Relocation for a new job

PaperclipMastermind

The title says it all really, I've recently graduated from university and have just got a job offer that's a good way away from where I currently live with my family.

Having just graduated, I don't have much money right now and will need to relocate for my new job. I'm considering a graduate loan from my bank in order to pay for a deposit, first months rent and generally sorting myself out when I get there but I'm a bit wary of taking out a loan when I'm not sure how much my bills will be. Problem is, I don't know how else I would be able to get down for the job.

Basically, I'm asking for whatever advice I can get to sort out my finances to be able to move to this job, if I accept the offer at all.

[Deleted User]

Get a job.
Sell stuff.
Borrow from friends or family.

PaperclipMastermind

Well the point is, I have the job offer, so I just need to sort out getting down there so I can go do it. I don't have all that much to sell, I'd be moving down with kitchen stuff, my clothes, my phone and my laptop (all of which I'll need )

My family is very small, planning for a wedding and aren't in the financial position to help me out all that much (they'll be buying me a wardrobe and kitchen things like a toaster and that's about the best they can do).

I have asked the company offering the job about relocation funding or a loan but they haven't got back to me yet and I'm looking around for my other options so I can make the decision for accepting/declining the job based on whether I can afford to move down.

In other words, to be more specific about my request for advice: Are there alternatives to taking out a loan from the bank that would work better for this and if not, is it a good idea in the first place?

[Deleted User]

A loan (or any credit) isn't a good idea, as the job offer could be rescinded at any time.

Also - are you sure the graduate loan doesn't require you to have an income? Any mainstream loan will require an income (current, not future).

BrassicWoman

If it's a grad scheme you have a month before it starts - get some temping done?

C.M.

I would suggest looking for a room in a house share to minimise tour initial outlay - with a view to renting somewhere on your own once settled

It's unlikely the company will offer you a relocation package unless they headhunted you, or the role has been particularly hard to fill.

I would suggest saving up to move BEFORE applying for jobs that will require you to do so

missbiggles1

Just move down into a flatshare with your clothes and laptop - minimum expense.

Doshwaster

Yes, a house/flat share is a good idea for the first few months as it will allow you to get to know there area and is a way of meeting people (even if you end up hating them)

Some good houseshare sites:
http://www.spareroom.co.uk/
http://uk.easyroommate.com/
https://www.housepals.co.uk/

If you are joining employer with a established graduate recruitment scheme they may offer some help with finding somewhere. I know some places have staff who are happy to put up new starters for a few weeks until they find their feet. Other companies pay for somewhere for you to stop for the first month either in a B&B or hostel. However, if they haven't mentioned anything like this yet then it is unlikely they will - but it can't hurt to ask. Unfortunately with budgets being cut everywhere this is the sort of perk which is disappearing.

Clive_Woody

You could maybe try for an overdraft extension (I'm assuming you have one already from your student days). The flat share idea really is the best, this is lowest cost and allows you to get to know the area a bit before deciding which bit you want to live in and signing a long term contract.

If you are still waiting to hear from your new employer about them supporting relocation costs, then call their HR folk today. As daft as it seems people send emails then sit there waiting for a response when a quick phone call can clear things up very quickly (I work in an industry where people have become over reliant on email and seem to have forgotten about phones...for making phone calls and talking to people)

Voyager2002

I advise against bothering your new employer: asking for money before you have even started is a good way to sour the relationship, and if they have to cut back on recruitment then your contract could be the first to be rescinded.

By all means talk to your bank and complete any forms needed for a loan, but don't actually borrow any money until you are about to start work, just in case the offer is withdrawn.

CLAPTON

it may not be possible to get a loan until after you have started work as you won't actually have any income.