Retail/Food Industry

Carl2510

Morning,

would you now say that banks would now consider people working in the food industry, supermarkets etc? Are now probably the safest profession considering the outbreak, because before all this working in retail was not safe, your hours could be reduced at any time to be in line with customer habits, I hear banks will not be more strict on lending so would it now go in the favour of the retail sector for lending?

davidmcn

I doubt anybody's going to be considered "safer" than they were originally. Also depends what you mean by "food industry" as it's only really supermarkets which are operating normally - if suppliers also rely on restaurants, hotels, schools, airlines etc then they may be struggling.

Carl2510

I suppose I mean like the food factory’s and the supermarkets then not the pubs or restaurants. 

davidmcn

Carl2510 said:

I suppose I mean like the food factory’s and the supermarkets then not the pubs or restaurants. 

Yes, but many of those suppliers aren't solely supplying supermarkets. And I expect the product range is skewed a bit at the moment too (how many people are buying pre-made sandwiches etc at lunchtime?).

[Deleted User]

They really dont have the time or inclination to seperate people out like that.  Someones job could change a week after they move in so it would be pointless. 

Either they see you as a good credit risk or they dont.   They will look at your credit history and your income/expenditure. 

I alot of lenders have dropped anything apart from basic salary, they dont distinguish between what jobs are done to see if overtime is likely to continue. That would be too labour intensive when they are not making much money on a mortgage as it is

I have a friend who was let go from Tesco this week.  Nothing is guaranteed

ACG

Lenders would always consider retail workers. We have plenty of customers who work for Tesco/Sainsburys etc. 

You may find you can get a larger mortgage now if you find a lender who averages out your last 3 months payslips and your hours have increased, but you also need to weigh up that a mortgage is for 20-30 years and if your hours were lower pre corona, chances are they will drop next year back in line with what they previously were, so you have to consider affordability in the long term. 

Carl2510

I currently work in a food factory, and no signs of any job losses, we have been given hazard pay for 12 weeks, fingers crossed they just keep it at the new rate but we shall see.