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Rebuilding Ireland home loan

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Comments

  • Registered Users Posts: 18 89char9


    Yes absolutely! I was saving much less than that as I pay rent as well. Some months when I didn't have childcare costs I paid 500 and other months around Xmas I could only put in as low as 250. As long as you are putting something in every month they will look at it as consistent.



  • Registered Users Posts: 18 89char9




  • Registered Users Posts: 979 ✭✭✭Seannew1


    Congratulations! When you are approved by credit committee, how long does it take for underwriters to get in contact with you?? I applied back in May but committee aren't due to meet until late July.



  • Registered Users Posts: 176 ✭✭DonnieCorko


    I am wondering what is the situation with a payrise after you submit your application/it has been approved. Looking to apply around end of December but expect I may get a pay rise in Jan/late Jan and I could use the extra multiple on the salary for the mortgage.

    Can I just ask for an updated amount or would it require going through the whole process again? And would this increase in salary need to be seen in one or two months payslips, or would a letter from the employer suffice?

    Thanks!



  • Registered Users Posts: 176 ✭✭DonnieCorko


    I always thought the calculator on the RIHL website showed potential maximum loan was x 5 your salary, however, now its showing x 4.5. Am I wrong about getting 5 times your salary?



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  • Registered Users Posts: 1,103 ✭✭✭Maz2016


    Think it depends on county. Like Dublin gives more than limerick etc



  • Registered Users Posts: 176 ✭✭DonnieCorko


    It was Dublin I did the calculation for so it should be max, but I think what you are referring to is the max price of the house, not the multiple of your income you can receive.



  • Registered Users Posts: 1,103 ✭✭✭Maz2016




  • Registered Users Posts: 2 ionut5002


    Hi,

    Does anyone know how long will take after we sign the loan offer untill the solicitor is getting the loan pack? There are more steps to be done at this point?



  • Registered Users Posts: 2 ionut5002


    There are any extra steps that needs to be done at this point?



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  • Registered Users Posts: 176 ✭✭DonnieCorko


    Hey guys!

    I am wondering has anyone here gotten 4.5 or 5 times your salary off RIHL? If so, would you mind giving me details on how much you got and your deposit %?

    I am wondering what is the upper age limit they will give you a loan until? Is it 65 or 70 you need to be before you pay it off?

    Lastly, is there a penalty for breaking the fixed rate mortgage? Ie you want to move house later and need to change mortgage provider to lets say BOI or AIB?

    Thanks!



  • Registered Users Posts: 37 jessimirish


    Delighted to say I got my mortgage approval from Dublin City Council, letter received June 28th! I then got very lucky and have now gone sale agreed on a house after viewing a few properties. So excited!

    I've engaged my solicitor, sent the booking deposit and have now sent my forms for the loan offer and MPI application back to DCC. Does anyone know what to expect at this point, from those who have been through the whole process? Do DCC tend to process things quickly?

    Also, how strict is the MPI application? I am on medication and have seen a specialist within the last 24 months for an underactive thyroid, but I'm not sick from it at all, it's been completely under control for years and the doctor has no concerns with me at all, it was just a routine appointment to check in. So I had to select that I am on medication and have had to see a consultant - I can't see myself getting turned down because of it, but am just worried they might try to make a mountain out of a molehill over it - anyone been through the MPI interview process before?

    Any tips helpful! Thanks guys.



  • Registered Users Posts: 37 jessimirish


    I was approved for under 4.5%, about 4.25%. I had 20% deposit, but I won't be using all of it to fund the purchase, I'll use 10% deposit and keep the cash to fund some renovations.



  • Registered Users Posts: 176 ✭✭DonnieCorko


    Thanks for the reply. Did you want the 4.5%? If so, any idea why they didnt award you the full amount?



  • Registered Users Posts: 37 jessimirish


    Not sure to be honest, they didn't go into much detail on the logic behind the approval amount in the approval letter. I am close to the upper limit of borrowing/the eligible salary range though so I'd say that played a part, luckily I had the extra cushion of the additional savings so it didn't make a massive difference only getting the 4.25x, so I didn't bother querying it. The 4.5x would have been nice but luckily I didn't need it and got sale agreed with the 4.25x!



  • Registered Users Posts: 165 ✭✭JCN12


    Quite curious if anyone knows if it is possible to overpay each month without penalty up to a certain percentage like banks?

    I know there is a formula to calculate the penalty, but it seems more applicable to lump sums.

    Post edited by JCN12 on


  • Registered Users Posts: 22 Varetinha


    Hi, I just received a letter declining my application on the same grounds. It does not make sense at all as I have been saving regularly for years now, have a good deposit and my income covers well the proposed monthly repayment with no other financial commitments. Very frustrating. What is really bothering me is that they stated this was a final decision and my application was being destroyed. I suppose I should be allowed to at least appeal their decision?

    Just wondering if you have had any luck with appealing it or will I need to submit a whole new application again?



  • Registered Users Posts: 37 jessimirish


    Hi there, sorry to hear this - I know how it feels, very upsetting and frustrating! In my case I couldn't appeal, I decided to wait a couple of months as I had recently been on holiday the previous month and paid my car insurance in full the month before. I assumed this wouldn't matter because my overall savings every other month were so high, and I assumed they would average it out, but I suspect it did. I never got a fully definitive answer on why they thought my capacity to repay was too low, but that is my guess.

    I waited a few months and made sure my savings were immaculate, and tried to spread expenses across months to maintain the same level of savings each month. It was a real pain, but worth it in the end as I was approved when I reapplied and have just gone sale agreed! So it all worked out in the end - now just hoping the sale goes through smoothly.



  • Registered Users Posts: 22 Varetinha


    Congratulation on going sale agreed! I hope things go smoothly for you now.

    I have the feeling the problem was that until January this year I wasn't saving in a savings account but my current account shows a steady increase throughout the year so I thought this would be fine. So basically I had 6 months of savings in each account. I thought they would be able to see the balance and spread it out!



  • Registered Users Posts: 37 jessimirish


    I think there was a similar issue with mine, I have two savings accounts, one which I was saving into for the majority of my time saving and then a second "home saver" one my bank convinced me to set up. I think that might have confused them! When I applied the next time I included a cover letter explaining all my accounts and a spreadsheet showing my savings each month and the relevant account, so there could be no confusion. Honestly, I think they don't spend a lot of time looking at them, anything slightly confusing and they'll just refuse imo! So annoying as it sets you back.



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  • Registered Users Posts: 22 Varetinha


    The spreadsheet idea is very good. I might do that if I am able to put an appeal through.



  • Registered Users Posts: 3,133 ✭✭✭akelly02


    Hi Lads


    for people that are putting down ' max available' for the amount sought, Will they just offer you a lower amount if they dont think you meet the repayment capacity for that amount? or am i better off just putting down what i know i need?

    i dont want a case of that i should have just asked for 200k instead of the max available, when realisticley i may not have shown repayment capacity for the max availible.



  • Registered Users Posts: 119 ✭✭_H80_GHT


    I compiled info that some may find interesting. The total RBIHL drawn downs per Local Authority.

    Info compiled from here -> https://www.gov.ie/en/collection/42d2f-local-authority-loan-activity/?referrer=http://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity#local-authority-loans-approvedpaid

    Carlow has had 50 drawdowns in total, Cavan 12 etc...




  • Registered Users Posts: 37 jessimirish


    Question, has anyone gone outside the salary range after applying and going sale agreed/submitting loan offer forms, but before actually drawing down?

    I am sale agreed but my application for loan offer is with the council and I have just got word that I am being promoted and my new salary will bring me above the income limit. I got my approval and went sale agreed with my old salary, and have submitted new bank statements and my forms in the last couple of weeks.

    The council is working on processing my application for loan offer (pending MPI approval), I am waiting for draw down, and work is underway with the solicitors. I would hate for my promotion to make me fall at the last hurdle with the house, but it would be silly of me to turn down the promotion as it is a great opportunity. I am stressed now!

    Has anyone experienced this? Are any more payslips/statements needed after the ones you send in with your forms once you go sale agreed?

    Also, the MPI crowd have asked me to ask my doctor to fill in a questionnaire. I'd be very surprised if they decline me as it's for a minor issue, but what happens if on the off chance they do decline, anyone experienced that?

    Nothing is ever straightforward is it 😂



  • Registered Users Posts: 3,131 ✭✭✭ronano


    stupid question but i'll ask


    'Primary Earner' = person who earns the most? i'm in situation that my partner would earn bit less but has few years in her job while i earn more but have less than a year at the moment



  • Registered Users Posts: 3,133 ✭✭✭akelly02




  • Registered Users Posts: 176 ✭✭DonnieCorko


    Are rates increasing for RIHL now with the ECB rate increases?



  • Registered Users Posts: 24 iwantopinion


    Hi,

    Wondering if anyone could help re applying for LAHL and savings.

    Has anyone applied before having the exact 12 mths savings ? Is there any point doing before hand or would they just refuse and tell you to come back after the 12 months.

    Thanks.



  • Registered Users Posts: 22 Varetinha


    I had 12 months of savings, however they weren’t consistent ie. Lodging the same amount every month into the savings account and not touching it! I got refused by DCC in the grounds of not consistent savings. I had 6 months saved in my current account (amount building up throughout the year) and then another 6 months regularly saved in the savings account. They said to wait until there’s clear evidence of consistent savings in the last 12 months and apply again.



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  • Registered Users Posts: 9 zapex123


    What happens once council send signed loan offer to their solicitor?



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