Potential House Move - broker assistance

NicolaD

Dear All,

I'm after some advise and thought this was a good place to start!

I currently have a property worth at best £275,000k and at worst £250,000
(stamp duty threshold). Currently the mortgage is with First Direct and has
£105k remaining. This should be nearer to £100k at Christmas as bonuses etc will
go straight into the pot .

At present the house is in my name only as my other half is self employed and
also still listed on the deeds of his old marital home
which his ex wife is still living in (i.e complicated).

We would like to move to Devon and purchase a property for between £200-£250k. My question is, in order to move it would make sense to sell our current property and rent for a while until I had found another job, at which point they will need to carry out the due diligence based on my new position. Will I not be able to buy until I had three months payslips? Or would it be more sensible to simply apply for a new mortgage based on my current salary (£42k per annum) and not disclose the fact that the new property means I will not be able to keep current salary, based on the fact we are relocating? How do these things usually work? Excuse the naivity, I've only ever bought one property before and I've been living in it a long time. I have no idea how I can actually re-locate!
Thanks in advance.

kingstreet

It depends.

Some lenders will accept an application from someone not yet started a job with only an offer as evidence. Others will accept someone in a probationary period.

If you want the best rates, you'll probably need three months, if not longer. In many cases, your credit score with that particular lender will determine the outcome.

NicolaD

Thanks for the response. How does it work if I use my existing salary to crunch the numbers, but then purchase a house in Devon? Do they tend to question the location of property?

Dave_Ham

I agree - depends upon lender selection and therefore use of a broker is probably prudent.

All the best

GMS

NicolaD wrote: »

Thanks for the response. How does it work if I use my existing salary to crunch the numbers, but then purchase a house in Devon? Do they tend to question the location of property?

Where do you live now?

If the distance is not commutable then the lender is likely to ask questions.

NicolaD

We currently live just outside Windsor and want to move to Devon. Finding a job without moving is difficult and moving without a job is the same! I'm feeling a bit stuck!

NicolaD

Anymore advice out there? I'd be very grateful if there was.

Thank you

Dave_Ham

What part or questions do you specifically want help with?

GMS

Windsor to Devon is not commutable. Apply now and you will most likely be asked for details of new job/relocation or be suspected of applying for a residential mortgage with the intention of letting it out.

Without the job and income in place you will struggle to get a new mortgage. You can't get a mortgage based on current employment then leave the job without replacing. If you did you would need to disclose this to the lender and they would probably withdraw the offer.

Could you rent for 6 months initially whilst getting settled? That way you could find employment and get a feel for the area.

NicolaD

Thank you GMS, that is the answer I needed.