head 3

What is the relationship between Covid and Mortgage? Asking wage mortgage information to mortgage applicants is a right course of action or not!

Labor party spokesman Gednash has written to the Bank of Ireland CEO asking mortgage applicants whether their employer is using the wage subsidy scheme.

He told Francesca McDonagh of the Bank of Ireland that it would not be appropriate for banks to request such information about the financial condition of the applicant’s specific employer.

At the same time, Loth TD said that the inquiry into the wage subsidy scheme was discriminatory against mortgage applicants.

However, the bank said that their intend was to understand the situation of all customers.

The government had earlier subsidized the wages of millions of Irish workers in the wake of the Covid crisis.

In the wake of the Covid epidemic, the government has allocated money to companies facing severe financial crisis to continue to pay employees under the government’s Temporary Wage Subsidy Scheme (TWSS).

The government had said the move would allow people to continue working during the Covid period. At the same time, there are already reports that those who receive a wage subsidy are denied a mortgage.

According to the latest figures from the Banking and Payments Federation, the number of mortgages across major retail banks fell by 32.6 percent in the third quarter of 2020.

While this may not be linked to the wage subsidy scheme, reports indicate that the number of customers has dropped significantly since the outbreak of the Covid epidemic.

Nash, meanwhile, said the bank should be more clear in seeking information from applicants on the wage subsidy scheme.

The bank said it was aware of the difficulties faced by customers in the Covid crisis and could correct their earnings details in the future.

A spokesman said the bank would take further action after each mortgage application was clearly examined and that the bank was very aware of the impact of the Covid.

He added that mortgage applications will continue to be considered and that TWSS information and EWSS information will be collected to understand customer situations.

Comments are closed.