Mortgage lenders have been told by the Central Bank they must make clear to customers that their loan offer may subsequently be withdrawn, paused or variedBANKS and other lenders have been told to be upfront with mortgage applicants whose employers are using the State wage subsidy scheme. It comes after a number of mortgage applicants were unable to draw down home loans when additional checks by lenders found their employer was impacted by the pandemic. It changed tack and said it was now accepting new mortgage applications from customers who are on the State's Covid-19 supports. The Central Bank said it was aware changes have been made by mortgage lenders that have resulted in additional credit checks prior to the drawdown of mortgages. Critics of mortgage lenders are likely to regard the Central Bank’s latest intervention as tame.

Source: Irish Independent November 16, 2020 12:38 UTC