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Property not in a commutable distance to work for mortgage

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I am currently living and working just outside of London and trying desperately to get onto the property market.


In my naivety I didn't take into consideration that the distance between the property I want to buy and my place of work could effect the mortgage decision.


My plan is to live at the property I am purchasing, traveling back to stay with family for three nights a week so I can continue to work at my current job.


Has anyone experienced this ?
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Comments

  • westv
    westv Posts: 6,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Never heard of that problem before. What have you been told?
    Do you mean the travel costs are being taken into account for affordability?
  • xylophone
    xylophone Posts: 45,597 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Have you been told by mortgage providers that there is a problem?
  • I went to the Halifax today to make a full mortgage application. Everything was fine until they asked for the address of the property I wanted to purchase. The mortgage wasn't refused as the advisor didn't proceed with the application, reason given the property wasn't within a commutable distance.


    The advisor said I wont be able to get a mortgage with the Halifax as I could rent out the property or leave my current job to move there.


    I totally understand their logic but this is not the case.
  • Ruth1978
    Ruth1978 Posts: 9 Forumite
    edited 13 February 2015 at 10:37PM
    Sorry forgot to mention there wasn't an issue with affordability.
  • How long is the commute in terms of both time and distance?
  • westv
    westv Posts: 6,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Did you explain you were going to stay with family 3 nights a week? Loads of people work away from home during the week so it's nothing unusual.
  • The property is 264 miles away from my place of work.


    I tried to explain but the advisor said that the Halifax wouldn't even consider it so I didn't really get a chance to put my case forward
  • westv
    westv Posts: 6,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Sounds like BS from the advisor. Try someone else or go via an independent broker.
  • I have contacted some brokers today, most of them agreed with the Halifax but there were two who said they may be able to help, have to wait until Monday for an answer !
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 13 February 2015 at 11:36PM
    Ruth1978 wrote: »

    I totally understand their logic but this is not the case.

    That doesn't matter. The bank will have a lending policy set at board level.
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