Applying for a mortgage and relocating

luke.sibley

Looking for some advice please. We currently live in London where we both work. If we have an offer in principle for where we live. But then decide we want to move 100 miles up the country how does that work ? Because we will need to change jobs. But obviously the chance of landing a job and finding a house at the same time is slim. Will the mortgage company still give you the mortgage ? Any advice please! As we can't afford to buy where we are. Thanks.

glosoli

Unless you find work with a new company before you go and the lender is satisfied with the employment contract then it will be difficult. Some lenders are picky when it comes to things like whether the new job will have a probationary period etc.

Have you considered renting in the new area for a period?

luke.sibley

We have considered renting. Just reluctant to wasting thousands on rent again. However I do understand why this would work.

Lilla_D

Lenders don't normally ask at agreement in principle stage the exact location of where you want to buy, so it's not a problem if you change your mind afterwards. However, if you change jobs and your employer and income details change, then the agreement in principle has just gone straight out of the window.

I agree that unless you know the new area like the back of your hand, it may be prudent to rent first to get to know the place and with most lenders it also helps if you're out of your probationary period (although some lenders are not that bothered).

Thrugelmir

luke.sibley wrote: »

We have considered renting. Just reluctant to wasting thousands on rent again. However I do understand why this would work.

Until you both find work. How do you decide where you want to live? Do you know the locality you are moving too? A few months rent maybe the cheapest option.

luke.sibley

thanks for the response. we do know the area as its where my wifes nan lives. and has done for 20 years. however living there and visiting is 2 different things. the house prices are a fraction of what they cost here. we would only need a LTV of approx 30 - 40%
if you have say 10k saving in the bank would they consider that enough to live on until finding work ?

amnblog

If works in the way you expect it to.

If you are buying 100 miles away your are clearly doing one of three things (or a combination of any).

1. Commuting to work.
2. Intending to move jobs
3. Buying to let

Whichever it is the Lender will want to ensure themselves it works in terms of product, practicality and affordability.

i.e.

1. Is this practical and affordable?
2. Do you have confirmed new jobs?
3. Are you actually expecting to let the property out, not live in it.

If not commuting and no new jobs, it does not work.

jackomdj

A train commute of 100 miles into London isn't unusual. If it were me and I was confident of finding a job in the new location I would find a house and get the mortgage, then once in the new property you can start looking for a new job. This would mean some traveling initially but to be honest 100 miles isn't a significant journey (my other half does a or of traveling with his job).