One furloughed, one fixed-term contract, can we still get a mortgage?

journosam

Are any particular lenders more 'furlough friendly' than others?

K_S

journosam said:

Are any particular lenders more 'furlough friendly' than others?

@journosam Yes, there are. Some lenders will not consider anyone on furlough, some will consider but only on furlough income levels, some will consider rtw salary if there is a fixed return date (or you've restarted) and letter from employer, some will only consider if you've rejoined and have a payslip to evidence that, etc.

Unfortunately, as a broker I can't name lenders as that could be construed as advice based on little to no information.

[Deleted User]

Furlough is only 1 piece of your puzzle.  There are lenders who are good for furlough with return date but they dont do shared ownership, or they dont do fixed contracts with less then 6 months left, or they aren't taking anything apart from basic salary at the moment

You need someone to have all of your details and then find you a lender appropriate for you at this time

journosam

Through some careful negotiating I've managed to persuade my employer to un-furlough me and my partner has a letter from hers to say it's highly likely they'll renew her contract when it expires at the end of March. Hopefully this may make things possible as we've just had the offer on the house accepted. 

One more question, would having a guarantor on the mortgage be an option? 

MWT

Time to get a broker on your case, this isn't one to attempt to navigate on your own.

'Highly likely' still isn't a guarantee and yes a guarantor can work in some cases, but as Deleted_User said, you need someone to blend all the pieces together to find a lender that will accrept all the parts of your case together as taken one at a time there are of course lenders that will accept each piece individually but that still doesn't help you get a mortgage...

K_S

journosam said:

Through some careful negotiating I've managed to persuade my employer to un-furlough me and my partner has a letter from hers to say it's highly likely they'll renew her contract when it expires at the end of March. Hopefully this may make things possible as we've just had the offer on the house accepted. 
One more question, would having a guarantor on the mortgage be an option? 

@journosam Tbh, guarantors are likely to further shrink the small pool of potential lenders and come with LTV cielings. And with an SO mortgage in the mix, I can't think of any lenders who would accept guarantors on SO products.