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Rebuilding Ireland home loan
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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
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MacronvFrugals wrote: »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
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.0 -
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.0 -
MacronvFrugals wrote: »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
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 clear0 -
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 robbery0 -
MacronvFrugals wrote: »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
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 hills0 -
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Hi,
New to this thread. And sorry if this qn has already been asked
i am hoping to apply for RIHL in the next couple of week. i have everything ready to go.
just from reading on here they seem to be quite strict with savings.
is there a minimum amount the expect saved each month? and how much do they take paying rent into consideration? i have a good chunk saved but the amounts vary on some months ie christmas and holidays and im worried my application will be rejected becase of this.
thank you.0 -
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Hi,
New to this thread. And sorry if this qn has already been asked
i am hoping to apply for RIHL in the next couple of week. i have everything ready to go.
just from reading on here they seem to be quite strict with savings.
is there a minimum amount the expect saved each month? and how much do they take paying rent into consideration? i have a good chunk saved but the amounts vary on some months ie christmas and holidays and im worried my application will be rejected becase of this.
thank you.
The amounts varying shouldn't be too much of an issue as long as it's not a huge discrepancy each month, it's more about you saving consistenly, i.e. putting something away every week, every 2 weeks, every months etc. Rent will be taken into consideration. Basically what they want to see is that you'll be able to afford the repayments and also be able to, y'know, feed yourself. What you should do is check out the mortgage calculator on the RIHL website and see what the monthly repayments would be. If the amount you save + how much your rent costs covers that amount then you're in a good starting position.
Alternatively it would be a good idea to get in contact with your local county council and just ask them for clarification, as they may be able to give you more specific numbers.0 -
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thank you for replying Ok i feel a lot better about applying now. I'm prepared to be waiting a long time and for a decline so will keep my accounts and savings tidy while im waiting just in case. Wish they didnt make as hard as it's a lot of peoples only option to but a house. 0
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It is a long, long road, but hang in there. I applied well over a year ago. In my case I'm waiting on a new build to be finished, I've a fools hope to turn key before the end of the yearthank you for replying Ok i feel a lot better about applying now. I'm prepared to be waiting a long time and for a decline so will keep my accounts and savings tidy while im waiting just in case. Wish they didnt make as hard as it's a lot of peoples only option to but a house.0 -
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