Relocating to another county, lender wants me to have a job first!

P

purplemarker

New Member
Messages
7
Hi All,

I am hopful that i can get some answers on here!

We are applying for a mortage but wanting to relocate within ireland. From county to county. We were told (AIB) that i need a new job in said county to get the mortage!!!

my partner is on good money and is freelance with his career so they are fine with him but how do i get out of the **chicken /egg situation!!!...

I cant obviously apply and leave my current position to work in a new county untill we actually move!!!??????

Absolutely RIDICULOUS!!! PLEASE HELP!! we are with aib for so long now and have good savings with them but this is really holding us back.

Anyone on here with similar situation ? Maybe the advisor we were speaking with got it wrong??
 
Have you tried another lender and/or a broker or even just double checked it with AIB?
Sounds like an odd requirement alright.
 
purplemarker said:
We were told (AIB) that i need a new job in said county to get the mortage!!!
Click to expand...

It seems reasonable to me from AIB's point of view.
You move from Dublin to Cork.
You quit your job in Dublin.
It takes you time to get a new job in Cork and in the meantime you don't have enough income to pay your mortgage.

Brendan
 
purplemarker said:
my partner is on good money and is freelance with his career so they are fine with him
Click to expand...

Then he should apply for a mortgage in his own name and your employment status won't matter.

Alternatively, if your salary is needed for the mortgage, you should get a job in the new county and rent there for a year and then apply for a mortgage.

Brendan
 
It is also likely that they translate 'Freelance' as a less reliable income especially at times of a potential recession.

Is the type of job you do possible to work from home? If so, maybe you can get your current employer to confirm that you can work remotely (without you disclosing that you are moving to the other end of the country).

Even once you got a new job, they might not immediately give you a mortgage (if your salary is needed for the mortgage) as you will be in probation. That is probably at least one of the reasons why Brendan suggest to rent for one year.
 
It has always been a requirement and would be for any lender, you have to have a permanent job/income to get a mortgage. It's not so much the moving from county to county as obviously someone could live in Kildare county and work in Dublin county, it's all about is it practical to commute to the job/income you are providing for the mortgage. So if you work in Dublin and want to move to Kerry then is it practical that you can keep that job and if not then are you asking a lender to give you a mortgage when you are going to out of a job as soon as you move, that's not logical from a lender point of view.

Now years ago obviously it was seldom possible but with working from home changes it would not be as definitive an answer as it was before so it depends on the job. But basically if you are telling a lender that my income is x and my employer is y and I'm permanent which is all good but I want to move to somewhere which means I can no longer do that job then don't be surprised if they are saying that won't work for them.
 
Brendan Burgess said:
Then he should apply for a mortgage in his own name and your employment status won't matter.

Alternatively, if your salary is needed for the mortgage, you should get a job in the new county and rent there for a year and then apply for a mortgage.

Brendan
Click to expand...
We spoke about the exact same thing last night...seems like a resonable way out of it alright... thank you Brendan.
 
tom1220 said:
It is also likely that they translate 'Freelance' as a less reliable income especially at times of a potential recession.

Is the type of job you do possible to work from home? If so, maybe you can get your current employer to confirm that you can work remotely (without you disclosing that you are moving to the other end of the country).

Even once you got a new job, they might not immediately give you a mortgage (if your salary is needed for the mortgage) as you will be in probation. That is probably at least one of the reasons why Brendan suggest to rent for one year.
Click to expand...
He is a quantity surveyor (senior) and so his income is fine, they didnt not seem to mind that he will be in another county.

Unfortunately in my supervisory position i wont be able to work from home.

We stressed to the mortage advisor how unatainable that criteria was until we actually moved !....How can you possibly settle into a new job before you actually make the move!
Monbretia said:
It has always been a requirement and would be for any lender, you have to have a permanent job/income to get a mortgage. It's not so much the moving from county to county as obviously someone could live in Kildare county and work in Dublin county, it's all about is it practical to commute to the job/income you are providing for the mortgage. So if you work in Dublin and want to move to Kerry then is it practical that you can keep that job and if not then are you asking a lender to give you a mortgage when you are going to out of a job as soon as you move, that's not logical from a lender point of view.

Now years ago obviously it was seldom possible but with working from home changes it would not be as definitive an answer as it was before so it depends on the job. But basically if you are telling a lender that my income is x and my employer is y and I'm permanent which is all good but I want to move to somewhere which means I can no longer do that job then don't be surprised if they are saying that won't work for them.
Click to expand...
Thank you....
 
purplemarker said:
Unfortunately in my supervisory position i wont be able to work from home.
Click to expand...
This is pretty standard treatment. Unless you can get a letter from your employer saying that you can work from the new location, or a readily commutable distance, then your employment won't be considered by underwriters.
But depending on your occupation, and how in demand your qualifications are, they might consider it on an individual case basis.

In your shoes I'd contact a good broker. They have more scope than you to present your case in a cover letter with the application. Just note that AIB do not deal with brokers, so talk directly to one of their mortgage specialists also.

Whilst your husbands income might be enough to get mortgage, the mandatory stress testing might trip you up as you could be treated as a dependent if your income is completely ignored.
 
That sounds like misinformed nonsense to me.
Go down the broker route & good luck with your move & new job.
 
24601 said:
it’s actually the default policy for every bank so not sure what is misinformed about it. It’s a perfectly sensible credit risk control.
Click to expand...
Do they really insist that you are employed in the county in which the mortgaged property is situated? I find that difficult to believe. So I can't live in, say, Carlow, and work in Kilkenny?
 
ClubMan said:
Do they really insist that you are employed in the county in which the mortgaged property is situated? I find that difficult to believe. So I can't live in, say, Carlow, and work in Kilkenny?
Click to expand...
No, you have to live within a realistic commutable distance, or prove you can work remotely. Already addresses at least twice in thread.
 
RedOnion said:
No, you have to live within a realistic commutable distance, or prove you can work remotely. Already addresses at least twice in thread.
Click to expand...
But the original poster never said that the new location wouldn't be a realistic commutable distance from the job as far as I can see.
 
ClubMan said:
But the original poster never said that the new location wouldn't be a realistic commutable distance from the job as far as I can see.
Click to expand...
Nor have they said it is... If it is, they just tell AIB that, and crack on with the application.
All the information the OP needs has been provided at this stage.
 
To avoid confusing other readers, now or in the future, the following, on its own, is presumably not a standard lending condition for Aib and/or other lenders?
purplemarker said:
We were told (AIB) that i need a new job in said county to get the mortage!!!
Click to expand...
 
RedOnion said:
This is pretty standard treatment. Unless you can get a letter from your employer saying that you can work from the new location, or a readily commutable distance, then your employment won't be considered by underwriters.
But depending on your occupation, and how in demand your qualifications are, they might consider it on an individual case basis.

In your shoes I'd contact a good broker. They have more scope than you to present your case in a cover letter with the application. Just note that AIB do not deal with brokers, so talk directly to one of their mortgage specialists also.

Whilst your husbands income might be enough to get mortgage, the mandatory stress testing might trip you up as you could be treated as a dependent if your income is completely ignored.
Click to expand...
Thank you so much Redonion!
 
You must log in or register to reply here.
Back
Top