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Applying for a Mortgage during COVID-19

23 June 2020


Buying your home should be an exciting time in your life but in the current COVID-19 climate, we understand that there is a certain element of uncertainty. We’re all getting used to the new “normal” and our priority is ensuring we keep our customers and colleagues safe as we all slowly start to ease back into our day-to-day lives.

Here at permanent tsb, we want you to know that we’re here to support you on your home buying journey and continue to offer mortgage services in our branches nationwide. Whether it’s booking an appointment to come in and have a socially distant chat to our Mortgage Team or having those important conversations over the phone, we have the processes in place to help keep you safe and support you on your journey home.

With that in mind we’ve outlined some of the top mortgage queries we’ve been receiving recently as a result of COVID-19 to help get you started.

Can I still apply for a mortgage during COVID-19?

Yes, we are still open for business and here to help you through the mortgage process, every step of the way. Wherever you are in your home buying journey, whether you are trying to understand your deposit requirements or need help with your application, we’re here to support you.

Can I still make a mortgage appointment to discuss my application?

Yes, we are still actively organising mortgage appointments. We have new processes in place in branches to help keep you and our colleagues safe such as social distancing procedures, extra cleaning and more. That said, we are calling all customers ahead of their appointment and should you feel more comfortable chatting over the phone, we can do so. Simply book your mortgage appointment online today for a time that suits you and we’ll call you back to discuss your requirements beforehand and answer any queries you may have.

What will I need when applying for a mortgage?

There are various documents you’ll need to complete during the application process and certain items you should bring with you for your appointment such as proof of ID and address. You can find the full list of documents required here. Our mortgage team can take you through all the required documents and forms during your chat so not to worry if you don’t have them all ready for your appointment.

Once I have mortgage approval; will this be affected by the ongoing COVID-19 pandemic?

Once you have Mortgage Approval in Principle, this will remain valid for 6 months. As you move to the next stages – receiving a Letter of Offer and drawing down your mortgage, we will ask you to provide your most recent income and bank statements and to complete a declaration to confirm that your employment and income situation has not changed since you received mortgage approval and last submitted your documents. We will work with you throughout the process to ensure you have everything you need and answer any queries you may have along the way.

I’m unfamiliar with the mortgage process, what are the steps involved?

Everyone’s mortgage journey is different, but here's a general overview of the key steps and we look forward to supporting you every step of the way.

Saving for a deposit

As a First Time Buyer you will need a deposit of at least 10% of the house price. Get into the habit of saving a regular amount every month to demonstrate your repayment ability. Through paying rent and saving the equivalent of your monthly mortgage repayment amount, you can show us that you can pay your proposed mortgage repayment.

Use our Mortgage Calculator to check how much you could borrow and how much your monthly repayments would be.

Searching for your first home

Before you start the process of searching for your first home, chat to one of our mortgage consultants who can give you an idea of how much you can borrow. Book a mortgage appointment today and we’ll guide you through the process and prepare you for your search.

There are still plenty of properties becoming available online. You can view properties on Daft.ie and MyHome.ie to get an idea of what’s available in your chosen area within your budget. As a result of social distancing restrictions, some Estate Agents are now offering Virtual Viewings, where you can take a virtual tour of the property and book in a time to chat to the Estate agent to answer any questions you may have on the property.

Applying for a Mortgage

To submit your application you’ll need to provide the documentation outlined here. Bring these with you to your appointment and we’ll talk you through every step of the paperwork.

Next Steps

Once the search for your first home is done, and you’ve found the perfect one for you, let us know. You then need to get your new home valued and sign the documents with your solicitor. You will need to arrange Life Insurance and Home Insurance. We can help you with this or you can obtain a policy from another provider if you prefer. Your solicitor will arrange with the Estate Agent the transfer of funds and collection of your keys to your new home.

We hope this overview of applying for a mortgage has been useful, for more information head over to our Mortgage Section on the website or book your mortgage appointment today.

Lending criteria, terms and conditions apply. Security and Insurance required. permanent tsb p.l.c is regulated by the Central Bank of Ireland.

The content of this blog does not constitute advice and is for general information purposes only. Readers should always seek professional advice before relying on anything stated in the blog. Some of the links above bring you to external websites. Your use of an external website is subject to the terms of that site.


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