Mortgage Lending Tips – FAQ’s
PFK refer customers to Pollard Scott for mortgage advice and they have answered some of the frequently asked questions below. If you would like to speak to them regarding any mortgage advice you require, then please contact the relevant PFK branch via estates.pfk.co.uk/contact
Surveys/Valuations
Surveyors are back at work and booking appointments, there may however be a slight delay due to the back-log created over the last couple of months. Where possible lenders are trying to do what is called a Desk-Top Valuation, however this is not always possible.
Can you BUY a house if you are furloughed? – YES
Lender criteria varies, however all will want to assess affordability based on current income, which if you are furloughed is more than likely to be 20% lower than usual; unless of course if your employer is making it up and then there are some lenders who will accept your full pay as long as written confirmation can be obtained from the applicants employer. HOWEVER, the maximum mortgage loan to value at this time is 90%, therefore an applicant will have to put at least a 10% deposit down.
Standard evidence would still be required regarding Payslips, Bank Statements, ID, Proof of Address and Existing Lenders Mortgage Statement
Can you re-mortgage if you are furloughed ?– YES
Lender criteria varies, however all will want to assess affordability as mentioned above.
Standard evidence would still be required regarding Payslips, Bank Statements, ID, Proof of Address and Existing Lenders Mortgage Statement
Can I re-mortgage or look at buying a new property if I have taken a Payment Holiday? – YES
Taking a payment holiday should not affect a person’s credit record and therefore there should be no problem in sourcing a new deal.
I am a First Time Buyer, will it be difficult for me to get a mortgage?
Whether you are a First Time Buyer or Mover all lenders will assess affordability and the applicants credit record, so being a First Time Buyer won’t stop you getting a mortgage.
FTB will need at least 10% deposit and be able to meet the lenders criteria and credit scoring.
Surveys/Valuations
Surveyors are back at work and booking appointments, there may however be a slight delay due to the back-log created over the last couple of months. Where possible lenders are trying to do what is called a Desk-Top Valuation, however this is not always possible.
Can you BUY a house if you are furloughed? – YES
Lender criteria varies, however all will want to assess affordability based on current income, which if you are furloughed is more than likely to be 20% lower than usual; unless of course if your employer is making it up and then there are some lenders who will accept your full pay as long as written confirmation can be obtained from the applicants employer. HOWEVER, the maximum mortgage loan to value at this time is 90%, therefore an applicant will have to put at least a 10% deposit down.
Standard evidence would still be required regarding Payslips, Bank Statements, ID, Proof of Address and Existing Lenders Mortgage Statement
Can you re-mortgage if you are furloughed ?– YES
Lender criteria varies, however all will want to assess affordability as mentioned above.
Standard evidence would still be required regarding Payslips, Bank Statements, ID, Proof of Address and Existing Lenders Mortgage Statement
Can I re-mortgage or look at buying a new property if I have taken a Payment Holiday? – YES
Taking a payment holiday should not affect a person’s credit record and therefore there should be no problem in sourcing a new deal.
I am a First Time Buyer, will it be difficult for me to get a mortgage?
Whether you are a First Time Buyer or Mover all lenders will assess affordability and the applicants credit record, so being a First Time Buyer won’t stop you getting a mortgage.
FTB will need at least 10% deposit and be able to meet the lenders criteria and credit scoring.
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