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Mortgage process and Covid 19

  • 13-03-2020 10:32pm
    #1
    Mixmistro
    Registered Users Posts: 13 ✭


    Is it likely that banks may start delaying issuing underwritten AIPs, loan offers or mortgage drawdown for customers to see how the Covid 19 crisis develops over the next few weeks and months? Or at present normal timelines will continue? I presume if staff are working from home this will understandably have an immediate impact in this regard. More generally they may be more reluctant to lend to better safeguard their medium term liquidity until the scale of the crisis becomes clearer.
    Tagged:


Comments

  • #2
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,295 ✭✭✭Claw Hammer


    The banks will have more to worry about than issuing mortgages for the next few weeks and months. There will be many business customers in serious difficulties, they may have issues with their own staff falling victim to the virus and they will have two take care that their own capital position remains intact.


  • #3
    Dec2020
    Registered Users Posts: 30 ✭Dec2020


    Does anyone know if there is a loan offer extension available due to Covid? I have a loan offer signed (valid for 6 month)sand contract signed and my house is still being built and would be ready in time. It will be just outside the 6 months, probably around 7 or 7 1/2.


  • #4
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    Dec2020 wrote: »
    Does anyone know if there is a loan offer extension available due to Covid? I have a loan offer signed (valid for 6 month)sand contract signed and my house is still being built and would be ready in time. It will be just outside the 6 months, probably around 7 or 7 1/2.

    It’s hard to know now since Covid as banks change their policies beforehand. But I have heard of banks extending the loan offer by a month especially for new builds when close to completion.


  • #5
    Dec2020
    Registered Users Posts: 30 ✭Dec2020


    Thank you for that.

    Has anyone drawn down a mortgage recently with BOI? What do they ask for before draw down? How many payslips and bank statements?


  • #6
    whiskey_sour
    Registered Users Posts: 45 ✭whiskey_sour


    Dec2020 wrote: »
    Thank you for that.

    Has anyone drawn down a mortgage recently with BOI? What do they ask for before draw down? How many payslips and bank statements?

    Haven't drawn down yet but hopefully soon! We've been told they'll need our most recent payslip and another months bank statement


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