Getting a mortgage while living at a hostel?

vincent.lee

Hello.

I'm looking to get a mortgage over the next few months in order to buy a property in Aberdeen.

A bit of background: My company made me relocate from London to Aberdeen. Presently, I live in a hostel in Aberdeen since the rent prices are so dear - in London I was living with my parents, and so expenditure was significantly reduced.

I've heard it is almost impossible for people to get a mortgage without being on the electoral register. I don't see how I can be on the electoral register while living in a hostel. At the moment, I still have my post delivered to my parents' home in London, though I have informed the local council that I no longer live at the property - the flat is council-owned.

Would it be possible for me to get a mortgage while living at a hostel? There is no issue with my credit rating, deposit size or financial income or history.

Thanks.

amnblog

Are you getting post at the hostel from your bank or credit card company for example?

If so, you can prove your address that way.

ACG

As above, if you have something official addressed there that would be fine.

If not, I would speak to a broker. There will be ways to get it through but it wont be for every lender.

Joe_Bloggs

It would be outrageous if an employer forced an employee to change country and live in a hostel without compensation for the inconvenience. Who is to say when the next change of location is due ?
There is little point in property ownership when forced to live a nomadic existence. Perhaps a motorhome is the solution.

J_B.

ACG

Thats a little bit dramatic isnt it?
Hes gone from England to Scotland not England to Hong Kong.

vincent.lee

amnblog wrote: »

Are you getting post at the hostel from your bank or credit card company for example?

If so, you can prove your address that way.

ACG wrote: »

As above, if you have something official addressed there that would be fine.

If not, I would speak to a broker. There will be ways to get it through but it wont be for every lender.

No, I'm currently having my post sent to my parents' home in London - do you think it would be okay to say I am still living in London and having my postal address as proof?

Just to clarify, I do still return to London regularly (this being once a week/fortnight) during my time off from work.

Joe_Bloggs wrote: »

It would be outrageous if an employer forced an employee to change country and live in a hostel without compensation for the inconvenience. Who is to say when the next change of location is due ?
There is little point in property ownership when forced to live a nomadic existence. Perhaps a motorhome is the solution.

J_B.

I agree, but this relocation is owing to a pursuit of a new job role in the company, and Aberdeen was the only place which had the role available. For all intents and purposes, the job location is permanent.

Owain_Moneysaver

You don't have to 'prove' your address to be on the electoral register, and you can be registered in two places simultaneously provided you don't vote twice in the same election (i.e. you can vote for a Scottish local council and an English local council election, but not twice in a general election for the Westminster parliament).

You can register online at https://www.gov.uk/register-to-vote or get a form from the local Electoral Registration Office (Grampian Valuation Joint Board)

Thrugelmir

vincent.lee wrote: »

do you think it would be okay to say I am still living in London and having my postal address as proof?

You aren't though. Your employment is in Aberdeen. Strange sets of circumstances do occasionally arise. If fully explained should not be an issue.

The way to approach the matter is to be honest and factually correct.

Doesn't your employer offer any relocation assistance?

davidmcn

vincent.lee wrote: »

I don't see how I can be on the electoral register while living in a hostel.

Why not? You just put it down as your address. Even people sleeping rough are entitled to vote. Ask the electoral registration dept at the council if you want advice.

The difficulty is more likely to be that it doesn't match your bank account etc - if this is a permanent move then why keep any addresses in London?

wolfplayer

Do you like living in Aberdeen? Buying is expensive too, then all of the buying and selling costs. I wouldn't gamble on the sweet and easy and continual house price inflation making it such an easy option vs renting. Oil prices falling may also put some downward pressures on many employees in that sector in Aberdeen, with some firms already cutting jobs, which may force some owners to sell at lower prices, and see rental prices fall.