but as we arent confident it will all be done by then we are looking elsewhere.

Firstly what affect does it have looking for a new mortgage if we already sold up, am i classed as first time buyer as not selling house? or is it classed as "moving house".

Secondly as the house we are buying is new build how do we go about getting mortgage LTV correct, i.e. house is up for 240k but we get it for 220k, once built house is believed to be worth more than 240k but mortgage applications seem to want to know property value - do we put in what i paid for it and deposit we have? or can you put what local agents estimate its worth when completed? As the LTV affects the mortgage deal greatly.

Thirdly what about mortgage applications, providing 3 months previous salaries etc when only just started job? can they take into account if you recently changed jobs i.e. provided previous employment pay slips?

Finally, and this is where it gets slightly complicated for me, my wife is due to give birth to our first child in April and if everything goes to plan we may have to re-locate middle of March. When we go she will not be working as she will give her notice to job here when she leaves for maternity. When we then apply for mortgages im going to be only earner which will hit me on who will lend me what. Is there any special mortgage term for mothers on maternity? as she obviously will go back to work in new location but not for a good 6 months. Or would we have to deal with fact it will be based on me alone.

Thanks

catz747

Hi, I'm really sorry this isn't an answer to your questions, but I'd really like to know if anyone has some advice for you because we want to relocate but my husband can transfer but I will need to get a new job. I don't know if to sell the house first or find a job first & if a mortgage is based on me having 0 salary or based on my salary now or what. Some aspects of your enquiry are relevant to me so would appreciate if anyone has any information or can point to some please?

dimbo61

So many points to deal with!
Your wife is giving up her job when she goes on maternity leave so the mortgage will only be based on your income alone.They will want you last 3 months wage slips.
What the lender values the property at when its built ( survey) is what the lender takes into account when giving you a mortgage and a good 25% deposit is needed for new builds.
Not what the builder of the property or the estate agent or the old man down the road thinks its worth !!!!
To avoid paying the ERC ( or get it back ) you need to move to your new home within 3 months of selling your old property ( this may be extended by the lender!!!)