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Are The Banks Lending During Covid-19?

Updated: Apr 5, 2023

Following on from our last update the mortgage market has seen a continued improvement with a big increase in demand for mortgages and also a corresponding increase in approvals.

People who had been holding off until the threat of Coronavirus had subsided have realised that the Pandemic may well be around for a long time yet have decided to seek mortgage approval as opposed to putting their lives on hold. Unfortunately the situation has not yet returned to pre Covid-19 conditions as the threat of job losses still exists and who knows what 2021 will bring. As a result many are still finding it difficult to get mortgage approval in these uncertain times


Is It A Good Time To Apply For A Mortgage?

The banks are accepting new mortgage applications; however at the moment none of the lenders are offering exceptions to the lending rules. 3.5 times salary is the max that people will be offered. Nobody is offering more.


What Are My Mortgage Options During Coronavirus?

It really depends on your circumstances and how your job/salary has been affected by the Pandemic.


What is the EWSS? Will I be Approved For A Mortgage While I’m On The EWSS

The EWSS is the Employment Wage Subsidy Scheme and is replacing the TWSS ( Temporary Wage Subsidy Scheme). It is coming into effect from the 1st September 2020 and is expected to continue until 31st March 2021. Although not confirmed by the lenders we anticipate that the rules around the EWSS will be similar to the TWSS, so that you may get approved whilst on the EWSS scheme, but in many cases may not be able to draw down the mortgage until the employer takes the employee off the scheme.

What is clear to us is that every client and lender is different and one size does not fit all, so if you have any queries about your own circumstances, feel free to give us a call. We deal with 6 lenders and you will be given a dedicated mortgage consultant to guide you through the whole process from start to finish. Call us on (01) 513 8710 or drop us an email at

Rob O’Neill

CEO Citywide Financial

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