Relocating and won’t have a job. How will mortgage application work?

[Readysetcake]

So we want to relocate back to wales from england sometime this year. We are hoping to upsize so will need to borrow more money when we buy. My DH will be keeping his job and commuting. I will probably not be working, at least not at first, as it will take time to settle in and start DD in school, sort childcare etc.

My question is, when we apply for the mortgage in order to buy a new house I will be working, but once we complete and move I won’t be. Can we apply for a mortgage on my existing income?
Thanks!

No, I don't think that you can. Can your husband afford the mortgage on his own, would he pass the affordability checks?

You won’t be able to include your current earnings in the application. You also might find you’re challenged over your DH commuting - either they will prove if it’s realistic, or will look to deduct the cost of travel and accommodation from your affordability. I would predict your borrowing potential to be less than it currently is.

Would renting be an option for 6 months after the move to then look to buy once you’re in work again and DH can prove his commute is working out?

We were consider selling and renting but would rather get it all over and done with in one move.

Understood DH commuting cost would be taken into account with the affordability. We have no debts so was hoping that the commute wouldn’t impact us too heavily. I guess we just have to speak to a Broker and see what we can borrow and go from there. If we can’t afford a house then we may have to look At renting for a bit and hopefully I’ll can find work in new location.

Thanks, both for answering my question!

We did this. We planned to do it on just DH’s income, but he was self-employed and the red tape around the records needed meant at the last hurdle we had to put my salary in too.

No one asked us about affordability/commuting costs or questioned that the job was a long way from the new house. So that was fine.

But it was stressful! I couldn’t hand my notice in until we completed on the purchase in case they checked nothing had changed before completion. And my workplace was going through internal change too so it felt very risky. So I couldn’t mention any of the usual house buying stress to colleagues - lots of furtive phone calls!

We were renting so we could stay on a bit at the old place to work out notice period - the new house stood empty for a bit. But it was fine in the end.