Mortgage Advice

SBNS

I obtained a mortgage before I went off to study at university and have lived off savings and a very small bursary for the last three years, so have kept up all payments and I am fed up with baked beans!. I am due to graduate this year and relocating, the problem is that they require three months worth of pay slips before the mortgage company will transfer my mortgage. Obviously I have not worked for three years so hence the problem. This means that I will have run out of funds and off the property ladder into rented until I have been working for three months. I have £80,000 deposit and did not really want to eat into that on rent money.

Any ideas?

homer_j_3

So what are you saying? That you want to release some equity to live off at the moment or that you want information to put your mind at ease that you will be able to get a mortage when you relocate after graduation?

SBNS

Thanks for your reply. I have contact my mortgage broker (obviously they are unaware that I have been a student for three years) to inquire about just moving my mortgage to another property as I do not require a larger or smaller mortgage than I currently have. They have said that they will need to see my latest three months worth of pay slips, which I do not have. This puts me in quite a quandary on how I can get around this. My house is on the market and have received a few offers and I am keen to start my new life in another part of the country.

My future job security is very good and the pay is pretty good. I am just frustrated that I want to continue with my mortgage but I cannot.

Regards

Trying_to_be_good

Hav eyou thought about cutting out the broker and just asking the lender if they will either port the mortgage or allow you to take a new mortgage (without all the proof paperwork) on your new property?

Do you have a new job already lined up? Some mortgage lenders are happy to lend when they see the contract for a new job. Otherwise, how are you planning to pay the mortgage?

SBNS

I have spoken to the mortgage company directly and they reiterated that I do indeed need proof of income, which is understandable in todays climate. I will receive a written contract about a month before I start work and I am currently in the process of applying for jobs (September start). Again I have just enough savings to keep me going until then and also I am in a very fortunate position of having parental support if I am unable to support myself but wish to do this on my own.

a17vts

Most lenders will want proof of income at present, but just to comfirm at present you are currently a student and you are looking at purchasing a new place. Do you have a mortgage at present?

SBNS

Yes I am currently a student and will be until the end of August. I have had a mortgage for the past four years and is still running. I am looking to purchase a new home for the same money that I sell my current property for.

homer_j_3

What will your job be when you graduate? Will it be classed as a profesisonal position like Doctor, Accountant, Solicitor etc?

I would say that you need to get your house on the market now if you are looking to relocate in September as it could take 3-30 months to sell in this market.

If you have a job offer, then there will be lenders that will look to consider this but surely if you are moving to a new place, it would be better to rent for 6 months and pay for this out of your wages (rather than eat into your deposit) and spend a bit of time getting a feel for the area that you are moving to?

SBNS

Yes I will be classed as a professional and my husband will also be a Dr in a quite a few years so I need to support him at present, who happens to be in the area I am relocating to. Our house has been on the market for a few months and have just had an offer. I guess that I am just seeking stability at the moment and I am desperate to be with my husband.

I thank you for your advice and know that renting is probably the only option. I just hate moving and thought of having to do it twice in six months is not appealing.