Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on [email protected] for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact [email protected]

Rebuilding Ireland home loan

24567164

Comments

  • Registered Users Posts: 1,453 ✭✭✭Evd-Burner


    dynasoar wrote: »
    Those who go for the council scheme don't do it to save a buck, but maybe because they won't get enough funds from anywhere else, and have to take the bad with the good?

    Correct me if I'm wrong but the whole premise of the council mortgage scheme was to make it affordable for people who fit the criteria to be able to payback the monthly mortgage at an affordable level. Adding 151 to the monthly repayments makes it not affordable. Also note that the mortgage scheme does automatically give you more than the 3.5 loan to value ratio, they do some form of calculation based on salary and ability to repay.


  • Registered Users Posts: 744 ✭✭✭SNNUS


    So it seems MPI is 10.5 % of monthly repayment which is saucy .. Although with this MPI you do not need to get life insurance.


  • Registered Users Posts: 1,453 ✭✭✭Evd-Burner


    SNNUS wrote: »
    So it seems MPI is 10.5 % of monthly repayment which is saucy .. Although with this MPI you do not need to get life insurance.

    No use to me where my life insurance is provided by my employer.


  • Registered Users Posts: 744 ✭✭✭SNNUS


    Evd-Burner wrote: »
    No use to me where my life insurance is provided by my employer.

    Don't shoot the messenger :)


  • Registered Users Posts: 1 Tedd39


    dynasoar wrote: »
    Correct. :( I only have guesses as to why. Maybe because they are not a regular bank but a council? Or they try to recover some of the money they lose on the low interest...? :p

    I've just been approved for the Home loan on a single income but the MPI is €84 a month! I've received quotes from other providers for the mpi at a much cheaper rate but it seems to be compulsory to go with the council. I don't understand why they are charging so much for this.


  • Advertisement
  • Registered Users Posts: 744 ✭✭✭SNNUS


    Tedd39 wrote: »
    I've just been approved for the Home loan on a single income but the MPI is €84 a month! I've received quotes from other providers for the mpi at a much cheaper rate but it seems to be compulsory to go with the council. I don't understand why they are charging so much for this.


    I am in the same boat, would like to have independent MPI at €20 per month.. €80 is crazy.


  • Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    That is absolutely mental money. My own is 20 a month

    I used to set people up with these policies and I could get a couple 300k non decreasing whole of life cover from about 35 a month for 25 years.


  • Registered Users Posts: 7 Diddlersdoyle


    I think the MPI is based on a percentage of the reducing loan owed so it may go down as the outstanding mortgage decreases


  • Registered Users Posts: 3 nicos


    Hi, We haven't have much luck with this so far. We applied and had everything in order 3 months ago. After many frustrated phone calls. We finally got called in to meet with the council after over 2 months!!! We had a house in mind as it asked to specify it on the application but as the process takes so long the house would be gone. It doesn't make sense to have a house. met with them now over 2 weeks ago and still haven't heard anything. does anyone know how long it should take to hear anything once you meet with them? And do they look for more documents as now its been so long will they now want more up to date documents?


  • Registered Users Posts: 7 Diddlersdoyle


    Took my daughter 7 weeks to hear back and they got loan approval from Dublin City Council. They have 6 months to purchase a home.

    The MPI is .55% of outstanding mortgage balance and therefore decreases each year as the amount owing goes down.


  • Advertisement
  • Registered Users Posts: 7 Diddlersdoyle


    Dublin City Council check all documents before they accept application. If you have met your Council to submit more dumentation your application should be complete now. You do not have to pick your house at this stage. If you get approval they will send you documentation requesting house address when you are ready to purchase. The councils seem to be taking well over 4/6 weeks so don’t worry too much. “No news is good news” hopefully.


  • Registered Users Posts: 744 ✭✭✭SNNUS


    nicos wrote: »
    Hi, We haven't have much luck with this so far. We applied and had everything in order 3 months ago. After many frustrated phone calls. We finally got called in to meet with the council after over 2 months!!! We had a house in mind as it asked to specify it on the application but as the process takes so long the house would be gone. It doesn't make sense to have a house. met with them now over 2 weeks ago and still haven't heard anything. does anyone know how long it should take to hear anything once you meet with them? And do they look for more documents as now its been so long will they now want more up to date documents?

    Did you send the application in 3 month ago? Did you arrange to meet someone in the council when you handed in the application? It took me 10 weeks to hear my outcome..

    It seems like they are doing it arseways there.


  • Registered Users Posts: 3 nicos


    SNNUS wrote: »
    Did you send the application in 3 month ago? Did you arrange to meet someone in the council when you handed in the application? It took me 10 weeks to hear my outcome..

    It seems like they are doing it arseways

    Yeh we send it in all in order nearly 3 months ago. They only called us in to meet us 2 and half weeks ago though so I'm wondering are they only starting the process from when they meet you or from when you sebdbin application. I have a feeling our application was sitting in their desk for months and not even looked at!!!


  • Registered Users Posts: 680 ✭✭✭jim salter


    Evd-Burner wrote: »
    Correct me if I'm wrong but the whole premise of the council mortgage scheme was to make it affordable for people who fit the criteria to be able to payback the monthly mortgage at an affordable level. Adding 151 to the monthly repayments makes it not affordable. Also note that the mortgage scheme does automatically give you more than the 3.5 loan to value ratio, they do some form of calculation based on salary and ability to repay.

    The sooner the Irish people admit that the gov't couldn't give a flying fu¢k about helping the Irish people the sooner we have real change.

    These 'schemes' are made intentionally ambiguous and difficult to obtain. The propaganda machines can say 'we're doing all we can - look at the rebuilding Ireland scheme...'

    Truth is the gov't are only interested in developers and their own interests.


  • Registered Users Posts: 1,453 ✭✭✭Evd-Burner


    jim salter wrote: »
    The sooner the Irish people admit that the gov't couldn't give a flying fu¢k about helping the Irish people the sooner we have real change.

    These 'schemes' are made intentionally ambiguous and difficult to obtain. The propaganda machines can say 'we're doing all we can - look at the rebuilding Ireland scheme...'

    Truth is the gov't are only interested in developers and their own interests.

    When I heard this scheme and looked into it I knew instantly that this was exactly what the scheme was about!


  • Registered Users Posts: 28,573 ✭✭✭✭Wanderer78


    Evd-Burner wrote:
    When I heard this scheme and looked into it I knew instantly that this was exactly what the scheme was about!


    Sadly our political institutions are lost, simply unable to react and respond to this critical problem, change will not occur in the short and possibly medium term


  • Registered Users Posts: 10 Suzistar


    nicos wrote: »
    SNNUS wrote: »
    Did you send the application in 3 month ago? Did you arrange to meet someone in the council when you handed in the application? It took me 10 weeks to hear my outcome..

    It seems like they are doing it arseways

    Yeh we send it in all in order nearly 3 months ago. They only called us in to meet us 2 and half weeks ago though so I'm wondering are they only starting the process from when they meet you or from when you sebdbin application. I have a feeling our application was sitting in their desk for months and not even looked at!!!

    Do you mind me asking what did they ask ye/talk about when you went in to meet them??


  • Registered Users Posts: 7 Diddlersdoyle


    They just check documentation to make sure it’s compleyed correctly. They asked them to highlight things such as savings, rent to parents etc. on their statements. They are administrators and they send your application to underwriters to check your ability to pay. They asked less questions than the bank and building society.


  • Registered Users Posts: 1,283 ✭✭✭stryker mcqueen


    Met with the council this morning , went well , application being sent off to underwriters so fingers crossed , wrecked after getting all the documents in order lol.....

    Word of advice for anyone applying, do so in person , they had a couple of questions regarding some documents but we were able to get everything answered there and then


  • Registered Users Posts: 1,283 ✭✭✭stryker mcqueen


    dynasoar wrote: »
    Got approved by 2 different Co.Co. for the full amount possible, our combined income is below the limit and we have a bit over 40k in savings. Took 6 weeks to get an answer from both (didn't apply at the same time).

    If I may offer our experience:
    - You can apply to multiple Co.Co. but each will be a separate full application (you may be able to convince the first council you apply to, to photocopy your stuff so you can keep the originals and use them again :D )
    - As SNNUS said above, you don't need a property picked out, just mark it as TBA.
    - We are both permanent full time employees.
    - You must have evidence of regular savings, we have a savings account with a standing order on the current account to transfer x amount of money every month to it.
    - If you get approved for the full amount, your monthly payment will be €1354, which includes the mandatory mortgage insurance that we have to buy from the council too - they like to see that you are able to pay this and have enough left to live on (we got it covered by rent+regular savings).
    - They want to see if you have the money for the house deposit (max value of the house you can buy under this scheme is 320k so you should have 32k right there), and the additional costs like stamp duty, legal fees etc.
    - Take the checklist on the form very seriously because both councils representatives went through it with us, piece by piece.
    - This bit "Tenants in private rented accommodation must have a clear rent account for 6 months prior to applying, and be able to show a rent book or proof of payment" - we pay rent by standing order and it was sufficient to highlight the rent payments on the bank statement for this proof of payment.

    HTH

    Any eyebrows raised when applying to the second council and was the application process the same the second time?

    Thanks :D


  • Advertisement
  • Registered Users Posts: 744 ✭✭✭SNNUS


    Met with the council this morning , went well , application being sent off to underwriters so fingers crossed , wrecked after getting all the documents in order lol.....

    Word of advice for anyone applying, do so in person , they had a couple of questions regarding some documents but we were able to get everything answered there and then

    Best of luck!


  • Registered Users Posts: 5 tomhouse


    Hi
    I inherited a property a small cottage that we renovated , but now the family has grown we need to add on or rebuild a house on the land , but can not get a normal mortgage , have questioned the council over this and they have taken it further to have the situation clarified as they say we are not first time buyers , but we are as we have never bought a property and the forms can be signed by revenue to state this and we can apply for the help to buy scheme through revenue as they see us as a first time buyer to rebuild a new house on the land

    Has anyone been through this , and has it been allowed ?


  • Registered Users Posts: 28 voodosheeb


    tomhouse wrote: »
    Hi
    I inherited a property a small cottage that we renovated , but now the family has grown we need to add on or rebuild a house on the land , but can not get a normal mortgage , have questioned the council over this and they have taken it further to have the situation clarified as they say we are not first time buyers , but we are as we have never bought a property and the forms can be signed by revenue to state this and we can apply for the help to buy scheme through revenue as they see us as a first time buyer to rebuild a new house on the land

    Has anyone been through this , and has it been allowed ?

    this is from the site under, Am I eligible?
    "not be a current or previous owner of residential property in or outside the Republic of Ireland"


  • Registered Users Posts: 5 tomhouse


    voodosheeb wrote: »
    this is from the site under, Am I eligible?
    "not be a current or previous owner of residential property in or outside the Republic of Ireland"
    Hi

    Yes same as revenue , but when you dig deeper revenue has a exemption as you did not borrow money/interest for the property .


  • Registered Users Posts: 235 ✭✭Lolle06


    tomhouse wrote: »
    Hi

    Yes same as revenue , but when you dig deeper revenue has a exemption as you did not borrow money/interest for the property .

    But this is irrelevant for the Government loan.

    Revenue would only be concerned if there was already a tax benefit for the applicant in the past - however, the RI loan serves the purpose that people who do NOT own a home yet, will be able to purchase, or build one.

    You own your home already.


  • Registered Users Posts: 5 tomhouse


    the application also asks you to complete a HPL 1 from revenue confirming that you have no borrowed money to purchase a house/land , which we can

    so really im asking has anyone else applied on the same basis ?


  • Registered Users Posts: 28 voodosheeb


    tomhouse wrote: »
    the application also asks you to complete a HPL 1 from revenue confirming that you have no borrowed money to purchase a house/land , which we can

    so really im asking has anyone else applied on the same basis ?

    you might get more answers from this thread BTW : https://www.boards.ie/vbulletin/showthread.php?t=2057832850


  • Registered Users Posts: 2 Carlyd


    Just want to share my expierence with this scheme.
    There seems to have been very little training provided in the County Councils. Everybody you speak to has a different answer.
    I applied according to the criteria set out in the requirements list.
    My first attempt to sumbit:
    1)My rejection letters from the bank were not " rejectful" enough. They wanted more than just how much we had been declined on, they wanted to see how much we would be eligable for.
    2) Despite the checklist stating p60 OR p21 I was turned away from not having my P21.
    Both easily rectified
    Returned a week later
    Documents accepted.
    5 weeks later.
    Letter stating we were not eligable for the ammount we applied for 265,000 which I got from the calculator on their website!
    Infact based on their calculations we could apply for 216,000.
    They asked for a Gift Letter (we were recieving gift of deposit off both of our parents to get us out of the misery that is renting)
    They asked for a letter from our landlord stating our monthly rent . Despite our rent being clear in bank statements.
    Provided both of these documents.
    Resubmitted.
    6 weeks later we recieve a rejection letter based on the following:
    1)Our earnings were outside of the loan criteria (we earn a combined 47k so well within the 75k limit)
    2)We have to be seen to show unbroken savings of 3% of the property price. (A criteria that is not stated anywhere!! Nor mentioned at any previous stage of communication

    our rent is nearly 3/4 of our combined wage a month and we have never missed a payment. This scheme was aimed at people just like us.
    Paying an incredible ammount rent due to the shambolic private rental system so unable to save a considerable ammount a month for a mortgage.
    If i met the criteria they rejected me on I would have been able to get a regular mortgage.

    I was so excited when this scheme was announced. Finally an intellegent solution to the housing crisis that helps those in the middle! but alas just another pile of propaganda. :(


  • Registered Users Posts: 1,453 ✭✭✭Evd-Burner


    Carlyd wrote: »
    Just want to share my expierence with this scheme.
    There seems to have been very little training provided in the County Councils. Everybody you speak to has a different answer.
    I applied according to the criteria set out in the requirements list.
    My first attempt to sumbit:
    1)My rejection letters from the bank were not " rejectful" enough. They wanted more than just how much we had been declined on, they wanted to see how much we would be eligable for.
    2) Despite the checklist stating p60 OR p21 I was turned away from not having my P21.
    Both easily rectified
    Returned a week later
    Documents accepted.
    5 weeks later.
    Letter stating we were not eligable for the ammount we applied for 265,000 which I got from the calculator on their website!
    Infact based on their calculations we could apply for 216,000.
    They asked for a Gift Letter (we were recieving gift of deposit off both of our parents to get us out of the misery that is renting)
    They asked for a letter from our landlord stating our monthly rent . Despite our rent being clear in bank statements.
    Provided both of these documents.
    Resubmitted.
    6 weeks later we recieve a rejection letter based on the following:
    1)Our earnings were outside of the loan criteria (we earn a combined 47k so well within the 75k limit)
    2)We have to be seen to show unbroken savings of 3% of the property price. (A criteria that is not stated anywhere!! Nor mentioned at any previous stage of communication

    our rent is nearly 3/4 of our combined wage a month and we have never missed a payment. This scheme was aimed at people just like us.
    Paying an incredible ammount rent due to the shambolic private rental system so unable to save a considerable ammount a month for a mortgage.
    If i met the criteria they rejected me on I would have been able to get a regular mortgage.

    I was so excited when this scheme was announced. Finally an intellegent solution to the housing crisis that helps those in the middle! but alas just another pile of propaganda. :(

    This is just an absolute joke. Can you appeal the decision?


  • Advertisement
  • Registered Users Posts: 5 bkelly7


    Carlyd wrote: »
    Just want to share my expierence with this scheme.
    There seems to have been very little training provided in the County Councils. Everybody you speak to has a different answer.
    I applied according to the criteria set out in the requirements list.
    My first attempt to sumbit:
    1)My rejection letters from the bank were not " rejectful" enough. They wanted more than just how much we had been declined on, they wanted to see how much we would be eligable for.
    2) Despite the checklist stating p60 OR p21 I was turned away from not having my P21.
    Both easily rectified
    Returned a week later
    Documents accepted.
    5 weeks later.
    Letter stating we were not eligable for the ammount we applied for 265,000 which I got from the calculator on their website!
    Infact based on their calculations we could apply for 216,000.
    They asked for a Gift Letter (we were recieving gift of deposit off both of our parents to get us out of the misery that is renting)
    They asked for a letter from our landlord stating our monthly rent . Despite our rent being clear in bank statements.
    Provided both of these documents.
    Resubmitted.
    6 weeks later we recieve a rejection letter based on the following:
    1)Our earnings were outside of the loan criteria (we earn a combined 47k so well within the 75k limit)
    2)We have to be seen to show unbroken savings of 3% of the property price. (A criteria that is not stated anywhere!! Nor mentioned at any previous stage of communication

    our rent is nearly 3/4 of our combined wage a month and we have never missed a payment. This scheme was aimed at people just like us.
    Paying an incredible ammount rent due to the shambolic private rental system so unable to save a considerable ammount a month for a mortgage.
    If i met the criteria they rejected me on I would have been able to get a regular mortgage.

    I was so excited when this scheme was announced. Finally an intellegent solution to the housing crisis that helps those in the middle! but alas just another pile of propaganda. :(



    Hi Carlyd,

    Sorry to hear about your experience, their reasons for rejection are ridiculous... Can I ask what county council it was that you submitted your application to?

    Like yourself, I was delighted when I initially heard about this scheme, but the more I read about people's experiences, the more pessimistic I've become.

    I applied through Kildare County Council five weeks ago and yet to hear anything. In the last week, they've actually stopped answering their phone when I call hoping to get some sort of update.

    I wonder if you would have any grounds to appeal the council's decision, given that you fit clearly fit the required criteria.


Advertisement