Mortgage Lenders Re-Assessing Furloughed Workers
In one of the strangest games of who may blink first it now appears that the dominos are falling with lenders updating their lending criteria for Furloughed Workers now that the end of the scheme is in sight. If you're interested how this could affect your mortgage in Huntingdon, Peterborough or anywhere else in Cambridgeshire then read on.
The furlough scheme will officially be ending on the 31st October and with September fast approaching some lenders are laying their cards on the table with how they will assess this moving forward.
The common move we have seen is that if you are still on the furlough scheme, then for the lenders to be able to consider you, they will require a letter from your employer confirming your Return To Work date but we have even seen some lenders come out to say that if you are on the Furlough Scheme your income cannot be taken into account until you are physically back in work.
It can only be fair to imagine that we are going to see most if not all lenders will begin to follow everyone else in bringing in similar criteria.
If you have any questions about how this may affect you then please use our contact us page to get in touch with a Mortgage Specialist today.