New Job/2nd Mortgage

stewil18

I've been offered a new job at a location that is some 160 miles from my hometown. Moving from our current house is a no go as we are currently in negative equity ( i would say approx 108%) plus the fact the wife isn't keen on moving as yet.

This leaves me with a couple of options for working away - a) rent or b) buy.

Rental isn't really my prefered option as i do believe its just lining somebody elses pockets (not to mention the fees from Estate Agents etc.

So thinking of buying a flat in the area, hopefully in about 6 - 12 months time. My company offers relocation assistance and part of this can be used as a deposit (up to £8k) which certainly makes life easier as it saves me from having to save this amount.

So I guess onto my query, what is the criteria the banks/lenders will be looking at to give a second mortgage and what should i be doing in the coming 6 months to a year to give myself the best chance of getting a 2nd mortgage.

I do have debts - 4 credit cards (approx £7k debt), 2 unsecured loans and my mortgage - none of the cards are full and i don't miss payments, one loan is due to end next year and one in 4.5 years time.

Or am i living a pipe dream thinking i will be able to get a 2nd mortgage in the current climate?

Thoughts and opinions gratefully appreciated.

Dave_Ham

It will all depend upon your income, current mortgage payment and proposed new mortgage payment - ie whether both mortgages are affordable..

stewil18

I imagine that something that would go against me is that all the debts bar the mortgage are in my name, the mortgage is in joint names.

The current debts and monthly payments (including utility bills, SkyTV etc etc) make up about 65% of my sole wage, with my wifes wages included, this figure drops to about 45% of our income.

Would it be best to go for the 2nd mortgage jointly again?

Dave_Ham

It appears unaffordable, although would have more chance with Wife on also for sure.

You will require a broker to have any chance and a sensible deposit..