Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie 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 hello@boards.ie

Rebuilding Ireland home loan

Options
1…2526283031…164

Comments

  • Options
    #812
    The_Brood
    Closed Accounts Posts: 838 ✭✭✭The_Brood


    - Borrowing limit of €320,000 in Dublin. That is still barely enough for anything approaching half-decent accommodation in the capital, and increasingly not.

    - 25-30 years of repayments, with warnings plastered all over the place on their website, and in my communication with them, about how much they can't wait to take your home should there be a blip in the process. Even someone with the most rock-solid, well-paid salary should be concerned by that in today's job market.

    Who does this help, and why would anyone agree to such terms? Yet this seems to be the one and only "solution" the government offers. Is renting all the way to the grave the only option left?

    And looks like the whole program is being massacred online: https://twitter.com/search?q=Rebuilding+Ireland&ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Esearch


  • Options
    #813
    rgodard80a
    Registered Users Posts: 568 ✭✭✭rgodard80a


    The_Brood wrote: »
    - Borrowing limit of €320,000 in Dublin.

    That is definitely subjective and depends on your circumstances.
    A couple both earning good salaries in Dublin wouldn't be subject to that limit.

    Also depends on savings for a deposit.


  • Options
    #814
    namloc1980
    Registered Users Posts: 18,072 ✭✭✭✭namloc1980


    The_Brood wrote: »
    - Borrowing limit of €320,000 in Dublin. That is still barely enough for anything approaching half-decent accommodation in the capital, and increasingly not.

    - 25-30 years of repayments, with warnings plastered all over the place on their website, and in my communication with them, about how much they can't wait to take your home should there be a blip in the process. Even someone with the most rock-solid, well-paid salary should be concerned by that in today's job market.

    Who does this help, and why would anyone agree to such terms? Yet this seems to be the one and only "solution" the government offers. Is renting all the way to the grave the only option left?

    And looks like the whole program is being massacred online: https://twitter.com/search?q=Rebuilding+Ireland&ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Esearch

    It's pointing out that if you fail to pay your mortgage or loan secured on your house, you risk losing it. I don't get your issue with this. Would you prefer a more fluffy warning: EVEN IF YOU DON'T MAKE PAYMENTS YOUR HOME IS NOT AT RISK, EVERYTHING WILL BE GRAND.


  • Options
    #815
    BattleCorp
    Registered Users Posts: 11,758 ✭✭✭✭BattleCorp


    The_Brood wrote: »
    - Borrowing limit of €320,000 in Dublin. That is still barely enough for anything approaching half-decent accommodation in the capital, and increasingly not.

    I haven't seen the programme but I'm guessing the borrowing limit of €320,000 is case specific (based on the borrower's salary/deposit/ability to make repayments etc.)

    I'd assume Michael O'Leary of Ryanair fame might be able to borrow slightly more should he wish to get a mortgage for a house in Dublin.


  • Options
    #816
    Del2005
    Registered Users Posts: 18,888 ✭✭✭✭Del2005


    namloc1980 wrote: »
    It's pointing out that if you fail to pay your mortgage or loan secured on your house, you risk losing it. I don't get your issue with this. Would you prefer a more fluffy warning: EVEN IF YOU DON'T MAKE PAYMENTS YOUR HOME IS NOT AT RISK, EVERYTHING WILL BE GRAND.

    In this country it is "Your home is not at risk if you don't pay your mortgage". That's the reason why we pay >2% then our cousins with functioning justice systems.


  • Advertisement
  • Options
    #817
    Del2005
    Registered Users Posts: 18,888 ✭✭✭✭Del2005


    The_Brood wrote: »
    - Borrowing limit of €320,000 in Dublin. That is still barely enough for anything approaching half-decent accommodation in the capital, and increasingly not.

    There's income limits for people to apply and there is a loan to income limit on how much you can borrow. We know what happens when you give too much credit to people who can't afford it.


  • Options
    #818
    .......
    Closed Accounts Posts: 9,057 ✭✭✭.......


    The_Brood wrote: »
    - Borrowing limit of €320,000 in Dublin. That is still barely enough for anything approaching half-decent accommodation in the capital, and increasingly not.

    That is not the borrowing limit. From their website.
    You can borrow up to 90% of the market value of the property.

    Maximum market values of the property that can be purchased or self-built are:

    €320,000 in the counties of Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and
    €250,000 in the rest of the country.

    This is aimed at first time buyers, hence the low max values. 320k would cover a lot of first time buyer type properties in Dublin.


  • Options
    #819
    BattleCorp
    Registered Users Posts: 11,758 ✭✭✭✭BattleCorp


    ....... wrote: »
    That is not the borrowing limit. From their website.



    This is aimed at first time buyers, hence the low max values. 320k would cover a lot of first time buyer type properties in Dublin.

    Those figures only apply to people applying for a Rebuilding Ireland Home Loan. They aren't across the board. These are special loans with a very special interest rate.

    They are free to apply to Bank of Ireland, AIB, PTSB etc. (all of whom charge significantly higher interest rates).


  • Options
    #820
    .......
    Closed Accounts Posts: 9,057 ✭✭✭.......


    BattleCorp wrote: »
    Those figures only apply to people applying for a Rebuilding Ireland Home Loan. They aren't across the board. These are special loans with a very special interest rate.

    They are free to apply to Bank of Ireland, AIB, PTSB etc. (all of whom charge significantly higher interest rates).

    Yes - that is my point.

    Rebuilding Ireland are advertising the max value figures on their website - which is aimed at first time buyers.

    The OP is questioning what they are missing - I think they are missing the point that this is a scheme aimed at FTB by the government with special terms on the loan.

    Anyone is free NOT to use Rebuilding Ireland.


  • Options
    #821
    Anthracite
    Closed Accounts Posts: 805 ✭✭✭Anthracite


    namloc1980 wrote: »
    It's pointing out that if you fail to pay your mortgage or loan secured on your house, you risk losing it. I don't get your issue with this. Would you prefer a more fluffy warning: EVEN IF YOU DON'T MAKE PAYMENTS YOUR HOME IS NOT AT RISK, EVERYTHING WILL BE GRAND.
    That's often more accurate. And if, after a decade, your lender finally gets a high court order to reclaim the free house, you can count on a band of vigilantes attacking anyone trying to prevent moving back in.


  • Advertisement
  • Options
    #822
    BattleCorp
    Registered Users Posts: 11,758 ✭✭✭✭BattleCorp


    ....... wrote: »
    Yes - that is my point.

    Rebuilding Ireland are advertising the max value figures on their website - which is aimed at first time buyers.

    The OP is questioning what they are missing - I think they are missing the point that this is a scheme aimed at FTB by the government with special terms on the loan.

    Anyone is free NOT to use Rebuilding Ireland.

    I see absolutely nothing wrong with that scheme (quick glance mind).

    There are houses available in Dublin for less than €320k and there are houses elsewhere (my area) for less than €250k. Daft right now have 1,412 properties under €325k listed in Dublin.

    To be perfectly honest, I would have jumped at a mortgage with 2% fixed for 25 years instead of the sh1te interest rate I have now.


  • Options
    #823
    .......
    Closed Accounts Posts: 9,057 ✭✭✭.......


    BattleCorp wrote: »
    I see absolutely nothing wrong with that scheme (quick glance mind).

    There are houses available in Dublin for less than €320k and there are houses elsewhere (my area) for less than €250k. Daft right now have 1,412 properties under €325k listed in Dublin.

    To be perfectly honest, I would have jumped at a mortgage with 2% fixed for 25 years instead of the sh1te interest rate I have now.

    Actually - I think it is a realistic upper max on houses in Dublin. Why would someone who needed help to buy be looking at a max value over 320k for Dublin?


  • Options
    #824
    [Deleted User]
    Posts: 17,381 ✭ [Deleted User]


    namloc1980 wrote: »
    It's pointing out that if you fail to pay your mortgage or loan secured on your house, you risk losing it. I don't get your issue with this. Would you prefer a more fluffy warning: EVEN IF YOU DON'T MAKE PAYMENTS YOUR HOME IS NOT AT RISK, EVERYTHING WILL BE GRAND.

    I dislike the notions of some that signing a piece of paper entitles them to missed payments.


  • Options
    #825
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    I don't understand the hostility towards the scheme. It's on much better terms than the bank's and for me means I can borrow more than 3.5 times my salary, while still having reasonable mortgage repayments.


  • Options
    #826
    jesso22
    Registered Users Posts: 54 ✭✭jesso22


    bubbles46 wrote: »
    Has anyone not found a suitable house within the 6 months and had to reapply again with their Coco?I'm just wondering that if it does come to that with me, is it really applying from absolute scratch again or can they just renew it?

    We got ours renewed for a couple of months. And thank god, cus we found the most ideal house and got sale agreed in the final week of those two months. You can just call them up a few weeks before and say you've put in an offer and could they extend. We had to give in a recent payslip and bank statement, then notice of renewal was sent out in the post few days after


  • Options
    #827
    CarlK90
    Registered Users Posts: 4 ✭CarlK90


    Hi everyone, myself and my partner applied to Meath county council at the start of October and we got accepted last week. Great news right before Christmas. We got accepted for the full amount at 2% fixed. Meath Coco are a pleasure to deal with. We could email and phone with any queries and they would get back to us that day. We have just sent back the letter of acceptance and looking forward to the next step. We are buying a new build house which will be completed in March/April 2019. We put a booking deposit on this house in October this year. Our Help To Buy is sorted, along with everything for the house, so I guess it is just a waiting game now until it all falls into place.
    Roll on 2019 :)


  • Options
    #828
    Buford T. Justice XIX
    Closed Accounts Posts: 20,633 ✭✭✭✭Buford T. Justice XIX


    Mod note: I think this threads purpose is best served in a more sprecialised forum so I'll lock this and move to to Accommodation & Property.


    Please note the change of forum and forum rules,


    Buford T. Justice.


  • Options
    #829
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Thanks BTJV, merged with the main rebuilding Ireland thread.


  • Options
    #830
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Regarding repossessions - for anyone who is interested in facts and figures rather than hyperbole, you can see all the stats on loan arrears and repossessions on the Department website:

    https://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity


  • Options
    #831
    scabo33
    Registered Users Posts: 82 ✭✭scabo33


    Anyone know how to get two rejected mortgage applications for this?


  • Advertisement
  • Options
    #832
    BattleCorp
    Registered Users Posts: 11,758 ✭✭✭✭BattleCorp


    scabo33 wrote: »
    Anyone know how to get two rejected mortgage applications for this?

    Go apply for mortgages you can't afford with too small a deposit. They won't be long refusing you.


  • Options
    #833
    scabo33
    Registered Users Posts: 82 ✭✭scabo33


    BattleCorp wrote: »
    Go apply for mortgages you can't afford with too small a deposit. They won't be long refusing you.

    Thank you very much!


  • Options
    #834
    Sam2904
    Registered Users Posts: 8 ✭Sam2904


    jesso22 wrote: »
    We got ours renewed for a couple of months. And thank god, cus we found the most ideal house and got sale agreed in the final week of those two months. You can just call them up a few weeks before and say you've put in an offer and could they extend. We had to give in a recent payslip and bank statement, then notice of renewal was sent out in the post few days after

    Our house isnt ready untill march/april (new build) and our mortgage approval ran out. Have been advised by coco we needed a full new application. Applied in november juat waiting to hear back from them.


  • Options
    #835
    wicklowdon
    Registered Users Posts: 3 ✭wicklowdon


    Hi has anyone self employed been through this?did they look for audited accounts or just accountants report, thanks


  • Options
    #836
    GlowStick
    Registered Users Posts: 58 ✭✭GlowStick


    Anyone know about drawing down on the mortgage at this time of year? Been told by council that their books are closed for end of year reports so won't be getting the money till late February 🙄🙄 estate agent and vendor aren't very happy


  • Options
    #837
    trudy2222
    Closed Accounts Posts: 55 ✭✭trudy2222


    Hi all just wondering if you could help, me and my partner are nearly ready to apply just getting all our forms in order. Can anyone advice where to get the hpl1 signed?


  • Options
    #838
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    trudy2222 wrote: »
    Hi all just wondering if you could help, me and my partner are nearly ready to apply just getting all our forms in order. Can anyone advice where to get the hpl1 signed?

    Your local revenue office


  • Options
    #839
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    trudy2222 wrote: »
    Hi all just wondering if you could help, me and my partner are nearly ready to apply just getting all our forms in order. Can anyone advice where to get the hpl1 signed?

    you can post it to revenue in rosslare.
    ours took a 4/5 days.


  • Options
    #840
    trudy2222
    Closed Accounts Posts: 55 ✭✭trudy2222


    BrownFinger wrote: »
    you can post it to revenue in rosslare.
    ours took a 4/5 days.

    I’ll give that a go, I can’t take any days off work so it’s perfect!


  • Advertisement
  • Options
    #841
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    trudy2222 wrote: »
    I’ll give that a go, I can’t take any days off work so it’s perfect!

    I was the same,
    RI said revenue had a 10week turn around on postel ones......
    But in reality it was less than a week.


Advertisement