MCB Financial Services cares for the financial needs of our clients, both individual and corporate, by applying the highest level of skill and expertise to the advice and service we give, regardless of the client’s wealth. Most new clients are referred to us by personal recommendation from existing clients or professional firms so doing a good job is top of our priorities. We are not a call centre and look to put the customer at the centre of everything we do so they are kept up to date and informed ensuring they have the best advice and products for their needs and requirements.


How has COVID-19 hit us?

We have been very fortunate in that we have continued working from home over the last 9 weeks or so, which has enabled us to service both new and existing clients.  We have spent much of our time contacting our clients and ensuring that they have stayed safe and answering any financial questions that they may have. MCB has seen a decline in customers purchasing properties over the last few weeks, however we have been busy assisting with re-mortgages and we have seen a large increase in protection business being written, with many customers wanting to fill a void in this area or increase what they currently have in place. The last 10 days have showed many green shoots for MCB with the return to work of the manufacturing sector, new build sites and estate agents, and with proposed dates for retail to return, I think this gives added confidence of returning to a new normality to everyone.


What’s currently happening?


Can I get a mortgage if I am furloughed?

Yes, the lender will use your furloughed income.


I have been furloughed and started back to work yesterday, how will a lender look at my situation?

Most lenders will only take your furloughed income until you receive your next payslip, however 2 lenders will take a letter from your employer confirming your return to work and then take your normal income.


What’s happening with Surveys?

Most lenders have a backlog (up to 10,000 with some lenders) and hence this may slow the process down, however one high street lender will have cleared their back log by the end of this week.


I am self employed and have not been working due to the government guidelines, can I get a mortgage?

All lenders are now requesting the last 3 months business bank statements on top of their normal requirements, and hence for jobs such as hairdressing who will show no income, it is very unlikely that a lender will offer a mortgage.


The above highlights the importance of speaking with an Independent firm like MCB Financial Services who will be able to put you in touch with the correct adviser and provide the most suitable recommendations in these unprecedented times.