Furlough mortgage applications

News 13.08.2020

hofford

Need a mortgage and wondering if lenders are accepting furlough mortgage applications? Read the latest updates from our experts here.

With the government’s Coronavirus Job Retention Scheme ending in October and other financial support due to finish soon after, mortgage lenders are taking a mixed view to furlough mortgage applications. As there is no guarantee that furloughed workers will be able to return to their jobs once the government’s relief ends, the risk this poses to mortgage lenders greatly increases.

Some lenders are refusing to accept furlough mortgage applications from applicants whose salaries have not been topped up by their employer, whilst others are requesting written confirmation stating when they will be returning to work. If an applicant has not received any contribution from their employer towards their salary, many lenders are also only using the 80% contribution they have received from the government in their affordability assessments.

Due to the limited number of mortgage products available to applicants who are currently on furlough, getting a mortgage can be slightly more complicated. But it is certainly possible with our help. As independent mortgage advisors we have access to thousands of products from the UK’s high street and specialist mortgage lenders and are well informed on all the latest product and criteria changes.

If you are worried about your chances of applying for a mortgage whilst on furlough and would like some advice on your options, then get in touch and speak to one of our friendly advisers today. Our advice is free after all!