To ask what would you do? (Relocating logistics)

[Relocating20]

We’re looking to relocate to DH’s hometown (150 miles north) for more family support and more house for our money.
We have a 3 yo DD who would be starting school in September 2021 so we need to move before then.
We are currently in a fixed rate mortgage that ends in September 2021 so would pay 2% early repayment fee if we sold now, 1% after Sep 2020 (this would be refunded if we were able to find a property within 6 months of selling to transfer the mortgage over)
So our original plan was to aim to move around September, find a short term let whilst we both secured jobs enabling us to be approved to transfer our mortgage to our new property in the catchment area for DD’s new school (before the application deadline of Jan 2021)
However, I’ve recently found out I’m expecting baby no 2 who is conveniently due in September 🤦🏼‍♀️
This means I’d be on maternity leave when we intended to move so we wouldn’t be able to get a mortgage approved as of course I wouldn’t be returning to my original job 150 miles away and my DH doesn’t earn enough to get a mortgage in his sole income.
So we’ve now got three more options:
We could move ASAP- pay the 2% early redemption fee, find new jobs (me whilst pregnant! 😬) rent short term and find a new property to buy in DDs future school catchment area, hopefully within 6 months so we get the fee back and before the baby comes!
OR
Stick to the first plan moving in sep 2020 (with a newborn!) paying and losing the 1% fee, rent for at least a year until I was ready to go back to work and then try find a house to buy on our joint income.
OR stay here until Sep 2021, pay no fee, have a late application for DD’s school meaning she might get in the one we want her to. We both get new jobs, and rent short term before we found a house to buy.
My brain in scrambled and all the stress is making me just want to stay here and avoid all the upheaval and decision making but ultimately I think moving would be the best decision for our family in the long run. 🤯

Any advice would be appreciated!

Why can't you get a mortgage approval whilst on mat leave? I moved house when my dd was 4 months so I must have got a new mortgage whilst on mat leave (can't remember the ins and outs as was 10 years ago!)

Or keep your current house and rent it out while continuing as before.

If that was not an option I'd stay til after Sept 21.

The school places will be full by end April 2021 for starting in Sept. The schools that do have vacancies you have to ask why. But you only have to be living there. Renting a flat counts.
Could you rent your house without changing the mortgage and incurring the fee?
Worth asking your mortgage provider.

Otherwise I'd suck up the redemption charge. The stress of kids being in a school miles away, the stress of everything unknown. It'd be worth it to me to not gamble on getting a place and not worry.

@thirstyformore I spoke to my mortgage provider and they’ve said as it’s clear I won’t be returning to my current job (if we move 150 miles away) I wouldn’t be able to provide them with sufficient proof that I could pay the mortgage back with no new job to go to.

@FickleTickle
We need the proceeds of this house for our deposit for our next purchase so renting it out isn’t an option unfortunately.

@PicaK renting this house out isn’t an option unfortunately as we need the money for our deposit on the next house.
So you’d wait till sep 2020, pay the 1% and move into a rental with a newborn on maternity leave?
Or move now and pay 2% and try to find a job whilst pregnant?

You could rent your home, move into rented then sell your mortgages home once you’ve got a job and in a position to buy. That way if for whatever reason the move doesn’t work out and you want to move back to the original house you can do

Not all schools will be full in April, it depends where you live. None of them are full here and you can guarantee a place

@Apuddimgisneverenough That’s actually a great idea I hadn’t thought of, I’ll have to speak to my mortgage provider and see if they’d allow that.
I’ve never been a landlord before though, I wonder if it would be an issue me living 150 miles away?

They should allow it for a period of time (mine is up to 2 years with a view to renew if needed)
It’s called consent to let and is used in situations such as yours
Seems a good idea. You minimise you’re risk of moving and not liking it as you’ve got the option to return. It also ensures if house prices rise you’re not out pricing yourself.
You can get a fully managed service via an estate agent, of course they charge a percentage of the rental income but it will buy you peace of mind when such a distance away and ensures you are protecting the tenants deposit etc as is required by law
100% worth looking into

@Apuddimgisneverenough
Thank you I will, it also means if we let it for a year from sep 2020, then sell it after 2021 (if were ready to buy) we won’t pay any early redemption fees as the fix rate will have ended. 🎉