Mortage for a property not in 'commutable' distace

Ruth1978

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.(260 miles)


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.


Are there any experienced brokers out there that my know a solution ?

ACG

This is always going to be a concern.

Have you told the lender your plan? They may be happy to proceed with an explanation.

amnblog

An explanation may deal with this one.

Have you ties with the place in which you are purchasing?

Ruth1978

I explained my plan to the advisor at the Halifax but he said we had no chance.

I contacted a few Brokers yesterday who also agreed with the Halifax.

It is so frustrating as I do understand the lenders point of view that I may be planning to rent the property or even relocate as soon as the purchase goes through but when this is genuinely not the case it is very difficult to prove.

Ruth1978

I have no ties with the property that I am purchasing.

The reason we want to purchase so far from London is for the proximity to the sea. We are both divers, surfers, hold boat licenses and spend every day off work there anyway.

ACG

I suspect if you get a smaller lender and run it by them beforehand you might find a way of doing this. Its probably worth calling around a few more brokers. Im sure there will be a lender for it.

amnblog

What you have described (Cornwall?) is not a main residence it is a holiday home. Hence the problem.

Have you the type of occupations where you can work from home?

Ruth1978

Our occupations don't allow us to work from home.

It feels like an impossible situation