first time buyer mortgage moving up north

klloyd89

good morning

I'd like some advice, me and my family are desperate to buy our first home.
we have been looking at getting house using the help to buy schemes. 5% deposit along with 20% equity loan from the government.
as it is just myself working and having young 2 kids my wife is unable to work and only get offered up to a mortgage of 80k. so meaning we can only afford a house of 120k.
we would like to know if a bank would lend the money if we were to move up Midlands/ north yto buy a house and if the government would still back a loan if we were to go ahead.
I am a manager of a bookmakers with lots of branches across the UK so can get a transfer and be on the same money.

hope to hear from some of you soon
kieran

andrewmp

klloyd89 wrote: »

good morning

I'd like some advice, me and my family are desperate to buy our first home.
we have been looking at getting house using the help to buy schemes. 5% deposit along with 20% equity loan from the government.
as it is just myself working and having young 2 kids my wife is unable to work and only get offered up to a mortgage of 80k. so meaning we can only afford a house of 120k.
we would like to know if a bank would lend the money if we were to move up Midlands/ north yto buy a house and if the government would still back a loan if we were to go ahead.
I am a manager of a bookmakers with lots of branches across the UK so can get a transfer and be on the same money.

hope to hear from some of you soon
kieran

Banks do lend money to people up north so I'd imagine they might.

klloyd89

lol I no they do lend up north I just thought maybe the fact I would be moving from one side of country to other they may say no

[Deleted User]

I wouldn't think it would be a problem... but house hunting would be more expensive to do. The only other cost I can see is that your 'moving van' would probably cost a load more.

BTW don't just wander into your bank and ask for a mortgage, make sure you shop around. Maybe find a mortgage broker if you need help with it.

I had a little look at house prices in North Manchester.. seems like there's a few OK houses to be had at the £120k price range.

edit: Even £80k would buy you a terrace up in Bolton/Oldham/Rochdale/Bury

kingstreet

You have to purchase a newbuild to use the HTB Equity Loan scheme.

Affordability is affected by having a non-working partner applicant. Some lenders will ask you where you will work when relocating and expect you to be able to prove it.