Relocation help!

tomhainesmusic_2

My family (myself, wife & two boys 2 & 7 y.o) are in need of some advise / know-how on the ways round relocating whilst NOT coming off the property ladder. We've wanted to relocate for years, but have never even got close because of the lack of 'like-for-like' jobs for us both. Now we are thinking about just going for it as the wait for the perfect scenario may well go on forever.

I currently work part-employed, part self-employed and my wife is in full-time employment. My self-employed work can be based anywhere, but the other jobs are not moveable.

Here are my current thoughts.

Locations:

Warwickshire to Yorkshire (approx 120 miles away/2hrs drive - to be closer to my wife's family).


Plan:
Sell property in Warwickshire coming away with around £70k profit.

Buy property in Yorkshire, using up to £50k for deposit – resulting in a very similar monthly repayment as previously (£425 pcm).



What’s the problem?

We don’t have jobs in Yorkshire to prove our earnings for the new property mortgage.


Living in Yorkshire whilst working in Warwickshire is not feasible.


There are no 'like-for-like' jobs in Yorkshire, so it would take time to be able to earn the same as we earning now.


We fear coming off the property ladder - we may never get back on - for the sake of a very achievable c.£450 per month. (rent is more like £650pcm for similar properties)


Is this a feasible solution?
Sell/buy as described.
Keep jobs in Warwickshire
Live in Warwickshire by renting for a while
Rent out property in Yorkshire during the same period.

Move up to Yorkshire after serving notice at jobs.
Use up to £20k of the profit remainder to bridge the financial gap whilst we sort income to cover any shortfall of income against mortgage/living costs.

Other Info:

Property prices both sale and rent are very similar between our current and potential locations.

Thrugelmir

If this is your long term objective. Then you'll need to build up more capital. Cutting back to the bare bone and using the money saved to pay down your existing mortgage seems the way to go about it. If you really wish to make this move. Then should be sufficient incentive to make the sacrifices required.

tomhainesmusic_2

Thanks Thrugelmir,

Would the idea of building more capital simply be to have more ££ on our side, or more to be able to improve the deposit / LTV for any future property purchase (probably both!)

Not sure if this makes any difference, but our current mortgage / capital situation is this:

Current mortgage stands at c.£100k, with the house sale likely to be c.£170k.

We would be looking at properties at c.£145k, using £50k of the profit for a healthy LTV and actually reduce the mortgage in the long term - although initally only by a touch.