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Moving South

(9 Posts)
FairySouth Thu 02-Jun-16 14:17:59

Can anyone provide some practical advice for relocating South and how we can afford it.
Currently own a home in the NW (3 bed semi) near dh family but I'd like to move closer to mine (and dh is open to the idea after years of saying no).
Anyway I want to start planning now to see if we can actually afford to take that jump and relocate.
What things do I need to think about money wise to calculate what we'd have to earn to move.
House prices are around £325k +. Is there a site I can look at that can tell me what earnings I'd need to afford the sort of mortgage we'd require?
I really need to look at finances if we have any hope of going as dh will want to know we can cope. I know we will have to have to budget as everything costs more and any house wouldn't be as nice but emotionally we'd have much more support.

Bearbehind Thu 02-Jun-16 15:57:08

You can go onto most major high street lenders websites and enter in your financial details and it will tell you a ball park figure of what you can borrow.

Bear in mind this will be based on you having a pretty much perfect credit ratings and stable job, which, if your move involves changing jobs, might be a problem.

FairySouth Thu 02-Jun-16 18:23:20

Yes that is a concern. Our house in NW is worth substantially less than what we would need for a house in the south but I am unsure if we decide to go, whether we sell up and rent until things are a bit more secure but then we will be off the housing ladder and wasting money renting!

concertplayer Fri 03-Jun-16 08:15:20

Frankly I think securing work would be the first thing to consider.
Until you know your income you will not really be able to apply for
a mortgage as they require min 3 months w/slips etc.
You could let out your current home which will help with the rent
you are paying in the South this would need to be on 6 months
tenancies but bear in mind no one will exchange on a purchase
until the tenants have gone.
Also if you sell first you are better placed and more attractive to
would be vendors as there is no chain on your side.
Are there DCS? If not you could just put your stuff in store/family
and rent a room while you look Cheaper than a flat and monthly
tenency

FairySouth Fri 03-Jun-16 13:35:45

We have dd who is 2.5. I thought renting (or living with family for a few months) and selling ours would be a good plan but worry about getting off the property ladder if prices are still increasing as then the houses we want will be going up but our money will be static if we've already sold.

Bearbehind Fri 03-Jun-16 15:31:56

OP, this does all sound a bit of a pipe dream tbh.

You say your house is worth substantially less than the £325k you'd need to buy in the South- did you check if you are eligible for anything like the mortgage amount you'd need?

I can see the attraction of moving to be near your family but a North to South move is tough even if you're doing it for a promotion- doing it when you don't even have jobs to go to just might not be possible without big sacrifices.

DiggersRest Sun 05-Jun-16 13:14:29

OP it's only a pipe dream if you're not prepared to take a leap of faith. If you want to move, you can do it, plenty of people do. But, you won't be moving from like to like. You will need to rent or stay with family, find jobs etc.

I am thinking of moving home myself and have accepted that even with a big chunk of money behind us (thanks to London house prices) we will be starting again. I'm not quite ready for that so have put it off.

Good luck!

BarbaraofSeville Mon 06-Jun-16 10:29:00

Why do you want to move south? Unless you can get a substantial payrise or benefit a lot from being near to family, it sounds like it will be really difficult or even totally impractical to make the move.

It's not about not being prepared to take a leap of faith. Leaps of faith don't pay the bills or make people be eligible for mortgages if the income just isn't there.

Due to the insane cost of housing in the south, people can really struggle on salaries that would make them quite comfortable in the north and the higher salaries in the south don't always go anywhere near covering increased housing costs.

Matildatoldsuchdreadfullies Mon 06-Jun-16 10:40:25

Where do you want to move to? The 'south' is quite a large area. Assuming that you can get a similar level of income to that which you're currently on, If you wish to live in Guildford, then I guess you'd struggle. But if you look down to the Medway or Thanet in Kent, for example, you might be pleasantly surprised by the affordability. Whether you'd be as pleasantly surprised by the areas is anyone's guess grin. We're not all dead posh down here, honest guv.

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