Re-locating at changing jobs?

Triggerbroom

Evening, newby here.
Ok, me and my wife are looking at buying our first home together. I am currently in the Army(until March 17) and my wife works for BT.

We would like to buy a home back where we belong which is 200 mike away.
The good news is my wife can tranfer internally but she has to wait for a vacancy to become available.
I would like to get a mortgage in place before I get out Army, as I plan to go back to construction but may be sub-contracting.
Ok question time,
Could we buy a home back home on the strength of my wifes possible 'transfer'? Would they need any proof etc?
Ideally I would like to buy house before March and we have been told we can live in this married quarter for up to a year(its very cheap) after I leave and we could just wait until a vacany came up for the wife.

If I missed the boat with buying a house before I get out, how does this work with being self employed?
I take it is much harder to obtain a mortgage?
I read somewhere it can take up to 2 years of book keeping before they will look at you?

This is why its important for my to get a house while I have a salary.
We have 54k a year joint salaries and about 15k in
saving. The house we are looking at is 140k.
So not sure if we could afford it on just one of our wages.

Thanks in advance. Triggs

elsien

If you can't afford a mortgage on one salary it would seem a little unwise to take one out when you don't know as yet how much your income will be when you leave. If work is harder to come by than you expect then that's going to leave you in a difficult position with regards to repayments.

amnblog

You cannot use your wife's income for a mortgage on the strength of a possible transfer of employment Triggs.


If you become self employed, your income will not be helpful for a mortgage application for at least 12 months.


If you can afford to buy on your employed income alone your wife's job is not relevant.


Lenders are used to Forces staff settling their families away from their Station.

Triggerbroom

Elsien, thanks. Yeah I understand what you are saying. This whole Brexit thing is worrying especially for construction. Don't want to walk out to a recession. Then again...it may work in my favour.
The only reasonI want to buy is because im going self employed. Who knows maybe il look at other jobs but im just thinking worse case il be a sub-contractor. I don't fancy the idea of paying 500-600 a month in rent for a few years before a bank will lend me money if I go subbying.
The way I look it is....
I will need to pay the rent so why not a mortgage.
My wife is on 25k ... we could even go for a smaller house to start which should be a better idea really.

Triggerbroom

Amnblog, thanks.
Yeah alot of guys get mortgage in forces. Just we move about so much.
So in your opinion is there no way we could buy a property. No loop holes at all? Call it a holiday home? Jokeing aside...I do not know nothing about this.
Thanks for your time

cahillg81

If you buy now there are lenders who will let you let the property out for upto a year if you are serving in the army. So you could be making a bit ouf of the property as well.

But i wouldn't rush into a mortggae if you have doubts over the sustainability of mortgage payments.

Triggerbroom

Hi, I have no doubts we could afford the mortgage repayments on just my wifes wages. She can transfer its just a matter of when. Im pretty confident myself about getting work unless Brexit sends us into a meltown .

So are you saying we could buy a prrooerty then on both our wages?.and rent it out? Dont you need a buy to let moertgage for that? And the deposit woukd be alot more?

cahillg81

Not if you are in the forces as long as you are returning to that property within 12 months.

Triggerbroom

Thanks again! I take it for us to do that it would need to be a single application in my name.

Problem is the home we have seen is 140 which is border line on affordability for 1 applicant.

Think we are gonna have to hunt for a cheaper house. This particular houses is really nice and would safe us moving for a long time. As we have done alot of this in the Forces.