Furlough Mortgage

iced_blue

Hi!

My partner and I put our house on the market last year when we were both working, since then we kept our house on the market, it has now sold and we've found the house we've been dreaming about for many many years. 

Just after our house sold my partner got placed back on Furlough, whilst I have been working after a 2 month furlough break before summer last year. 

We have been working with a broker who suggested santander as a provider.

Since then the company my partner works for will only write a letter with caveats around when she may return and whether it will be full time (contracted) or part time(likely under the flexible furlough scheme but not confirmed) as her role is within the travel industry. 

Our new mortgage would only be approx £100 more per month than our previous, however her income would need to be taken into account for affordability based on the Furlough salary. Would the caveats on the letter cause us huge problems or would a lender look past these as standard business risks?

We have been saving throughout the last year and not taken any payment holidays on any mortgages, loans or credit cards etc... 

The LTV would be 75%, but we could reduce this down by 5-10% if there are any other providers who would look favourably on this as we were planning on doing some work on the property which we could delay. 

I've seen barclays mentioned on this forum along with others, however as the market seems to change by the hour currently is there anything we're missing or any advice which we could use to secure a mortgage? 

TIA

K_S

@iced_blue As your broker has indicated, there are only a couple of lenders who will consider income of applicants on furlough without a return date. It's a fairly standard question that comes frequently and I'm sure the broker will know what options are there for your case, if any.