Mortgage exemptions during Covid?

[Renterdublin]

I just wondered if anyone was lucky enough to get a LTV exemption recently? We have excellent earnings and savings history but just don’t have the 20% needed to buy our home. I currently own an apartment - but it has a really low tracker and good potential rental income so would love to keep it. We have approached KBC, Ulster and AIB - all via their phone lines (I have no personal relationships with local branches / bank managers) and all have said no. AIB will offer up to 4.5 LTI which we don’t require but aren’t offering any exemptions on LTV. Anyone with any inside knowledge on when / if this might change?

 

[RedOnion]

The banks really don't know themselves when things will get back to normal. If banks keep giving exemptions, there's a risk that only the people with exemptions will actually proceed and then the banks all end up in breech of CBI rules. Once the volume of transactions picks up, it'll become clearer, and banks will come up with plans and start competing for business again. For the moment all I can suggest is that you get everything else in order, and be ready to apply.

 

[Renterdublin]

The banks really don't know themselves when things will get back to normal. If banks keep giving exemptions, there's a risk that only the people with exemptions will actually proceed and then the banks all end up in breech of CBI rules. Once the volume of transactions picks up, it'll become clearer, and banks will come up with plans and start competing for business again. For the moment all I can suggest is that you get everything else in order, and be ready to apply.

That makes sense - hadn’t thought of CBI rules and keeping exemptions to < 20% - we have everything lined up document wise and will keep saving and keep an eye on things. Thanks for the quick reply.