Banks requesting Updated COVID Proof of job

Greentree_uk

Hi,

I hear banks are looking for updated information due to COVID-19, Does anyone have a list of the banks or is it all of them?


My wife and I have just been let go, we have enough savings to cover a year unemployed and we were taking a 6 month break to start our mortgage so no issue paying it.

We are sale agreed and waiting to sign contracts, approved in February loan pack here not signed. Moving house will reduce our outgoings considerably as we won't be paying colossal rent.

Really worried the bank will look for information we cannot provide. What exactly are they looking for? and Which banks

Its not our 1st mortgage and we have an excellent credit rating.

Thanks in Advance - please don't advise me not to buy or comment on whether I should or not.

dazed+confused

Hi

We have an application with AIB and when we went to move forward they requested up to date pay slips and letters from our employers to prove our hours and salaries were unaffected.

I'm sure it depends on the bank though, hope this helps.

Greentree_uk

dazed+confused wrote: »

Hi

We have an application with AIB and when we went to move forward they requested up to date pay slips and letters from our employers to prove our hours and salaries were unaffected.

I'm sure it depends on the bank though, hope this helps.

Was that at drawdown? and how long were you approved, first time buyer??

Toots

Have you been permanently laid off or "furloughed"? I'd imagine with the current situation the banks will look for confirmation of income before draw down.

Greentree_uk

sadly permanently, but work in IT so will get something, and also have a months notice

Toots

I'm sorry to hear that. With IT there's definitely plenty of jobs out there, so with a bit of luck you could have picked something up before the drawdown. The only issue you might encounter then is still being in the probation period, but it's definitely a better position to be in than without a job entirely. I don't know what area of IT you are in, but a relative of mine works in Amazon and they're definitely hiring at the minute, if that's any use to you.

Greentree_uk

Toots wrote: »

I'm sorry to hear that. With IT there's definitely plenty of jobs out there, so with a bit of luck you could have picked something up before the drawdown. The only issue you might encounter then is still being in the probation period, but it's definitely a better position to be in than without a job entirely. I don't know what area of IT you are in, but a relative of mine works in Amazon and they're definitely hiring at the minute, if that's any use to you.

Wow thanks, perhaps you could dm their details, I already have people I know in Amazon, but the more the merrier!

dazed+confused

Greentree_uk wrote: »

Was that at drawdown? and how long were you approved, first time buyer??

No, just before it, they said they were checking all open applications.

No, not a FTB.

Greentree_uk

what exactly were you asked for? payslips? a letter from employer bank statements?? Thanks!

dazed+confused

Greentree_uk wrote: »

what exactly were you asked for? payslips? a letter from employer bank statements?? Thanks!

You thanked this post below, read it!

dazed+confused wrote: »

Hi

We have an application with AIB and when we went to move forward they requested up to date pay slips and letters from our employers to prove our hours and salaries were unaffected.

I'm sure it depends on the bank though, hope this helps.

403 Forbidden

We have requested drawdown today, and AIB has asked for our latest payslips. Lets see what happens

rossieboy

403 Forbidden wrote: »

We have requested drawdown today, and AIB has asked for our latest payslips. Lets see what happens

Keep us posted. We are at the exact same stage & were told the Centre of excellence team has to speak with us. We have uploaded our payslips to preempt the request so hopefully it will all be fine.

CR0009836

403 Forbidden wrote: »

We have requested drawdown today, and AIB has asked for our latest payslips. Lets see what happens

We are in the exact same position, partners company availing of government subsidy but my circumstances haven't changed - planning on drawing down soon. Did AIB come back to you? Hopefully all went well!

coughdrops

CR0009836 wrote: »

We are in the exact same position, partners company availing of government subsidy but my circumstances haven't changed - planning on drawing down soon. Did AIB come back to you? Hopefully all went well!

We are in same boat too, just about to drawdown and they've asked for up to date payslips, bank statements and letters from employers. My co. is getting the subsidy (I am still getting full wage amount), my partner's co. hasn't been impacted. We're with PTSB, and hoping for an update from them soon. We are FTB.

CR0009836

coughdrops wrote: »

We are in same boat too, just about to drawdown and they've asked for up to date payslips, bank statements and letters from employers. My co. is getting the subsidy (I am still getting full wage amount), my partner's co. hasn't been impacted. We're with PTSB, and hoping for an update from them soon. We are FTB.

So we actually rang our mortgage advisor today in AIB and he told us we have nothing to worry about, he said they know that small businesses would be foolish not to take advantage of this subsidy, and at the end of the day my boyfriend is still getting the same wage packet as his employer is topping up the rest. He said all we will have to do is provide a letter from his employer stating he will be going back to normal wages after. So i'd say ye should be okay, he was saying that it's the individuals who are working in bars, cafe's where it's unknown on whats going to happen or when they'll be going back to work, those are the people they're wary about lending to at the moment as it's a big financial commitment in unknown times. Let us know how you get on, i'm sure it will be fine! I was fairly anxious because of reading these boards but our advisor told us not to read too much into these things as everyones situation is different.

coughdrops

Thanks for sharing that update CR0009836 - it is reassuring to hear that it isn't just a blanket "No". Our co. is operating close to normally and I will be going back to full wages once the scheme ends. Fingers crossed that it won't put us off track - it feels so close, yet so far!

Trish56

I don't think this information is correct. An Advisor in the branch should check with Underwriting the current process.

To my knowledge for applicants in AIB ,Haven and EBS they are reviewing all loan offers before funds are issued. They require evidence that your income is not affected by COVED-19 so you will need to provide your payslips for April together with most recent bank statements and demonstrate that you can afford the repayments.

For those on the COVED-19 wage subsidy the majority of lenders are not accepting this income.

CR0009836 wrote: »

So we actually rang our mortgage advisor today in AIB and he told us we have nothing to worry about, he said they know that small businesses would be foolish not to take advantage of this subsidy, and at the end of the day my boyfriend is still getting the same wage packet as his employer is topping up the rest. He said all we will have to do is provide a letter from his employer stating he will be going back to normal wages after. So i'd say ye should be okay, he was saying that it's the individuals who are working in bars, cafe's where it's unknown on whats going to happen or when they'll be going back to work, those are the people they're wary about lending to at the moment as it's a big financial commitment in unknown times. Let us know how you get on, i'm sure it will be fine! I was fairly anxious because of reading these boards but our advisor told us not to read too much into these things as everyones situation is different.

coughdrops

Trish56 wrote: »

I don't think this information is correct. An Advisor in the branch should check with Underwriting the current process.

To my knowledge for applicants in AIB ,Haven and EBS they are reviewing all loan offers before funds are issued. They require evidence that your income is not affected by COVED-19 so you will need to provide your payslips for April together with most recent bank statements and demonstrate that you can afford the repayments.

For those on the COVED-19 wage subsidy the majority of lenders are not accepting this income.

PTSB have come back to us since, and have turned us down.
Very frustrating, as we were all systems go. Not sure where we go from here.
It is just lousy timing!

CR0009836

Our advisor had lots of applicants who's drawdown went through without an issue, he deals directly with the underwriters. He said a letter is all that's needed from employer. The people having issues are those who are only on the 350 subsidy, my partners employer is topping this up so he's getting the full wage, so it's not really impacting him financially. That's AIB though, not sure about other banks..

CR0009836

coughdrops wrote: »

PTSB have come back to us since, and have turned us down.
Very frustrating, as we were all systems go. Not sure where we go from here.
It is just lousy timing!

Oh no, sorry to hear this. What was their reasoning to turn ye down? That's terrible timing, could they advise you on where to go from here?

coughdrops

Our broker is dealing with it for us, but short answer is that they won't lend to us while I am on Covid payment, even though I am taking home my full monthly wage and will be going back on to full wages from work after subsidy ends. Broker is going to check with other lenders.

CR0009836

coughdrops wrote: »

Our broker is dealing with it for us, but short answer is that they won't lend to us while I am on Covid payment, even though I am taking home my full monthly wage and will be going back on to full wages from work after subsidy ends. Broker is going to check with other lenders.

That's awful, so disappointing. It's not like ye won't be able to afford the payments.. doesn't make much sense.
There's another thread that i found quite helpful if your looking for advise https://www.boards.ie/vbulletin//showthread.php?t=2058047890&page=94. Alot of people going through the same situation!
Fingers crossed your broker can figure it out!

silent_spark

Trish56 wrote: »

I don't think this information is correct. An Advisor in the branch should check with Underwriting the current process.

To my knowledge for applicants in AIB ,Haven and EBS they are reviewing all loan offers before funds are issued. They require evidence that your income is not affected by COVED-19 so you will need to provide your payslips for April together with most recent bank statements and demonstrate that you can afford the repayments.

For those on the COVED-19 wage subsidy the majority of lenders are not accepting this income.

We were moving our mortgage to AIB and turned down at the last moment (solicitors engaged, valuation completed etc) due to being in receipt of the subsidy, with full employer top up. We were only moving for a better rate, so it hasn't made a huge difference to us, but I really feel for anyone who was about to finalise a purchase.