Mortgage - buying house miles away from work address

Blueskies21

Hello

I am wondering if anyone could give me some advice.

I bought a house 3 years ago in glasgow when I worked locally. I got a new job which involved working in London. I travel down on Sunday evening and live with a family member during the week then travel home to glasgow on a Friday after work (flight) and stay in my house in Glasgow at the weekends. Sometimes I am able to work the Friday at home which means I get a long weekend in Glasgow.

I am thinking about putting my home in Glasgow on the market and buying a new bigger home.

What is the implications on this distance for a mortgage application? I am pre-emoting this this is going to be an issue. I have all my bills and accounts at my home in Glasgow - nothing at my families house in London that I stay In during the week. It's really just for sleeping. My life is still in Glasgow.

I've been in my job for 13 months and probably nearer 16-18 months when I apply for my mortgage (don't know if this will impact anything.) also I have a LTV of 75%.

Thanks for any advice and input. If this is going to cause issues can anyone suggest how I get "around" this - independent brokers/possibly a buy to let (maybe a ridiculous idea but if they are wary that I may rent out the property then this may overcome this and I would be happy to pay slightly higher rates - although I've no idea about BTL so no idea if this is a possibility - just an idea.

Thanks all :money:

amnblog

This is an issue - if not handled properly.


A number of major Lenders have no problem with this provided the scenario makes sense.


Your case sounds like it does.


One for a broker.

boliston

Seems quite an unusual sort of arrangement although you sometimes hear of people with a pad in the city and commute to the country at weekends - would the mortgage people have any concerns about the long term sustainability of the arrangement?

amnblog

They would not if the local accommodation is affordable.


In this case it is free.

Senior_Paper_Monitor

They will factor in the travel costs (+ accommodation - albeit free in this case) for affordability, but propery presented up front to the correct lender and its doable.

Their main fear will be that you are trying to get a cheap BTL out of it.

amnblog

Senior_Paper_Monitor wrote: »

Their main fear will be that you are trying to get a cheap BTL out of it.

Hence Lenders don't like if you don't already have roots in the area of the purchase.