“Has there been a material impact in your employment and/or income as a result of Covid-19?”
This is the question Haven Mortgages will be asking of all applicants, new or existing. With current circumstances, it’s possible that this question will only be able to be answered once people return to work.
The lender has also shared that they may request information from people’s employers when they return to work asking if there are any changes to their employment. This will happen before loan approval.
If people are already at the loan offer stage, written confirmation from their employer stating that their income is not impacted by Covid-19 measures.
Furthermore, applicants are always reminded that they have an obligation to notify their lender if their circumstances change. This obligation is in place at all stages of the mortgage application process.
has also highlighted that they may be looking for additional information for mortgage applications.
- For PAYE applicants, an updated payslip may be requested prior to drawdown that confirms an income level that supports the original application.
- For Self-Employed applicants, updated personal current account statements could be asked for prior to drawdown confirming that income levels support the original application.
The third lender to let us know how they are changing their mortgage processes during this time is ICS Mortgages
Their statement is as follows: “A review is ongoing on all pipeline loan offers, to determine the impact of Covid-19 on the borrowers’ financial circumstances. Where their circumstances have changed, we may require further information.”