Mortgages and relocating

[bmgm3]

I'm currently living in the South East and renting a place here. Ideally I want to move to to Suffolk and buy a place of my own.This would also mean having to quit my job here and find something in Suffolk. I'm guessing I would have to start a new job and rent a place for a year before any mortgage company would even consider lending me the money to buy a place. Is that the only way , or is there anyone out there that can help in this kinda situation ?

Thanks

[zcacogp]

It's a good question, and one I have always wondered about. Namely, if you are going to move such a distance as to have to change jobs, getting the move date (i.e. sale of old house and buy of new house) to correspond with the date of job change must be a nightmare.

I guess the answers are to rent somewhere, take a couple of months off between jobs or find some mega-flexible employer who will allow you to change the date of ending the old job to accomodate.

A nightmare, all in, I'm sure. (And worse when you are married, therefore there are two people's jobs being juggled!)


Oli.

[anonymous-user]

I think that is the only way unless you have a very good broker who can sort you out a self certified mortgage and you have adequate money behind you to be able to pay the mortgage if it takes you a while to get a new job.

Also...with a self cert..you will need some form of proof of earnings or letter from accountant.

If you can manage all that you MAY be able to raise a mortgage while not working. Risky, but possible.

I would say that the safest and most sensible route would be to rent first. This will also give you time to make sure the area is right for you and to be in a great position to buy when you find something.

[scotal]

It depends which mortgage lender you go to, some will not mind if you have just started a job, some will not even mind if you havent been in regular employment in the proceeding months, as long as you are now (some will mind if you are in a probationary period,others wont). You need a decent Independent Mortgage advisor to go through your case with you and show you some options.

[scotal]

garyhun said:

I think that is the only way unless you have a very good broker who can sort you out a self certified mortgage and you have adequate money behind you to be able to pay the mortgage if it takes you a while to get a new job.

A decent lender will laugh at you if you try to get a mortgage without a job, or a long term income such as invalidity benefits (which would obviously have to add up to quite alot)

garyhun said:

Also...with a self cert..you will need some form of proof of earnings or letter from accountant.

Not necessarily so, again it depends on the mortgage lender. The whole point of Self cert was for people who couldn't prove their earnings. You may have to prove that any company you claim to work for exists. If you are thinking of over-stating your earnings to get a mortgage, that'll be fraud then. People do, albeit rarely, goto jail for mortgage fraud. I would strongly advise against it. (sorry Garyhun, I'm not saying you were suggesting that, it just seems a good moment tomention it.)

garyhun said:

If you can manage all that you MAY be able to raise a mortgage while not working. Risky, but possible. I would say that the safest and most sensible route would be to rent first. This will also give you time to make sure the area is right for you and to be in a great position to buy when you find something.

That last prargraph may be very sensible advice. If you move to Suffolk and hate it, then if you are reting, you can give notice, or leave at the end of the lease.