Furlough – what does this mean for your mortgage?

Furlough – what does this mean for your mortgage?

15:20 PM, 14th September 2021, About 3 years ago

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The government job retention scheme, better known as furlough, is due to end 30th September 2021. Whether you are in the bar and restaurant industry, travel, leisure or events, your industries have been hit hard by the pandemic. If you have been furloughed, what does this mean for your mortgage?

Lenders want to reduce any risk they may have to lend to you. They are not just looking at the here and now, they are looking at the future. A lot of lenders fear furlough is supporting the job market and there could be large unemployment once this ends. Hence, why they are being particularly cautious at this time. The longer you haven’t been furloughed, the better. However, if you are about to come off of furlough, there are lenders that will still consider your case.

The number of deals available to you will be based on a number of different factors:

  • How long have you been furloughed for?
  • What is the loan to value of the property?
  • What is your income?
  • If you have any debts, what are they and how much?
  • What is your credit history?
  • How long have you been in your current job?
  • What does the future look like for your job?

HD Consultants will review every enquiry on a case by case basis. We thrive on the quirky and unusual cases and have relationships with lenders who don’t underwrite based on filling out a computerised form, they underwrite to personal circumstances.

Whether you are a first-time buyer, or looking to remortgage, contact me today and let me help you.

Contact Howard Reuben

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