MORTGAGE PRACTICALITIES DURING PANDEMIC

÷ ARE BANKS OPEN? Although many bank branches have been temporarily closed throughout the crisis, many are still open — though opening hours may be reduced. All banks are working remotely too. Banks say they are open for new mortgage applications. “Banks are still lending money and approving loan applications,” said Michael Dowling of Dowling Financial.

÷ CAN I APPLY FOR A MORTGAGE ONLINE? Most banks allow you to apply for a mortgage online. “Customers can now apply for a mortgage over the phone or through our website and submit documents by email,” said a spokeswoman for KBC. For those who wish to apply for a mortgage online with Bank of Ireland, the bank accepts electronic versions of salary certs. “We also accept initial submission of ID documents and application declarations in a digital format, with originals required subsequently,” said a spokesman for Bank of Ireland. “Self-employed applicants can also provide us with their financial information electronically. We use docusign [a secure way of signing documents online which avoids the need to get the original signature on certain documents] where a customer signature is required on documents such as rate option change requests and mortgage offer letters.” AIB recently launched a digital mortgage which allows customers to complete and submit a mortgage application online. “Customers sign their mortgage documentation with their solicitor, as is industry practice,” said a spokesman for AIB. It is possible to complete a mortgage application online with Ulster Bank through a “secure portal in which customers can complete everything required to apply for their mortgage, including the ability to e-sign all necessary documents,” said a spokesman for Ulster Bank. Permanent TSB doesn’t yet accept mortgage applications online, though it has plans to do so.

÷ CAN I MEET A MORTGAGE BROKER? Many mortgage brokers and solicitors have temporarily closed their offices to the public — and are engaging with customers by phone, email and Zoom. Some mortgage brokers are available for face-to-face appointments in their office — however, the current

5km travel restriction could prevent you from travelling to a broker’s office. This may become easier from June 8 when the travel restriction increases to 20km.

÷ WHAT ABOUT MY BAD FINANCIAL HABITS?

Tidy up your finances now so that you have a clean slate by the time you apply for your mortgage. Even if your income and job have not taken a hit during the Covid19 crisis, any bad habits such as lavish credit card spending or an inability to pay bills will be frowned on by your bank.