Mortgage when relocating

[honeysucklejasmine]

Help! We want to relocate. House is sold, offer accepted, just arranging moving our mortgage.

I am a SAHM mum, but DH has a job offer, for more than he currently earns, in our new location. Bank say they need to see contract. No problem. But if there is a probationary period, they won't consider his income until after it's expired. Trouble is, in his professional industry, probationary periods are standard. About 6 months. So... We're now in the position where we can't move until DH has worked in new location for 6 months?! And that's when we can start the application, not when it will go through. We have a young child, I am disabled and pregnant, and we can not have him working away for 6 months.

I am gutted. Anyone know a way around this?

You'll probably have to rent. Not a bad idea in any case while you get to know the area. We relocated 18 months ago and we're still renting while we look for the perfect house! I know it's dead money but with such a big move I think it's necessary to give time to get used to a place, and I was actually also concerned about making a house purchase before end of probationery periods too.

The only option I suspect would be to rent for his probationary period.

Lenders have to be more responsible nowadays and lending large sums to people who are in probationary periods doesn't sit well with them.

It might be worth speaking to a mortgage broker who can look at your case and see if it could be placed with a lender who is less strict about probation periods.

Agree, rent for a while. We did it for 6 months when we relocated and it was much easier to house-hunt from already being in the area. Plus it gets you into a great position to move quickly when you find something you want.

I think it's standard that you have to be in your current job for minimum 6 months before you can get a mortgage. I'd say renting would be your best bet. It'll also give you time to get used to the area and where the best/worst places are before you actually buy.

Thanks for your thoughts everyone. We actually know the area pretty well already so don't want to rent.

Luckily Nationwide are sensible and will lend for mortgage.