Mortgage offer and furloughed

mard3010

Hi,
I was wondering if being furloughed would affect the offer before completion . I have got an offer but furlough has mentioned at work (hasn't happened yet) and completion date it's beginning of June. So would it the offer being withdrawn if one of the applicants is on furloughed? The company will top up with the 20% so salary will be the same.
Cheers 

JustJane101

Tbh, If it does happen, I would speak to the mortgage provider and let them know. Also, if it does happen, get a written confirmation from the employer stating that you'll get the 80% from Govt and 20% from them. If you don't declare it, it may cause them to withdraw the offer.

mard3010

JustJane101 said:

Tbh, If it does happen, I would speak to the mortgage provider and let them know. Also, if it does happen, get a written confirmation from the employer stating that you'll get the 80% from Govt and 20% from them. If you don't declare it, it may cause them to withdraw the offer.

Yes I know I have to tell them and I will. I just want to know if in case that happens what will be their position? It just worries me a lot. 

Thrugelmir

You've time yet to see how matters unfold. As much as worrying about the lender. You need to think about yourselves very carefully. 

MovingForwards

Nationwide put something up on their site about the 80% being used as the income.

It may be worth having a look on your lenders site to see if they mention it.

mard3010

mard3010 said:

JustJane101 said:

Tbh, If it does happen, I would speak to the mortgage provider and let them know. Also, if it does happen, get a written confirmation from the employer stating that you'll get the 80% from Govt and 20% from them. If you don't declare it, it may cause them to withdraw the offer.

Yes I know I have to tell them and I will. I just want to know if in case that happens what will be their position? It just worries me a lot. 

Thanks. We are renting and it will be almost the same than the mortgage. And we need to move as the house is not big enough at the moment. Thanks  

Thrugelmir

mard3010 said:

mard3010 said:

JustJane101 said:

Tbh, If it does happen, I would speak to the mortgage provider and let them know. Also, if it does happen, get a written confirmation from the employer stating that you'll get the 80% from Govt and 20% from them. If you don't declare it, it may cause them to withdraw the offer.

Yes I know I have to tell them and I will. I just want to know if in case that happens what will be their position? It just worries me a lot. 

Thanks. We are renting and it will be almost the same than the mortgage. And we need to move as the house is not big enough at the moment. Thanks  

With ownership comes other costs. Houses are like cars. Over time maintenance increases.