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Remortgage on Furlough
Ducklingrm
Posts: 5 Forumite
Hi All,
Our 2 year fix is coming to an end at the end of September, we are now in a 75% LTV bracket.
Our mortgage broker has told us that no lenders will look at us with furlough/JRS on any payslips, and has recommended that we will need to stick with our current provider for a new fix.
Our 2 year fix is coming to an end at the end of September, we are now in a 75% LTV bracket.
Our mortgage broker has told us that no lenders will look at us with furlough/JRS on any payslips, and has recommended that we will need to stick with our current provider for a new fix.
I’m back to work just not at full capacity (airline), and the company has us flexibly furloughed to try and maximise the help it can receive from the government.
I’m just wondering whether we are out of options at the moment or whether it was worth searching for a second opinion on this?
Thank you 👍
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Comments
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@ducklingrm With the furlough scheme coming to an end on 30 September, your broker's advice looks to be sound. This is not to say that no lender will consider your case while on furlough (as that will depend on the specifics) but on the whole it may be best to stick to a product switch and stay with the current lender.Ducklingrm said:Hi All,
Our 2 year fix is coming to an end at the end of September, we are now in a 75% LTV bracket.
Our mortgage broker has told us that no lenders will look at us with furlough/JRS on any payslips, and has recommended that we will need to stick with our current provider for a new fix.I’m back to work just not at full capacity (airline), and the company has us flexibly furloughed to try and maximise the help it can receive from the government.I’m just wondering whether we are out of options at the moment or whether it was worth searching for a second opinion on this?Thank you 👍
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Thanks for the reply @K_S
We were just a bit reluctant as the difference in monthly payments was in the region of £150 between sticking or switching.I guess we’ll continue with our current provider and chalk it up to experience.0 -
Look at the options your current lender has for you at renewal, there may be something like a tracker with no ERC that might work for you if you just need something other than the SVR for a few months to get past the current situation then remortgage elsewhere...2
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MWT great suggestion, I’ll have a look into this.0
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