20 Jul 2020
Furlough / New job friendly lenders
As we begin to see a return of furloughed workers, many clients are questioning how their income will be viewed.
We are seeing ‘furlough friendly’ lenders positioning themselves as supportive to clients’ situations which is great to see.
These lenders will be accepting letters proving future income, where it is expected to return to their contracted rate and elements of bonus income if previously regular.
On the whole, lenders will accept income from a furloughed employee but will only use the amount they are currently being paid and not that of the pre-COVID figure.
If you have recently moved to a new role, or are planning to, then please note lenders are still supporting you and you do not necessarily need 3 months’ payslips from your new employer.
In many circumstances, we can secure you a mortgage based on your job offer as long it confirms full details of your employment.
Lenders will be looking for an understanding of your job history over the last 18 months – 2 years.