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Mortgage with reduced PT self employed income
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TheProfessional
Posts: 264 Forumite


Hi all,
We are looking at moving home and need to acquire a larger mortgage as it is an upsize.
My wife was on mat until August and then her work said she may as well stay on furlough for a while as well as she wasn't strictly needed back due to enough staff for now. They are happy to give her a letter with full salary and a start date.
I am PAYE for 4 days and I usually work PT long term for my 5th day. COVID has stopped the PT work temporarily but I can go back into this however this won't appear in my account for a few months.
We really need our full combined salaries and we are booked in to talk to a broker in a couple of days
We are looking at approx 70% LTV
Put my mind at ease, will we have problems?
We are looking at moving home and need to acquire a larger mortgage as it is an upsize.
My wife was on mat until August and then her work said she may as well stay on furlough for a while as well as she wasn't strictly needed back due to enough staff for now. They are happy to give her a letter with full salary and a start date.
I am PAYE for 4 days and I usually work PT long term for my 5th day. COVID has stopped the PT work temporarily but I can go back into this however this won't appear in my account for a few months.
We really need our full combined salaries and we are booked in to talk to a broker in a couple of days
We are looking at approx 70% LTV
Put my mind at ease, will we have problems?
0
Comments
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A lot of lenders are not viewing furlough pay as income at the moment. You cannot be given a letter stating full salary as she is on furlough and you have to tell the lender that.1
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Perhaps wait for a few weeks until the future has certainty. Mortgage companies aren't keen where applicants are currently on furlough. The end of October is a cliff edge for many employees I fear.1
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Oh yes we would be upfront about the situation. The letter would just say usual full salary and expected start date. The broker knows she is furloughing. The other thing is my wife has lots of holiday to use up by the end of the calendar year so could ask to come off furlough and use her holiday instead which would reinstate her at full pay.
In an ideal world we would wait a bit but the houses in the area are going like hotcakes (offered on two and lost out) and they sell after first viewings.
Really want to grab this house!0
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