Rebuilding Ireland home loan

tealover6 · 21-05-2020 4:40pm

Hi we are just starting to look into this now, I have tried to read through all comments. So just want to confirm but we are applying as a joint mortgage on one income . (34,000) we pay rent of €1000 a month - no other big expenses just the usual bills, we are hoping to clear debt and just save 30% of our deposit over the next 12 months -we can get the other 70% off family- and Then we should be in an ok position to try get a small mortgage with rebuilding Ireland Scheme? the calculator is saying around 140,000 ( we live in an area that we could get something for this at a stretch). I haven’t seen anything about kids playing a factor in the decision has anyone found otherwise? As we have 3. Is there anything I am leaving out or not thinking of and has anyone managed to get offered something on similar figures?

The_Brood · 22-05-2020 10:58am

Waiting to hear back half a year now following application, always told it is "with underwriter but there is a backlog."

That may be but....this is human beings you are dealing with. Not rocks. Who exactly can wait forever? It seems they know people are desperate and have nowhere else to turn to and there is no oversight process to make sure at least half-reasonable time frames are being adhered to. It's not "Rebuilding Ireland" it's "Make Ireland wait on application forms until it croaks."

Sulli83 · 22-05-2020 4:59pm

Anyone with approval receive an e mail this week stating the their County Council had received new guidance on Rebuilding Ireland Loan Application from department?

We were initially asked to provide confirmation that employment status hadn't changed for either myself or my partner which fortunately it hadn't. We then received a strange and ambiguous e mail including the statement in the above paragraph.

kbman · 22-05-2020 5:34pm

Sulli83 wrote: »

Anyone with approval receive an e mail this week stating the their County Council had received new guidance on Rebuilding Ireland Loan Application from department?

We were initially asked to provide confirmation that employment status hadn't changed for either myself or my partner which fortunately it hadn't. We then received a strange and ambiguous e mail including the statement in the above paragraph.

Nope, I haven't received any emails like that, but i'm not sure if the admin in my CC is back yet.
If the information in the email isn't specific, i'd call the CC your dealing with about it.
You'd be best to contact the admin in your CC if you receive those types of emails, could be valid, but could be a ploy to get some data

Sulli83 · 22-05-2020 6:06pm

kbman wrote: »

Nope, I haven't received any emails like that, but i'm not sure if the admin in my CC is back yet.
If the information in the email isn't specific, i'd call the CC your dealing with about it.
You'd be best to contact the admin in your CC if you receive those types of emails, could be valid, but could be a ploy to get some data

Thanks, that's definitely what we need to do now. It's pretty difficult to get a hold of anyone dealing with the Rebuilding Ireland Loan in our CC and has been throughout the process even pre-COVID. We sent a response e-mail but haven't received a reply. The admin dealing with our application ended their previous correspondance with 'a further email will issue shortly', that was a number of days ago.

Junadl · 22-05-2020 9:26pm

Hi guys. So we have just posted back the Mortgage protection scheme forms. Does this mean we have a chance of getting the mortgage? As we haven't been formally offered it yet but I presume we will if we had to sign mortgage protection forms?
Anyone know?

WhatsUp2014 · 23-05-2020 1:51am

Hello ,

I was wondering if I could get some advice I am thinking of applying as a sole applicant for a mortgage in the Midlands area , what's is the criteria when filling out the form as it asks for the address that you want to apply for. I have read on this forum people just got approval and then went to look at houses how do you apply then pick out a house upon approval also does someone applying alone to buy a house usually get approval

Lwoods90 · 23-05-2020 11:37pm

WhatsUp2014 wrote: »

Hello ,

I was wondering if I could get some advice I am thinking of applying as a sole applicant for a mortgage in the Midlands area , what's is the criteria when filling out the form as it asks for the address that you want to apply for. I have read on this forum people just got approval and then went to look at houses how do you apply then pick out a house upon approval also does someone applying alone to buy a house usually get approval

Hi,
We applied and was told we can nominate a house at a later date.

kbman · 24-05-2020 11:41am

Cheesepuffs wrote: »

Anyone know what the below means and how long should it take roughly

‘All new applications are currently being forwarded as per procedure to the Housing Agency’

I'm case you didn't get the answer already, you can apply yo several cc's based on areas where you'd like to consider looking. Each council sends your application to the housing agency for underwriting/credit checks etc. Once this comes back to the council, a credit committee meeting is held where they Confirm who will be given approval in a block of a number of applications as I understand it.

Best of luck

Dankarl · 24-05-2020 10:57pm

Hi,

Can I ask if the calculator amount is equal to the amount offered?

Our offer from Main Street Banks is €92,000 ( 2 kids ). Could we actually get a family home based on RBI calculator.

raheny red · 25-05-2020 9:27am

raheny red wrote: »

The MPI payments are suppose to go down after 12 months? We're with Fingal since Feb 2019 and we're still repaying the exact amount. Anyone else in the same position or see a drop in theirs after a year? Thanks.

Going down next month by €3. Yesssssss.

kiva989 · 25-05-2020 1:45pm

Mine has done down by about 2 euro with FCC.

Has anyone who has ever gotten the Rebuilding Ireland Home Loan been successful in moving their MPI from the one the council hooks you up with to an alternative one you can source yourself?

The difference in cost is outrageous.

hairyprincess · 25-05-2020 11:21pm

If I apply for a mortgage of say for example €100k and I put an offer on a house which gets accepted at €98k, do I just get the €98k or do I get the €100k?

Lwoods90 · 25-05-2020 11:37pm

hairyprincess wrote: »

If I apply for a mortgage of say for example €100k and I put an offer on a house which gets accepted at €98k, do I just get the €98k or do I get the €100k?

Sadly just the amount you went sale agreed at I think

BKWDR · 26-05-2020 8:08am

kiva989 wrote: »

Mine has done down by about 2 euro with FCC.

Has anyone who has ever gotten the Rebuilding Ireland Home Loan been successful in moving their MPI from the one the council hooks you up with to an alternative one you can source yourself?

The difference in cost is outrageous.

Its in the terms of the scheme that you have to be on the groupscheme, once you have taken out the loan with MPI, it's included to the end. From what i've read on here its expensive but it covers you for a lot.

Sittingpretty · 26-05-2020 8:31am

When you first submit your application forms and all documents requested, do you get an acknowledgment of receipt?

Lwoods90 · 26-05-2020 9:11am

Sittingpretty wrote: »

When you first submit your application forms and all documents requested, do you get an acknowledgment of receipt?

We didn’t, we submitted to 2 councils and both didn’t send anything.

kbman · 26-05-2020 9:50am

Sittingpretty wrote: »

When you first submit your application forms and all documents requested, do you get an acknowledgment of receipt?

With us, we got a letter from 2 councils we submitted with a reference number that we should use for correspondence and that the application has been received.

gnr vr fan · 26-05-2020 8:45pm

Dankarl wrote: »

Hi,

Can I ask if the calculator amount is equal to the amount offered?

Our offer from Main Street Banks is €92,000 ( 2 kids ). Could we actually get a family home based on RBI calculator.

Yes it was with me the same.

gnr vr fan · 26-05-2020 8:48pm

Junadl wrote: »

Hi guys. So we have just posted back the Mortgage protection scheme forms. Does this mean we have a chance of getting the mortgage? As we haven't been formally offered it yet but I presume we will if we had to sign mortgage protection forms?
Anyone know?

Yes it means you have a chance. I assume you have approval in principle at the mo.

In my case I was given the Approval In Principle at the same time I was given the MPI forms.

gnr vr fan · 26-05-2020 8:54pm

Sulli83 wrote: »

Anyone with approval receive an e mail this week stating the their County Council had received new guidance on Rebuilding Ireland Loan Application from department?

We were initially asked to provide confirmation that employment status hadn't changed for either myself or my partner which fortunately it hadn't. We then received a strange and ambiguous e mail including the statement in the above paragraph.

Hi Sulli83.

When you say your employment status hadn't changed, is your employer currently availing of the government wage subsidy scheme. That is the government pays €350 of your salary and your employer tops up your salary to your normal amount?

gnr vr fan · 26-05-2020 9:15pm

kotac24 wrote: »

Hi sorry only now I saw this...
Basically I was just waiting for the cheque and the keys, sale agreed 7th of January, final approval, all valuation and everything done, full deposits paid, contracts signed, all completed by the end of February... and since then just waiting... and then few weeks ago re-evaluation because of COVID-19, payslips again, salary certificates, solicitors and owners going crazy etc... we are going crazy etc...
We are dealing with Fingal County Council, and also I understand them they have to re-evaluate things because of COVID etc, but this waiting is killing us, we packed all of the things in March as my wife is pregnant and we were hoping that the new baby will come in the new house, but baby didn't wait that long, he came yesterday in the old apartment, so currently unpacking bunch of boxes around etc...

Hi Kotac.
Thank you for your reply. I really appreciate the information at this time.
Also congrats on the new arrival. I Hope ye are all doing well and healthy.

When roughly did the council request the re-evaluation?

Also is/was your employer availing of the government Covid 19 wage subsidy scheme?
That is the government pays €350 of your salary and your employer tops up your salary to your normal amount?

Did you have any issues when you supplied this information for the re-evaluation?

Thanking You again.

Sulli83 · 26-05-2020 9:22pm

gnr vr fan wrote: »

Hi Sulli83.

When you say your employment status hadn't changed, is your employer currently availing of the government wage subsidy scheme. That is the government pays €350 of your salary and your employer tops up your salary to your normal amount?

Yes, both my employer and my partner's employer availed of the wage subsidy scheme for a number of week. Wage payment remained consistent and we have both recommenced full activity in work a number of weeks ago. Judging by the follow up letter we received today they are just ensuring employment is continuous and requesting confirmation of that.

gnr vr fan · 26-05-2020 9:24pm

Mbourke91 wrote: »

Hello I’m looking to apply to SDCC and I was looking at their checklist on the SDCC website. It states that they need:

Letter from two Banks or Building Societies confirming insufficient offers of
Finance. (Actual amount applied for must be specified)

We’re you able to get the letters with the amount specified? And if so if you don’t mine me asking, which banks provided these? Thank you

Hi MBourke,

I rang and made an appointment with Ulster Bank and KBC (even though I dislike KBC). I didn't say I was applying with the council. I just stated I was looking at getting a mortgage. Prior to the mortgage appointment they emailed me the forms that had to be filled out and a checklist for the accompanying information they would require.

I had the appointment and I supplied the information they required (Bank Statements, payslips, salary cert etc) and they gave me approval in principle with the amount offered included on the approval in principle (AIP). It was this AIP which I forwarded onto the rebuilding Ireland Homeloan personnel.

It was a pretty simple process actually with the banks (way easier then the rebuilding Ireland process).

On a sidenote I've since closed all accounts with KBC. As I said do not like them.

autumnbelle · 26-05-2020 9:34pm

raheny red wrote: »

Going down next month by €3. Yesssssss.

Do they contact you? for some reason I thought it would only go down in Jan when the statement comes out

autumnbelle · 26-05-2020 9:36pm

kiva989 wrote: »

Mine has done down by about 2 euro with FCC.

Has anyone who has ever gotten the Rebuilding Ireland Home Loan been successful in moving their MPI from the one the council hooks you up with to an alternative one you can source yourself?

The difference in cost is outrageous.

Would love to know the answer to this. don't think its possible as its in the agreement. I also think it covers a bit more then standard mpi but I fully agree it makes our mortgage at the minute more expensive then with a bank

gnr vr fan · 26-05-2020 10:14pm

Shellzer123 wrote: »

Hi, i was wondering have u got any further with your application and what council you are with?

Hi Shellzer.

I am with SDCC (South Dublin County Council).
And no my application has not gone much further.

gnr vr fan · 26-05-2020 10:25pm

beanyb wrote: »

Form 1, 2 and 3 are forms with details of the property you have gone sale agreed on, solicitors info and a few other details for proceeding to full loan approval. I had to submit my survey and valuation with them and up to date payslips. I got them from DCC with my initial loan approval letter and was advised in the letter to make an appointment to hand them in once I had gone sale agreed. It may be a different process for your council. You are best off giving them a shout and asking them what you need to do now.

Hi Beanie,

In your comment above "Initial Loan Approval". Is this the Approval In Principle? Or an Approval at a later stage? Like is there another approval in between Approval in Principle and Final Approval?

Thanking You.

raheny red · 26-05-2020 10:43pm

autumnbelle wrote: »

Do they contact you? for some reason I thought it would only go down in Jan when the statement comes out

Yeah that's what I thought too. Letter in the post today.

"The MPI rate has been applied to the principal balance of your mortgage from 01/01/2020 with effect from 01/06/2020".

gnr vr fan · 26-05-2020 10:59pm

Sulli83 wrote: »

Yes, both my employer and my partner's employer availed of the wage subsidy scheme for a number of week. Wage payment remained consistent and we have both recommenced full activity in work a number of weeks ago. Judging by the follow up letter we received today they are just ensuring employment is continuous and requesting confirmation of that.

Thanks Sulli83,

On the payslips you supplied to the council, did it state on the payslip the government wage subsidy scheme? Or did you wait a few weeks until your employer was no longer availing of the government wage subsidy?

Is your employer still availing of the government wage subsidy scheme?

Thanking You.

Sulli83 · 27-05-2020 6:19am

gnr vr fan wrote: »

Thanks Sulli83,

On the payslips you supplied to the council, did it state on the payslip the government wage subsidy scheme? Or did you wait a few weeks until your employer was no longer availing of the government wage subsidy?

Is your employer still availing of the government wage subsidy scheme?

Thanking You.

Not sure to be honest, I only received the letter looking for renewed information yesterday.
.
I can't really see it being an issue that the company you work for was forced to close for a period due to COVID and therefore availed of a support put in place by the government. It doesn't have any influence on your ability to pay your mortgage into the future provided circumstances quickly returned to normal. Civil Servants and those who could work remotely aside it affected every industry, let's hope common sense is applied otherwise the following period will be disastrous.

Len_007 · 27-05-2020 11:48am

Sulli83 wrote: »

Anyone with approval receive an e mail this week stating the their County Council had received new guidance on Rebuilding Ireland Loan Application from department?

We were initially asked to provide confirmation that employment status hadn't changed for either myself or my partner which fortunately it hadn't. We then received a strange and ambiguous e mail including the statement in the above paragraph.

I haven't received an email, but I did get a letter yesterday from Wicklow CoCo looking for proof of unchanged circumstance, namely my 3 most recent payslips and a Salary certificate or confirmation of continued employment.

beanyb · 27-05-2020 12:32pm

gnr vr fan wrote: »

Hi Beanie,

In your comment above "Initial Loan Approval". Is this the Approval In Principle? Or an Approval at a later stage? Like is there another approval in between Approval in Principle and Final Approval?

Thanking You.

It's the approval I received before submitting details of an actual property, so I guess it is Approval in Principle. But it's more in depth than the AIP you would get from a bank as it has been through the entire underwriting process in the Housing Agency.

Dankarl · 27-05-2020 5:54pm

Hi,

Does anyone know what the current time frame is ?

One CC said 2/3 weeks with housing agency, what happens then ?

Karl

Barbara1234 · 27-05-2020 6:21pm

Just wonder if anyone get approval recently. My application submitted in March no sign till now...

Jennyod31 · 27-05-2020 7:10pm

Anyone with a new application submitted hear back mine is gone in with 3 months now

Sulli83 · 27-05-2020 9:23pm

Len_007 wrote: »

I haven't received an email, but I did get a letter yesterday from Wicklow CoCo looking for proof of unchanged circumstance, namely my 3 most recent payslips and a Salary certificate or confirmation of continued employment.

Yeah the subsequent letter we received offered much more clarity. The initial ambiguous, seemingly ominous e-mail had us a bit spooked haha!!

Lwoods90 · 27-05-2020 10:40pm

Barbara1234 wrote: »

Just wonder if anyone get approval recently. My application submitted in March no sign till now...

I’d say it will be late this year. The under writers only started back working last Monday

kbman · 28-05-2020 8:22am

Sulli83 wrote: »

Yeah the subsequent letter we received offered much more clarity. The initial ambiguous, seemingly ominous e-mail had us a bit spooked haha!!

Len_007 wrote: »

I haven't received an email, but I did get a letter yesterday from Wicklow CoCo looking for proof of unchanged circumstance, namely my 3 most recent payslips and a Salary certificate or confirmation of continued employment.

Weird, i never got an email, but I did get the letter the same as you Len.
That could take some time to organise getting.

Junadl · 28-05-2020 8:22pm

I'm just reading more about this Rebuilding Ireland Home Loan scheme.

Just wondering if I have some points correct.

So if we go with the scheme we have to live in that house for the full term?
We can't change the mortgage to buy to let/switch providers?
We cannot repay the mortgage early without heavy penalties?

Can anyone help me understand what the penalties are?

I'm finding it difficult to understand the calculation on the website!

I'm not sure it's as good as it sounds. Hope I'm wrong

autumnbelle · 28-05-2020 10:02pm

Junadl wrote: »

I'm just reading more about this Rebuilding Ireland Home Loan scheme.

Just wondering if I have some points correct.

So if we go with the scheme we have to live in that house for the full term?
We can't change the mortgage to buy to let/switch providers?
We cannot repay the mortgage early without heavy penalties?

Can anyone help me understand what the penalties are?

I'm finding it difficult to understand the calculation on the website!

I'm not sure it's as good as it sounds. Hope I'm wrong

where are you getting these points from,

Junadl · 28-05-2020 11:24pm

autumnbelle wrote: »

where are you getting these points from,

From the FAQ

http://rebuildingirelandhomeloan.ie/faq/

And also my sister asked her local council about it and they were the responses. So now I'm thinking maybe a bank would be better. As you can switch your mortgage, can pay early, can switch to buy to let.

I don't plan on staying in one place for 25 years.

Homedream · 29-05-2020 12:17am

Has any one info of the mpi process how long does it take we had a phone survey done last week and have heard nothing since.
For people that got letters to state they need prof of work due to covid, have ye been approved in principle?

Maz2016 · 29-05-2020 12:21am

Has anyone got info on what was required for the MPI? I have a lifelong medical condition and worried it may come against me - even though it doesn’t affect me day to day

kbman · 29-05-2020 6:49am

Junadl wrote: »

From the FAQ

http://rebuildingirelandhomeloan.ie/faq/

And also my sister asked her local council about it and they were the responses. So now I'm thinking maybe a bank would be better. As you can switch your mortgage, can pay early, can switch to buy to let.

I don't plan on staying in one place for 25 years.

A bank is better in most ways, the biggest difference I see is that rebuilding Ireland loan don't seem to have the same central bank limits in terms of amount loaned.
They also offered the lowest rates until about January of this year at 2.25%.
The MPI cost makes it expensive and now that rates going up means its more expensive than a bank but you can loan alot better than 3.5 times salary and from what I interpret children aren't taken into account in that calculated amount allowed to loan.

But I totally see your point.

Best of luck with your mortgage hunt

gandalfio · 29-05-2020 8:35am

Really frustrated with this at the moment. We're finally ready to apply and really need permanent housing, but Fingal won't accept any new applications. They seem to be the only local authority not accepting them.

Junadl · 29-05-2020 7:24pm

Barbara1234 wrote: »

Just wonder if anyone get approval recently. My application submitted in March no sign till now...

Ours is in since beginning of March. Got Mortgage Protection form to fill out two weeks ago. No sign of approval yet but thinking it's a good sign. They really like to keep ya waiting!

Jellab · 30-05-2020 10:02pm

Hi. Anyone who applied to Galway council. How long was the process and was it straight forward. Thanks.

Maz2016 · 30-05-2020 10:58pm

Junadl wrote: »

Ours is in since beginning of March. Got Mortgage Protection form to fill out two weeks ago. No sign of approval yet but thinking it's a good sign. They really like to keep ya waiting!

Can I ask what level of detail was on the MPI form? I have a pre existing medical condition. I think I’ll run into difficulties with it. I tried to ask the council would it be an issue but she said I’ll have to wait to get the form snd then wait to be approved or declined

Niallfarrell11 · 31-05-2020 12:10am

Maz2016 wrote: »

Can I ask what level of detail was on the MPI form? I have a pre existing medical condition. I think I’ll run into difficulties with it. I tried to ask the council would it be an issue but she said I’ll have to wait to get the form snd then wait to be approved or declined

I was in the same boat ( existing medical condition ). They told me to apply even tho I knew I wouldn’t be approved but once I could get life cover else where I was ok. I went with Royal London. All the best

Rebuilding Ireland home loan

Comments