Relocation to gf's town, buying into mortgage

milkyfalcon

Hi,

I'm putting this in mortgages but it's really a broad, complex situation that I'm trying to get straightened out.

My girlfriend, who I will call Kestrel, and I have been together for a little over 18 months and are planning to move in together. We live and work about 100 miles apart from each other, so one is going to have to relocate to the other's region. I need help working out the feasibility of me moving to hers.

I have about £40k in savings accounts and bonds to put down as deposit and spend on fees, stamp duty etc. Kestrel doesn't have any significant savings. Neither of us have any debts except my student loans.

Kestrel's mother owns a house in their hometown which would be excellent in size and location that she is willing to give Kestrel as a kind of early inheritance. There is currently a mortgage of about £70k (which is also roughly 40% of the value of the property)

Is it reasonable to carry out a flurry of legal transactions which end up with Kestrel and I living together as Tenants in Common of the house, with a joint mortgage? The exact shares of ownership and amount of the mortgage are details that can be worked out. I'm just having trouble working out the steps to go from the starting to ending position!

A complication which I don't understand how to resolve is my job. Kestrel will keep hers, but I can't have a 100 mile commute. So at some point in the process, I'll have to find a new job. What's the 'normal' way of doing this? How can I apply for a mortgage 100 miles from where I work?

Any advice appreciated, even if it's just helping me to phrase the right question for 'proper' legal advice!

Falcon

Armorica

A big question is how transferable is your job...do you work for a national company? Or a small/local company? Or civil service/teaching etc.? Some will guarantee you a job in another region, others are a pretty safe bet (teaching, doctor etc.), others will be entirely up to you to find another job.

It might be worth adding that there is a significant population that commutes massive distances to and from London (from Scotland, France, etc.) working three to five days a week in the capital (with a varying level of accommodation) and going home each (long) weekend.

It almost goes without saying that, financially, moving north from the south is much easier. But salary wise, it could be a big drop.

milkyfalcon

Armorica wrote: »

A big question is how transferable is your job...do you work for a national company? Or a small/local company? Or civil service/teaching etc.? Some will guarantee you a job in another region, others are a pretty safe bet (teaching, doctor etc.), others will be entirely up to you to find another job.

That's a good point. I'm working as an assistant accountant for a smallish company, with one centralised office. So I can't transfer within the company, but my experience and qualifications transfer reasonably easily to other companies of similar size.

I've done some research on sites like Reed.co.uk and identified quite a few vacancies that would be appropriate near where Kestrel lives. Although some would have a drop in salary, it wouldn't be that much and I have noticed a lower cost of living when I've been there so it would probably even out.

Thrugelmir

Make the move. Find a job and then once established, deal with the mortgage. In essence deal with issues one at a time. You've savings. So that will tide you over.

Annisele

Is Kestrel's mother prepared to gift the equity in the property to the two of you jointly, or just to her daughter? If the latter, does your girlfriend have enough income to support a £70k mortgage in her own right?

It might be much easier to have your girlfriend own the house herself to start with, you make the move and find a job, then look at owning the property/getting a mortgage once you're settled.