Banks say that people who got mortgage approval before the crisis can have this extended.

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Banks say that people who got mortgage approval before the crisis can have this extended.  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 (BPFI) 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. The BPFI said: “And for those who have a mortgage approval but who have unfortunately experienced income loss due to Covid-19, a lender can keep this application open on its system for a period of time after which it can be reviewed and the customer can provide an update on his/her employment and income situation. This approach is clearly in the interest of both the customer and the lender in ensuring that mortgages are not extended to those who cannot now or in the immediate future afford them.