Furloughed - Can I get a mortgage?

gab3x

Furloughed until end of September. Can I get mortgage offer on my pre-furlough income and if so with which bank and what would I need from my employer?

I would have high LTV 60/40 and impeccable credit rating.

csgohan4

use the affordability calculators on lenders websites, otherwise a good broker should be able to match you to a lender. 

gab3x

csgohan4 said:

use the affordability calculators on lenders websites, otherwise a good broker should be able to match you to a lender. 

Thanks - I know what my affordability is but my question was more if lenders are willing to lend on pre-furlough income 

csgohan4

gab3x said:

csgohan4 said:

use the affordability calculators on lenders websites, otherwise a good broker should be able to match you to a lender. 

Thanks - I know what my affordability is but my question was more if lenders are willing to lend on pre-furlough income 

depends, generally lenders go on the now and not on the if, some may accept employers letters confirming you will be back to 100%, but will be lender dependent which is why you need a broker. 

Some of the brokers on here may be able to shed some light as well

sharpe106

A broker might be able to help you I doubt many lenders would lend on your old salary as you may not be going back to work in September.

Thrugelmir

gab3x said:

csgohan4 said:

use the affordability calculators on lenders websites, otherwise a good broker should be able to match you to a lender. 

Thanks - I know what my affordability is but my question was more if lenders are willing to lend on pre-furlough income 

Lenders will obviously be concerned that you will not return to work with your current employer. September is a little time away yet. Every week will reduce the chances of your employer operating at the same level as pre lock down. Tough decisions lie ahead. 

jamielutz1987

@gab3x If you can get a letter from the employer which specifies a return to work date and confirmation that you will be back on full salary, a broker may be able to place you with a lender that will consider 100% of your income for affordability purposes.

Understandably, given the current circumstances, employers may be reluctant to put their name to such a letter (mine refused) in which case you are stuck with your income during furlough.

gab3x

jamielutz1987 said:

@gab3x If you can get a letter from the employer which specifies a return to work date and confirmation that you will be back on full salary, a broker may be able to place you with a lender that will consider 100% of your income for affordability purposes.

Understandably, given the current circumstances, employers may be reluctant to put their name to such a letter (mine refused) in which case you are stuck with your income during furlough.

I called my broker they said this cannot be done, do you have a broker to recommend?

jamielutz1987

@gab3x

If that's what your broker has said after looking at the whole picture, then unfortunately you might not have any options. 

If you want to get a second opinion tomorrow morning, in your place I'd check with a broker on the Habito website, just make sure you pick "offer has been accepted" for any questions about which stage you are at.