Relocating during mortgage application

King2ings

Hi everyone,

I need some advice on mortgage application. I am thinking of seeing a broker soon but wanted to see if I could get some advice here first. Here is my situation; I am a nurse currently working in an NHS hospital in London. My wife works in another NHS trust in London too as a Medical Secretary. I have been with the same NHS trust for 2 years, while my wife has been with her one for 3 years. We have 3 kids between 9 years and 3 months. My basic annual salary which includes London weighting is about £37,600. I also receive an unsocial hour pay of an average of £200 pounds (before tax) every month. My wife is part-time with a salary of £13,700. We have a savings of 25k and are looking for a house between 200k – 250k. Obviously, we wouldn’t be able to afford a house in London with our salaries and savings in the near future. We probably have to save up 100k. Hence, we are thinking of relocating to either West Midlands or West Yorkshire. I already have a job offer in an NHS Trust in either of those two counties with a salary of at least 38k, but my wife doesn’t have a job offer there yet as she is just three months into her maternity leave. We have applied for AIP with three different lenders who offered us at least 230k based on our current circustances. However, from what I have read, lenders might not be willing to offer us a mortgage if they know that our job is 100+ miles away from the new home considering difficulty with commuting. Are we required by law to disclose to the potential mortgage lenders where we are buying the house or will they to find out somehow during the purchase process?

Note: paying mortgage won’t be a problem for us as there are jobs every for nurses and I can do agency to pay the mortgage whenever we are in need of extra money. My wife has a substantial experience to get a job in the same industry easily anywhere in the country.

MortgageMamma

Hi There

There are often barriers to anyone wishing to relocate whether a professional or a factory worker. The lender would want to see a contract of employment in your new location to be able to offer you a mortgage.

I'm concerned you've got the AIP#s done with different lenders - why did you do that? have you applied for even more? Its not good to do lots of credit searches prior to taking a mortgage - I'm assuming from what you have written you have not taken any professional advice, which due to the relocation and the fact your wife is on maternity leave I feel is important for you.

A good broker will know the lenders who will accept this situation, and may even be able to recommend a lender who specialises/has more understanding of NHS workers and relocation and is more comfortable with the change of circumstances.

I'm assuming you need to work quickly here due to having two job offers and having to accept one - will you be able to buy a property before your start date, or will you need to go into rented accommodation temporarily until you are in a position to buy?

King2ings

Hi, thanks for your advice. I did the AIP 6 months ago with Halifax, Natwest and Barclays. I understand multiple searches closer to mortgage application will have negative impact on my credit worthiness. Hence, I made those AIP months ago to gauge how much we could borrow. We have consider renting but it doesn't appear to be an attractive option because we would probably have to wait for up to a year before we can get a mortgage. Do we have to disclose our location to the potential lender or will they definitely find out anyway?