Have you been furloughed? Don’t worry, you may still be able to get a mortgage!

One of the most common questions we get asked at the moment is about getting a mortgage if you have been furloughed.

You may feel impacted or concerned but we are here to help you understand what mortgage lending options are available and answer some of your questions…

I’ve been furloughed. What impact does that have on my ability to borrow?
Whilst your choice of lenders is likely to be reduced, there are still plenty of lending options available. Each mortgage lender has their own criteria and we will review your circumstances to see what options there are specifically available for you.

If you are still on furlough, or have recently gone back to work, some lenders may be happy to provide a mortgage to you.

Will lenders take my current furlough income or do I need to have returned to work?
Many lenders are not offering mortgages whilst on furlough, however, at the time of writing, there are some mortgage lenders who may still be able to help you if you still furloughed.

As we have access to every lender on the market, if there’s a way to get you a mortgage, we will find it.

I have just returned to work from furlough, do I need to wait until I have 3 months’ payslips before I can apply for a mortgage?
No. Many lenders will accept 1 month’s payslip showing you have returned to work on your normal salary.

Can I remortgage whilst on furlough?
Absolutely! As a whole of market broker, we will review the whole market to see the best options and rates available to you. It may be that sticking with your current lender is the best thing, or it may not be! We will do the research and hard work for you then let you know your options.

Mortgage interest rates remain low so remortgaging could be a great way to save money on your monthly payments.

How much can I borrow or remortgage my current property for?
Just give us a ring or pop us an email and we will be able to discuss your circumstances and options with you.

It may be that you can’t borrow right now, but we will be able to explain what you can borrow and when. It’s always good to know!

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About Key Solutions

Here at Key Solutions we believe taking out a mortgage should be easy. Why shouldn’t it? So when people say buying a home or getting a mortgage is one of the most stressful things ever, we say, come and speak to us.

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