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14-01-2020, 19:07   #2191
Hudur
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Huh, luckily got applications on two councils going on since November. Couldn't afford anything with new rates.
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14-01-2020, 19:56   #2192
Whodanoob
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Originally Posted by BKWDR View Post
They had to reborrow the funds. It was always going to be a new rate once the initial fund was exhausted.
Does that mean that the rate might go down again? Or is it likely to stay where it is?
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14-01-2020, 20:07   #2193
BKWDR
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Does that mean that the rate might go down again? Or is it likely to stay where it is?
Doubtful. They didn't bank on the scheme being so popular so the initial 200m for 3 years in effect only lasted 1 year.
210m will future proof it for a couple years. But in effect by increasing the rate it could make it less affordable as the instalment could be more in line with what people are paying in rent, 1500e pm
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14-01-2020, 21:16   #2194
Salanky
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The rate going up essentially means I won't be able to buy anything. I wouldnt mind but I'm not even looking to buy in dublin. Iv got approved until april but if they decode the interest rates when you draw down I wont be able to buy. Its a 14000 difference which would drop my money to 127k from 141k. Still more than the banks but not gonna be enough to get anything. Guess I may continue saving for another few years and see what scheme is going then.
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14-01-2020, 22:04   #2195
Sd2011
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Has anyone got approved with sending in bank account with only 6 months savings?
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14-01-2020, 22:22   #2196
Shivvs
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Just looking at some of the banks mortgage calculators, if I could get an LTI exemption, I would now get the same amount from the banks at a lower interest rate.

Adding in the additional cost of RBI mortgage protection plan, This “affordable” home loan scheme is now a joke.

Well done FG, just in time for an election too.
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15-01-2020, 09:17   #2197
Tumbleweed2
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Just looking at some of the banks mortgage calculators, if I could get an LTI exemption, I would now get the same amount from the banks at a lower interest rate.

Adding in the additional cost of RBI mortgage protection plan, This “affordable” home loan scheme is now a joke.

Well done FG, just in time for an election too.
This may be true, but unfortunately it is an "if" situation.
Banks get a certain discretion with exceptions and they are not guaranteed.
If you don't want to avail of it apply this month, they only got their allocation and wont be maxed out yet. I applied April last year prior to RBI, and was advised they met their maximum allocation for exceptions to LTI policy and they only had exceptions for second time buyers on the 80% equity rule.
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15-01-2020, 10:36   #2198
Scr88
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According to the rebuilding Ireland home loan online helpline desk this morning "you should be fine if your application was submitted before the 15th of January". This is in respect of the new interest rates. So they are unsure themselves who these new rates apply to. Very frustrating.
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15-01-2020, 10:53   #2199
BKWDR
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According to the rebuilding Ireland home loan online helpline desk this morning "you should be fine if your application was submitted before the 15th of January". This is in respect of the new interest rates. So they are unsure themselves who these new rates apply to. Very frustrating.
That's correct, you will be fine if you had your application lodged before the 15th. The wording on the site is standard lingo for variable rate mortgages but you will probably find them remove it or re-word it.

If your application was lodged prior to th 15th the calculator your LA did for you was on the old rate and thats what would have been sent to the Underwriter for assessment.
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15-01-2020, 15:31   #2200
DanyTargaryen
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Hi Dany I see you said you got your approval in July how long did it take from the application submitted to getting your approval.

I submitted an application in November 2019 and I have recently received an email requiring more info sent it back but just waiting now 😬I also spied to SDCC and was just wondering have you any tips or advise for the process thanks in advance

Karl Byrne
I applied in mid Febuary 2019 and then got my approval letter in July 2019. This was in the midst of all the news articles about the funding running out. When I initially applied they said 4-6 weeks, but then a week or two later the news broke. I wrote to my local TD to try and speed things up. I got a reply back but I can't tell if it really made a difference at all, the letter could have arrived in mid July anyway.
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16-01-2020, 08:48   #2201
Leinad321
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The new rates are a real kick in the teeth!

Anyone apply to Galway City Council or Galway County Council?

How long did it take to get approval for your application(s)?
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16-01-2020, 09:23   #2202
givyjoe
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The new rates are a real kick in the teeth!

Anyone apply to Galway City Council or Galway County Council?

How long did it take to get approval for your application(s)?
Its sickening alright. It's not like the cost of borrowing has increased recently. Seems to be a really bizarre way of fixing the problem of demand exceeding supply (of loans). Let's just make the rates much less desirable.
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16-01-2020, 09:52   #2203
scheister
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Its sickening alright. It's not like the cost of borrowing has increased recently. Seems to be a really bizarre way of fixing the problem of demand exceeding supply (of loans). Let's just make the rates much less desirable.
Yea it is very much an Irish solution to an Irish problem. As this is aimed at people who have borderline ability to buy a house offering less money is counter intuitive. To me there was always once simply way to sort the issue which was to offer a set amount of money per year. As it stands will be applying late this year but they are not offering any safety of what I will be applying for come the Autumn.
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17-01-2020, 21:43   #2204
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My partner and myself received an offer of 288k, which we accepted and are currently trying to find a suitable property.

The application states clearly that our interest rate will be set at time of drawn down and is subject to change. It seems we will be paying the increased rate, which makes a huge difference. Is this the case?
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18-01-2020, 10:16   #2205
kotac24
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@Sulli83 Almost same situation here, first approval in December and i got my sale agreed pack just day before they announced the increase on 14.01. I guess I am still hoping we will get the old rates... :/
Will send an email to Fingal council on monday regarding this...
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