Working in London, mortgage for elsewhere

anewloginapparently

I'm a nurse from Yorkshire but am working down in London, staying with my Mother in her spare room which has finally allowed me to save up a good deposit.

Now I am looking to buy a house back in Yorkshire.

Initially I would like to buy this whilst still living & working down here so that I can take my time to find the perfect house.

Then when I've got the home I'll probably live between Yorkshire and London for just a little while to take a little time finding the right job to move back up for.

Thankfully my Mum is more than happy to let me live with her just covering my expenses.

My question is. Would a lender look upon my mortgage application kindly if I am buying a house in a different part of the country than I current live and work in?

I am a first time buyer, have paid off all my debts, have very limited expenses and a 15% deposit so I should be in a good position.

Just if I had to do it the other way around and find a job back in Yorkshire first I would have to really rush buying somewhere before the job started, or else renting somewhere in the interim which would feel like chucking money away.

Obviously I know the area I'm moving back to like the back of my hand so there's nothing to gain in terms of getting to know the area by renting for a while.

Does anyone else have any similar experience of buying a home in these circumstances?

Trickzyy

Hello,

It is possible to do, one of the problems you will face is that lenders now ask if you have any planned career changes coming up. As you will be moving home shortly after the purchase is complete, they will want to know information on the future job, probationary period, income etc.. to make sure the mortgage is still affordable and the job is stable. Cases that can't be answered sufficiently may be declined by the lender.

anewloginapparently

Trickzyy wrote: »

Hello,

It is possible to do, one of the problems you will face is that lenders now ask if you have any planned career changes coming up. As you will be moving home shortly after the purchase is complete, they will want to know information on the future job, probationary period, income etc.. to make sure the mortgage is still affordable and the job is stable. Cases that can't be answered sufficiently may be declined by the lender.

Working in the NHS should hopefully be a help, but could I buy the home with the intention of living between the two for a prolonged period do you think or would the lender consider that unrealistic?

Lilla_D

In a genuine case where you can show that you have ties to the target area (e.g. family, work) and a reason to buy there, lenders can accept the situation. I had someone living in London buying in the Midlands to move back to where he was from and it was accepted. You should expect extra questions around work and living arrangements as well as expenses, because the lender will want to ensure that you are in fact looking to move there (even if only part time to start with) and not looking to rent it out.

anewloginapparently

Lilla_D wrote: »

In a genuine case where you can show that you have ties to the target area (e.g. family, work) and a reason to buy there, lenders can accept the situation. I had someone living in London buying in the Midlands to move back to where he was from and it was accepted. You should expect extra questions around work and living arrangements as well as expenses, because the lender will want to ensure that you are in fact looking to move there (even if only part time to start with) and not looking to rent it out.

Thanks Lilla,

How would one go about proving ties to an area do you think?

It sounds like it's possible, but a little more difficult than a normal application.