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Assume no mortgage while on covid payment?

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  • 21-06-2020 8:43pm
    #1
    zweton
    Registered Users Posts: 2,683 ✭✭✭


    Was hoping to buy this year, im assuming nobody is getting approved while on Covid payment? Anyway around it :D


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    #2
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    zweton wrote: »
    Was hoping to buy this year, im assuming nobody is getting approved while on Covid payment? Anyway around it :D

    I read somewhere (but I can’t for the life of me remember where, so I can’t tell you how reliable the source) that banks will look for evidence of at least 6 weeks back on normal wages first


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    #3
    ladystardust
    Registered Users Posts: 131 ✭✭ladystardust


    Check out specific property boards. There is one for currently.buy/selling and one for applying for mortgage. Although to save you the time if you wish, general consensus is no, not while on covid payments. Even people who are sale agreed and with previous approval being told nope.


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    #4
    zweton
    Registered Users Posts: 2,683 ✭✭✭zweton


    Yeah I thought as much, assume nobody in the process is proceeding.


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    #5
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    if any party of your application is on any of the COVID related payment schemes, they won't approve you.


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    #6
    zweton
    Registered Users Posts: 2,683 ✭✭✭zweton


    wow didn't expect this turnaround! good news perhaps...

    https://www.thejournal.ie/aib-mortgage-approval-wage-subsidy-recipients-5138732-Jul2020/


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    #7
    Eric Cartman
    Registered Users Posts: 26,282 ✭✭✭✭Eric Cartman


    zweton wrote: »
    wow didn't expect this turnaround! good news perhaps...

    https://www.thejournal.ie/aib-mortgage-approval-wage-subsidy-recipients-5138732-Jul2020/

    reverse 'defecto ban' , id say it still applies in 90% of cases.


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    #8
    zweton
    Registered Users Posts: 2,683 ✭✭✭zweton


    Eric Cartman wrote: »
    reverse 'defecto ban' , id say it still applies in 90% of cases.

    damn


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    #9
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Eric Cartman wrote: »
    reverse 'defecto ban' , id say it still applies in 90% of cases.

    Yup, it's nothing more than a good PR piece.
    TheJournal.ie Piece wrote:
    However, the bank said that it may still refuse to allow a mortgage to be drawn down if it finds a customer is unable to meet repayments.

    This is true of....

    All loans
    All banks in the world
    Pre COVID19
    During COVID-19
    Post COVID-19

    Anyone reading anything else from that fluff piece would need their head examined.


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