Mortgage whilst furloughed

cosh25

Has anyone had any recent experiences of going through the mortgage process whilst on Furlough? I returned to work back in June and started the process with Halifax as a sole FTB buyer and a 15% deposit, back in October. I then found out I was being furloughed again for the lockdown until 2/12 so Halifax withdrew their mortgage offer and I had to pull out of the house I wanted. The housing market where I’m buying (north east) is very cheap, but houses are selling within a couple of days within my price range. I’m just wondering if I should wait until things are back to some normality.

dimbo61

Well it looks like you will have to wait.
The only thing you can keep doing is save save save and make sure you pay on your bills on time, don't take on new credit or apply for loans, credit cards or even new mobile contract.

tervozina

We are in a similar situation with NatWest. But the application is not cancelled yet. BDM told us to wait till 2nd December in case if they revise their position regarding furloughed income at least for those who already submitted their application. So our offer is on hold for now. We also send an email to CEO asking for assistance in this matter. I feel like it is unfair for those who already submitted their application and got an offer. 

cosh25

tervozina said:

We are in a similar situation with NatWest. But the application is not cancelled yet. BDM told us to wait till 2nd December in case if they revise their position regarding furloughed income at least for those who already submitted their application. So our offer is on hold for now. We also send an email to CEO asking for assistance in this matter. I feel like it is unfair for those who already submitted their application and got an offer. 

I completely agree, but I guess I also understand the banks treading carefully. I’m glad Natwest have been a bit more understanding than Halifax were with me.

Fingers crossed you can get something arranged and proceed - good luck! 😊

MWT

tervozina said:

I feel like it is unfair for those who already submitted their application and got an offer. 

Unfortunately there is no concept of 'fair' involved, it is just about risk, so hard as it is, don't take it personally.

Good that you are on hold though rather than cancelled.

[Deleted User]

Have you considered getting using a broker? 
You've used a major high street bank who are not sympathetic to those on furlough. 
A broker has access to smaller banks and buildings societies which may allow you to put in an application on your full time salary, if you are furloughed, but have a return to work date from your employer.  


Edit: There's also a difference between application and offer. Did you receive the formal offer in the post? 

tervozina

DeletedUser said:

Have you considered getting using a broker? 
You've used a major high street bank who are not sympathetic to those on furlough. 
A broker has access to smaller banks and buildings societies which may allow you to put in an application on your full time salary, if you are furloughed, but have a return to work date from your employer.  


Edit: There's also a difference between application and offer. Did you receive the formal offer in the post? 

We are using a broker. 

Yes, we received an offer, only via emai though. NatWest said they are not sending them via post now unless you request it.