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New mortgage application in current climate

  • 31-03-2020 9:33am
    #1
    SelfBuild2019
    Registered Users, Registered Users 2 Posts: 35 ✭


    We sent in mortgage applications to 2 different lenders last Friday through a broker. Thankfully our employment circumstances haven't been affected, and are highly unlikely to change. I would class our application as being strong - both on good salaries, good savings, gifted site, approval for HTB scheme etc

    I'm just wondering if anyone has had any experience in applications, or even applying for drawdowns in the past few weeks? Our broker has been speaking to the banks, and they are saying that they are still issuing credit as normal. I do realise it may take slightly longer to process the application in the current climate.

    Our builder is ready to start pending our mortgage getting over the line, so we're very eager to get this over the line, but I'm just afraid that banks will pull new applications, or change the deposit rules again!


Comments

  • #2
    virginmediapls
    Registered Users, Registered Users 2 Posts: 325 ✭✭virginmediapls


    Got approved last week; as did a friend.

    Neither of us are going to buy though as we think the market will crash as more elderly people are killed.


  • #3
    SelfBuild2019
    Registered Users, Registered Users 2 Posts: 35 ✭SelfBuild2019


    virginmediapls wrote: »
    Got approved last week; as did a friend.

    Neither of us are going to buy though as we think the market will crash as more elderly people are killed.

    Did the whole approval process take long from start to finish? Our initial application paperwork went in on Friday. Do you mind me asking which lender that was with?


  • #4
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    Id also fear banks will tighten up significantly.
    They are likely to pull new rules out of their arses.
    You also have the issue of unknown property values following this period so banks will be very wary around build costings versus final value.
    I saw it before in 2009 - even with approved mortgages, they sought all sorts to avoid actually issuing funds.


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