Relocating and mortgages

[fetamore]

We're thinking of moving to the country. What I am wondering is: will a lender expect you to find a job first, or could I raise a mortgage based on my current job in London?

You're judged on your current income. People can commute. Obviously, you have to take into consideration what kind of salary you're likely to get in your new location. No point thinking you've outsmarted the bank and then find you can't afford the mortgage...

When we relocated the mortgage company queried what my plans were as my job stated on the mortgage application wasn't within commutable distance of our new address. They were fine with my plans to find similar work in in my new location after we had relocated ( I was on maternity leave when we moved so remained employed in my old location for a period of time after we moved, not sure if that makes a difference.

If you have to get another job "in the country" then you would do well to remember that wages are less for just about every job bar the public sector.Basing a mortgage on unknown future earnings is, I would have thought, an extremely dangerous course of action.

I agree totally with BlackMogul. However, even the public sector pay is less in further education for example, but does depend on the local agreements. Luckily we moved on the basis of no mortgage but I'm still looking and I know I shall have to take quite a considerable drop in salary - that's if I can secure a job.....internal appointments are rife! Another angle is the "volunteering" system. Frankly it's another form of internship.
Moral of the story - get a job secured before you move :-)