Mortgage question

worriedhousebuyer

Hi, 

We are using the help to buy to purchase a new build house, reserved back in June. Had lots of delays due to various bits and pieces but currently our advisor is telling us there are only 2 or 3 banks who will lend to us due to furlough (im a keyworker as im a teacher but husband is a restaurant manager and therefore on furlough).

 Eventually last week he informed us that Barclays looked a likely option but unfortunately the initial decision in principle came back declined. Once this was looked into further it was because I had 2 missed payments on my credit file (this happened last year as a complete error after I cancelled a direct debit by mistake after thinking it was something else). This issue was dealt with by Barclays (We are both Barclays customers and have been for 20 years) and the missed payments were quickly resolved.

He has advised us that in this position all he can now do is speak directly to Barclays to explain why there were 2 missed payments and hope that they will reconsider. My main question really is do we have any hope at all? I feel like its unlikely they would look into it further? Is this something banks are in the habit of doing? Am hoping because it has a clear reason, was resolved quickly and our long-standing custom with them will count for something but I just feel very negative about the whole situation. 

I can honestly say I have never experienced stress or anxiety in the way I have this past week, im full of negative thoughts and worries especially as if we do lose this house we will not qualify on the new H2B due to me not being a first time buyer. It feels especially cruel as we have picked options for the house and had a 2nd fix visit last week to view it all, to lose it after being so close is breaking my heart.

Any advice or examples of past experience most welcome.

Thank you for reading.

Thrugelmir

Your broker is best placed to advise you. As will know the detailed circumstances. 

How long is your husbands employer willing to retain him on furlough?  Might be some months yet before there's a lifting of some restrictions.