Furlough, mortgage and credit rating info

exiledinwb

Hi, I have just been put on flexible furlough by my employer who is then making my salary up to my contracted pay and they have committed to doing so until the end of March when furlough ends. The furlough pay has appeared on my payslip as has the additional to make up my normal total pay. I am just about to complete a house purchase in the next two weeks - is there any risk that the appearance of furlough pay on my payslip could compromise my mortgage or affect my credit rating?

Thanks

MattMattMattUK

exiledinwb said:

is there any risk that the appearance of furlough pay on my payslip could compromise my mortgage

Yes, it could result in the lender retracting the mortgage offer.

exiledinwb said:

affect my credit rating?

No, your credit rating is a number made up entirely for marketing purposes, lenders only see your credit report/file, flexible furlough will not appear on that.

Grumpy_chap

exiledinwb said:

I am just about to complete a house purchase in the next two weeks

If you are due to complete in a couple of weeks, I assume you have already exchanged and the mortgage is all in place.  

exiledinwb said:

is there any risk that the appearance of furlough pay on my payslip could compromise my mortgage or affect my credit rating?

It could do.  Could do is not the same as will do.  Do you even know that your mortgage company is going to ask for the November payslip, or other evidence of income?  If the mortgage was all in place anyway and completion is in a couple of week, everything might just proceed all hunky-dory.  One would hope that the mortgage company would look a bit deeper at the type of employer and the type of job you do and assess the resilience beyond simply furlough / no furlough.