Mortgages and relocation

Scottland · 22 Oct 2013 at 08:34

My partner and I are looking into relocating elsewhere in the UK, I can move with my current job but she will need to find a new job.

When it comes to a mortgage, would I be correct in that they'd only consider my salary if she has just got a new job? Are there any better ways to do this? We do have the option of renting for a while and rent out our current place - but this isn't the preffered option I don't think.

Cheers

Hagar · 22 Oct 2013 at 09:13

They will probably consider the last six months of her employment history as relevant. payslips etc. It depends also on the level of risk, size of deposit you can make etc. I expect they will be keen to give you a mortgage if you have had a previous one with a good payment history and can make a sizeable deposit.

AmyS · 22 Oct 2013 at 09:18

When I applied for my mortgage with my husband I had only been working for 8 months, we were told it should be preferably 2 years, but we also had 10% of the deposit which helped.
This was only to get a joint mortgage though and both names on the deeds, there was no problem with my husband on his own.

Scottland · 22 Oct 2013 at 09:21

She'll be taking a new job and we'll be moving simultaneously though, so she won't have any employment history (maybe ~1 month) with her new job, that's the problem.

a1ex2001 · 22 Oct 2013 at 09:25

Scottland said:
She'll be taking a new job and we'll be moving simultaneously though, so she won't have any employment history (maybe ~1 month) with her new job, that's the problem.

Talk to your current lender, they may well be happy to port your existing mortgage to a new property, failing that go and see an independant financial advisor it will be free and he will be able to give you the real answers.

Scottland · 22 Oct 2013 at 12:02

a1ex2001 said:
Talk to your current lender, they may well be happy to port your existing mortgage to a new property, failing that go and see an independant financial advisor it will be free and he will be able to give you the real answers.

I was going to speak to an IFA nearer the time, I just wanted to canvass people's experience/knowledge first to see what we'd likely be dealing with.

We're still only looking at the idea at the moment...

PapaLazaru · 22 Oct 2013 at 12:39

Scottland said:
She'll be taking a new job and we'll be moving simultaneously though, so she won't have any employment history (maybe ~1 month) with her new job, that's the problem.

It should not be a problem as long as she has an existing stable employment record and her new job is viewed as better than her previous.