Mortgages in the time of Covid

[Hangingover]

Hello

I'm currently abroad having left my last job about two weeks before the Covid crisis really blew up. When we come back to the UK in a month or two, I wanted to buy a little rental property with savings I've set aside for that purpose. However, given the industry I worked in has been absolutely decimated by Covid the odds of me getting a job at anywhere near my previous salary level is pretty much nil. I think I'll be scrambling around for anything I can get for a good few months. Is anyone currently unemployed but in the process of applying for a mortgage and have you been given any advice? Or anyone been turned down because of it? I've been looking on Google but struggling to find up to date info.

Ty in advance!

My sister is currently trying to buy (first time), she’s been furloughed but is back to work full time in a week. Her mortgage broker has said they want to see payslips showing eight weeks back on full pre-furlough salary before they will proceed. She’s got a 15% deposit saved - I don’t know if the same would apply if you had a bigger deposit or were buying to let.

I’m sorry about the job situation - a lot of my family are in hard hit sectors, it really sucks.

Crikey, that sounds tough!

I've got 25% and the rent on the property would cover the mortgage but I suppose if you've no job they assume you'll default of the tenants stop paying - especially since landlords insurance for non-payment by tenants doesn't seem to be a thing now because of Covid. I hope it goes well for your DSis.

We're applying for a mortgage right now, I've been back off furlough for a month but don't yet have a payslip to prove it so they are jumpy. We've got almost 50% deposit so I'm hoping when I finally get a payslip in 2 weeks time we should be OK.

It's always been the case that you need to have a job or other proven sources of income to get a mortgage, I think you'll struggle unless you get a job. You coulf invest the 25% in a much smaller property, into a fund or you might just have to wait until you get a job.