Work relocation

mdf14

Hi all,

I've just recently been offered a big promotion at work, which I really want to take as its such a good opportunity. Problem is, the job is based in Weston-super-Mare, I live in Tyne and Wear! Work have said they are happy for me to only be in Weston two/three days a week, and they will pay for accomodation for me for three months, but I have to sort out accomodation/flights etc after that.

Am thinking cheapest way to do it will probably be to buy a cheap two-bed flat down in Weston, and look for a lodger to pay half (at least!) of the expense of it. Would I be able to do this though given that I already have a mortgage on my current home (Worth around £110k, mortgage currently £86k). If so, would they let me do it interest only or am I dreaming?

Any advice appreciated, thanks
Michael

Andy_L

Depends on your salary. Most lenders will take account of renting out a room in affordability calculations.

Renting may well be cheaper than buying, depending on the local market. For just 2 nights a week a B&B might be even cheaper - although you loose the flexibility to dump stuff in WSM & travel light (its igreat to walk on an aeroplane with no luggage at all)

I assume there are domestic reasons why you can't just move.

mdf14

Don't want to move as have lived in WSM before and didn't really enjoy the place much. It's ok being there a couple of nights a week for work, but not a place I'd want to live (no offence to anyone from there, each to their own..)

Salary is £38k, and I get £7.5k bonus which although not guaranteed I've received each of the last 3 years, banks usually let me take at least part of this into account.

Have looked into renting, but its almost same as paying mortgage except no return. B&B is something I'm considering, can find half-decent clean place for £20 a night, but still expensive when you are talking about eight or nine nights a month.