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Purchasing first house but renting elsewhere
Comments
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Have a bit of a think about this.
If you can afford to buy a home in the Midlands this means that you are earning the kind of money that people in the Midlands earn. If it wasn't none of the houses in the Midlands would ever sell. If you are earning the kind of money that people in the Midlands earn why are you trying to live in London? Why don't you change jobs to the Midlands and live and work there?
A lot of people get confused by this kind of thing. They see the headline salary for working in London but what they don't see is the cost of living there. The cost of living in London can in many cases mean that you are worse off than if you had a job paying slightly less but lived in a cheaper part of the country.
The solution to your problem is to work out how much salary you need to buy a house in the Midlands and then get a job that pays enough for you to do that.0 -
Have a bit of a think about this.
If you can afford to buy a home in the Midlands this means that you are earning the kind of money that people in the Midlands earn. If it wasn't none of the houses in the Midlands would ever sell. If you are earning the kind of money that people in the Midlands earn why are you trying to live in London? Why don't you change jobs to the Midlands and live and work there?
A lot of people get confused by this kind of thing. They see the headline salary for working in London but what they don't see is the cost of living there. The cost of living in London can in many cases mean that you are worse off than if you had a job paying slightly less but lived in a cheaper part of the country.
The solution to your problem is to work out how much salary you need to buy a house in the Midlands and then get a job that pays enough for you to do that.
Hmm food for thought, but I'm afraid I have thought about the matter quite a lot and it just wouldn't be this simple.
Unfortunately, I am in the situation of having a job that is both not well paid but also incredibly specialised, so finding another company outside of London would be incredibly difficult and could take years of waiting. I think my one real advantage in all this is that I am rather skilled at budgeting/saving, so am in the position that I would only need a minuscule mortgage.
All this said, if Pixie is correct about not even being able to get any mortgage for a property so far away from my place of work then the whole question becomes something of a moot point.0 -
It's going to be hard to argue that your main residence is where you spend just two nights a week.0
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It all feels a bit nanny state to me. Lots of people commute weekly, or at least they used to. What do they all do? (I'm not arguing I'm just interested). I suppose they lodge or stay in hotels. So could op rent a room in the week (ie lodge)0
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OP, your
Things are not as simple as BlackBird 75 is making out. Firstly, you'll face issues getting a mortgage. If you don't currently commute in and out from the midlands and the area you want to buy in is not within a reasonable commuting distance of London lenders won't entertain giving you a mortgage. Lenders won't believe that you intend to live in the property as your main residence and will suspect you want to let it out instead.
When I bought my house with a mortgage, the lenders didn't care about my work location. They only cared about my payslips and who my employer was. (Even if your employer had you posted to a worksite local to the house you are buying, they could post you elsewhere later anyway.) The mortgage lender was fully aware I worked away from home. They didn't care at all. They were very happy to offer the mortgage.0 -
lookstraightahead wrote: »So It kind of makes it almost impossible to 'work away' unless you stay with friends / live in a hotel? .
In that case, there are many, many, people in the UK currently performing an impossible task!
Think about all the temporary workers, agency workers etc.0 -
It's going to be hard to argue that your main residence is where you spend just two nights a week.
The point is that the Midlands house would be the Permanent Home Address. The London property would be the Residence at Work address.
You don't need to even go home every weekend.
It's not about how long you spend there, it's about the fact that one is permanent and the other a workplace / temporary address.0 -
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BlackBird75 wrote: »When I bought my house with a mortgage, the lenders didn't care about my work location. They only cared about my payslips and who my employer was. (Even if your employer had you posted to a worksite local to the house you are buying, they could post you elsewhere later anyway.) The mortgage lender was fully aware I worked away from home. They didn't care at all. They were very happy to offer the mortgage.
Really? How long ago was this?0 -
Have a bit of a think about this.
If you can afford to buy a home in the Midlands this means that you are earning the kind of money that people in the Midlands earn. If it wasn't none of the houses in the Midlands would ever sell. If you are earning the kind of money that people in the Midlands earn why are you trying to live in London? Why don't you change jobs to the Midlands and live and work there?
A lot of people get confused by this kind of thing. They see the headline salary for working in London but what they don't see is the cost of living there. The cost of living in London can in many cases mean that you are worse off than if you had a job paying slightly less but lived in a cheaper part of the country.
The solution to your problem is to work out how much salary you need to buy a house in the Midlands and then get a job that pays enough for you to do that.
I don't think it's the OP who's confused here.
Lots of people work in one location and buy in another.
Lots of people work all over the place and buy a house in one location.
It's not as complicated as many are making out. Perhaps in theory, but in reality I've done it and the majority of people I work with have done it.0
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