Turned down because of commuting distance

DJLDomino

What are our options. We work in London and want to buy in Birmingham where family and friends are and eventually transition.

We found a new build and have reserved and our broker didn't think it would be a problem but the lender have turned us down because they say the commute is unsustainable.

What are our options? Is there anyway for us to play this and make it happen? We could afford to keep renting and buy the home but unsure whether the lender would go for it as the house would be left empty five days a week.

Anyone else been through/got around this?

ACG

There are lenders who do not mind travel distance within reason, Birmingham to London should be feasible but I can see why some lenders have an issue. So long as your travel expenses are deemed as affordable you should have options.

Thrugelmir

DJLDomino wrote: »

What are our options. We work in London and want to buy in Birmingham where family and friends are and eventually transition.

With presumably a reduction in income.

DJLDomino

It's definitely affordable, absolutely no issues there. Principality simply weren't having the travel time.

Are there any lenders you think are more/less rigid?

DJLDomino

Potentially. However the house is very cheap and we can easily pay the travel costs and mortgage whilst not earning anything too special in London. So a reduction of wages would also come with a huge reduction in travel costs.

ACG

Your broker should really have checked this upfront. There should be options.

haras_nosirrah

Lenders work on plausibility. They are looking at it and saying that once you move you will be quitting your jobs

How many hours each way would the commute be?

gaz_moose

its about 2 hours by train/ same by car if the traffic isn't bad.

it does sound like you would change jobs fairly soon / be renting the house out etc..

zagubov

It was discussed somewhere on here a while back if your commute is over about 100 minutes each way most people start trying to relocate or seek closer employment after a couple of years.

It was a big factor in my last job switch, and my commute wasn't even as long as that.

squirrelpie

I used to know somebody who rented a very small flat in London and stayed there four nights a week. They commuted from the Lake District.


You could see if you can get a BTL mortgage. Then they won't be looking at your commute.

Hungary971

I only work 40 miles away but as I bus it is a 2ht commute but I only do it three times a week as I work from home. I know a fair few that have a two hour commute as they work in London two/three days a week but work from home rest of time. One of my friends they shut the local office and when she has to be in office it’s 3hours away but she works most of time from home.