Getting a mortgage for moving house

MJR123

Hello all,
Myself and my partner will be moving home soon due to change of job location. We are finding getting a mortgage tricky. I am a self employed tennis coach with previous years evidence of earnings. My partner is a Physio who has worked for the NHS or currently social enterprise providing NHS services. The potential problem is that my partner is on a 12 month fixed term contract and will be leaving this to take up a bank Physio position in our new location. This will initially be full time hours but unfortunately the fact she is currently fixed term and moving to bank we do not tick the mortgage criteria. My earnings alone do not cover the affordability we require. Our current home is on the market at 245k, we hope to buy at similar value and have 100k equity. It is frustrating that if we do have to rent instead of buy that we will be £100's per month worse off, our current mortgage has reverted to a svr of 2.5%, with the current low fixed rates I would be tempted by a longer term fixed at about 3%. Can anyone offer any advice?

Dave_Ham

Hi there,

With a decent deposit like this, there will be options although as you have found this is a tricky case...

You will require a decent mortgage broker though, as there are lenders that will consider this.

Best of luck...

Incidentally, an Estate Agent broker will not be a good solution. Try and get a recommended mortgage broker...

MJR123

Hi Dave,

Thanks for your reply - in your experience which lenders may be a bit more flexible in their criteria?

I've been looking at the high street lenders and Halifax seem to have less tight criteria.

I'm guessing that more niche providers will not be able to match the current high street low rates?

Thanks,

Matt

Dave_Ham

Spot on Matt.

Halifax are the most flexible with the least attractive rates. This is more likely to require a Building Society, as even Halifax will be difficult to get through...

You either need to rent as suggested, or alternatively take a less attractive rate for a couple of years...

Good luck