Central Bank slaps lenders' wrists over mortgage policy during Covid

The Central Bank has warned lenders to better communicate any changes to their mortgage application processes brought about by the pandemic.

The Central Bank has dealt mortgage lenders a slap on the wrist by warning them to improve their communication with customers over any changes to their loan application processes prompted by the impact of the Covid-19 pandemic.

The regulator said it had become aware, through its supervisory work, that lenders had changed their mortgage application processes due to Covid uncertainty; leading — in some cases — to additional credit checks of applicants before the drawdown of the mortgage.