First time buyer – Can we buy anywhere in the country?

214jay

Hello

I am hoping someone might be able to help - We are looking to buy a house in the near future. Our hope is to potentially buy in Devon, however we currently live in the Midlands. We will have a 25% deposit so are well positioned to buy, however will mortgage providers lend to us if we are buying in a different area to where we currently work?

Many thanks

Jay

MrsManda

You can buy wherever you want. But if you are getting a mortgage on the basis of your current salary and employment T&Cs and you need to leave that job in order to live where you want to buy, the mortgage lender may want to know how you are expecting to pay for the mortgage. We bought our house in a different area but already had a job lined up so there was no problem with paying the mortgage

214jay

The plan initially would be to continue living in the midlands for much of the week and spend a few days here and there in the new house until we we had jobs (potentially transfer offices) in that area.

Would a morgage company be happy with us buying our first home but not living in it for a while?

Thanks

Conrad

IF the lender happens to notice you are buying a home far from current work, they may well decline, so it's a case of whether they happen to spot it - big busy call centres don't always spot such things.

No lender will knowingly lend where work is far from new home and they will all want you living in new home full time - there are insurance and other implications if you do not.

214jay

Thanks Conrad, will have to have a think as to the best approach - its a confusing world for the first time buyer!

herbiesjp

It is not so much the call centre spotting these though - rather the underwriter.

I would not feel comfortable trying submit an application in the hope no one spots where I am moving to and where I am working.

It is better to be upfront, and you may still be able to get the mortgage agreed.

As long as you explain the situation clearly to the broker, they will then discuss with the lender verbally and put your case forward in the best way in order to get the mortgage agreed.

cashbackproblems

Having bought a property recently i really cant see why anyone would care or even ask the question as long as you have the funds/income to meet the monthly mortgage payments.

herbiesjp

cashbackproblems wrote: »

Having bought a property recently i really cant see why anyone would care or even ask the question as long as you have the funds/income to meet the monthly mortgage payments.

It is easy not to care when it is not your money that you are borrowing/lending.

The "caring" is all about meeting T&Cs of the mortgage.

214jay

Thanks for all your replies. I agree, I would not feel comfortable holding back any information as its not worth any risks.