Mortgage when relocating

Muggers1

Hi, our house is currently on the market and we are planning to relocate. We have a Mortgage in Principle based on our current salaries. We will however have to find new jobs in the new location. Does this mean we will have to find jobs before applying for a mortgage, or is it possible that the lender will make an offer based on current salaries?

Or would it make more sense to sell now, rent locally,  then rent in the new location before buying?

I should add that we can't move to the new area until July due to school exams being pushed back this year,  but we need to be there before September for the new school year.  

Thank you.

tigerlily74

If relocating I personally would rent first to get to know the area, get jobs and places secured at schools etc as buying a house is unpredictable so would be hard to guarantee a move in July and August time. From a mortgage point of view, which is your actual question, I have no idea I’m afraid, I have found calling the mortgage advisors at my building society to be pretty helpful so maybe just call a couple and see?

ChasingtheWelshdream

Hi, when we relocated we were unable to port or get a new mortgage in the new area without suitable jobs lined up (eg permanent). We were told the only way around it was for one of us to remain behind and provide proof of residency (eg tenancy) to show we were still working in our current job. 

It may have just been our mortgage company (Halifax), but in the end we swallowed the ERC and went for a mortgage-free property. We both got jobs quickly once here, but in hindsight we would probably think about renting to give us more choice once our affordability was better.

Regarding schools, we found the Council would not accept school applications without proof of either a tenancy agreement or exchanged contracts. Anything could happen with your sale/purchase to make this difficult. If you have such a small window, it does sound like you would be better off renting whilst finding your feet. (I know nothing about renting without employment, but something to bear in mind.)

steampowered

I suspect you are going to need to find the new jobs first whatever you want to do.

No lender is going to give you a mortgage if you don't have a job in the location you wish to buy. Landlords typically won't rent to you if you don't have a job either.

It might be worth talking to a mortgage broker. They should would know which lenders would be willing to accept you in the first few months of employment. Most lenders won't take people within their probationary period or within the first few months of employment.

Muggers1

Thank you everyone for your help.  It's clarified what we need to do.