FTB and relocating - job causing a roadblock?

Tylewcha

Hi, I’m trying to be a First Time Buyer but have hit a new road block. I have a 5-10% deposit dependent on the property range I’ve looked at, and I have a Mortgage in Principle that would cover them too. The only thing is, I’m relocating to a different city, aiming for August/September.

I doubt the mortgage broker has told the bank which area I’m looking at moving to, but I told the broker I would only look at jobs when I knew where exactly I’d be (job specifics mean I may have to be careful with how close I live to work). I’m lucky enough in that my career has plentiful openings no matter where I relocate to (seen at least a dozen openings within 20 miles of my intended area, 20+ if I take a minor pay cut), but I don’t want to apply, interview, and secure a job that I still have to put off for a few months and likely cancel (I’m sure I’d have to change again because of the living-near-work-issue) before even starting. Plus that would add another 2 months to my time frame when I want to be living there in 4 months.

Renting isn’t an option as I have a dog and the rent rates are extortionate for the area I’m going to - I definitely couldn’t afford them, but mortgage payments I definitely could.

So - any mortgage brokers / lenders anyone can recommend that are flexible on trusting your existing job contract? Or is it possible to convince any lender that a 2 hour driving commute is feasible?

amnblog

No, it is clearly not feasible to commute 2 hours each way, if that is what you are saying.
It you have a new job to start in the new area, the right  lender may perhaps consider the case.
If the Broker knows you are moving across the Country and has not discussed this will you, they must be in their first week in the job.

EmzJenks

Tylewcha said:

Hi, I’m trying to be a First Time Buyer but have hit a new road block. I have a 5-10% deposit dependent on the property range I’ve looked at, and I have a Mortgage in Principle that would cover them too. The only thing is, I’m relocating to a different city, aiming for August/September.

I doubt the mortgage broker has told the bank which area I’m looking at moving to, but I told the broker I would only look at jobs when I knew where exactly I’d be (job specifics mean I may have to be careful with how close I live to work). I’m lucky enough in that my career has plentiful openings no matter where I relocate to (seen at least a dozen openings within 20 miles of my intended area, 20+ if I take a minor pay cut), but I don’t want to apply, interview, and secure a job that I still have to put off for a few months and likely cancel (I’m sure I’d have to change again because of the living-near-work-issue) before even starting. Plus that would add another 2 months to my time frame when I want to be living there in 4 months.

Renting isn’t an option as I have a dog and the rent rates are extortionate for the area I’m going to - I definitely couldn’t afford them, but mortgage payments I definitely could.

So - any mortgage brokers / lenders anyone can recommend that are flexible on trusting your existing job contract? Or is it possible to convince any lender that a 2 hour driving commute is feasible?

I was told when asked a similar question that the lender would take your commute costs into account on your affordability so you'd likely be able to borrow less. 

MWT

EmzJenks said:

I was told when asked a similar question that the lender would take your commute costs into account on your affordability so you'd likely be able to borrow less. 

The practicality of the commute also factors into the 'believability' that the intention is residential, not a back-door route into BTL.

With the intention of the OP to buy a property an unfeasible distance from their home before looking for a new job this is going to be a more difficult mortgage to place so I'd suggest that even though it is not their preferred route, getting a new job in place based on their ability to buy property in the area and then looking for the property and the mortgage is still the best route to success.

Adsta

Is it 2 hours round trip or 2 hours in total? if only 2 hours in total it doesn't seem that much.

That said even 2 hours one way doesn't seem much, when I was doing work in London for a couple of years my commute was about 1.5 hours each way because I did not/could not live in central London. I've got a couple of friends who still work in central London and commute over an hour each way (assuming no delays). Not sure if London is considered a "special case" though. 

lookstraightahead

My mortgage is based on a two hour commute each way. Loads of people commute into London from the midlands which can very easily be two hours each way.
it's not ideal, but you can choose how far you commute.

lookstraightahead

amnblog said:

No, it is clearly not feasible to commute 2 hours each way, if that is what you are saying.
It you have a new job to start in the new area, the right  lender may perhaps consider the case.
If the Broker knows you are moving across the Country and has not discussed this will you, they must be in their first week in the job.

Surely that's a bit of an 'over-interest' of the bank. What if someone worked with four kids, two dogs, and an elderly grandma living at home. Would the bank refuse them on the basis that they can't possibly do a job with all that responsibility.
Sounds la bit discriminative of the bank. I commuted into London for years and my commute was very often over two hours. 

Thrugelmir

lookstraightahead said:

amnblog said:

No, it is clearly not feasible to commute 2 hours each way, if that is what you are saying.
It you have a new job to start in the new area, the right  lender may perhaps consider the case.
If the Broker knows you are moving across the Country and has not discussed this will you, they must be in their first week in the job.

Surely that's a bit of an 'over-interest' of the bank. 

Each lender will have a policy. Micro managing individual applications simply isn't feasible. Lenders have no need of taking undue risk. Profitability on mortgage lending isn't high enough to warrant speculation. .