Rebuilding Ireland home loan

3283winnie

jill_valentine wrote: »

You can get one letter from AIB's online mortgage application nearly instantly, so that's one straight away.

I know of at least one mortgage broker, the Mortgage Company, have a totally online mortgage approval process, but I think it takes about a week and there is some fidgety stuff involved with an ID app.

Oh really aib send out a letter il definitely get onto that one I seen someone say bank of ireland done a letter too only with covid situation so might give that one a try thank you for your help ðŸ‘

jill_valentine

3283winnie wrote: »

Oh really aib send out a letter il definitely get onto that one I seen someone say bank of ireland done a letter too only with covid situation so might give that one a try thank you for your help ðŸ‘

AIB generate a letter online, you just print it. It's all done online. SDCC accepted it for me.

BaguMka

3283winnie wrote: »

Can I ask how long you waited on the loan approval thanks

First applied in August 2020 got loan offer on 1st February 2021

BaguMka

jill_valentine wrote: »

AIB generate a letter online, you just print it. It's all done online. SDCC accepted it for me.

Correct. That's what I did with AIB. Then went to PTSB they give letter with amount you qualified in 10min. You just have to make an appointment with their mortgage advisor

3283winnie

Can I ask how much is the mpi roughly

jill_valentine

I've updated the little guide I posted here before, because I think some might find this useful.

It's basically a simplified/updated version of the checklist you'll find in the form with some notes to clarify some points. I can't take any responsibility for typos or errors, and I might have missed some stuff outside my personal circumstances, but I think it's a lot more straightforward and less daunting than the official guidance, so it could give anybody just getting to work on this a good place to start.

I've attached below, if you spot any glaring oversights give me a shout and I'll amend.

Jafin

3283winnie wrote: »

Can I ask how much is the mpi roughly

It depends on how much of a mortgage you get. It's 0.55% of the outstanding amount on your mortgage (minus the interest), and it's reduced each year. For example if you get a mortgage of €150,000 then for the first year your MPI is €825 for the year, which is then broken down into monthly payments of €68.75. In the second year it will be reduced, same in the third year etc. until you're finished.

Joffrey

<SNIP>

3283winnie

Jafin wrote: »

It depends on how much of a mortgage you get. It's 0.55% of the outstanding amount on your mortgage (minus the interest), and it's reduced each year. For example if you get a mortgage of €150,000 then for the first year your MPI is €825 for the year, which is then broken down into monthly payments of €68.75. In the second year it will be reduced, same in the third year etc. until you're finished.

Ok that's a lot more than I had taught but it's good that it will reduce every year thank you for your help I appreciate it

jill_valentine

Timescales for me so far -

DCC
Full app submitted– 12/08/20
Approval in Principal – Received 02/11/20

Fingal
Full app submitted – 20/11/20
Approval in Principal – Received 02/02/21

SDCC
Full app submitted – 03/02/21 (Note - after a load of back and forth about what docs they felt like asking for, this does not include additional correspondence to this point :rolleyes:)
Approval in Principal – Not yet

mtoutlemonde

If you are successful with rebuilding Ireland.
Do you have to draw down the offered amount?
Do you spend your own money before using the mortgage - that's what the banks require. Thanks in advance.

3283winnie

jill_valentine wrote: »

Timescales for me so far -

DCC
Full app submitted– 12/08/20
Approval in Principal – Received 02/11/20

Fingal
Full app submitted – 20/11/20
Approval in Principal – Received 02/02/21

SDCC
Full app submitted – 03/02/21 (Note - after a load of back and forth about what docs they felt like asking for, this does not include additional correspondence to this point :rolleyes:)
Approval in Principal – Not yet

Be great to see how long sdcc takes for approval that's were I am applying in the next two weeks

A little off topic here, I know, but can anyone tell me, the rebuilding ireland loan helps people struggling to meet bank criteria, regardless of whether the property you buy is new or 'used'. The Help To Buy scheme gives a tax refund, but only on the purchase of a new house.

Are there any schemes out there that help first time buyers with buying 'used' houses? If someone isn't looking to get a new-build, can they get assistance for an existing house?

D.Q

Hey guys I work in a sales job, on 35k basic, between 48/49k before tax with commission. Would they take the 48k as my earnings or would it just be the basic wage?

newmember2

Deleted User wrote: »

...Are there any schemes out there that help first time buyers with buying 'used' houses? If someone isn't looking to get a new-build, can they get assistance for an existing house?

Rebuilding Ireland Homeloan scheme provides mortgages for new or used houses.

BaguMka wrote: »

First applied in August 2020 got loan offer on 1st February 2021

Which CC?

akelly02

hi lads/lassies

does anyone know if they accept social welfare as the secondary applicant? the primary applicant will have a 30k salary.

specifically the payments are

1.disability (i think they do )
2.carers(im not sure )
3. domicillary payment?

thanks in advance

Lauren52

akelly02 wrote: »

hi lads/lassies

does anyone know if they accept social welfare as the secondary applicant? the primary applicant will have a 30k salary.

specifically the payments are

1.disability (i think they do )
2.carers(im not sure )
3. domicillary payment?

thanks in advance

Hi I get DCA for my son. They didnt take this into account.

They took my basic wage , nothing else although guaranteed only my minimum did they include. They didnt include all of my husbands either, just his basic.

akelly02

Lauren52 wrote: »

Hi I get DCA for my son. They didnt take this into account.

They took my basic wage , nothing else although guaranteed only my minimum did they include. They didnt include all of my husbands either, just his basic.

thanks for your help.


seems a very daunting process. wont be starting it for a year or so !

BaguMka

Does anyone know how to find the councils solicitor phone number or email. KCC won't give me their contact details they also won't tell a timeline for loan pack to arrive. It is been already over 2 weeks since I submitted last documents..

Lauren52

akelly02 wrote: »

thanks for your help.


seems a very daunting process. wont be starting it for a year or so !

On the plus side we did get offered 46k more than a bank . It's tough but we are near the end now so worth it.

akelly02

Lauren52 wrote: »

On the plus side we did get offered 46k more than a bank . It's tough but we are near the end now so worth it.

fair play !!

just so im clear , the maximum amount i can borrow , thats nothing to do with my deposit?

so if i can borrow 180000 this means i can look at houses for 198000 or less, ie +10%?

Bigfatmichael

Is their any extra costs than the mortgage calculator monthky payments or does that include mortgage protection?

Lauren52

akelly02 wrote: »

fair play !!

just so im clear , the maximum amount i can borrow , thats nothing to do with my deposit?

so if i can borrow 180000 this means i can look at houses for 198000 or less, ie +10%?

Yes so we got AIP for 221,000 we are purchasing a house for 265,000 so using all of the loan offer + savings and H2B

Lauren52

Bigfatmichael wrote: »

Is their any extra costs than the mortgage calculator monthky payments or does that include mortgage protection?

No it is only Mortgage repayment amount then You add the MPI depending on the loan amount ours is 101e pm

valarmorghulis

hi,has anyone queried the extortionate mpi with the local authorities ,it is nearly 10 times the cost than if going with a normal mortgage and nearly wipes out any savings in interest than going with aib/kbc,i can only assume it’s a collective fund for the defaulters

KH1591

Quick question for those who have been approved,
Does the MPI pay the balance if someone passes away?
Also, do we need Life Insurance aswell as Home Insurance?


We have officially been fully approved so trying getting everything sorted!

BaguMka

KH1591 wrote: »

Quick question for those who have been approved,
Does the MPI pay the balance if someone passes away?
Also, do we need Life Insurance aswell as Home Insurance?


We have officially been fully approved so trying getting everything sorted!

MPI mortgage protection insurance also known as life insurance are the same thing

Sm2016

Hi all, new to the thread.

I am in the very early stages of filling out this application and would appreciate if someone could answer my question.

On the form it asks for the DETAILS OF PROPERTY TO BE MORTGAGED. Do you have to fill this out as I do not have any specific in mind? can you leave this blank?

Thanks

optogirl

Sm2016 wrote: »

Hi all, new to the thread.

I am in the very early stages of filling out this application and would appreciate if someone could answer my question.

On the form it asks for the DETAILS OF PROPERTY TO BE MORTGAGED. Do you have to fill this out as I do not have any specific in mind? can you leave this blank?

Thanks

Yes you can leave that blank

Sm2016

optogirl wrote: »

Yes you can leave that blank

Thanks so much