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Construction Delay affecting Loan Offer (Covid)

  • 22-02-2021 11:28pm
    #1
    BaRcOe
    Registered Users, Registered Users 2 Posts: 1,164 ✭✭✭


    I know we're not alone in this. But how the **** is it fair that banks don't automatically extend loan offers during this pandemic. Sean Defoes' Tweet tonight confirms Home Construction is not starting back until April at earliest. We were going to be getting our keys End of March and now we will have to apply for an extension which is useless and will have to REAPPLY for our mortgage all over again. We are both fully employed, in good jobs, good savings and financially very stable. What a joke. We will be speaking with our solicitor tomorrow. We are outraged.

    The Tweet:

    - Schools to re-open from March 1st
    - Childcare back with ECCE children March 8th
    - No other restrictions lifting in March
    - Home construction to remain shut for another month
    - Review date for all Level 5 measures on April 5th


Comments

  • #2
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,628 ✭✭✭✭Marcusm


    The banks will want to lend, it is how they make money. If they do not do a renewed financial assessment then they are exposed to regulatory fines and penalties in the event that you subsequently find it unaffordable. It’s like the press reports about BoI overcharging mortgage customers by 80c (yes, less than €1) per month which necessitated writing to each customer etc etc. The costs of managing that must have massively exceeded any actual loss suffered.


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