Mortgage Application - Furloughed

Abenson1234

We are in the process of buying build and are not long off exchange of contracts. We have been approved for a mortgage but my wife has been furloughed to 80% because of corona virus. Does anyone have opinions as to whether the bank will not pull our mortgage? 

mwarby

It may depend on whether you have an agreement in principle, or whether you have an approved full application for that property

If just an agreement in principle, I expect the mortgage company will re-evaluate the application and wether its still affordable. It may also depend on how stable your job is\was in normal circumstances

If it's a full approved application its likely that you'll be fine

Abenson1234

It is a full application which has been approved, we have had a valuation the only stage left is release of money. 

selina2000

Discuss with your lender, as you are required to do before the money is released, should your income change than that at point of application.

gj373

Are you selling as well? If not withdraw from purchase if not yet exchanged and buy again later once wife back at work and house prices have tanked

Abenson1234

Yes buying and selling