Buy a Home in Another City

musafir05

Recently returned from South Yorkshire after a summer break had my family thinking of moving to take advantage of the cheap housing market. The location of choice would likely be Sheffield as its near to other cites with a good job market. I currently living in the South of England and struggling to get on the housing market due to the runway prices. Are banks willing to lender to individuals who are in a similar situation to me? What are the likely elements should I have in place before approaching mortgage.

AnotherJoe

A job in the locality.

student100

Firstly congratulations - leaving the south and moving to Yorkshire was one of my best moves :-) (I'm from the north originally, but t'other side of the Pennines...).

I'd say find a job first, then a house. Moving into rented accommodation for 6 months or so is probably easiest.

What is your line of work? Some jobs tend to be clustered in certain locations, so that may affect your decision.

Salaries in Yorkshire are lower than in the south, but proportionally the pay cut you might take is nowhere near as much as the saving in housing costs in particular. (Also the beer is cheaper and better up here...)

musafir05

I work within the IT industry and according to research there are plenty of jobs in Sheffield and the neighbouring cities. Although the salaries on offer are not that great compared to South England. My plan was to buy a house and eventually in my own time move up to Sheffield slowly.

Pixie5740

Salaries might be lower but so is the cost of living, it's all relative.

You'll struggle to buy a property using a mortgage in Sheffield whilst continuing to live and work in the South of England. What would you do with the Sheffield property whilst you were continuing to live and work in the south?

musafir05

Good Question from the poster above. I am applying for mortgage with my brother and we both currently live wth our parents. Our outgoing each month is only £300 each. He earns £1600 per month and I earn £1750. We can comfortably afford the mortgage payments. I was hoping that will persuade banks to lend me the required mortgage. My plan is to simply pay the monthly mortgage until we move to Sheffield in the near future. I can obviously drive up every month and maintain the property.

student100

Why do you want to buy now in that case? What's the point of having an empty property in Sheffield? You will have to pay council tax, insurance etc on it.

Why not find a job first, then move?

Will your brother be living in the property at any point? What does he gain from the deal?

AnotherJoe

musafir05 wrote: »

I work within the IT industry and according to research there are plenty of jobs in Sheffield and the neighbouring cities. Although the salaries on offer are not that great compared to South England. My plan was to buy a house and eventually in my own time move up to Sheffield slowly.

I might be missing something but I see some flaws in your plan.
1. How do you "move gradually" from the SE to Yorkshire ????
2. You most likely will not get a mortgage the lenders will think you are doing a stealth BTL.
4. Employers might look askance at someone living in SE and saying they will,commute to Yorkshire.
5. How would you know where to buy ? Better to rent first and scope out best areas for work and living and commuting.

minimike2

I did the same when I moved up North from the Westcountry. Six months renting whilst I found my feet and found where I wanted (or could afford to as the case was then) to buy. Job first, found a house, then no rush in finding the place to buy.

Some valid comments already made which echo what I would have replied.