Relocating and buying our first home - how to apply for a mortgage

Munberway

Hi all,

Thank you for taking the time to read this. My partner and I are currently renting in London and looking to relocate and buy our first home just outside Cambridge. We have a large deposit to put down and have had an offer accepted on a house, but there’s one thing that is scuppering the mortgage application...

As far as we can see we have to account for the commuting costs (as we couldn’t otherwise get a mortgage until we had passed probabtion in new jobs in Cambridge) but that has halved the amount that we can borrow! Has anyone come up against this before or have any advice? Perhaps we could take on a lodger to cover the costs of commuting?

Both our parents have offered to guarantor the mortgage but as they are coming up to retirement age, the lenders aren’t sure if they can offer us the 30 year terms as it’s not guaranteed for that time. Is it possible to offset a mortgage with a guarantors property?

Any help would be greatly appreciated!

Many thanks 😊

ACG

There are lenders who will lend to you with just a job offer.
Do you have new jobs lined up? If you do, then you need to use one of those lenders.
If you do not, then the only alternative is to try another lender. If you can not pass affordability with the travel costs, then you need wait until you have found new jobs/buy a cheaper property.

Linton

What are the commuting costs for? From where to where?



Presumably they will drop to near zero when you are settled with jobs in Cambridge so perhaps you should consider renting there for a while before buying a house.

sal_III

Rent for 6 months in the new location. This will simultaneously give you better perspective of the location and settle you in your new jobs there.

Ignore the mortgage lender requirements etc. What would happen if you are not happy with your new location and/or job?

Munberway

Thank you for your help! I grew up in Cambridge and know it well. We have managed to find a way around it, working it based on driving and we have just received our mortgage in principal ��