Mortgage advice - buying before relocation and delayed move in - HELP!

[PiscesHoneyBee]

Hi all,

Looking for advice from anyone who’s been in a similar situation (or knows how lenders might view this).

My partner and I are planning to move to Devon and have seen a few properties we really like. Most of them are older and would need some work before we move in – nothing major or uninhabitable, just things like new flooring, kitchen/bathroom updates, general DIY.

Our current house sale is nearly complete (hopefully May 🤞), and the plan is to move in with family afterwards. We’re very lucky that they’re happy for us to stay rent-free for as long as needed, which would allow us to keep our current jobs, save a decent amount, and gradually renovate the new place over 6–12 months.

The idea would be to travel down regularly to do the work, rather than live there during renovations. Financially it makes much more sense for us – we’d be paying the new mortgage but still able to save and fund the work as we go. It would also mean we’re not rushing into new jobs straight away and can wait until we find the right roles before relocating properly.

Our concern is whether this plan will affect getting a mortgage on a property in Devon, given the distance (around 3.5 hours from our current jobs). Our mortgage advisor has suggested we instead get jobs locally and rent there first, but that would mean losing the financial and practical benefits of our current plan.

Has anyone managed to get a mortgage in a similar situation, or had issues with lenders because of distance between work and the property?

Thanks in advance!

I would have thought any mortgage company will want to see secure and stable jobs. My understanding was never change job if you are looking for a mortgage in the next 18months.

When we moved back to Devon, I was able to move to a different branch of the company I already worked for. My DH was working from home so we were able to demonstrate that we would have employment/income that remained the same when we moved. Is anything like that possible for you?

I think just don't mention it. But remember home insurance has clauses about occupation number of night left empty etc and how will you supervise the builders. ?

A great idea but unfortunately not for us! My partner is a HGV driver so there’s plenty of jobs on that front but I am an Assistant headteacher in a primary school so would need to wait for the role to come up which would be another reason it would be better to have a delayed move so I can find the role that suits.

Haha I like the don’t mention it approach! 😂 as it is mainly cosmetic renovation and we are quite DIY handy we will do most of the work ourselves and family/friends in trades are also willing to help. I work in education so can spend a couple of weeks at the new property for any work that would need overseeing. It just we be so ideal to not actually live there whilst work is being done and then we can move in when it is fully ready!

I hadn’t thought about home insurance requirements though - I will look into this thank you!

I think you should speak to a mortgage advisor in that case. When my husband was doing his PhD we needed one as it wasn’t a “typical” set up. This must happen quite frequently (relocating/new job) and then the only thing to figure out would be insurance.

Where in Devon are you looking?

Thank you! Yes, we have spoken to our mortgage advisor - who wasn’t particularly helpful! They just said that a new job first would be advisable. I’ve booked in to get a second opinion with a different advisor to see if they can add more clarity! I’ve also phoned Nationwide (our current provider) directly to explain the potential situation and they said they ‘think’ it would be okay 🤷🏼‍♀️ it would just be amazing to hear from anyone who has had a similar experience as in my head it must be pretty normal to not want to move in to a property you are currently renovating.

We are looking at East Devon around the Sidmouth area and there is a property we are particularly interested in and a bit in love with already!

I think there are specialist mortgage advisors for more unusual circumstances, I know we had to look for one who could help with understanding my husband’s PhD stipend. It might just be the case of finding the right one.

I was in Sidmouth last weekend and it was beautiful, good luck with the move!

Thank you that’s really helpful. I will look into specialist mortgage advisors.

How funny! It is a beautiful area! Hope you had a great time.