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Relocating for first mortgage

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  • Relocating for first mortgage


    My wife and I are looking at buying our first home together within the next year (currently saving a deposit) and have recently come to the decision that we both really want to live by the coast, we currently live in Bedfordshire with her parents having previously private rented for 4 years. We have done some research and are going to start visiting some areas of Northumberland (Around 270 miles away) to get a feel for them and try and narrow a list of potential towns/villages that we would like to move to.

    In terms of work my wife should be able to secure a transfer fairly easy if we bide our time but my company would be a lot more difficult to do so as there aren't many places that I can transfer to so I will be looking to take up a new job when we relocate.

    We are planning to try and secure jobs and move up one at a time but as close as possible depending on jobs and start out by renting for a short while to make sure we are comfortable with the move before committing to buy, is this sensible?

    The major concern for me is with my wage being the main income and having to start a new job, will this hinder our chances of getting a mortgage and will we have to wait until i've been in the job for a couple of years?

    Any advice or thoughts would be appreciated.

  • #2
    Re: Relocating for first mortgage

    Hi Gaz,

    You would be better from a lender point of view securing your mortgage while you are in present employment as when you change you are correct that they may want to see you in that employment and have the job security for a while.
    Not all lenders may view it this way but from arranging mortgages for expats returning to the UK i see it many time where the client says they will get financing when they return to the UK then find it difficult as they havent been with the company for that long.

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