Lenders accepting furlough

singh001

Hi all,
does anyone know of any lenders accepting furlough income for a mortgage application?

K_S

@singh001 There are a few lenders who will consider currently furloughed applicants on a case by case basis. The actual chances depend on a lot of factors - is there a return to work date, LTV, industry, etc etc.

singh001

K_S said:

@singh001 There are a few lenders who will consider currently furloughed applicants on a case by case basis. The actual chances depend on a lot of factors - is there a return to work date, LTV, industry, etc etc.

So we have a LTV of 80% and we are able to get a letter from retail employer stating they will be coming back once government restrictions allow. Are you able to tell me the lendors names?

K_S

@singh001 I hesitate to name lenders as I know nothing about your situation besides the very limited info in your post. Generally speaking, Leeds is one that *may* consider up to 80% LTV case applicants currently on furlough on a case by case basis and take income up to 24k pa. No guarantee that they will accept your specific case though, it's all dependent on the specifics.

[Deleted User]

Barclays is another who will look at a case even without a return to work date but without knowing your full circumstances its impossible to know what lender would be best

singh001

Thanks, i am going to contact both today, my MA seems clueless as he is saying no lendor will accept furlough income

K_S

singh001 said:

Thanks, i am going to contact both today, my MA seems clueless as he is saying no lendor will accept furlough income

@singh001 Tbf, your broker knows more about your case than we do so it might be that it does not fit with the few lenders who may consider furlough income. But if they said or indicated that 'no lender accepts furlough income', that is incorrect. Hope it works out, good luck!

[Deleted User]

You could try Platform (The co-op)

K_S

DeletedUser said:

You could try Platform (The co-op)

@DeletedUser Have they changed their policy recently? Last I checked (a few weeks ago) Platform's policy was to not consider an application from applicants who are on furlough leave.

cosh25

After speaking to a broker today, they pretty much said Barclays were the only mainstream lender taking furlough into account, but they would look at things such as the sector your in etc. Although I am no longer furloughed and been back to work 2 weeks it was decided I would just have to wait until Feb when I have a wage slip showing a full months wage.

singh001

I have an appointment with Barclays on Thursday to complete an application. My other half works in retail so a bit nervous now. Our case is very straight forward. Both FTB, 75% LTV, good credit history, no missed payments ,both employed ,no dependencies, no loans. Literally the only direct debit we have is our phone bills. Have a feeling it might be bad news now due to the fact she works in retail.