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Mortgage options on furlough
impatient2020
Posts: 39 Forumite
hi all.
We had a mortgage approved pre Covid, but unfortunately the house we were buying fell through 3 times. Wasn’t meant to be!
I have been on furlough since May and work in travel (not great!) husband is self employed and been unaffected through Covid.
I was due back to work on 2nd Nov however the announcement that weekend pulled my return to work and I was put back on furlough until March.
Halifax have told me the mortgage offer is now on hold until I get a pay slip that doesn’t say furlough on it, husbands income wouldn’t get us much past a 1 bed flat in south east (need at least 2 bed house with parking).
Looks like we will miss the stamp duty holiday, plus the lower interest rate we had on the offer, currently we are at the in laws inbetween houses so kinda desperate to move.
a broker has said the only option is to look into a guarantor mortgage with my retired parents. Has anyone done one of these? I am a little worried as the 25% deposit we have is all my money but I would be pushed out of the mortgage (feel free to correct me!) any other advice on who could possibly still offer a mortgage in my situation? We have no dependents and no credit card debt. We were looking to buy at £385k but obviously happy to drop that amount.
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Comments
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I think your house hunt and mortgage is on hold till you get back to work.
🙏 the Covid 19 vaccine works0 -
sounds like best to wait “until all goes back to normal”? Buying at all will not be based on full facts at present.Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0 -
What's the likelihood of being back in employment come the end of March? Furlough scheme isn't going to support people indefinately.0
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Yep, looks like after 3 brokers all said my industry is my red flag we have no option but to hold off.Fingers crossed this vaccine is the light at the end of the tunnel and we can all start getting back on with our lives.Hopefully see you all back here in 6-12months!0
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Find a job in a different industry? You are allowed under the furlough scheme...0
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Yeah I am applying for jobs but not looking too hopeful. Worst case scenario we just got to wait it out.penners324 said:Find a job in a different industry? You are allowed under the furlough scheme...0
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