Moving Home and Job

j84f

Hi,

I've been in full time employment for 8 years with the same company, but I recently accepted a position with a new firm in a new area so I need to move. This new firm insists on hiring people through an agency for 3 months, so I have received a contract stating that I will be employed for 14 weeks prior to permanent employment. Does anyone know if I can move home and transfer my mortgage to the new home based on this?

Thanks

talana

Basically....no.
And besides, assuming for a moment you could and you found a new house to buy today, how long do you think the house buying process would take?
For 14 weeks probationary employment you'll have to come up with a different solution.

amnblog

Simply ask your current lender J84.

It is their decision.

j84f

Thanks. I will ask my current lender, although Santander seem very conservative with their lending

kingstreet

FWIW you can't transfer a mortgage from one property to another. You may be able to "port" the rate/terms from one mortgage with Santander to a new one with Santander on another property, if you qualify and meet the lender's criteria.

I suspect you will be required to see out what is effectively a three month probation before they will consider a new application.

Have you got a buyer for your current home already?

j84f

We know people who are interested. But we can't afford not to move once I've started so we're going to rent out our house and rent in the new location

j84f

Thanks for all your help. I think I'm going to have to apply to change my mortgage to a buy-to-let (if they'll let me). And then rent a house near my new job

kingstreet

No, you wish to apply for consent to let, for a period of time. This allows you to keep your current mortgage, perhaps with a fee or increased interest rate for a year or two.

Changing to BTL will incur large scale fees, a higher rate and you may have to fit the rent/interest formula not applied for a CTL.

j84f

Ok, thank you. That sounds like an easy mistake I would of made. Just hope they approve it now. Thank you