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First time buyers - mortgage with partial furlough

5 replies

FeckTheMagicDragon · 16/04/2021 16:04

My son is looking to buy his first house. He is employed- but furloughed one day a week. I understand that the bank he previously got a mortgage in principle with no longer accepts buyers on furlough. He has 20% deposit saved. Has anyone had any recent experience or advice that I could give him on who to approach? I’m not in the UK, he is.

OP posts:
Andthenanothercupoftea · 17/04/2021 08:27

Get him to find a mortgage broker as they'll have a good sense of the whole market and be able to advise.

Tippexy · 17/04/2021 10:33

Get some recommendations (look on a local Facebook group) for a local, while of market, no-fee mortgage broker. They know the lenders’ criteria like the back of their hand.

With a 20% deposit I think one day on furlough won’t be too much of a problem. But a broker will be able to advise!

Tippexy · 17/04/2021 10:33

whole of market!

TiniestFluffiestBunny · 17/04/2021 20:34

A whole of market broker will have the most up to date information, but Barclays have approved our mortgage with 25% deposit and one full time furlough income.

FeckTheMagicDragon · 18/04/2021 18:04

Thank you for the responses, I think he is going to contact a whole of market mortgage broker and see where is goes from there.

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