Can I get a mortgage on furlough?

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 9 May 2020

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Pandemic-related salary cuts and being furloughed could affect your ability to get a mortgage. What will mortgage providers take into account - your previous normal salary or your 80% rate? And will job types in sectors hit badly by the coronavirus now be deemed less desirable by lenders? We hear your stories and get advice from Martin Stewart, Director of the independent mortgage broker, London Money.

Millions of self-employed workers are being offered help through the government's new Self-Employed Income Support Scheme (SEISS). But Money Box listeners say they've experienced problems with the SEISS online checker and complain they've been wrongly rejected. We discover what's going on with the scheme and hear from the chief executive of HMRC, Jim Harra - the man in charge.

Many of us are being forced to work from home during the pandemic and that can means extra costs for the employee. We find out from Heather Self, Tax Director at Blick Rothenberg, how your employer can offset your extra costs and what you can claim against tax.

Good news for some Virgin Money customers who had their credit cards frozen this week and there's a cancelled holiday chargeback success story in the Money Box podcast.

Email moneybox@bbc.co.uk or tweet @Moneybox with any personal finance questions or queries.

Presenter: Paul Lewis Producer: Paul Waters Editor: Emma Rippon Reporter: Ben Carter

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds.
0:41.2	BBC Sounds, music, radio, podcasts.
0:48.1	Hello, in this Moneybox podcast, a rapid U-turn from Virgin Money, which in less than a week took away, then restored, the credit cards of 32,000 customers.
0:53.4	How will facing a pay cut affect the mortgage you can get?
0:57.0	Self-employed people tell us they're eligible for a grant, but the official online checker says
1:01.9	no, we get answers from the chief executive of HMRC. If you're working from home, what help can you
1:08.4	get with the extra costs? And we'll close with another good news story, how to get your money back from a lost holiday.
1:15.4	But we start with Virgin Money's decision to reinstate the credit cards of 32,000 customers.
1:23.0	The cards were suspended earlier this week after Virgin said,
1:26.5	looking at the customer's overall financial position.
1:29.8	Moneybox reporter Ben Carter spoke to some of those affected Ben.
1:33.1	Paul, the customers that I spoke to were genuinely mystified as they had no financial worries.
1:38.3	One of them told me they'd spent £50,000 on their card in the last two years.
1:43.2	They had a £14,500 £1,000 credit limit,
1:45.8	and they regularly paid off large chunks of the balance. Another person affected was Sir Peter Farhi,
1:51.4	the former Chief Constable of Greater Manchester Police. I received an email on Tuesday,
	...

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