moving area, new jobs, aim to buy

debrag

So by Jan 2016 we will have around £20k in savings and will be looking to move out of London into our chosen area.

Initially we planned to rent till around 2019 in the new area but now wondering if it's possible to buy sooner, (My mum would prefer we buy straight away).


1. So how do we go about doing this? Is it a case of getting the jobs and moving to rent for say 6 months while looking/buying a property and building up job history with new employers?


2. Is it possible to get a mortgage on my income but use both incomes for repayment ability? My partner currently will reach pension age in 2026.


3. How do mortgage companies look at zero/bank contracts? Do they ignore them or take an average over say 6 months.

debrag

So no-one can answer anything

kingstreet

debrag wrote: »

1. So how do we go about doing this? Is it a case of getting the jobs and moving to rent for say 6 months while looking/buying a property and building up job history with new employers?

More than likely, yes.

2. Is it possible to get a mortgage on my income but use both incomes for repayment ability? My partner currently will reach pension age in 2026.

No. Income is only taken into account if you are party to the purchase and mortgage.

3. How do mortgage companies look at zero/bank contracts? Do they ignore them or take an average over say 6 months.

There are very few lenders willing to accept such contracts. You need to speak to a good independent or whole market broker.

debrag

thanks

Zero contract will be my second bank job, just need a good main job now

pinkteapot

Mums always think you should buy straight away. It can be sound advice during times when house prices are shooting up quickly and by renting for six months a house will cost you a lot more, but that simply isn't the case at the moment. Have you lived in the new area before? If not, it's so worth renting before buying! You can do all the research you want, but it's impossible to know what an area is really like to live in before you move there. You find out what the people are actually like. You find out where the traffic bottlenecks are. Etc etc. Renting can save you a fortune if you buy and find out you picked the wrong area.

How far away is the area? It can be tricky to get jobs if it's a long way away and you're not around for interviews, etc. If you're both going to be looking for work, I would say try and have one of you get a job before you move, then rent something as cheap as possible and move while the other continues to look for work. Obviously whether this is feasible will depend on whether you can live on one salary for a few months. But the odds of you both getting work at exactly the same time are fairly slim and if one of you gets a job you'll want to take it and get started.

debrag

We will be getting jobs before we move, no other way around it. Commute would be 2hrs door to door and not worth it either way (money wise). My partner hopefully can get a transfer. I would have kept my current and commuted to London but the travel cost won't help the mortgage.

No way is it possible to get a new job and buy at the same time, you just can't work out start date/ completion to be around the same time.

Flats are currently £80-120k (few at the lower end) so looking at a 80-100k mortgage, I don't know how a mortgage will work with either just me or my partner about to be at pension age.

debrag

For a £85-100k mortgage what sort of single or joint income am I looking at?

kingstreet

£25k if there are no dependents or credit commitments. That assumes a lender offering 4x income.

debrag

Ah I'm currently a band 3 in the NHS. Band 4/5 is £25k neer to move up a bit I think. Do they use p60s?

kingstreet

P60 and latest three months' payslips is about the worst I can think you might require.

debrag

Cool, unsocial will be included plus 2nd job

Shame we will never afford a hiuse as they start at 160k unrealistic to think we could get a mortgage for that. Though a few more years to save might work.