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Temporary pay cut - remortgaging
MPEARSON
Posts: 26 Forumite
Hello all,
Wondered if anyone here has attempted remortgaging whilst on temporary pay cut, or if any brokers can give some general advice please.
I was furloughed until the middle of July, then came back on 70% pay. I have a letter from my employer saying stating that my new salary is in place until 31st December. The letter doesn't specifically say that I will revert back to full pay on 1st January, but that is what I am expecting.
My fixed rate mortgage is coming to an end on January 1st and my current lender has recently increased rates on product transfers, so would ideally like to remortgage. My reduced salary is not sufficient on all of the affordability calculators I have tried.
Will any lenders consider full pay in this scenario, or will I need to take the hit on SVR for 3 months to get some full pay slips? Or maybe just 1 month on SVR to get a January payslip?
TIA
Wondered if anyone here has attempted remortgaging whilst on temporary pay cut, or if any brokers can give some general advice please.
I was furloughed until the middle of July, then came back on 70% pay. I have a letter from my employer saying stating that my new salary is in place until 31st December. The letter doesn't specifically say that I will revert back to full pay on 1st January, but that is what I am expecting.
My fixed rate mortgage is coming to an end on January 1st and my current lender has recently increased rates on product transfers, so would ideally like to remortgage. My reduced salary is not sufficient on all of the affordability calculators I have tried.
Will any lenders consider full pay in this scenario, or will I need to take the hit on SVR for 3 months to get some full pay slips? Or maybe just 1 month on SVR to get a January payslip?
TIA
0
Comments
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Well if you not happy with the retention deals your current lender is offering then plan B would be to speak to a whole of market mortgage broker.
You have a starting point with the current deals on offer from your existing lender.0
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