Mortgage when relocating

Wiggles705

Just wondering if anyone has had any experience of moving house (with mortgage etc) and jobs at the same time? 

We are looking to relocate and move during the school summer holidays (as I am a teacher). We’ve been advised to put house up for sale and start looking for our new home in January, but jobs starting September won’t be coming available until March-ish. The mortgage company won’t give us an AIP without me having secured a job, which could take us to end of May.
So…
1) If I had a new job in May with contract stating my salary etc from September (baring in mind I’ll be at my current job until August), are we likely to get a mortgage in May/June? 

2) I wouldn’t resign from my job without another to go to so if I don’t get one, we won’t be moving. Is there anyway I can get an idea of what we can borrow? Maybe say we’re not relocating and do an AIP based on that? But what would that mean if we then went on to do an application and the address we were buying was in a different place? 

Renting is also a difficult option as rental market is tiny where we want to be, and we have pets that often aren’t accepted. 

Any advice much, much appreciated!! 

kingstreet

1. Some lenders will lend based on a contract and confirmed start date.

2. Use lender affordability calculators to establish what you can borrow then choose a lender with a soft search AIP to ensure your borrowing power from the credit system matches the calculator output.

amnblog

This is a common situation with Teachers. A need to move in August, a job offer to start September.

This can be managed effectively but as KS outlined you need the right lender as many will not release funds until you have been paid at least once in the new role.

A good Broker should be able to assist you.