If you’ve seen or read the news recently , you’ll see that many potential homeowners are missing out on obtaining a mortgage because of being on furlough, just coming off furlough, or being self employed and having taken a SEISS grant.
The unfortunate reality is that it IS more difficult to place such a person with a mortgage provider, even if they do have a deposit saved up.
However, all is not lost!
Hiten Ganatra, Managing Director of Milton Keynes based mortgage brokers Visionary Finance, says “To secure a mortgage whilst still being on furlough is possible. We have helped several buyers get their mortgage through even though they have been furloughed. “
He continues “The advantage of having access to over 60 different lenders means that there are going to be options available to almost all buyer circumstances “
His advice to furloughed or SEISS receiving mortgage seekers is:
- Speak to an independent mortgage adviser who will be able to explore lending options from a number of banks and lenders.
- Look to obtain a return-to-work letter from your employer which will help provide the proposed lender with confidence that you will be in work beyond the furlough scheme.
- Any outstanding credit commitments should ideally be cleared to ensure you can maximize your borrowing affordability.
- If you are looking to return to work imminently wait for a full month’s pay slip without furlough income as this will help to open up lending options as well as maximizing your borrowing amount.
If you need more advice, or for press enquiries, please contact Hiten on [email protected] or 01908 465100
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