Getting a Mortgage on furlough- finding a deal or get a broker

sugarrush

Hello, I wonder if you can help

My self and my wife went through the mortgage process and got our mortgage in principle, then Halifax said no because one of us is on Furlough. i've been with my company since 2007 and they have topped up my remaining 20% with out issue since it all started.  my jobs not under threat either.
We are currently under offer on our property and will move out to sell chain free, we found a new house and we had an offer excepted and we have a 25% deposit.
now a little scared as I currently can not get a Mortgage,

do I look at different lenders or get a broker, very unsure of the best way to go.

thanks  

singh001

Hi,
I was in the same situation with you and was frantically worrying about getting a mortgage as every lender I was going to was not accepting furlough income. Eventually we was recommended Barclays by someone on this forum. We applied with them and from application to mortgage offer was 3 days. As my partner was only receiving 80% they only took that into account and not her full salary on how much they could lend us. But i do believe they mentioned if the employer was topping it up then they would take 100% into account.

sugarrush

thanks for that, ill try them, my wife banks with them as well.

Owleyes00

My brother had the same issue last year, they would offer the mortgage but only at 80% of salary (this was HSBC). It would be worth talking to your mortgage offer provider and then to a broker if it is bad news as there will probably be someone out there who can help you 

sugarrush

sorry should I explained better

I am on furlough, work is topping up my wage to 100%, been like this since the beginning. wife is still employed full time.
we have 170k for the deposit on a £677500

sugarrush

combined wage of 107k

K_S

@suggarrush Even with no return to work date, Barclays may consider 100% of what you are currently getting during furlough. Generally speaking, based on the limited info in your post, it's usually either Barclays or bust if you're on furlough and with no rtw date.

I don't know how long Barclays currently makes direct clients wait for an appointment, but if there's no particular hurry then it's probably the same going direct or through a broker. If you are in a hurry and need an app to go in this week, at that level of borrowing, you may be able to find decent brokers to take your case on without a fee or with a nominal fee.