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Please help

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  • Please help

    Hi there,

    Quick question, we want to move from the South East to the South West and have 12 months remaining on the mortgage. The porting of the existing mortgage should be easy enough as my income covers the multiples for purchase (40k income) with £130k equity for house purchase of £270k max (asking price). My question is, the income is reliant upon my south east job and I will obviously have to leave it when we move. Does this matter? For clarity partner will pay mortgage until I get new job. How does it work with income and moving to different parts of the country?

  • #2
    Re: Please help

    Hi there,

    Yes this will make a difference to your mortgage application. The lender has a responsibility to ensure that they are lending you an amount of money that is affordable to you in the future and for the term of the loan. When you ask them to port your mortgage to a new part of the country they will naturally question the continuity of your employment.

    If you worked for a national employer it is feasible that you might be transferring internally to a new location, but if this isn't the case then the lender will have no guarantee of your ability to pay as there is no certainty of you finding work or of the amount of income you will have.

    You have said that your partner will meet the payments, in which case if your partner has continuing employment after you have moved house and their income alone is enough to support the mortgage then your own uncertain future income shouldn't be an issue.
    Property for sale in Torquay