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RTB and Mortgage
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demi60
Posts: 43 Forumite
Hi everyone and thank you for taking time to read my thread. I made an application to buy my council house which the council accepted. I had a initial acceptance from my building society about getting the mortgage. However during the time from when my house and discount was valued and going to my building society, I moved jobs and now live away during the week. Last week, the building society said they would only give me a mortgage if I get a job back near my home address. I'm covering my rent at home and at my work's accommodation and paying all my bills so I have a little left which I put into an ISA so I don't see what the issue is with the building society insisting on me moving my job which I've been in for a couple of months now. Can the building society insist on this and is there anything else I can do apart from going to see another building society. I don't know if I can defer my RTB. Many thanks
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Comments
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Yes they can. And you'll get the same answer from all lenders.
Shame.0 -
Yes lenders tend to prefer it when you live within commuting distance of the property for which you are trying to obtain a residential mortgage. If you're really living and working hundreds of miles away then it sounds the alarm for someone trying to get round BTL lending rules by using a residential product.
By moving jobs do you mean to a completely new employer? New jobs also you less attractive to mortgage lenders as it's pretty easy for an employer to get rid of you during your probationary period.
That's not to say all lenders will dismiss you out of hand. You really need to engage a broker who specialises in RTB mortgages.0 -
What are the RTB rules on weekend homes?0
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I have a residential mortgage on a house that I don't live in. The lenders were informed at the outset that I would not live there myself but the rest of my family do. It was not a problem.0
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