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    • Rigger352
    • By Rigger352 14th Mar 18, 12:41 AM
    • 1Posts
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    Rigger352
    Mortgage advice
    • #1
    • 14th Mar 18, 12:41 AM
    Mortgage advice 14th Mar 18 at 12:41 AM
    Good morning all,

    My wife and I are currently looking to purchase a property, we have an agreement in principle (AIP) and we are both working with me working away from home a lot.

    The property we are looking at is 180 miles away from where we reside currently and where my work is. We will be moving into it, but this would mean that my wife would have to get a job in our new area.. It would not affect me as I get free accommodation with work when Iím there.

    Iíve heard getting a mortgage can be tricky in this situation as effectively my wife will not have a job when we move. However, others tell me itís fine.. I donít even need to mention it.

    I just didnít want to go off the AIP we currently have and then get to the full application and the underwriters question it and then change how much we can afford to borrow.

    Does anyone have any words of wisdom to help?

    Many thanks,

    Rigger
Page 1
    • amnblog
    • By amnblog 14th Mar 18, 7:50 AM
    • 10,548 Posts
    • 4,171 Thanks
    amnblog
    • #2
    • 14th Mar 18, 7:50 AM
    • #2
    • 14th Mar 18, 7:50 AM
    You have correctly assumed this is not straightforward.

    The Lender has two potential issues.

    1. If you are buying 180 miles form where you are, what indication do they have that you actually intend to live there.

    2. How will you continue to earn following the move? If your wife loses her income, can you still afford the mortgage? If someone needs to stay away to work what are the costs, and can you afford them?

    Some Lenders are not very open to this at all, other are more pragmatic.

    You can take a chance and hope you get lucky, the better option is to have a Mortgage Broker manage this for you.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Richard_Pia
    • By Richard_Pia 14th Mar 18, 11:23 PM
    • 62 Posts
    • 31 Thanks
    Richard_Pia
    • #3
    • 14th Mar 18, 11:23 PM
    • #3
    • 14th Mar 18, 11:23 PM
    My first thought would be - could you borrow enough just on your own income? If so, your wife's job situation needn't come into it.

    Most lenders would be look at the logistics of new property location vs work location and so would more than likely query how you both could continue your existing jobs if moving so far away. This doesn't sound like it'd be a problem for yourself, but definitely they wouldn't be able to use your wife's current income.

    If she had a job offer for a new job, some lenders could potentially use the income from this, without having even started yet.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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