People on furlough may struggle to get a mortgage with TSB, as the bank has announced it is listing their salary as £1.

The lender will refuse single mortgage applications if the furloughed worker’s salary isn’t being topped up by their employer.

However, the bank will still accept mortgage applications with a joint partner, but the furloughed worker’s salary will be listed as £1.

Speaking to the Daily Express, a TSB spokeswoman said: “We will continue to lend to customers who have been furloughed if their employer is topping up their salary.

“Those who are not being topped up can still have their name on a joint mortgage application if the other applicant has an income and meets the affordability requirements – the £1 figure is purely a system entry and has nothing to do with the affordability assessment.”

Those on furlough will have to provide proof their employer is committed to keeping them in a job, which can be done through a letter dated within four weeks of the application.

https://www.mylondon.news/news/uk-world-news/furloughed-workers-struggle-mortgage-tsb-18677003