Mortgage during covid

Danniilong

I am looking for information on getting mortgage approval during this pandemic. My husband was laid off for 6 weeks in the middle, he is back working full time again now. Myself, I took a 10% pay cut which will not return until the end of july but even so, we have enough income to satisfy their criteria.
Will these impact our application? i.e. will we need to wait until my husband has 6 months of payslips again?

Wesser

Only your bank can answer that question. They will have to look at your specific circumstances and also each bank will have their own policies.

Danniilong

Wesser wrote: »

Only your bank can answer that question. They will have to look at your specific circumstances and also each bank will have their own policies.

Thank you Wesser, I know that my bank will be best to tell me all I need to know. I just wanted to ask if anyone went through something similar. If I have to wait thats fine but I would rather not divulge this information to my bank if I dont have to.

kenmc

We switched provider mid covid, had approval in place just slightly prior to lockdown but couldn't get stuff signed etc quickly due to restrictions etc . When we finally got to it, Ulster bank looked for declaration that our salary not impacted by covid and last 2 months of bank accounts where salary get paid to, Even though they had been given 6 months statements just a few weeks prior

DannySparks

Hi i am interested in people's thoughs also.we were just ready to apply pre covid.deposit ready, savings kept up throughout however my wife is now on the wage subsidy scheme in work. Aib have said come back to them when she has 2 clear payslips.
Anyone else have a similar experience with other banks?

Trish56

All lenders as far as I'm aware won't consider your application for a mortgage if you are on the Covid payment.

When applying for a mortgage you need to submit last 3 months payslips, P60 for 2019 and an Income Certificate completed by your employer.

They will also require 6 months current, savings, and credit card statements plus 12 months statements on any short term borrowings.

You need to show evidence that you saved or/and paid rent to the equivalent to stress tested repayments over the last 6 months.

Buchaill Og

Sorry if this is off topic.
We are a married couple doing a self build. Signed our mortgage offer in Feb. 2020 and completed the first stage. When we went to draw down we were refused due to wife being on the unemployment pavement. She is going back to work on Monday next and we were thrilled to hear this as we could start collecting the 4 weeks payslips requested by UB before they release funds. However we have just found out the employer is actually putting all employees on the subsidy scheme - again the bank won’t allow draw down when one of us is on this.

What are people’s thoughts with self created payslips being submitted to the bank?

Batgurl

Buchaill Og wrote: »

What are people’s thoughts with self created payslips being submitted to the bank?

What do you mean by self created? Do you mean fraudulent? If so, I think it’s a bad idea.

Buchaill Og

Batgurl wrote: »

What do you mean by self created? Do you mean fraudulent? If so, I think it’s a bad idea.

Yes so basically if I was to create the slip to show the employer paying the full wage rather than it split between employer and Gov.
Sorry if it seems a simple case of it been fraudulent and an total no no.
I should also include our offer is due to expire in early September and our base is completed on the build. I have no confidence in our offer being extended the way banks are requesting more info.

Batgurl

Buchaill Og wrote: »

Yes so basically if I was to create the slip to show the employer paying the full wage rather than it split between employer and Gov.
Sorry if it seems a simple case of it been fraudulent and an total no no.
I should also include our offer is due to expire in early September and our base is completed on the build. I have no confidence in our offer being extended the way banks are requesting more info.

Definitely don’t. It’s fraud and wrong on so many levels. I totally get the predicament you are in; believe me. But there are other options; contact the bank and explain your situation. There are better options than lying.

niallers1

you could go to prison for that - what are you thinking - Self created payslips

Jimi H

Not every judge will be as lenient. https://www.google.com/amp/s/www.irishtimes.com/news/crime-and-law/courts/circuit-court/couple-who-used-forged-documents-to-apply-for-mortgage-avoid-jail-1.3973470%3fmode=amp