Image: Shutterstock/Michael Dechev Image: Shutterstock/Michael Dechev BANKS WILL BE able to extend the period for which its customers have secured mortgage approval during the current Covid-19 crisis, the Banking and Payments Federation Ireland has said.
While lenders are facilitating drawdowns within normal timeframes where the standard requirements have been fulfilled, the BPFI said that there may be some delays that are “due to factors beyond the lender’s controls”. When it comes to extending mortgage approval, lenders will be able to do so in circumstances where the customer’s circumstance has not materially changed, subject to standard income and affordability checks.
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