Mortgage question

[TheWitchwithNoName]

Bit clueless about all of this to be honest.

We’ve are about to come into a large sum of money and would like to move out of London to live in Norfolk.

We can easily do this on my London salary (would still need a mortgage of around £150k) but my commute back into London would be over 2.5 hours each way which just isn’t going to be doable for me 3 days a week. I’m going to ask my employer if I could work from home and come into the office for say 2 days a month. I fear they will say no so I would have to resign.

I’m sure I could get a job in Norfolk but it would be about half of my London salary.

So I think my actual question is would the mortgage company ask for proof that I would still be employed in my current (London) position if we are buying in Norfolk?

DP is self employed and earned nothing last year (COVID) and his income is very sporadic anyway so would keep him off of the mortgage.

In my experience you are asked to confirm when applying for a mortgage that you are not aware of anything in the future that will impact your financial circumstances. If you are then offered a mortgage you have to tick a box on the application that says you will inform them of a change in circumstances between the offer being made and drawing down the funds.

Thank you flumpet. I could possible do the commute whilst job hunting in Norfolk for a short while.

In your shoes I would move to Norfolk and rent. The jobs market is a difficult place right now.

Also, if you do need to move jobs, then depending on what you earn, will half your current salary be enough to pay a mortgage of £150K?

Worth checking with a broker you’ll have access to many mortgages if you are married but wanting to keep your partner off the mortgage. I’d love to do the same (husband is SAHD with no income and worse credit rating than me) and have been given the impression it would not be accepted by mainstream lenders. Maybe the £150k is a tiny multiple and you are fine applying as single or joint applicant but worth checking out.

We are not married so I’ll have to ring fence his deposit as I believe he won’t be able to go on the house deeds.

He is now looking at Hastings/Battle which means my commute would be reasonable into London.

For the mortgage you could put him as a dependent. May or may not make a difference to affordability.

Also apparently NatWest allow people to be onto the deeds and not on the mortgage, however their age the mortgage has to be paid is not as high as some other lenders.

Could you ask to do two consecutive days a week in London and stay in a cheap hotel the night in between? Could allow you to meet London friends too