Mortgage for a house 300 miles away from work

a760

Hello Forum,

I'll try to explain my situation in short, hope you'll understand.

Me and my wife are looking to move in the beginning of 2015. We live in Derby, and plan to move to Glasgow. We both have a job, 24k a year(48k together). We run a small business, and by the end of current year it will be earning 2k a month in profit. We plan to quit our jobs after we get the mortgage and do the business full time, but here comes the question, HOW TO GET A MORTGAGE FOR A HOUSE THAT IS WAY TO FAR FROM CURRENT WORKING PLACE?

As I understand it, underwriter will decline the application, because we move cities and that means we will be unemployed. Am I right?

THANK YOU!!

PegasusLiz

Evening all,

I am in a similar position...live in Stoke, want to sell home and purchase house in Truro whilst retaining job in Stoke. I will live here with family until I secure work in Truro. Only difference is I'd planned to port my existing mortgage...is this possible?!

Any advice gratefully received!

a760

PegasusLiz wrote: »

Evening all,

I am in a similar position...live in Stoke, want to sell home and purchase house in Truro whilst retaining job in Stoke. I will live here with family until I secure work in Truro. Only difference is I'd planned to port my existing mortgage...is this possible?!

Any advice gratefully received!

Just to make it clear, where will you live in Stoke if you sell your main home?

kingstreet

PegasusLiz wrote: »

Evening all,

I am in a similar position...live in Stoke, want to sell home and purchase house in Truro whilst retaining job in Stoke. I will live here with family until I secure work in Truro. Only difference is I'd planned to port my existing mortgage...is this possible?!

Any advice gratefully received!

If you are planning to port your current rate to a new mortgage with your current lender, you need to ask your current lender's opinion.

Any generalisation you get on here will not be reliable.

In the OP's case, I suggest you speak to a broker, as considerably more information will be needed before a worthwhile opinion is possible.

a760

KINGSTREET

Thank you for the reply.
Could you suggest where can I find a broker?

kingstreet

Ask friends and relatives for a recommendation, use google, or https://www.unbiased.co.uk, switching off the "sponsored ads only" options, so you get a full list for your area.

Have a ring around, get Initial Disclosure Document or Terms Of Business up-front, so you know how they get paid and ensure they source from all lenders who pay commission, as a minimum.

amnblog

These scenarios cause concern for Lenders on a number of levels.

Is the intention really to live in the property or are you trying to purchase on a residential rate to let the property out?

What happens if you don't get a job in 'Truro'?

If you intend to commute is it sensible to suggest this would happen every day - if not where will you stay and what will the costs be?

It is less of an issue if your means of income is a business that would be unaffected by geography (self employment).

As KS says - one for a mortgage broker

Prothet_of_Doom

My nephews wife is self employed, and currently has 3 days work in Manchester, and 2 days work in London, and they are looking to buy in North Merseyside. He's works as an estate agent, on pittyful commission, and they have been living with his parents in order to raise a deposit. Despite being in the trade, they are struggling to get lenders to take them seriously.

PegasusLiz

Thanks for the advice folks...

To answer questions, plan to live with family in Stoke while sourcing work...it would not be a commute, far too far! No intention to rent out home purchased in Truro, genuinely intend to relocate self, husband and two children. Confident in terms of securing work, otherwise I would not take the risk- have family in Truro area.

I have spent a great deal of time considering specifics, it's not a move to be made lightly! Will contact mortgage lender for advice, keen not to rent as I have worked hard to build equity in home, do not want to step off ladder.

Thrugelmir

PegasusLiz wrote: »

I have spent a great deal of time considering specifics, it's not a move to be made lightly! Will contact mortgage lender for advice, keen not to rent as I have worked hard to build equity in home, do not want to step off ladder.

Catch 22 as you ideally need to be in the area to secure work.

amnblog

PegasusLiz wrote: »

Thanks for the advice folks...

To answer questions, plan to live with family in Stoke while sourcing work...it would not be a commute, far too far! No intention to rent out home purchased in Truro, genuinely intend to relocate self, husband and two children. Confident in terms of securing work, otherwise I would not take the risk- have family in Truro area.

I have spent a great deal of time considering specifics, it's not a move to be made lightly! Will contact mortgage lender for advice, keen not to rent as I have worked hard to build equity in home, do not want to step off ladder.

Do not contact a Lender, contact a broker