Furlough after Mortgage Offer

Madders99

 

K_S

@madders99 Sorry to hear this. You are expected to let your lender/broker know of this development. That will most likely trigger a reassessment based on the lender's policy towards furlough. That could end in no change, a lower borrowing figure or the offer being withdrawn - it'll depend on the specifics.

Does you wife have a return to work date at all? And who's the lender? You could try out your lender's affordability calculator with just your sole income to see if it'll still meet your borrowing needs.

In any case, if you haven't exchanged yet you should consider whether it would be prudent to do so at this point. And also check with your solicitor as to whether the contract contains a covid clause.

MovingForwards

If it's still Kensington they don't accept furlough:
https://www.kensingtonmortgages.co.uk/intermediaries/lending-policy-search-tool

Check affordability based on your salary alone as per K_S' suggestion.

Madders99

I think I deleted my post somehow! For those who hadn’t read it it was simply a question of what to do with regards to the title!

My wife is now back at work and we are due to complete next week. We are exchanging and completing on the same day. The solicitor will be requesting funds  this week I’d guess. Will the lenders require any payslips etc before sending the monies over? Obviously there is now no change to our circumstances but her January pay slip could show the furlough pay. 

I’m hoping it’s me just worrying as we are so close to completing on our dream forever home!!