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Changing Career After Buying Flat?
brad90
Posts: 1 Newbie
Hello,
I am looking for some advice on what to do about changing career and buying a property.
To keep the story short I'll bullet point it:
- In a career that I loath but have found what I want to do and want to retrain (coding bootcamp 4 months, find a job an additional 1-3 months, total 5-7months)
- Have moved back to Glasgow and have now done 6 months employment so in position to buy a 2 bed flat in the city centre. Which I would rent out the second room to pay of the mortgage and use savings to live off while retraining.
- Added pressure (main pressure) I have a very good friend/investor ready to help with the deposit of 25k (an opportunity that might not be there a year from now)
I have ran the numbers over and over. Everything stacks up on paper. Mortgage repayments would only be 370 bills 300. Looking to rent between 400-600. So my savings (15k+) would be more than enough to cover the £250/£60 difference for a long time.
Would you go ahead and purchase the property first and change career after knowing I can pay it off? OR change career and wait another year for the property? I know I would need to tell lender but how you approach it if I went ahead?
MANY THANKS!
P.S. First Time Buyer!!
I am looking for some advice on what to do about changing career and buying a property.
To keep the story short I'll bullet point it:
- In a career that I loath but have found what I want to do and want to retrain (coding bootcamp 4 months, find a job an additional 1-3 months, total 5-7months)
- Have moved back to Glasgow and have now done 6 months employment so in position to buy a 2 bed flat in the city centre. Which I would rent out the second room to pay of the mortgage and use savings to live off while retraining.
- Added pressure (main pressure) I have a very good friend/investor ready to help with the deposit of 25k (an opportunity that might not be there a year from now)
I have ran the numbers over and over. Everything stacks up on paper. Mortgage repayments would only be 370 bills 300. Looking to rent between 400-600. So my savings (15k+) would be more than enough to cover the £250/£60 difference for a long time.
Would you go ahead and purchase the property first and change career after knowing I can pay it off? OR change career and wait another year for the property? I know I would need to tell lender but how you approach it if I went ahead?
MANY THANKS!
P.S. First Time Buyer!!
0
Comments
-
What do you plan the involvement of your friend/investor to be? Are they going to be on the title? Live there?0
-
400-600 rent from a Lodger for 1 room? Not familiar with Glasgow market, but these are London rates, I highly doubt this is achievable up there.
If your friend is not going to be on the title and the mortgage, you will have issues using his money for a deposit.
In theory you will have to be upfront about the career change with the Lender, this will wreck your chances of getting a mortgage.
If you are aiming for a career in software development instead of 4 month full time boot camp I would suggest you do some night courses or self study, while keeping your current jobs to pay the bills. Only quit when you have found a new job.
Taking on a massive debt without a steady job is simply reckless and a recipe for disaster.0 -
I’d do the career change first because getting your foot in the door in development might be harder than you think as coding camps aren’t as established here as in the U.S.. Employers here are looking for degrees and experience.
Your best bet is small companies where you are more likely to be interviewed by developers that you can convince rather than the HR dept.0
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