Had offer, then told bank about furlough...

lovejellybabies

Hi there, I'm wondering if anyone has any words of advice or encouragement! We had a mortgage offer with Nationwide dating back to March. Just recently my husband has been furloughed. We told the bank - which felt like terrible self sabotage but the repurcussions would have been worse if they'd found out! We can still borrow enough on his reduced salary and mine, just - the max they'll lend is £10,000 over what we need. Now we're just waiting to hear if we'll be ok (2 weeks and counting since we told them - they've just asked for a payslip.) Has anyone done similar and do you have any good news to share? This is very stressful! 

csgohan4

sadly no business is going to be working at full capacity due to the current situation, it took 6 weeks just to get my remortgage offer as an example with no history of adverse

anteguardian

If it helps you definitely did the right thing by telling your bank despite it seeming like you’ve sabotaged yourself... as you say it could’ve been so much worse if you didn’t tell them and they found out.

Honesty is always the best policy.

You never know what will happen, my partner and I have put in a mortgage offer recently and I’m furloughed at the moment aswell... our AIP and Mortgage Application have gone through with the Physical Valuation happening today and what happens will happen... I would try not to worry about it (easier said than done I admit), I’m sure there are plenty of people out there this has unfortunately happened to.

I wish you good luck! 

biscotti

One home account im following on IG got a mortgage offer from nationwide off their furloughed income. They’re a couple both furloughed. But i think they needed to raise more than the 5% deposit and they applied for HTB. 

lovejellybabies

anteguardian said:

If it helps you definitely did the right thing by telling your bank despite it seeming like you’ve sabotaged yourself... as you say it could’ve been so much worse if you didn’t tell them and they found out.

I wish you good luck! 

Thanks so much, it really does help to hear it from someone else! 
And I wish you a load of good luck too. Fingers crossed you have an offer in hand very soon. 

lovejellybabies

biscotti said:

One home account im following on IG got a mortgage offer from nationwide off their furloughed income. They’re a couple both furloughed. But i think they needed to raise more than the 5% deposit and they applied for HTB. 

Thanks very much! This is exactly the kind of good news I was after.

lovejellybabies

csgohan4 said:

sadly no business is going to be working at full capacity due to the current situation, it took 6 weeks just to get my remortgage offer as an example with no history of adverse

Oh yes, I'm aware it takes a lot longer - our chain has basically been stalled since March! Strange times. Hope you are all sorted now

ACG

It should not really be taking 2 weeks to assess something.
I would give them a chase. 

lovejellybabies

ACG said:

It should not really be taking 2 weeks to assess something.
I would give them a chase. 

Thanks - that's what I thought. Our broker chased them and they've requested a payslip which we've just provided. Really nervous that they'll have taken against furloughed applicants!

AilieG01

Both my husband and I are both furloughed and we have a mortgage offer subject to valuation with NatWest. We weren’t furloughed at the start of the application and had to tell them which messed the affordability up a bit but after sending payslips etc they were fairly happy. They have to presume this is our new income even though we know it’s not. Ours was a bit of a nightmare as I’m only paid a retainer from my employer and make the rest of my wage up being self employed. I haven’t been self employed long enough for that to be considered so 80% of the retainer is very little!! But we got there and waiting on valuation getting done next week 

lovejellybabies

Update of sorts: they've requested yet more payslips, including from me, and a letter from our employers saying when we're returning to work (I'm on mat leave so they want to know I'm returning at full pay). Ughhh so stressful.