Will it be possible to buy ....

boerseun

we ( wife and myself ) want to buy our first hous but i dont know if we will be accepted by lenders .

We have a deposit aroud the £150 k mark ( will increase monthtly) and are intrested in properties in the region of £425-£450 k . Both are on desent salaries and make a combined £ 163 k per year . 
I think that a lender will consider us financially ,okay as we dont have debt or any mayor out goings each month. 

This is where i get stuck because we want to buy our first house 150 miles from where we currently work to be closer to her mum and dad on our days off etc 

Currently our work pay for our housing and any bills like electricity , gas , council tax etc which is part of our contract . 

Will it be possible to get a mortgage because the house is 150 miles us ? or will lenders avoid us ? 

we dont intend to rent the house out because we want a place to go when we go offsite ( currently on our off days if we are onsite we get bothered buy other staff that cant use their commen sense . then we end up working ) also the house will be close to my wifes parents as they are getting older and have some health issues . 

FlorayG

Lenders will have no idea that you don't intend to move there the day the sale is completed how would they know? It shouldn't make any difference to getting a mortgage. People move to live hundreds of miles away every week.Probably will cause some complications with council tax and house insurance though

ACG

Some lenders will do a "sense check" and it will get flagged. It is unlikely to be a problem with the explanation but could be. 
Some lenders wont do a "sense check" and it wont be a problem. 

Speak to a broker you should be fine. 

DullGreyGuy

boerseun said:

Currently our work pay for our housing and any bills like electricity , gas , council tax etc which is part of our contract . 

Will it be possible to get a mortgage because the house is 150 miles us ? or will lenders avoid us ? 

we dont intend to rent the house out because we want a place to go when we go offsite ( currently on our off days if we are onsite we get bothered buy other staff that cant use their commen sense . then we end up working ) also the house will be close to my wifes parents as they are getting older and have some health issues . 

So... you are living in work provided accommodation now or you are renting somewhere and work reimburses you? Your intending to retain your current living arrangements and purchase a second home?

What's the future split look like with you being living in your newly purchased home -v- being in the home for being on site?  5 days onsite 2 days in your purchased home each week? 3 weeks onsite & 1 week in your purchased home?

the likes of @ACG know the mortgage market far better than I but do wonder if there is a risk it may be considered your second home which may (or may not) impact which mortgages are available. 

boerseun

DullGreyGuy said:

So... you are living in work provided accommodation now or you are renting somewhere and work reimburses you? Your intending to retain your current living arrangements and purchase a second home?

What's the future split look like with you being living in your newly purchased home -v- being in the home for being on site?  5 days onsite 2 days in your purchased home each week? 3 weeks onsite & 1 week in your purchased home?

the likes of @ACG know the mortgage market far better than I but do wonder if there is a risk it may be considered your second home which may (or may not) impact which mortgages are available. 

Yes we live in a house provided by our employer . We dont pay for it neither for the bills .
All staff get housing provided by our employer , 45 members of staff ( plus their families ) . We are required to be onsite according to our days of work which can differ one week we will maybe work 6 days on one day off buy next week it can be 3 days on 4 days off and sometimes we can be 10 days off with 3 days work .

So basicly if we buy a house it will be our first house we buy and own . 
we just want to buy something close to my wifes parents and for the reason to go somewhere when we are not working that we in a sense get away from work 

ACG

DullGreyGuy said:

boerseun said:

Currently our work pay for our housing and any bills like electricity , gas , council tax etc which is part of our contract . 

Will it be possible to get a mortgage because the house is 150 miles us ? or will lenders avoid us ? 

we dont intend to rent the house out because we want a place to go when we go offsite ( currently on our off days if we are onsite we get bothered buy other staff that cant use their commen sense . then we end up working ) also the house will be close to my wifes parents as they are getting older and have some health issues . 

So... you are living in work provided accommodation now or you are renting somewhere and work reimburses you? Your intending to retain your current living arrangements and purchase a second home?

What's the future split look like with you being living in your newly purchased home -v- being in the home for being on site?  5 days onsite 2 days in your purchased home each week? 3 weeks onsite & 1 week in your purchased home?

the likes of @ACG know the mortgage market far better than I but do wonder if there is a risk it may be considered your second home which may (or may not) impact which mortgages are available. 

Its one of those things where some lenders will make it far easier than others. 
I dont see it being a problem or any more expensive. But there are lenders I would lean towards and shy away from. 

RAS

You also need to look at the empty and second home Council Tax policies for councils local to your proposed home. If you are required to live in work provided accommodation, the proposed house probably won't count as a second home, but do check.