Mortgage while renting?

gemgems88

Hello,

So I currently live in London and I am renting a flat which the lease is up on in Feb 2018. I am originally from Northern Ireland and plan to move back there once my lease is up.
I have found my ideal home and can afford the deposit on it now, I have a job lined up but obviously wont start it until after my move.

I am wondering, would I be able to get a mortgage on the house now and pay it until I move or would it go against me that I would be paying rent at the same time.

Thanks

G_M

gemgems88 wrote: »

Hello,


I have found my dread home and can afford the deposit on it now,

I'd wait until you find a more suitable property before doing anything.

elverson

gemgems88 wrote: »

Hello,

So I currently live in London and I am renting a flat which the lease is up on in Feb 2018. I am originally from Northern Ireland and plan to move back there once my lease is up.
I have found my dread home and can afford the deposit on it now, I have a job lined up but obviously wont start it until after my move.

I am wondering, would I be able to get a mortgage on the house now and pay it until I move or would it go against me that I would be paying rent at the same time.

Thanks

Talk to your landlord and explain the situation - they might let you end the tenancy early.

gemgems88

Spelling mistake, found my ideal home and I dont know what to do

saajan_12

Talk to a broker re the mortgage. I suspect you'll have issues getting them to lend on a residential basis given
*you don't currently work in the area
* would be paying rent elsewhere

You have two options:
1) borrow on a BTL basis with no / little fixed term for now, and then switch to a residential mortgage once you move up and are settled in your new job.
-> PRO: Your current living area and rent won't be as much of an issue
-> CON: This will incur higher BTL interest rates initially and you may have to reapply / be reassessed to fit the residential mortgage criteria.

2) Wait and buy once you've moved.
-> PRO: Only one application and not paying for a house while you're not living in it
-> CON: Likely to have to wait 6 months into your new job as many lenders require this.

G_M

gemgems88 wrote: »

Spelling mistake, found my ideal home

I think I knew really.



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