Moving house, leaving military and mortgages

Pemcl

Hi everyone.

So, I'm looking at leaving the military, which means I will have a 12 month notice period.

I want to sell my house but transfer the mortgage to another property - as I'll be moving a few hundred miles away.
The property is solely in my name, not my wifes.

I am going to be taking a paycut for the job I will leave for, albeit for a short period of time. Though my wife will be looking for work she will only secure a job closer to the time.

Affordability is about 145k on my current wage, considerably less on the next one for a short duration.
The mortgage is about 100k on a 200k property, and I'm looking at asking for an extra 20k.

I want to sort it all out smoothly and simply. Affordability isnt a problem. Mortgage repayments would be nearly half of what id have to pay private rented. Plus my wife will be pulling in some money.

Would nationwide even care that I'm leaving my job, since it's in 12months time?
I ideally want to own a house 6months before leaving military - which is reasonable as I've got about 5 months of terminal leave and resettlement...

Any advice or recommendations for approaching this?


Thanks.

Lilla_D

In order to run it by a Nationwide or someone else, a "few" more bits are needed:
- what's your current income?
- what will you do in your next job and how much will you earn?
- do you already have a signed job offer for the new job?
- what does your wife do and how much does she earn?
- how many children do you have?
- how much unsecured credit do you have?

Based on the details provided, the short answer is: it depends on the actual figures, but may be possible. There are lenders, who can pre-agree cases with unusual circumstances and Nationwide is one where a broker can get things pre-agreed before an application is made to smooth the process.

Pemcl

Current - 34k.
Next role (hopefully) - civil aviation, 17k with over 3k in contracted tax free living expense allowances.
Job offer hopefully not far off.

Wife will be returning to work(anything) after having our 2 children.
No unsecured credit.

It's a little frustrating as the notice period is 12months, so its somewhat different to people in other lines of work, and the fact we wont be moving til we have somewhere to live affects her job hunting, along with fact its so far in advance.

I kind of have my heart set on buying, as renting will cripple our savings, and due to already having money in another property/or sat in bank we wont be eligible for any universal credit.

Lilla_D

Fair enough re the points above.

However, in order to borrow the required £100k on a new £200k property, you'll need a job offer for your wife too, as £17k basic + allowances + benefits will not get you £100k mortgage with a non-working spouse and 2 children, even if you don't have any unsecured credit.

I appreciate it that your wife can't really secure a job 12 months in advance and a few hundred miles away. Lenders wouldn't really accept a new job for her so far in the future anyway.

In view of this, it's seems more realistic that she can secure a job a few months before your 12 months are up and once she has done that, you can start the selling/buying process and the mortgage application. It would mean that your move would roughly coincide with starting your new jobs, which is not an easy situation to be in, but this way you'd avoid renting.