Rebuilding Ireland home loan

Jafin wrote: »

Three weeks? Ouch. I have spoken with the solicitor and her fees seem to be very reasonable, kind of middle of the road between the minimum and maximum that I had seen when I was doing some Googling, so I think I will probably go with her but I'll take until tomorrow at least to mull it over.

Since you're a little ahead of me in terms of waiting for the documents - once I have the form filled and sent back to the council accepting the loan offer can I then start seriously looking for a property and organising viewings etc.? I had held off on viewings because most of the things I read said that estate agents won't take you seriously if you don't have approval in principle.

Oh i have been sale agreed since Feb. The minute i got approved in principle i started looking and found one. Yes absolutely get looking. Just spoke to council and they are sending out mortgage docs next week

mirabella1 wrote: »

Hello. Anybody know how is it now with these mortgage when we been in covid payment?

You have to be off the payment for at least two months before drawdown. I have an offer in on a house and I last got the the payment the beginning of may. We weren't actually meant to get it because we didn't lose enough revenue for it to apply to us.

Sulli83 wrote: »

Hope it's a positive outcome for you!!

We had a meeting with Wicklow CC this morning, it's looking like a formality for us now that we will be given the loan unless stipulations from the department or our circumstances change over the next few weeks.

Just a heads up though we were informed today that in order to draw down you will have to be off TWSS for 2 full months, we are currently 6 weeks off it at this point. The admins were great today and said they would attempt to push the application along even though we weren't the full 2 months off TWSS yet.

Hey Sulli,

Sorry I haven't been on this i a while. 2 whole months to be off the TWSS. Thats mental.

Who stated that was it the credit committee?

I sent in 3 months of payslips. Only one (the most recent payslip) to SDCC at the time. And the credit committee approved the submitted application. And now its gone to the legal department who will issue the loanpack/loan offer.

Thanking You.

Nobody ever told me anything about having to be off TWSS for two months. One of the members of staff got in contact with me just after I went back to work in May and just told me it would probably be best if I waited until I had four regular (weekly) payslips before proceeding with my application. Waiter until I had those, sent them in along with updated bank/savings account statements and got my loan offer a few days ago. I suppose by the time I go sale agreed on a property I'll definitely be past both the two and three month threshold anyway so it doesn't really matter, in my case at least.

Hi all.
We submitted our application the other day, fingers crossed it's not too long but is there a maximum deposit amount that we can have? We have €35k saved and will have another €9k or so if we're waiting another 5 or 6 months. Based on our salaries and the calculator, the maximum mortgage we'd get would be €270k.
Thank you.

Hi Ninja.

There are a few differences. This is for people who have been refused a mortgage with 2 or more lenders. It is a fixed rate for the duration of the mortgage.

How much you can borrow depends on a lot of thing. Fill this out: http://rebuildingirelandhomeloan.ie/calculator/ and it will tell you.

The council will take into consideration Disability Allowance. I think a few bank do also like Ulster Bank.

Im not sure if they do friends mortgages but if you are married then it has to be a joint application.

Hi guys - with regards to sending payslips, how do you do that? Print & scan isn't really an option when Working From Home but payslips are password protected.

Hi folks,

Could anyone give me an idea on whether this situation would hamper me, i'm assuming it would.

So last June i took out a loan of 30,000 with AIB(surgery cost)

Some months i payed the standard repayment (640) but other months (3000) the loan will be cleared by September so 15 payments in total averaging 2000 a month, the term originally set was 60 months so that might be an issue im not sure i think clearing early is not great.

My deposit went back into my account by way of a 50% refund from my health insurance provider, so on paper it wasn't actually saved each month.

From reading this thread it seems this will hurt my chances considering they want to see regular savings of the mortgage amount.

Is my best option once the loan is cleared to get 6 months of 1000+ savings under my belt.

Are these things somewhat discretionary in the sense that its easy to see the i'll be comfortable with a mortgage of 800-1000 a month or are they strict in stone bullet point rules.

Just to add i would like apply as soon as the loan is finished in September and not before its cleared.

Thanks folks

Jafin wrote: »

I can't give you an answer on your situation but what I will tell you is that I needed 12 months evidence of regular saving when I was applying, so I'm not sure if they'll accept 6 months from you. It does specifically state on the RIHL website that 12 months is the minimum, but it doesn't hurt to double check. Your best bet would be to contact your local county council to get clarification.

Thank you very much for the advice.

I'll give them a bell.

Maz2016 wrote: »

I was in a slightly similar situation - I didn't have such a big outlay to pay but I did reduce my savings for 2-3 months while I had surgery last August/September. I was advised when I handed in my application to withdraw the application and wait until October this year (a full yer of savings) so they do seem to be strict on it.

Wow i didnt think they were that strict.

Probably best to set my sights on September 2021.

Do you know if banks require this also, i'm guessing AIB wouldn't accept me clearing the loan with 2k a month as any different to just paying the standard rate, i'm thinking doing this and not saving was a mistake although in the end i'll save 12k on interest.

Hope the surgery went well btw

Jafin wrote: »

Not sure about the loan parts but they're less strict about savings. 6 months of regular savings is generally what they need. To be honest with you banks are much faster to get mortgages from. I went into Permanent TSB last November because my mam told me they were having an information day about mortgages. I literally just went in for information about how it all worked. I walked out 30 minutes later with approval in principle. Now I will note that I do my banking with them so they had the record of my savings and stuff already, so I didn't have to go and gather it for them or anything.

Nice one! Bet you weren't expecting that lol

Ideally i would rather go with the bank tbh for 2 reasons variable rate (can lash off the capital and not worry about fees if i clear it early and the speed.

The only thing thats killing me with AIB is they wont accept any of my 9k/year guaranteed overtime because i haven't been receiving it 3 years(1 year on payslips currently), half thinking off asking my job to add it into my salary instead. All i would need is them to accept 3500/year and it would bring me into the bracket i need.

Maz2016 wrote: »

Thanks, surgery went well thankfully. Hope yours did too. I know banks aren’t as strict. Like previous poster, I went into ptsb, I’ve no account with them but I did have a print out of my savings. I got AIP for 3.5 times my salary but I’m below the threshold for what I need.Rebuilding Ireland seems the way for me but I’ve 2 issues. First being I know I’ll be refused their mortgage protection due to the surgery I had. If I can get a replacement that will work in my favour as it would be a lot cheaper so could be a blessing in disguise. Second I don’t fancy taking a loan over 25 years. I wish they made the penalties for paying early clear

Thank you, it did thank god

Regarding the insurance, my consultant specifically said to me in his memo recording thing that i have no issues with insurance as the surgery and recovery were 100% successful not sure but maybe you could look into getting something like this.

Although that would mean your stuck with the CC MPI which is robbery

Maz2016 wrote: »

It is robbery. I have a life long condition. Which does not affect me day to day but I know of people that have been refused the councils mortgage protection because of it. The surgeon said he would give me a letter to say I’m healthy as the next person on the street but the surgery was indirectly connected to the heart and that makes insurance companies run for the hills

It seems your stuck between a rock and a hard place here, not eligible for CC MPI and left to the whim of a cartel like insurance industry.

Have any insurance companies have you quotes?

MacronvFrugals wrote: »

It seems your stuck between a rock and a hard place here, not eligible for CC MPI and left to the whim of a cartel like insurance industry.

Have any insurance companies have you quotes?

Can you apply for quotes with the insurance companies if you have no property for I wonder?

We just got message from Kildare coco , they still deal with backlog from 2019 and we are 29 on the waiting list for 2020, slim chances for loan in this year:-(