Brokers Ireland Mortgage Unit Update – July 2020

Thu Jul 30 2020

Dear Member,

This outline contains important information in relation to current lending and turnaround times and also up to date information for Brokers Ireland Mortgage Unit.  Lenders are very active in the market at present, and we are seeing a substantial increase in the level of new applications and mortgage queries. Please review this email carefully to ensure that you are up to date with current changes.

PTSB Update

Rate changes and policy updates are attached.  Please note that a 2% cashback is also available. A new calculator may be issued in the coming days.

Help-to-Buy

The Help-to-buy scheme has been enhanced for the remainder of 2020 (end of December 2020) so that the level of support available to first time buyers will be increased.

The main change to the scheme now sees First Time buyers been able to avail of the lesser of €30,000 (up from €20,000) or 10 per cent (up from 5 per cent) of the purchase value of a new property (either bought or built).   For more information access the Revenue’s website

Income Impacted by Covid-19

The number one query being asked is will a lender accept income while the applicant’s employer is availing of the Temporary Wage Subsidy Scheme.  Some Lenders are currently not taking income from an applicant if Covid scheme is noted on the wage slip, while others are proceeding through to post-offer stage, and drawing down or reviewing affordability while on the scheme.  With the scheme now extended until April 2021 many applicants are left wondering if they can drawdown.  I would recommend you assess how suitable the loan amount is based on the applicant’s financial situation at the time of drawdown.  If you have queries relating to your client in terms of impacted income, please contact us and we will assist you further.

Turnaround Times

Turnaround times for Underwriting with the Lenders is currently outside standard times.  They are experiencing high volumes of cases being submitted or re-submitted following the Covid-19 lockdown.  Some are longer than 10 working days.  When we review, submit, or communicate with you on your application we will also let you know what the current timeframe is for a response.  Brokers Ireland Mortgage Service are currently on a 3 day turn around and are working hard to reduce same.  To help us reduce this turnaround we would ask that you review our contact process set out below.

New Cases

New cases can be emailed to info@brokersirelandmortgages.ie or be posted in hard copy to Brokers Ireland Network Services, 87 Merrion Square, Dublin 2.  Please include the system reference and surname.  Ensure you retain the original Declarations on file as these will need to be sent on to the lender prior to drawdown.  We are aware many employers are still working remotely during these times and as such the salary certs can be handwritten or digitally signed.  Ideally an email or a letter on headed paper can be sent along with the cert confirming no access to a company stamp.  Lenders will condition the same prior to offer/drawdown.  Please also ensure that all documents are up to date within 4 weeks at submission.  We must have a salary cert within the month submitted and the latest payslip.

Run By

For all run-by or pre-mortgage application enquiries please submit via queries@brokersirelandmortgages.ie We are currently not taking queries by phone due to volumes and your queries will be answered within 3 working days.  Please remember to include income figures, age of applicants and the age of any dependants.  Full outgoings including rent, loans, and savings.

Incoming Documents

For existing cases where possible, documents for cases should be uploaded on the mortgage platform (www.brokersirelandmortgage.ie) under the Docs & Conditions Tab within the application.  Where not possible they must be sent to info@brokersirelandmortgages.ie or if original format is needed they can be posted to the office.  Please remember to reference the 5 digit reference number for the case. Please do not email personal email addresses, i.e. Laura, Tom or Kimberley as these are actioned last and may cause delays.

 Live Case

Communicating on a live case.  Please use the notes and messages system.  This sends instant messages to our homescreens and are actioned first.  If it is not possible use the info@brokersirelandmortgages.ie inbox, referencing the 5 digit refernce number.  Again emails directly to staff are actioned last and may cause avoidable delays.

Urgent Updates

You can conatct us by phone on 01 4922203 for urgent updates, but we would encourge you to use the system or email first as our phonelines are extremly busy with lender communication on cases.

I would like to thank you for your continued support during these times and should you have any queries on this email or if you would like to know more about the service Brokers Ireland Mortgages provides please contact me directly on 085 837 5602.

Best Regards,

Kimberley Hyland

Mortgage Manager