Help to buy mortgage and flexible furlough

emilymg

Hi there,

I am looking for some advices please.

In February  me and my partner got an offer accepted on a help to buy flat in London. A month later we got our help to buy application  accepted and the authority to proceed. Then the pandemic struck and me and my partner have been furloughed so our broker had to stop our mortgage application.

We both came back to work on the 4th of July, my partner with a full payslip straight away working full time every week and myself working less hours than normal but with a top up from the furlough at the end of the month.

Our broker requested our two last payslips and she said that speaking with different banks they wouldn’t offer us a mortgage because there is still a furlough top un on our payslips.

Bear in mind that my partner takes a salary of around 3000£ before tax but in the last payslips they paid him a furlough hours of 256£ despite working full time 50 hours every week!

Do you think this furlough top up on our payslips could prevent a lender to issue us a mortgage offer? Our company is strong and will be opening two new branches in london in the next months and we have been working for them for a long time.

Also I have heard many people obtaining mortgage while on furlough so honestly I don’t know if I should trust this broker because it is just being to long and every time seems that something new is coming up to delay the whole process...me and my partner also have an excellent credit score.

Also our broker asked me at the beginning of the pandemic to write to the help to buy authority to ask if they could give us an extension of the authority to proceed because of the pandemic. They said that the authority to proceed would be automatically extended at the authority to exchange stage once they have all the documents from the sollicitor.

Now my broker is asking me again to write to them to double check that we will not have to submit a new application to the help to buy agent despite having them writing me on email that the extension will be automatic. Anyone have any experience with this matter? Our help to buy was approved at the end of march.

Thank you so much for your kind help and advice.

emilymg

Hi everyone.
I just wanted to give a few updates and ask for some advice.

Following my previous post, me and my partner finally submitted a full mortgage application with Santander the 7th of October.
Our broker let us know on the 13th that our mortgage had been accepted, subject to valuation.
The valuation is booked for October 26th.
Since the valuation is some time away, in the meantime should we contact Help to Buy to provide us with an update Authority to proceed? When we contacted them to ask for an extension of the above authority they said it will be automatically extended at the authority to exchange stage, once they have all the documents from the solicitors.
But what exactly does it means? Anybody in the same situation?

Thank you kindly and have a nice weekend.