Coronavirus & new mortgage

[zoidforth]

Just wondering if anyone ha me any idea how mortgage providers may to about lending for mortgages once property starts moving again? Will they still be asking for three months wage slips? Will they be asking for three months wage slips from before lockdown?

Probably a longer period of wage slips but still include the most recent 3 months. Also bank transactions for same period. Who knows, they may just keep the same requirements in place!

3 months but stricter lending criteria will no longer take overtime, bonuses e.t.c into account because of economic downturn

It will still need 3 months worth of statements and wages.

When we leave Europe, the banks won't be subject to the stringent affordability criteria brought in by the EU so that should actually help. Yes, I think the lending criteria will be less strict, not more so.

Maternity leave wasn't an issue, they just asked for a letter from HR confirming salary and intent to return. I think they'll do something similar again - they will want the housing market moving again to minimise the recession. Paperwork for furlough along with wage slips will be accepted as evidence of full salary even if paid at 80%. As always it'll be less straightforward for the self employed.

I would seriously consider a mortgage broker rather than doing it directly.

We had a mortgage in principle with our existing bank (who we also had a mortgage with) and who we had been with for over 10 years. When it came to the full application we were declined as a risk, for a ridiculous reason (as far as I can establish).

Our mortgage broker took a short while to find us a new mortgage with a new (major) bank. I think he was commission based but there are loads out there.

Spoke to a mortgage guy and he said one month's wages