First time buyer and getting new jobs

Ted35

Hi,
We're first time buyers and been told by a mortgage lender that we could borrow 200,000. Weve been looking at the quality of houses in our area compared to other areas for this budget and other areas are much more tempting! However this would mean a change in jobs. Are mortgage lenders likely to agree to this?

Lilla_D

If you'd move so far that the commute to your current workplace would become unreasonably long, then lenders are likely to request evidence of a new job offer near the new home. And in that case the affordability checks would take into account your new incomes.

YoungGentry

Ted35 wrote: »

Hi,
We're first time buyers and been told by a mortgage lender that we could borrow 200,000. Weve been looking at the quality of houses in our area compared to other areas for this budget and other areas are much more tempting! However this would mean a change in jobs. Are mortgage lenders likely to agree to this?

The mortgage in principle is based on salary at the time, a recalculation base on new earnings can be done when your salary changes, however beware some lenders may be difficult with you, if you try (A friend had this problem with Santander)

Thrugelmir

Ted35 wrote: »

Hi,
We're first time buyers and been told by a mortgage lender that we could borrow 200,000. Weve been looking at the quality of houses in our area compared to other areas for this budget and other areas are much more tempting! However this would mean a change in jobs. Are mortgage lenders likely to agree to this?

Just because you can borrow X amount doesn't mean you have to. Why not borrow less. Remain in the area. Keep your current jobs. Build some equity in the property. Then move to your dream home at a later date.

Ted35

Even if we go up to the top of the borrowing amount (which we'd have to save more drop deposit for!) the houses in this area are in very poor areas with a lot of known criminal activity. We're looking at a positive change and quality of life. We can have a 'fixer upper' house but need space as planning to have children and the area needs to be nice.