A Question of Furlough
It goes without saying that the whole of the UK has been impacted by the Covid-19 pandemic and with millions of workers furloughed during the past 15 months or so, many want to know if they can still obtain a mortgage after returning to work.
The short answer is yes, but it’s really important that you get some expert mortgage advice and discover how this will impact your chances…
Each lender assesses furloughed applicants differently depending on your circumstances and it’s my job to try and help steer you through the maze to get the right deal for you.
The good news if you’re an employee is that if you’ve now returned to work then you have every chance of obtaining a mortgage. The lenders will still take into consideration the industry you work in to ensure your role is not under immediate threat of redundancy but as soon as you’ve got at least one month payslip that doesn’t mention furlough, you should be good to go.
The ‘not so good’ news for the self-employed is that almost en masse, lenders have taken a ‘risk averse’ position and it could be a challenge to get what you’re looking for in an ideal world. However, again, because everyone’s situation is slightly different, you may well be in a fortunate position, so get in touch and let’s have a chat.
One final thing on the self-employed, if you’ve taken a Self-Employed Income Support Scheme grant, please let me know when we speak, because that’s something else that lenders are looking at more closely now.
As always, applications will be subject to the usual underwriting which includes a credit check, affordability assessment and mortgage valuation.
So, in overall terms some lenders are more challenging than others and if you want to find out your chances of getting a mortgage or remortgage, just get in touch.
I hope that helps and look, if there’s anything else you feel I might be able to help with, just give me a call on 01983 875151.
Kind regards David