Mortgage approvals can be extended for would-be buyers

Mortgage approvals can be extended for would-be buyers

People who had been intending to buy a property before the Covid-19 lockdown who are already mortgage approved have been advised that they can seek an extension period to their mortgage approval as long as their circumstances have not changed.

The current pandemic has meant that many would-be purchasers are unable to follow through on their plans to buy a new home.

However, as long as you have not lost work your mortgage approval can be extended, according to the Banking and Payments Federation of Ireland.

For those who have approval but have experienced income loss, the Federation says a lender can keep their application open on the system for a period of time after which it will be reviewed.

It is reassuring customers that all lenders are facilitating mortgage drawdowns where the standard requirements have been fulfilled.

“It’s important to bear in mind that some delay may occur due to factors beyond the lender’s control, for example, the ability of valuers to conduct a full inspection of a property or of legal practitioners to access everything that is required for them to complete all steps,” Brian Hayes, CEO of Banking and Payments Federation of Ireland said.

“At whatever stage applicants may be in the mortgage process, should they have any concerns we would encourage them to read the information available on the BPFI’s website in the first instance, and if they have any further questions beyond that to contact their lender who will advise them on their particular situation,” he advised.

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