Rebuilding Ireland home loan

RosyRose · 13-11-2018 12:31pm

Lee3b wrote: »

Brilliant .. do you know where to go from here or how long it takes to get final approval ?? Hope you got what you wanted and can start moving on your house

I am trying to ring them since yesterday, but I am only reaching the voice mail. My form was just to confirm that we are accepting T&c’s, something that we already have done actually in September...

If they think to post each form separately, this will take months again.

They are not replying on my emails too. It’s still so frustrating.

Dave087 · 13-11-2018 2:47pm

Hi all,
I’m new to this thread. Myself and my partner are in the process of applying for this scheme.. Does anybody know if an outstanding car loan of 7k would affect are chances of availing of this scheme? We’re both working full time and our under the combined threshold of 75k and have the required deposit needed I’m just curious to know if the outstanding car loan would be a huge no no when applying. Appreciate any feedback, thanks

lucast2007us · 13-11-2018 2:58pm

Would you not pay off the car loan with some of that deposit instead of having the interest

stryker mcqueen · 13-11-2018 3:07pm

[/U]

Dave087 wrote: »

Hi all,
I’m new to this thread. Myself and my partner are in the process of applying for this scheme.. Does anybody know if an outstanding car loan of 7k would affect are chances of availing of this scheme? We’re both working full time and our under the combined threshold of 75k and have the required deposit needed I’m just curious to know if the outstanding car loan would be a huge no no when applying. Appreciate any feedback, thanks

In short....yes

I dont know if you saw This crowded house last week, a similar loan made a difference of 50k :eek:

Dave087 · 13-11-2018 3:08pm

lucast2007us wrote: »

Would you not pay off the car loan with some of that deposit instead of having the interest

Cannot do that unfortunately as we only have the minimum 10% deposit currently and anything on top of that is obviously being kept for stamp duty, legal fees etc. the loan is not a problem in my opinion as it’s quite affordable I’m just curious to know if the council would be hesitant about the outstanding loan?

Dave087 · 13-11-2018 3:10pm

stryker mcqueen wrote: »

[/U]

In short....yes

I dont know if you saw This crowded house last week, a similar loan made a difference of 50k :eek:

Ok, thanks for the reply. I guess we’ll have to consider clearing the loan in full before applying.

Darkglasses · 13-11-2018 3:25pm

Dave087 wrote: »

Cannot do that unfortunately as we only have the minimum 10% deposit currently and anything on top of that is obviously being kept for stamp duty, legal fees etc. the loan is not a problem in my opinion as it’s quite affordable I’m just curious to know if the council would be hesitant about the outstanding loan?

Not necessarily - the main effect it'll have is on your borrowing capacity. See how much of a difference the monthly repayments make on the calculator on the RIHL site

SPurple · 13-11-2018 8:42pm

Evenstevens wrote: »

Can I ask how long it took for you to get approval with them?
Thanks

I am waiting 18 weeks so far with KCC. Was told I will be in the next credit committee meeting this week but have been told that the last 4 weeks and they can't get through the volume of applications. It's so frustrating but there seems to be such a back log!

Lee3b · 14-11-2018 4:57pm

Hi thought I could help out a little i do have a loan out with cu it did affect our borrowing capacity but I couldn't clear it on this side of buying . It depends how much you are looking to borrow if ya wanna know more pm me

raheny red · 15-11-2018 12:42am

We got out letter of offer today :-) - "just" need to get over the probate hurdle now....

Cazzums · 15-11-2018 1:08am

Evenstevens wrote: »

Can I ask how long it took for you to get approval with them?
Thanks

I applied the first day applications were being taken and it still took over 15 weeks to get my approval and that was with no issues! It’s awful slow, you really need so much patience!

Evenstevens · 15-11-2018 12:59pm

Cazzums wrote: »

I applied the first day applications were being taken and it still took over 15 weeks to get my approval and that was with no issues! It’s awful slow, you really need so much patience!

I don't mind waiting.Especially as it's only valid for six months if you do get approved.

Maybe the arse will fall out of the economy in the meantime and prices will be more realistic

Fingers crossed.

L1011 · 15-11-2018 2:43pm

Evenstevens wrote: »

Does anyone know if for example you were approved for say 200k but you found you only actually needed 180K are you obliged to take the full amount from the council or can you just take what's needed?

Also, if you are approved for this based on salary and you buy a house and then change jobs down the line and your salary is over the threshold is that an issue or is it more about what your salary is at the time of application?

Thanks

I would not advise changing jobs before drawdown of any home loan of any kind due to potential issues with probationary periods

Viktoria99 · 16-11-2018 10:27am

Hi Guys, how long it took for you to get the keys after signing the contract?

How long does it take for the drowdown after sign in the contract?

Viktoria99 · 20-11-2018 12:14pm

Hi Guys,

How long did it take you to drawdown the money after signing the contract?

Thank you

jimmyendless · 20-11-2018 12:36pm

adraigh wrote: »

Thanks for that. Appreciate the reply.

I read earlier in the thread that they use the previous year's P60.
I earned less than 50k gross in 2017 and therefore the P60 indicates that.

Assume they'd still see my income coming into my bank account now and work out that I earn over 50k now?

Just want to be 100% on this

Just asked RBI through the webchat cause I'm in the same situation:

They will look at the salary certificate which has been filled in on the application form by your employer on what your current gross annual salary is plus any extra ( overtime,bonuses,commission ) and then look at your four most recent payslips to see what you are earning and calculating from them what you will be earning over this year

SweetMummy · 20-11-2018 2:24pm

I did apply to 3 councils and have received approval from all of them.

SweetMummy · 20-11-2018 2:27pm

Could anyone tell whether Mortgage Protection Insurance has to be taken from any other insurance provider? I have received mortgage approval from Kildare C oCo and MPI is 11.5% of the monthly mortgage repayment

BKWDR · 20-11-2018 3:25pm

SweetMummy wrote: »

Could anyone tell whether Mortgage Protection Insurance has to be taken from any other insurance provider? I have received mortgage approval from Kildare C oCo and MPI is 11.5% of the monthly mortgage repayment

What is Mortgage Protection Insurance?
Mortgage Protection Insurance (MPI) is a requirement of borrowing.

The Local Authority MPI scheme is a group scheme. It is obligatory for all borrowers who meet the eligibility criteria to join the scheme.

The benefits include:

the payment of mortgage repayments if there is a valid claim as a result of disability;
an additional payment of €3,000 in the event of a member’s death, separate to life cover; and
members are also covered for death up to age 75.
Full terms and conditions of the scheme are available from your local authority.

Source http://rebuildingirelandhomeloan.ie/faq/

20-11-2018 8:31pm

the mortgage protection is outrageous

Cubah · 20-11-2018 8:33pm

BrownFinger wrote: »

the mortgage protection is outrageous

As in the price or?

Shamboo1801 · 20-11-2018 9:29pm

BrownFinger wrote: »

the mortgage protection is outrageous

I worked out that the mortgage protection is adding .9% to the mortgage. That's still 2.9% fixed, better than anything the banks are offering. Plus, the cash amout will reduce over the duration of the mortgage as the outstanding balance reduces.

Darkglasses · 20-11-2018 9:35pm

Its very hard to compare like with like with this MPI scheme. For instance, the premium does not change for one vs. two borrowers. Similarly age, employment type, etc are not accounted for.

Shamboo1801 · 20-11-2018 10:19pm

Darkglasses wrote: »

Its very hard to compare like with like with this MPI scheme. For instance, the premium does not change for one vs. two borrowers. Similarly age, employment type, etc are not accounted for.

It does seem to vary going by previous posts and I have heard of anything between .55% and 1.5% of outstanding balance. Mine is just shy of .9% which I can live with. Plus, the charge will decrease with the balance.

Cubah · 20-11-2018 10:29pm

Shamboo1801 wrote: »

I worked out that the mortgage protection is adding .9% to the mortgage. That's still 2.9% fixed, better than anything the banks are offering. Plus, the cash amout will reduce over the duration of the mortgage as the outstanding balance reduces.

It is a bit misleading in fairness. The calculator on the site makes it out to be better than it actually is. It does mention mpi in the small print on that page but nothing in the calculations. I didn't think it'd work out at an extra 0.9% but you're probably right.

Shamboo1801 · 20-11-2018 10:41pm

Cubah wrote: »

It is a bit misleading in fairness. The calculator on the site makes it out to be better than it actually is. It does mention mpi in the small print on that page but nothing in the calculations. I didn't think it'd work out at an extra 0.9% but you're probably right.

Being honest, I think mine is a little bit higher due to age, I'm no spring chicken. But when we were getting approval, the council did contact us to say the MPI was a bit high were we happy to proceed. I still believe it's the best deal out there. My biggest point for going for it, no surprises. No bank letter stating your mortgage is going up by €200 due to interest hikes.

Darkglasses · 20-11-2018 10:41pm

Shamboo1801 wrote: »

It does seem to vary going by previous posts and I have heard of anything between .55% and 1.5% of outstanding balance. Mine is just shy of .9% which I can live with. Plus, the charge will decrease with the balance.

It shouldn't really vary - the monthly premium is 0.555% of your Capital divided by 12. What percentage that makes of your monthly payment will be different for everyone.

BKWDR · 20-11-2018 10:52pm

Darkglasses wrote: »

It shouldn't really vary - the monthly premium is 0.555% of your Capital divided by 12. What percentage that makes of your monthly payment will be different for everyone.

Yeah I'm fairly sure that it's just calculated as 0.555% of the amount you borrow and then divided by the amount of installments.
From what I saw of it, it doesn't discriminate on age or situation and was told that it's the highest cover you can get.

Shamboo1801 · 20-11-2018 10:58pm

Darkglasses wrote: »

It shouldn't really vary - the monthly premium is 0.555% of your Capital divided by 12. What percentage that makes of your monthly payment will be different for everyone.

I've just done my maths a dozen times and for the life of me I can't get the .9 that I was convinced I was paying. Did your method and it's nearly to the penny what we're paying. My apologies for the confusion. Seems I'm paying less than what I thought. God I am getting old!!

Darkglasses · 20-11-2018 11:39pm

BKWDR wrote: »

Yeah I'm fairly sure that it's just calculated as 0.555% of the amount you borrow and then divided by the amount of installments.
From what I saw of it, it doesn't discriminate on age or situation and was told that it's the highest cover you can get.

Shamboo1801 wrote: »

I've just done my maths a dozen times and for the life of me I can't get the .9 that I was convinced I was paying. Did your method and it's nearly to the penny what we're paying. My apologies for the confusion. Seems I'm paying less than what I thought. God I am getting old!!

All good

Also good news, the MPI premium will reduce over the term of the mortgage as it is re-calculated each year, as your capital reduces year on year.

Shamboo1801 · 21-11-2018 6:32am

Darkglasses wrote: »

All good Also good news, the MPI premium will reduce over the term of the mortgage as it is re-calculated each year, as your capital reduces year on year.

That's one of the reasons I was so happy to go with the RBI loan, no surprises. It can only go down over time, unlike a bank mortgage which I have no doubt is only going to rise once the ECB start to increase rates.

ldxo15wus6fpgm · 21-11-2018 3:57pm

Hi all,

Thinking of applying for this but I'm on a fairly low gross salary. Confident I can afford repayments etc. as I'm already paying rent equivalent to what my monthly payment would be.

I have 15k deposit and want to borrow 135k.

Aware of the 3.5 times your salary rule however their online calculator is saying I can borrow up to 5x salary on the 30 year fixed rate option.

Has anyone earning under 30k applied by themselves and had it approved?

Cubah · 21-11-2018 7:13pm

Shamboo1801 wrote: »

Being honest, I think mine is a little bit higher due to age, I'm no spring chicken. But when we were getting approval, the council did contact us to say the MPI was a bit high were we happy to proceed. I still believe it's the best deal out there. My biggest point for going for it, no surprises. No bank letter stating your mortgage is going up by €200 due to interest hikes.

Yeah the no surprises thing is key. Assuming you went fixed anyway. But even on the variable i can't see it changing too much either considering they aren't trying to make more and more money like banks.

lucast2007us · 21-11-2018 9:27pm

Guys what is this HPL1 form? If I'm applying for laois but currently living in Kildare. Do I just send it off to the revenue commissioner and they send it back stamped??

MooneyMoo · 22-11-2018 11:46am

How did it go with the letter of offer?

Mine is in process 7 weeks now. I got the property I want to buy valued and the engineers report done. Laois County Council got their engineer report done and now I'm told I have to just wait for the letter of offer. How long did it take for you to get yours after the council did their own report?

Thanks

Laura

Viktoria99 · 22-11-2018 2:42pm

MooneyMoo wrote: »

How did it go with the letter of offer?

Mine is in process 7 weeks now. I got the property I want to buy valued and the engineers report done. Laois County Council got their engineer report done and now I'm told I have to just wait for the letter of offer. How long did it take for you to get yours after the council did their own report?

Thanks

Laura

We got the letter of offer after 4 weeks with fingal

Viktoria99 · 22-11-2018 2:43pm

Anyone knows how long does it take to drowdown?

Darkglasses · 22-11-2018 3:26pm

Viktoria99 wrote: »

Anyone knows how long does it take to drowdown?

Varies massively, depends on the conveyance process. Any planning/Land Reg issues could unexpectedly delay it. Ask your solicitor how it's going, you're paying them handsomely for it

22-11-2018 10:45pm

Guys,
where are you getting the two letters of lower offers?

Evenstevens · 23-11-2018 1:25am

BrownFinger wrote: »

Guys,
where are you getting the two letters of lower offers?

Got one from AIB and one from KBC.

AIB have a simple online approval in principle you can apply for. That appears to have been accepted by one of the county councils I applied to . Havent heard back from others.

KBC I had to do all the paperwork, statements etc but in fairness they came back quite quickly with approval in principle.

raheny red · 23-11-2018 2:37am

BrownFinger wrote: »

Guys,
where are you getting the two letters of lower offers?

Screenshot the banks online calculators.

23-11-2018 10:30am

raheny red wrote: »

Screenshot the banks online calculators.

Have you actually used this successfully ?

Colemania · 23-11-2018 10:48am

raheny red wrote: »

Screenshot the banks online calculators.

Every council is different I suppose but I was told that the screenshots wouldn't suffice

raheny red · 23-11-2018 11:13am

They were accepted by both Dublin City Council and Fingal County Council.

power pants · 23-11-2018 12:49pm

raheny red wrote: »

They were accepted by both Dublin City Council and Fingal County Council.

When I applied back in March, they weren't accepted by fingal. It could be a case of whoever is reviewing the application at the time or they have changed the procedure slightly since.

Viktoria99 · 23-11-2018 2:51pm

Darkglasses wrote: »

Varies massively, depends on the conveyance process. Any planning/Land Reg issues could unexpectedly delay it. Ask your solicitor how it's going, you're paying them handsomely for it

Thank you for your reply

delkel38 · 23-11-2018 5:55pm

Has anyone been approved by offaly coco?
We are self building and were approved in July then rejected. We appealed then we're reapproved in September sent in everything they asked for and are now banging our heads against a wall waiting for the loan pack. It's probably the most stressful thing waiting around while the council do nothing.
The lady who is looking after our application has changed roles now so god knows if we ever get the money.

millieb · 23-11-2018 10:53pm

munkymanmatt wrote: »

Hi all,

Thinking of applying for this but I'm on a fairly low gross salary. Confident I can afford repayments etc. as I'm already paying rent equivalent to what my monthly payment would be.

I have 15k deposit and want to borrow 135k.

Aware of the 3.5 times your salary rule however their online calculator is saying I can borrow up to 5x salary on the 30 year fixed rate option.

Has anyone earning under 30k applied by themselves and had it approved?

Hi Munky I applied on my own self employed... earnings 40k deposit 40 k asked for 80 k declined at the moment been paying rent @ 800 per month for last 12 years have local Td's trying to help me DISASTER

Viktoria99 · 26-11-2018 2:37pm

delkel38 wrote: »

Has anyone been approved by offaly coco?
We are self building and were approved in July then rejected. We appealed then we're reapproved in September sent in everything they asked for and are now banging our heads against a wall waiting for the loan pack. It's probably the most stressful thing waiting around while the council do nothing.
The lady who is looking after our application has changed roles now so god knows if we ever get the money.

When did your solicitor request the funds? are you really waiting for the money since september???

This seems so concerning, if our will take that long then we might get pulled out of sale! Did anyone go through this process?

GaGa21 · 26-11-2018 2:41pm

delkel38 wrote:

Has anyone been approved by offaly coco? We are self building and were approved in July then rejected. We appealed then we're reapproved in September sent in everything they asked for and are now banging our heads against a wall waiting for the loan pack. It's probably the most stressful thing waiting around while the council do nothing. The lady who is looking after our application has changed roles now so god knows if we ever get the money.

We applied in September and rang last week to check on our application as no reply to emails.
They have no clue of our application at all! They were going to look into it last week but have had no word back since. Don't know what's going on there at all...

Rebuilding Ireland home loan

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