Getting a mortgage and relocating

Anniethenanny26

Hi

Looking for some advice on getting a mortgage when relocating!
Me and my partner currently live in london , we have saved a deposit but are looking to move to the west midlands to get more house for our money... However will a bank lend to us based on our jobs in London? We plan on getting the same jobs when moved or just before. But don't want to move down there for a few months wasting savings on renting before we can buy just to have payslips from jobs in the Midlands!
Any advice?

Smodlet

Hi, unless you plan on telling your lender you intend to move, of course, they will lend based on the information you give them, current at the time. If you do not tell either your employer(s) or your lender you intend to move hundreds of miles away with no jobs to go to, you will be offered according to your London salaries... how do you intend to keep up mortgage repayments? You do not state what your job(s) is/are but, unless you can be transferred straight into new positions, how do you know when/if you will even find employment in the W Midlands?

If this sounds totally negative, it does so for a reason. Really, without more information to go on, it is difficult to see how you intend to make this work. The only given is that it is unwise to leave a job without another one to go to, unless you have just had a substantial lottery win. If you know for a fact you can just walk into another job any time you like in your chosen new location, then go for it, but still be honest with your lender... they check with your employer(s), you know.

amnblog

A Lender will not lend based on 'we are getting new jobs when we move'.

If commuting it needs to be practical and affordable in the lenders view. You also need to have a connection to the area of purchase.

In any case it is smarter to rent first to check it is working out job wise.