Implications of Wage Subsidy Scheme on Mortgage Offers must be examined – O’Brien

Published on: 17 June 2020

Fianna Fáil Spokesperson on Housing, Planning and Local Government, Darragh O’Brien, has said that cases where people availing of the temporary wage subsidy scheme now encountering issues drawing down their mortgage funds needs to be examined.

Deputy O’Brien has raised the issue with the Department of Finance by way of parliamentary questions.

“I have heard cases of mortgage applicants who received approval prior to the Covid-19 pandemic and are now faced with uncertainty on whether they can draw down their mortgages.  The issue arising is because the applicants are in receipt of the government’s temporary wage subsidy scheme.

“There now appears to be implications of people who have availed of the wage subsidy scheme on Mortgage Offers and their ability to draw down funds which must be examined.

“This is an issue many people are facing at present and I will continue to follow up the with Department of Finance so that it engages with mortgage lenders to see if an approach that’s fair to mortgage applicants and lenders can be agreed,” concluded Deputy O’Brien.