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Applying for a mortgage and had a mortgage holiday

4 replies

Noappointmentnecessary · 09/08/2020 23:42

Is anyone applying for a mortgage and had a mortgage holiday? Were you approved. We just had a 3 month holiday and are back paying it. Made a payment already. We are worried we are not going to be approved. Any advice?

OP posts:
JamMakingWannaBe · 10/08/2020 00:18

What is your new mortgage for - have you come to the end of a fixed rate or are you moving house? Do you need to borrow more?

Have you spoken to your existing mortgage lender or are you going through a broker?

What is your current/future employment situation?

Mortgage lenders look at a range of "risk factors" in making their lending decisions. If nothing else in your personal circumstances has changed there should be no reason why you would not be able to get another mortgage.

user1471427614 · 10/08/2020 00:21

I was in the middle of a remortgage when lockdown happened. In the process of completing now, the lender had a new set of questions about whether holidays had been taken during lockdown and implied that it would be an issuse, this is the main reason I didnt

estatenonestate · 10/08/2020 06:45

We took the holiday and have also been approved for an increased mortgage. It wasn't taken into consideration.

Basillify · 10/08/2020 09:20

I've just had mine approved. We're porting and topping up existing mortgage with additional lending. It flagged up on the lender's system as part of the checks and was put to "another queue" to check financials all add up but it ultimately didn't cause a problem. Broker said they just want comfort you're not on furlough or significantly reduced pay but our bank statements and payslips were enough. It was just a tick box exercise as far as I'm aware and apparently only flagged up because we're staying with the same lender.

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