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Covid-19 and your Mortgage – FAQ’s

Updated: Apr 5, 2023

How will my existing mortgage approval be affected by Covid-19?

Your existing mortgage approval (or approval in principle) is not affected by Covid-19. However the next step on the road to getting your mortgage may be impacted by it.

The next stage is a formal Offer Letter and then finally mortgage drawdown. To move to these steps you will probably be asked to confirm that your financial situation has not changed since you got your “approval in principle”. If your circumstances have changed, your lender will initiate a review to check to see whether or not you can still afford the mortgage repayments. This is not to catch you out. It protects you so you aren’t faced with repayments in the future which you cannot meet.


Is my mortgage approval at risk due to a lack of houses being built?

No your mortgage approval should not be impacted by this. Mortgage Approval is normally valid for approx 6 months. If you are waiting on your builder to complete your build, your lender should be able to facilitate this.


Can I extend my existing mortgage approval if I need to?

This is something your lender may consider if your financial circumstances have not significantly changed as a result of Covid-19. A person’s individual situation will be looked at to determine if this is possible.

However, if your financial situation has changed materially as a result of Covid-19, your lender may keep your approval open on the system for a length of time. After this time your lender will review your circumstances and request an update on your financial situation.

If your offer letter expires during the pandemic and you are holding off on your house purchase, you can ask the lender to re-visit at your application when you need it. You will need to give an update on your circumstances at this point.


Can I expect a delay to drawing down my approved mortgage?

Once you have provided all documentation required by your lender there should be no issue with drawing down the mortgage with no delays. However there could be delays due to issues outside of the lenders remit. For example it may not be possible for the person conducting your valuation to do a full inspection of the property.


Will I need to provide more information due to Covid-19?

Lenders are still doing the usual affordability and credit checks to make sure that the borrower can afford mortgage repayments. So mortgage applicants will have to provide information to support this (including proof of your employment and income situation).


Can I apply for a mortgage today?

Yes you can. Lenders are open for applications from First Time Buyers, people moving, people trading up or down, and those looking to switch their existing mortgage. The lenders have indicated that lending will be assessed on a case by case basis. What we have found is that they are making calls on it based on each individual industry.


How long does it take to get mortgage approval?

Lenders are processing mortgage applications as quickly as current circumstances allow. On receipt of a fully completed application form and any additional requested documentation, they will revert to you in as short a time frame as possible. 


For more information on any of the above please visit our mortgage broker Dublin page. 


For any other queries in relation to mortgage approval, contact us directly on

(01) 513 8710

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