Rebuilding Ireland home loan

A main stream bank will give you AIP in 4 minutes. But then its based upon you providing all of the details and bank account statements and relevant tax details that they look at. They get it underwritten faster but its becuase they are a private entity. The RIHL is front loaded and thats what takes the time, they get and check all the information up front before issuing AIP.

Would be hesitant to look at auction / fire sale properties with this. Just be aware, you get a good deal on an auction property there could be something waiting in the long grass. Outstanding charges / fees / structural damage and they will probably want a unrefundable deposit too.
If you hand it over, then you dont get your loan from RIHL becuase they cant give you a guarantee of good marketable title on the property or it comes out in the wash that there are 5 grand outstanding management fees or whatever , then you are in to a world of misery

Just something to consider and something i would be really considering with a solicitor and not an estate agent

Paddypie wrote: »

I sent in my 2nd application to Meath on 1st Feb and haven't heard back yet. I suspect I'll hear in the next two weeks. I had a positive response from my 1st application this time last year in about 5 weeks. The two lads in Meath are on the ball. They are qualified and experienced in mortgages. They dont really sit on applications for too long. Sometimes the housing agency can request additional information which can delay an application. Any questions and Meath C.C let me know.

That’s great thanks a million I sent in my application yesterday so hoping we will hear within the next couple of months.

williaint wrote: »

Just a word of warning when filling in application re. the amount you wish to borrow and over what term (25 / 30 years).

At the time of applying I just put down the maximum amount based on my salary using the online calculator - I *wrongly* presumed when you receive Approval In Principle you will get the option of 25 OR 30 year term, just like any bank would give you.

I got AIP over 30 years but the repayments are a little high for a single applicant (€200 per month higher than what the online calculator says), so I would now prefer the 25 year term at the lower interest rate.

I just rang up the Coco there and was told that in order to find out the maximum amount I could borrow over 25 year term I would have to REAPPLY FROM SCRATCH. This is despite none of my details changing.

But surely if you decide to buy a property that costs less, you may want to borrow less when you draw down...

So when choosing your amount and term be positive that is the exact amount you want (hard without a crystal ball I know), otherwise you will have to reapply from scratch again!!!

Don't you have to select the term when you're applying? It's over a year since I left in my application but I'm certain I had to select the 25 or 30 year term when I was filling in the application.

Also the online calculator doesn't include the MPI, which would be included in the repayment figures you were given when you got AIP. Even though the interest is lower for the 25 year repayments you'll probably be paying more anyway since it's a shorter term. I just went on to the calculator there quick and did the calculation for 25 and 30 years, and on the 25 year term it offered less money, but costing more per month.

Yea I selected the 30 year term but I thought both terms would be offered to me when I got AIP - my mistake but this has been the case with any bank I approached. I will reapply again, for a 25 year term. I would obviously prefer to borrow less at the lower interest rate if I could get away with it...Very hard to know what to do!

Jafin wrote: »

Don't you have to select the term when you're applying? It's over a year since I left in my application but I'm certain I had to select the 25 or 30 year term when I was filling in the application.

Also the online calculator doesn't include the MPI, which would be included in the repayment figures you were given when you got AIP. Even though the interest is lower for the 25 year repayments you'll probably be paying more anyway since it's a shorter term. I just went on to the calculator there quick and did the calculation for 25 and 30 years, and on the 25 year term it offered less money, but costing more per month.

donfers wrote: »

Applied to a few different councils and most are OK to deal with, although have varying levels of how fussy/particular they are. However all generally accept the initial application and then email you for additional requests.

All apart from one who returned the whole application via post with a note saying they wanted a few other documents. They also stated that they want all statements/documents updated due to the delay that they caused by returning the entire application via post about 4 weeks after initial application with no communication/warning.

It's crazy really, the application is so big that it costs a fortune to send and I get the impression that they just want to make it as difficult as possible for people to access the loan. They want us to just give up as processing it is a bit of extra work for them that they can't be bothered with. That is what my gut is telling me, I could be completely wrong.

Now I am torn between just getting the head down or doing as they say or going after them and just highlighting how unhelpful their behaviour as to housing minister, local TDs etc.

Imho we can do both. Work on your fresh application, but also make an effort to make this stupid process somebody else's problem too if you can, somebody elected. Posting a grumpy letter is best, but you can bash together an email quickly enough when you've got the rage in your sails.

Spoke to my local CC yesterday and my loan offer has officially expired. Now have to start from scratch, the joy! Not my CC's fault of course, they're bound by the rules set in place by whoever is at the top, but it's still annoying that I've gone from being ready to make offers on properties to back to having to reapply all over again.

Does anyone know if there's a way to get approval in principle online from AIB a second time? I got one of my AIP letters last year by applying with AIB online, and that AIP ran out last month as 12 months had passed. When I log in to the My Mortgage section of their website it only shows the mortgage I applied for last year with no option to reapply. I'd really like to get everything in order as quickly as possible and with as little human interaction as possible also. Does any other bank offer AIP by applying online? I had a quick look at Bank of Ireland last night and you can apply online but I don't know if you actually get the AIP online too. It was late when I looked so I didn't do a deep dive into it. Probably will at the weekend. Getting the two offers of insufficient funds is the part I hate the most about this process.

BaguMka wrote: »

Go to permanent TSB they give a letter with funds you can borrow based on information you provide. It took me 10 minutes to obtain that letter

Yeah I got one of my letters from them last year, so was planning on doing that again. Just trying to find the best option for the second bank.

Finally have my pack ready to go.

Anyone who applied with Fingal in Covid times did you post or hand in the application

LaurenMcHugh wrote: »

Does any one know what end of the month the credit committee usually sit in Wicklow Coco thanks 😊

Just got in touch with them, they’re meeting next Wednesday for anyone who wants to know

doug44 wrote: »

Hi there, I've found this thread really helpful throughout my RI process, and I'm wondering if someone could help me with a query.

I'm at the final hurdle - everything is ready to go, I'm just waiting on the loan cheque to be issue by Cork County Council. It was requested over a month ago, and my solicitor was told it would be sorted in a couple of days.

There's still no sign of the cheque, my emails to the council are going unanswered, and my solicitor has simply been told that there is a massive delay in issuing loan cheques right now. It is beyond frustrating, and the lack of communication from the Council worker handling my case has only made things worse.

Now, my loan offer expires on April 6th. My question is: if I haven't drawn down by this date, even though all contracts have been signed and the cheque has been requested (I'm also insured on the house), could this fall through? Would I have to re-apply for the mortgage?

Thanks in advance for any help. Like I said, I'm getting radio silence from the council, and my solicitor is not faring any better.

When you say the offer expires on April 6th do you mean that that's 6 months from the time you were actually offered the loan? From what I understand once you're gone sale agreed that timer more or less just stops. Once the wheels are actually in motion, regarding being sale agreed and all that, then you're fine.

Surveyors are an essential service although I read on this thread or somewhere similar that RIHL are not sending out surveyors during level 5 lockdown, has anyone had any experience with this?

Thank you

ABCD_1234 wrote: »

Surveyors are an essential service although I read on this thread or somewhere similar that RIHL are not sending out surveyors during level 5 lockdown, has anyone had any experience with this?

Thank you

That's my take on it, that surveyors are essential. We've been told by the estate agent that the councils valuer has been in touch about getting access to the house we're sale agreed on. SDCC.
We don't know whether it has taken place though.

diceyreilly wrote: »

All sent off now. A waiting game now.

Thanks for all your help with it.

No problem. The very best of luck.

I think the scheme is needlessly, and probably deliberately, messy and protracted, and if I can help anybody else navigate it to get one of the few supports they're entitled to WRT to housing, I'd be delighted.

pearsebhoy wrote: »

Hi guys, in everyone’s experience how strict are the councils on making sure that a certain % of your deposit has been saved within the past 12 months?

I haven't seen that requirement. Only that you yourself came up with the money, it isn't a gift etc?

If you've been saving a steady enough pile of money every month that it doesn't look glaringly weird you'd have whatever you had as of 12 months ago saved, I don't think they'll enquire further.