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Rebuilding Ireland home loan

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


    Re the 12 month saving record:


    i am saving X amount every week . My partner is using her wages to clear the credit card for the next few months.


    Will this be frowned upon , or will they recognise after we clear the credit card and start saving again, that it will basically count that as saving?



  • Registered Users Posts: 301 ✭✭waterfordgirl


    From what i understand, the debt will reduce the amount they are willing to lend you. Only the savibg will count as savings.



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


    i get this, thats why we are trying to clear the debt.


    What im trying to ask is :


    if i am clearing debt for say 3 months and saving for the other 9, is there any point in sending in an application until ive been just saving for 12?


    for numbers sake, i am saving €800 per month, and the mrs is currently paying €500 a month off the credit card.


    will we have to wait till the credit card is clear, then save for a full 12 months?



  • Registered Users Posts: 1,659 ✭✭✭Devil08


    Sorry if already posted - got loan approval today - what do they check before drawdown? Do they re check accounts / jobs etc?



  • Registered Users Posts: 301 ✭✭waterfordgirl


    @Devil08 do you mind saying what council you got your approval with and how long it took?



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  • Registered Users Posts: 301 ✭✭waterfordgirl


    @akelly02 you'd probably be aswell off to ask them directly



  • Registered Users Posts: 37 jessimirish


    God above, I was hoping to have some freedom after approval after saving so heavily for the past year. How many times your salary did ye get approval for? I'm trying to weigh up whether it's even worth applying, the only big perk I can see is the lending amount.



  • Registered Users Posts: 37 jessimirish


    People who were approved for this scheme, roughly how much were ye saving every month? Was it enough to cover the mortgage approval amount on the website calculator or much more?



  • Registered Users Posts: 6 michelle.1


    We saved €2,000 between us each month, we were getting offered €198k from the banks and the Council offered us the full amount of €320k we wouldn’t have been able to get anything without this 🤞🏼



  • Registered Users Posts: 1,659 ✭✭✭Devil08


    Meath CoCO and it took about 8 weeks - great to deal with compared to all the Dublin councils who were very difficult to deal with.



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  • Registered Users Posts: 1 cmge


    Hi all, just wondering about the employment part of these forms.

    It states that if I’m current employment less than six months I need to provide to details of previous job.

    When they ask for previous employment details are they looking for that previous employers stamp or something official or is it literally just the written details that I can fill in myself?

    if anyone has any insight or experience would appreciate it thanks!



  • Registered Users Posts: 15 DKMS


    Hi, does anyone know how long it takes to receive MPI approved from the day it is submitted?



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


    has anyone used a broker with this system, at what stage do you approach them?



  • Registered Users Posts: 29 Houdini212


    I've just been approved however it states I’ve to wait 3 months after my employer is off the EWSS. Has anybody experience of them asking their employer to confirm? I’ve heard conflicting stories



  • Registered Users Posts: 1,659 ✭✭✭Devil08


    A broker wont go near it - nothing in it for them. i.e they get no commission. Plus, you dont need one.



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


    cheers.


    seems like more people are being rejected than approved lately .



  • Registered Users Posts: 1,659 ✭✭✭Devil08


    Yep the underwriters are just as strict as the banks. I pulled out of my applications with the Dublin council as they asked 100s of questions and made my life very difficult. Only short of asking me for a signed letter on headed paper from the next door neighbor to prove I lived there.



  • Registered Users Posts: 3 book22


    Does anyone know how long it takes to release the funds? My solicitor was speaking to the council solicitor today and they advised they're just waiting for the council to release the funds. I haven been trying to contact the council all week but I've had no luck with phone or email.



  • Registered Users Posts: 15 DKMS


    It took us few months but that was during the pandemic. We are 8 months and still in the process.



  • Registered Users Posts: 2,976 ✭✭✭optogirl


    Just got a letter asking for updated docs before they send out letter of offer. My first name was wrong on the address part of the letter and the body had 'Dear Sarah ' - a second wrong name. Doesn't inspire confidence



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  • Registered Users Posts: 3 book22


    Are you 8 months waiting for them to release the funds??



  • Registered Users Posts: 15 DKMS


    oh no, sorry. we waited for funds for around 2 months. but after this there are so many steps and since we started our application it is around 8 months now and we don’t know how long it will take to get mpi approved etc. after 8 months we are still not at the stage with solicitor…



  • Registered Users Posts: 137 ✭✭_H80_GHT


    A question on the MPI.

    The Policy Document states: At the point of joining the MRPP Group Scheme the Borrower must meet with the following:

    Has not been prescribed, taken or been advised to take any medication or treatment for pre-existing medical conditions in the last 24 months for a period of more than 3 continuous weeks.

    Is this an automatic refusal for MPI if the borrower has been on medication or treatment in the last 24mths for more than 3 consec weeks?



  • Registered Users Posts: 25 tinkerbell19


    Hi everyone myself and the husband are looking to apply for this mortgage. Been doing a lot of reading on this forum and elsewhere because I'm all over the place with it. We currently have loans which will be cleared in the coming months so once they are gone we will be saving 1000 a month with 4 kids. My questions..

    Do they take the kids into account like the banks do?

    Our 12 months statements for our banks for savings are we better to apply 12/13 months after clearing our loans so that we have the solid 12 months savings to show?

    I'm currently out on maternity leave will this effect our application? Should we be applying 12 months after I return to work for best possible outcome?

    Gift money - my brother is gifting us 30k in the next 2 months. Do I have to declare where this 30k has come from if its in my bank more than 12 months before the application?

    Are people actually getting approved for these loans and are they actually feasible? Repayments realistic? I don't want to be lured in with the fact they might offer you bigger loan than bank but then end up with them wanting mad high repayments. Obviously we will only be buying something we can afford to buy but I'm confused how a bank can refuse on our wages and the amount of kids we have but this scheme can?

    Thanks in advance.



  • Registered Users Posts: 15 DKMS


    I would wait for another month so you have cleared all loans. there is a calculator where it shows what repayments will be: https://localauthorityhomeloan.ie/calculator/

    There is an additional cost for MPI that is at around 10% of the monthly mortgage payments.

    the mortgage from Local Authority home loan is only at fixed rate and there is a limit per each county.

    Local Authority loans do get approved but I think it depends from each county. we are still waiting for hours and it is taking months..

    they are not including children in calculations like banks do. Well at least we were advised this by put local county council.

    I hope it helps.



  • Registered Users Posts: 2 alice82


    Hi, can anyone recommend a solicitor from Figlal? I just got my approval letter



  • Registered Users Posts: 301 ✭✭waterfordgirl


    Congrats - would you mind telling me the length of time between application and approval?



  • Registered Users Posts: 2 alice82


    Thanks :) I sent my application on October 18



  • Registered Users Posts: 3 book22


    We've been told to set up a standing order for repayments but don't have a specific date, they just said to set it up from March. Is it always the 1st of the month they request repayments or should they be giving us a specific date in March? They haven't released the funds yet either.



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  • Registered Users Posts: 9 jenmcmarshall


    Hi all,

    Apologies if this has been asked before but I'm in a panic and was hoping for a clear answer here. Myself and husband have had Approval in Principle since the end of November (applied the end of August) and we finally went Sale Agreed on Tuesday. I contacted Fingal to tell them but they've since told me I can only purchase a house worth 320k. I understand I can't borrow more than that but what is the issue with me paying the extra money towards the house?

    In total the house is 342k and my parents are helping us out with the remainder. Is there no workaround for this? There's very little in Fingal for 320k at the moment anyway so why be so awkward about it?

    Has anyone experienced this before?

    Thanks!



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