Several Irish lenders have introduced tighter checks and stricter conditions on mortgages for those in receipt of Covid-era wage subsidies. In some instances, borrowers will have to produce evidence from their employers that their wage is sustainable after subsidies elapse. In couples where one person is on a wage subsidy, some lenders will insist the second partner is able to cover the entirety of the mortgage with their wage. It comes after The Irish Times revealed on Monday that AIB had put in place a de facto block on mortgage lending to those in receipt of the temporary wage subsidy scheme (TWSS). ‘Confirmation of income’A spokeswoman for Ulster Bank said it was accepting new mortgage applications where one or both applicants were on the wage subsidy scheme.

Source: The Irish Times June 30, 2020 01:55 UTC