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Rebuilding Ireland home loan

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


    Yes and it is driving me insane. We have about 40k in savings to add to a bid but have been told we cannot bid 'one cent over 320'. It is so frustrating and means we have been at this for 18 months with no joy.



  • Registered Users Posts: 774 ✭✭✭Jafin


    That's the way it is unfortunately. You could have another 100 grand in the bank to put towards it and they'd still tell you you couldn't buy a place that cost more than 320k. It makes no sense, but it is all in the Ts&Cs etc.



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


    Hi all - we are currently the highest bidders on a house that needs a lot of work - haven't had the surveyor report yet as not gone sale agreed but will likely need entire house rewired & new kitchen & decor throughout. No doubt there are other issues. We currently have enough to do a few major upgrades but will do everything else bit by bit - does anyone know if the council can refuse you on the basis that you don't CURRENTLY have enough for all of the repairs required?



  • Registered Users Posts: 774 ✭✭✭Jafin


    You need to be very careful with properties that need some work done. As far as I'm aware if the house isn't currently habitable then the council won't give you the mortgage at all (I'm not sure if electrical rewiring needing to be done would be classed as non-liveable though). I went sale agreed on an apartment a year and a half ago and I was refused the loan because the inside doors weren't fire rated. I asked if it could be part of the contract that I get the doors replaced within X amount of months and was told no, that they would have to be replaced by the person selling the apartment before they would issue me with the mortgage. I'm not trying to s**t on your hopes or anything, but there is a very real possibility that if the survey shows up anything even remotely major in terms of safety then you will be flat out refused, regardless of how much money you have to repair it.



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




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  • Registered Users Posts: 11 steville765


    Hi I've just been approved with Sdcc. I'm reading that to get the MPI you have to be basically healthy for the previous two years. I had a mini heart attack 21 months ago, I've been perfect since with no follow up appointments or medication, do they ask for a medical report from my doctor and what sort of questions does the nurse ask in the tele interview? I'm afraid to fill in the MPI form until the 24 months (3 months time) have passed. I'm on my own and I'd really appreciate some help on this. Thanks.



  • Registered Users Posts: 11 steville765


    Hi I've just been approved with SDCC. I'm a little concerned about the MPI. They say I have to have a clean bill of health for the previous 24 months. I had a mini heart attack 21 months ago, I've been perfect since, no follow up appointments or medication. What does the nurse ask in the tele interview and do they ask for a medical report from my doctor? I'm on my own and I'd be really grateful for any information. Thanks



  • Registered Users Posts: 11 steville765


    Hi I'm just wondering how you got on when you were turned down by the councils MPI. I had a mini heart attack 21 months ago, I've just been approved with SDCC and I'm worried about the MPI.



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


    as far as im aware you just have to source your own MPI , which will almost definately be less hassle , and work out cheaper.


    i am open to correction on this though.



  • Registered Users Posts: 11 steville765


    Thanks for getting back to me, I really appreciate your help. I've got this far and it wasn't easy as I'm by myself and all I want is my own wee place.



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  • Registered Users Posts: 11 steville765


    Has anyone had any bother getting the MPI? I've been approved with SDCC and I've to get the Mortgage Protection insurance now. One of the questions is were you under the care of a consultant or specialist in the last 24 months, I had a heart attack 21 months ago, I was in hospital for a week and I have made a full recovery. I didn't have to have any follow up appointments and I don't have to take any medication. 1, Should I tell them? 2. Will they find out anyway? 3. If I don't tell them and they find out what happens? 4. If I'm refused with the company SDCC say are mandatory for the MPI where would I go? I'd really appreciate some help. Thanks.



  • Moderators, Business & Finance Moderators Posts: 10,195 Mod ✭✭✭✭Jim2007


    A failure to disclose such a fundamental fact renders the insurance in valid. And yes they will certainly find out because no insurance company is going to pay out that kind of money without checking your medical records. The loss adjusters are not stupid, they know well that people lie on insurance forms and the best way to reduce their costs is to check before paying out.

    It is not a give that you will be refused, you may have to pay a higher premium and people do get mortgages even if refused MPI. The insurance is required because bad things happen and people can end up in dire financial circumstances except in most cases like this it is the family or relatives that have to deal with the fall out.



  • Registered Users Posts: 11 steville765


    Jim thanks for taking the time to reply. I appreciate your help and I'm talking your advice. I'll be honest and whatever will be will be.



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


    HI all - Sale Agreed on a doer upper & when we got the Engineer's report we panicked a bit and also got onto a broker to see if we can go another route if the council refuses. Broker says the banks are very picky also about buying a house that needs work - need to see fully costed work required & ability to pay for same via savings. Can anyone explain this to me? Are you no longer able to buy a property that needs work unless you can pay for that work immediately?



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


    Also is a house survey = structural report or have I gone and paid for the wrong thing?



  • Registered Users Posts: 774 ✭✭✭Jafin


    Unless things have changed, then it will more than likely be a no from the council. I went sale agreed on an apartment in October 2020. The survey found that the doors weren't fire doors and so had to be replaced and it was a flat no from the council after that. They said they had to be replaced by the current owner or they would not issue the loan. There were a few other things like replacing the smoke alarms, but they were all small things. I ended up being able to save for another 6 months and went with Bank of Ireland instead for a different apartment in the same place and had no issues at all getting the mortgage from them.

    I would say get onto your council asap, maybe things have changed or maybe it's different from council to council, but that was the experience I had.



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


    Has anyone successfully bought a doer upper house through this scheme? Am getting really worried now that the council are going to to refuse us based on engineer's report (which is so detailed it has included replacing door handles!). We have 75% of the cost outlined to do a major refurb but are DCC likely to say that we have to have all the funds to do the house up upfront?



  • Registered Users Posts: 774 ✭✭✭Jafin


    Send the report in to them and see what they say. That's the only way you'll get a concrete answer. Like I mentioned in my post above, it was a flat out no from my council (different to yours), but each council may do it differently.



  • Registered Users Posts: 11 steville765


    Hi I've just been turned down on medical grounds. They said I didn't meet the eligibility criteria. They said I can appeal at my own expense. Where do I go from here if anywhere? Any information would be greatly appreciated.



  • Registered Users Posts: 11 steville765


    Hi I've just been turned down on medical grounds. They said that I didn't meet the eligibility criteria. Where do I go from here if anywhere. Any information would be greatly appreciated.



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  • Registered Users Posts: 11 steville765


    I've just been turned down for the mortgage protection insurance. I don't meet the eligibility criteria. Does anyone know where or what to do next, if anything? Any information would be greatly appreciated.



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


    think you need to try and get your own MPI sorted now? I would start googling and get a few quotes



  • Registered Users Posts: 11 steville765


    Thanks, do i just Google mortgage brokers?



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


    Insurance providers - try Chill.ie or bonkers.ie - MPI is the same as life insurance afaik



  • Registered Users Posts: 170 ✭✭JCN12


    Hi all,

    Just wondering if anybody can advise if they have used online mortgage calculators for proof of insufficient offers and if so, which ones did you use?

    Thanks in advance :)



  • Registered Users Posts: 49 Thistley


    Hi all,

    We applied for the Fingal Local authority home loan in January. Two weeks ago we received Notice to Quit from our current landlord.

    The week after we received an email to say application had gone to Housing Agency the last week somebody emailed to say that they were processing our application.

    Could anybody give us an indication how long the decision might take? We are feeling pretty desperate - hence me being here at 2.25 am.



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




  • Registered Users Posts: 774 ✭✭✭Jafin


    Councils seem to vary on which ones accept online calculators and which don't. I applied with Clare CoCo in 2020 and was originally told they accept the online calculators, but then when I actually applied was told they don't. Best to make sure with your council before you submit anything.



  • Registered Users Posts: 301 ✭✭waterfordgirl


    I got AlP from AIB online in a few mins and rang BOI who posted out the insufficient offer. Waterford council had advised they wouldnt accept screenshots



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  • Registered Users Posts: 170 ✭✭JCN12


    Thanks for the replies.

    Did you take screenshots of the calculator? Just noticing that only AIB seem to give an actual printable file.



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