Mortgages and relocating

Moif

Hi all,

We're 99.9% certain that we're moving up to the Midlands in 6 months time. We'll be renting initially (6 months minimum) when we get up there and then we'll be looking to buy as soon as possible. We're first time buyers looking to settle down.

One of the questions that has popped up during our conversations is how do lenders look at you? We're both very employable people and have a good working history and we are confident that we'll be able to get ourselves employed by the time we move.

Will we need to be in a job for a minimum amount of time before we're even considered for a Mortgage or do they consider other aspects such as credit and work history etc etc instead.

People relocate all the time so we're wondering how they do it? Do they usually get a Mortgage sorted before moving? If that's the case then we may well consider looking to buy before hand.

Thanks for any replies

ejnz

I know exactly how you guys are feeling about the move. Being in the same situation as yourselves I can tell you that most most mortgage providers require no proof of your income as long as your not self employed and you put down at least 25% (??) as deposit.

You just have to dig deep and work out how much you are comfortable paying each month (remember interest rate increases).

Good luck

herbiesjp

Some look to buy before and some after.

What is important is that you are employed at the time of application. Some lenders do indeed need you to have cleared any probationary period,whilst others do not.

As long as your employment history is continuous you should be fine with getting a mortgage, as you rightly say they look at work and credit history (as well as other things) on which they base their lending decisions

Badger_Lady

When I relocated recently, I came up against this issue because I had not been with my new employer for long enough.

However, they took down my "career history" as proof that the job was a natural progression for me... by proving that I'd always done similar work, the lenders were confident that I would be retained in my new job.

I did have to secure the work before taking out the mortgage, purely to show what my earnings would be, but presumably you can sort this out while still renting :-)

Moif

Thanks all, appreciate the responses.

Lots to think about