Applying for a mortgage in a different location

Unicorn_cottage

Hi all

Wonder if anyone can give me some advice? Me and my partner currently live in Bristol where I have a mortgage on a house. The long-term plan is to move back up north as my partner want so to live near her family. Would my partner be able to apply for a mortgage up north even though we are currently living in the south west? The aim would be to get a fixer-upper which we work on during holidays and move in full-time once we make the move. My partner is self employed.

Thanks

Annie

stator

It will raise a lot of questions.
If you work in one city and apply for a mortgage in another, they will want to know why.

Verix

Yes that would be possible. It sounds like the house would be just your partners name whilst you keep your existing mortgaged property? If so then you will avoid the stamp duty that would have been payable.

There will be additional questions to answer but it can be done.

Unicorn_cottage

Hi Verix

Many thanks for your reply.

Yes the property would be solely in my partner's name and I would keep my property. Would my partner need a specialist broker for this?

MortgageMamma

No, any mortgage broker should be able to get around this issue, its not as uncommon as people think

One thing to bear in mind is the type of finance you apply for going forward. I picked up that you said you were going to buy something to do up. As a general rule of thumb with residential mortgages the property needs to be immediately habitable. Working kitchen and bathroom with sink, all floor boards and roof in tact, usually some form of heating required.

If the property you select does not have these basic things then you will need development finance not a regular mortgage.

If it only needs a bit of cosmetic and nothing major structurally then you should be OK with a residential mortgage

Find a good broker and talk through your options. Which area of "the north" are you planning to buy in?

Unicorn_cottage

Hi MortgageMamma

Thank you for your reply. It certainly wouldn't be a "wreck" we were doing up but probably enough to put some buyers off i.e. old school bathroom, really tired decor etc.

We are looking at Newcastle upwards.

Thanks