Moving area

Sweetpea80

Can anyone tell me is this even possible......we have sold our house and now can't find a house we would like to buy in our area. After fees etc we are left with 120k. We would love to move to Wales and set up a new life there. Can we get a mortgage and for example put 90/100k down as a deposit leaving us the remainder to help us start our life until we find jobs, which we would aim to do straight away......is this even possible or are we totally crazy. 

JReacher1

You wont be able to get a mortgage without an income. 

Best off renting for six months then buying. 

pinkteapot

As above, not possible as you won't get a mortgage without income. Renting is the way to go. We relocated 300 miles - sold our house and rented while we then looked for jobs and a place to buy.

Even doing it going into rented was a bit of a nightmare to be honest. Lettings agencies also wanted proof of income to pass their credit checks before we could rent (even with enough cash in the bank from the house sale to pay the rent for 40 years). We had to cheat in the end. OH was heading up first and finding the rental while I finished my notice period at work. We didn't plan it that way but the house sale went through quicker than expected. Consequently, we put my income on the lettings forms even though I was leaving the job a few weeks later. Lettings agent knew that's what we were doing and didn't care. Shows how much of a pointless box ticking exercise it is!

Anyway, yeah, sell and rent is definitely the way to do it. First, you don't know where you'll end up working so it makes sense to find jobs first then buy a place with a good commute. Second, even if you've visited lots you don't really know an area till you live there, and you might end up buying in a location you wouldn't have considered before. Third, if it doesn't work out and you don't settle then you can just move back without the hassle and cost of selling a house.

As someone who's done it, purely because we had a "we love this place and want to try living here" moment, I say go for it. Life's too short for regrets and you can always move back if it doesn't work. We've been here almost four years now.

user1977

Sweetpea80 said:

is this even possible or are we totally crazy. 

The latter. Nobody's going to give you a mortgage based on your optimism about finding a new job in a new location.

Sweetpea80

pinkteapot said:

As above, not possible as you won't get a mortgage without income. Renting is the way to go. We relocated 300 miles - sold our house and rented while we then looked for jobs and a place to buy.

Even doing it going into rented was a bit of a nightmare to be honest. Lettings agencies also wanted proof of income to pass their credit checks before we could rent (even with enough cash in the bank from the house sale to pay the rent for 40 years). We had to cheat in the end. OH was heading up first and finding the rental while I finished my notice period at work. We didn't plan it that way but the house sale went through quicker than expected. Consequently, we put my income on the lettings forms even though I was leaving the job a few weeks later. Lettings agent knew that's what we were doing and didn't care. Shows how much of a pointless box ticking exercise it is!

Anyway, yeah, sell and rent is definitely the way to do it. First, you don't know where you'll end up working so it makes sense to find jobs first then buy a place with a good commute. Second, even if you've visited lots you don't really know an area till you live there, and you might end up buying in a location you wouldn't have considered before. Third, if it doesn't work out and you don't settle then you can just move back without the hassle and cost of selling a house.

As someone who's done it, purely because we had a "we love this place and want to try living here" moment, I say go for it. Life's too short for regrets and you can always move back if it doesn't work. We've been here almost four years now.

Thank you this is really helpful, we did think that was the case but wasn't 100% sure. Its great to hear you made the right decision. Thanks 

Ath_Wat

There are parts of Wales where you could buy somewhere to live for that, but I suspect that they are not what you mean by "Wales".  It's a big place and extremely varied.  A flat in a run-down area of Newport is Wales.  There's no similarities between living in the Gwent valleys and living in Snowdonia.  What part of Wales do you want to move to and why,  and what kind of jobs do you hope to get?