Getting a mortgage when relocating
Discussion
Hi everyone,
Me and my girlfriend are looking to make a move from the east of England to the Lake District but I just have a couple of questions to ask about the current mortgage situation before we go to the broker on Tuesday.
I have been offered a job up there with my current employer, albeit at roughly a 30% pay cut. Our current home is all in my name but when we make the move we will be putting both of our names up so hopefully they will lend us enough to get the sort of house we want, because if not we won't be making the move.
My girlfriend is currently doing care work around here at just above minimum wage. Will they accept that she will be able to get a similar position up there or will she need to get an offer in writing before we can get a joint mortgage?
The problem is with the salary of the new job we will likely need to borrow 4.5 times our joint salary to get a house that we want. Is this likely? We will have around a 25% deposit and my credit rating should be good as i have never been late on any payments for anything.
I have done a spreadsheet of costs and we can easily afford the repayments of the mortgage we want, we just need to convince the lenders of this i guess.
This is the final hurdle before we can say yes and accept but I just don't want to be set up for a fall
Me and my girlfriend are looking to make a move from the east of England to the Lake District but I just have a couple of questions to ask about the current mortgage situation before we go to the broker on Tuesday.
I have been offered a job up there with my current employer, albeit at roughly a 30% pay cut. Our current home is all in my name but when we make the move we will be putting both of our names up so hopefully they will lend us enough to get the sort of house we want, because if not we won't be making the move.
My girlfriend is currently doing care work around here at just above minimum wage. Will they accept that she will be able to get a similar position up there or will she need to get an offer in writing before we can get a joint mortgage?
The problem is with the salary of the new job we will likely need to borrow 4.5 times our joint salary to get a house that we want. Is this likely? We will have around a 25% deposit and my credit rating should be good as i have never been late on any payments for anything.
I have done a spreadsheet of costs and we can easily afford the repayments of the mortgage we want, we just need to convince the lenders of this i guess.
This is the final hurdle before we can say yes and accept but I just don't want to be set up for a fall
You can't use income that your partner doesn't have. A lender can't lend against what she "should" be able to get, what if she doesn't? She will need confirmation of her new job and salary at the very least as some lenders will lend against an impending new job or salary increase but some will require at least one months pay slip or even more.
You need to consider if either of you will have any probationary periods as that can also be an issue for you if applicable.
It sounds to me, that you need to try and secure what you can on your income alone until/unless your GF can secure employment....
You need to consider if either of you will have any probationary periods as that can also be an issue for you if applicable.
It sounds to me, that you need to try and secure what you can on your income alone until/unless your GF can secure employment....
Thanks that's what i feared.
We can hopefully go through some scenarios with the broker on Tuesday because I have to let the company know whether I accept by Wednesday. We are planning on being back up in the Lakes on the 15th so I think we will have to try and plan in some interviews for the misses whilst we are up there to hopefully get something sorted
ETA unfortunately on my income alone i don't think we will be able to borrow enough. The only other thing i can think of is if we sell the house down here then rent up there before buying so we have enough time to get her sorted as well
We can hopefully go through some scenarios with the broker on Tuesday because I have to let the company know whether I accept by Wednesday. We are planning on being back up in the Lakes on the 15th so I think we will have to try and plan in some interviews for the misses whilst we are up there to hopefully get something sorted
ETA unfortunately on my income alone i don't think we will be able to borrow enough. The only other thing i can think of is if we sell the house down here then rent up there before buying so we have enough time to get her sorted as well
Edited by AceOfHearts on Saturday 4th April 08:23
Sarnie, do you mind if i send you a PM?
I didn't realise there were friendly PH mortgage people I could deal with instead of high street
I have had a look online and the new mortgage is looking to only be about £100 a month more than my current one but i still doubt i could get it on my own
I didn't realise there were friendly PH mortgage people I could deal with instead of high street
I have had a look online and the new mortgage is looking to only be about £100 a month more than my current one but i still doubt i could get it on my own
AceOfHearts said:
Sarnie, do you mind if i send you a PM?
I didn't realise there were friendly PH mortgage people I could deal with instead of high street
I have had a look online and the new mortgage is looking to only be about £100 a month more than my current one but i still doubt i could get it on my own
No problem at all I didn't realise there were friendly PH mortgage people I could deal with instead of high street
I have had a look online and the new mortgage is looking to only be about £100 a month more than my current one but i still doubt i could get it on my own
andyb28 said:
If you applied for a mortgage now, wouldn't it be based on both you and your partners situation now, rather than after the move? Once you have an agreement in principle, thats it, find a property and make an offer.
I do not know if lenders look at the geography.
They certainly do look at Geography..............and they also ask if there are ANY future changes to your circumstances that you are aware of.I do not know if lenders look at the geography.
Sarnie said:
AceOfHearts said:
Sarnie, do you mind if i send you a PM?
I didn't realise there were friendly PH mortgage people I could deal with instead of high street
I have had a look online and the new mortgage is looking to only be about £100 a month more than my current one but i still doubt i could get it on my own
No problem at all I didn't realise there were friendly PH mortgage people I could deal with instead of high street
I have had a look online and the new mortgage is looking to only be about £100 a month more than my current one but i still doubt i could get it on my own
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