Work in London/Mortgage for Glasgow?

anewloginapparently

Hi,


I am currently working in London (as a community nurse) and living with my mother rent free whilst I save up for a deposit.


Since it is impossible to even consider staying in London though I am planning on buying a flat back up in Glasgow (where I'm from) instead.


My plan is to buy somewhere and spend a couple of months commuting up for long weekends whilst I get things ready, and take my time to find my perfect job, rather than taking the first thing that comes along.


As a nurse it should be pretty easy to prove to any lender that my skills will be in demand wherever I live.


I have a 20% deposit saved up and know exactly where I want to buy in Glasgow, so I really don't want to rent somewhere first.


My only concern is will it be difficult to find a mortgage provider willing to lend me money based on my London job, but for a property in Glasgow? I have no rental costs in London, but I guess they may be concerned I'll use the property as a BTL (which is most definitely not my intention).


Thanks in advance for any help you might be able to provide.

YHM

Yes they will have concerns about you doing a 'backdoor BTL', but if you contract a good broker they will review the market to find a suitable lender for you.

amnblog

You need to be careful here but it should be possible.

Lenders biggest concern is that you take a residential mortgage but then let the property out.

They would want you to have a link with where you are buying, which you have. Also if you are working elsewhere you need to be able to afford commuting, and accommodation costs incurred, which you also seems to fit for you.

Some Lenders will reject such a case out of hand so this is one for a Broker.

anewloginapparently

Thank you to both of you.

Can I ask would it make more sense to seek a mortgage broker in Glasgow or in London?

And also what would be the best way of proving a local connection to Glasgow?

amnblog

You are best using one that works remotely so you can deal with them wherever you are.

You have a local link to Glasgow as I assume that is where you are on the electoral register at mum's.

Pixie5740

anewloginapparently wrote: »

Hi,


I am currently working in London (as a community nurse) and living with my mother rent free whilst I save up for a deposit.

Does your mum live in London or Glasgow?

anewloginapparently

Pixie5740 wrote: »

Does your mum live in London or Glasgow?

My Mum lives down in London (having moved there 10 years ago).

kam1977

I would get a Scottish advisor as laws are different so better to have someone who understands the system