Relocating - mortgage before partner has job in new area

Hannah2

Hi

So I have relocated from the North further south to Cambrideshire and started my new job. Our current house has sold (not exchanged yet) and my wife is currently applying for jobs in the new area but has yet not been successful.

I am now living in temporary rented accommodation in the week and going home on weekends. My Wife obviously needs to stay in her current job until she gets a new one and we can then both relocate down here, therefore we will have to move out of our sold house into a rented house once the sale completes. I am concerned that that means us having to sign a 6 month rental lease and be stuck paying rent for 6 months even if she is able to change jobs before then.

Our mortgage company YBS will not release our mortgage/increased mortgage (due to difference in house prices!) to enable us to buy down here until my Wife has a job offer in the area.

However, we are currently paying more each month anyway as my temporary rent is more than our mortgage.

Are all mortgage companies likely to be the same with regards to not releasing funds until she has a job offer in the same area as we are buying? Or is it worth us trying to speak to a broker? obviously she will need to pay rent if she has to remain up there for a while but it will be small compared to down here.

YBS have said they may be able to do something based on just my salary but that will not be enough I don't think to enable us to buy down here. She is the higher earner.

Hope that makes sense and thanks for any advice.

Mortgage_Adviser

Could there be a possibility of you affording the mortgage on your own?
How much do you currently earn PA and how much mortgage would you need?

Hannah2

Hi Mortgage_Adviser, no as far as I am aware I would not be able to borrow enough on just my salary. I earn £38,000 and we would ideally need to borrow over £200,000. Also, we really would rather it was all done as a joint mortgage etc. Relocating area, especially north to south, definitely isn't easy or cheap!

AnotherJoe

I think you are better advised to rent first anyway so you don’t jump into an area you regret, but also because you may find it very difficult to get a mortgage with only a few months employment especially if you are on a temporary period and she will find it similarly difficult or impossible if she doesn’t have a job.