Intending house purchasers who are already mortgage approved, but now need more time to find a home because of Covid-19 restrictions, are being advised that they can seek an extension to the period of mortgage approval, once their personal circumstances have not changed.
That is according to Banking and Payments Federation Ireland.
For those who have approval but have experienced income loss, the Federation says a lender can keep their application open on the system for a period of time after which it will be reviewed.
It is reassuring customers that all lenders are facilitating mortgage drawdowns where the standard requirements have been fulfilled.
"It's important to bear in mind that some delay may occur due to factors beyond the lender's control, for example, the ability of valuers to conduct a full inspection of a property or of legal practitioners to access everything that is required for them to complete all steps," Brian Hayes, CEO of Banking and Payments Federation of Ireland said.
"At whatever stage applicants may be in the mortgage process, should they have any concerns we would encourage them to read the information available on the BPFI's website in the first instance, and if they have any further questions beyond that to contact their lender who will advise them on their particular situation," he advised.
