moving away, new business ...what about mortgage?

woohoo

Hi,

we are planning to pack in our jobs, move to another part of the country and start working for ourselves.

Obviously we would need cash to buy the business we want, so will still need a mortgage to get a new home. However, I am wondering how we would go about this. Presumably the mortgage company would not base affordability on our current salaries?? But we would not have details of our new incomings?

It is going to be impossible to get a mortgage?

Thanks for reading

ACG

Why would a lender base a mortgage on your current incomes if your packing in your jobs?

If you go self employed your going to need atleast one years accounts behind you before you can get a mortgage, the high street lenders tend to kick in at 2-3 years accounts.

Thrugelmir

woohoo wrote: »

Obviously we would need cash to buy the business we want, so will still need a mortgage to get a new home.

Renting for a while maybe your only option.

amnblog

You would be well advise not to purchase whilst you are trying to built up a new business in another part of the country.