Odds of mortgage with maternity leave and furlough?

coffeeandbiscuits

I appreciate that mortgages at the moment are changing very quickly, but if anyone had any advice then it would be much appreciated. 
I am 1 month into my maternity leave. I'm due to be off for 9 months, and I will be going back to the same hours. I am an NHS nurse, and my job should be secure. When I return to work family members have very kindly offered to look after our child. 
My husband has been furloughed since March, and is still on furlough now. He has been on 93% wage. 
We are currently with Nationwide and were hoping to buy a new house and port our mortgage. Has anyone recently received a mortgage offer from them in similar circumstances, and what percentages of wages were taken? We would have approx. 50-60% LTV (I'm not sure if that impacts anything).

lovejellybabies

Hi there! I actually made an account so I could reply to you - our situation is uncannily similar, except we're further along in the process than you by the sounds of things. I'm on mat leave, we're with nationwide and we're porting an existing mortgage/borrowing more. My husband has been furloughed since we received our mortgage offer in March (stupid virus!!) so we're just waiting to hear back from nationwide that we can still borrow what we need. Shouldn't be a problem as we're around 80% LTV and can borrow more than we need on reduced salary. Anyway, our broker advised that they would assess you on the salary your partner is receiving now for the furlough - he may need to provide a letter from his company explaining how long the extra 13% will last for - and for the mat leave they'll just go by what you were earning before. We didn't have to provide any evidence of return to work plans for me. Hope that helps! Feel free to ask any questions...

coffeeandbiscuits

lovejellybabies said:

Hi there! I actually made an account so I could reply to you - our situation is uncannily similar, except we're further along in the process than you by the sounds of things. I'm on mat leave, we're with nationwide and we're porting an existing mortgage/borrowing more. My husband has been furloughed since we received our mortgage offer in March (stupid virus!!) so we're just waiting to hear back from nationwide that we can still borrow what we need. Shouldn't be a problem as we're around 80% LTV and can borrow more than we need on reduced salary. Anyway, our broker advised that they would assess you on the salary your partner is receiving now for the furlough - he may need to provide a letter from his company explaining how long the extra 13% will last for - and for the mat leave they'll just go by what you were earning before. We didn't have to provide any evidence of return to work plans for me. Hope that helps! Feel free to ask any questions...

Thank you so much for this, I feel so relieved! Now to finish getting the house ready to (hopefully!) sell! Good luck with your house sale

lovejellybabies

You're very welcome! Glad I could help. Good luck with yours too I should add that Nationwide have been great, really efficient and communicative. I've been reading so many horror stories on here about other banks!

Thrugelmir

Any indication as to when the furlough period may end? 

Affordability will be the major consideration. LTV in itself means little.