First time buying and new job

tmar

Hi all,

Apologies if this has been asked or if this is the wrong area to post.

My partner and I are currently renting in London but would like to move to Bristol and buy. This would obviously mean leaving our current jobs for new ones on the other side. We'd like to move straight into the new place without renting if at all possible. Were both very early on in our careers so securing an entry level job should be possible on arrival if not shortly before.

My uncertainty lies with the mortgage and what order to go about the move;

Will a lender accept our current employment when considering our mortgage for the Bristol property?

Should we leave London, work/rent for a short time before buying?

Thanks for your time and let me know if I've missed anything important!

inatdeepend

Hi tmar, I spoke to a mortgage broker when I was looking at properties to get a DIP and had not long started a new job.

To summarise my advice given was :
- Six months in a job will open up the market to the most lenders
- SOme will not care how long you have been in the job, even if you are in a probation period
- Some will care but if you are working in a similar industry, it'll be more accepted

Hence the best advice was to wait until after 6 months in a new job in order to open up to the widest amount of lenders in the market BUT it's not totally necessary (for example I got my DIP with nationwide who aren't so interested)

chris198232

Many lenders won't lend to people in probation periods so your either better off purchasing under your current jobs or gaining new ones in Bristol and waiting until any probation periods are complete.

Not sure his they would view the first option, it's a long 'commute' so I'm sure they would be aware you would be looking to change jobs but I think you would still get the mortgage.

tmar

inatdeepend: Thanks for the reply. After a bit of research that does seem to be the general consensus - it does depend on the lender. I think if we were to move before buying, it'd be wise to rent and work for 6 months or so before getting the mortgage.

chris198232: I actually just found an article about property prices increasing in Bristol due to people commuting to London... Crazy! That's good though, at least it's feasible that we'd be buying with the intention to commute. Thanks Chris.

freezspirit

I believe Bristol to London via train is under 2 hours and coach would be up to 3 hours.


Does your current place of work have links/branch/offices with/in Bristol if so you could ask to be transferred/relocated?


Years ago a family friend lived in Scotland but worked in in England so would get on a plane to work.

kingstreet

Many lenders will check the plausibility of living in A and commuting to B. If you plan to buy before job relocation, calculate the cost of travel from A to B and put it in the lender's affordability calculator.

Can you still afford the mortgage you want/need?

If not, don't apply hoping no-one will notice there's a 200 mile difference between home and work. It's likely to be picked up.

An independent mortgage broker will be able to plan this sensibly with you.

pinky28

In same situation with new job and mortgage. Was advised by mortgage advisor last week (independent) that most big lenders will accept us as it's a permanent job. He said its normally smaller lenders that require you have months and months of payslips.

Makes sense these days as I think they can legally fire you up to 18 months now for no reason so realistically people can't wait 18 months to buy a house can they

mynameisclare

Aside from the mortgage, I think you would be wise to rent for a bit anyway - get a better idea of which parts of the city you would and wouldn't want to live in.