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Rebuilding Ireland home loan

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    #4472
    deise121
    Registered Users Posts: 130 ✭✭deise121


    When the council says the application is with the underwriter, is the underwriter county specific? Or is there one person for the entire country doing all these applications? My application has been with the underwriter for over 6 weeks now with no updates. Every week the council just keep saying I should hear back this week.


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    #4473
    Barbara1234
    Registered Users Posts: 7 ✭Barbara1234


    Hi Anyone get recently approved? Waiting 8 weeks now and no reply...


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    #4474
    jill_valentine
    Registered Users Posts: 7,090 ✭✭✭jill_valentine


    [Deleted User] wrote: »
    It's a bizarre application form. Both the amount you want and the house you want are left blank.

    Some of the councils will insist you put in a figure "or highest available", but don't worry, they won't advise you of any of this in advance or anything.


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    #4475
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    Looks like RI interest rates will drop and, more importantly (if im reading it right) the MPI cost will now be built-in to the price of the loan (rather than an extra cost?)


    https://www.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html


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    #4476
    Ace2007
    Registered Users Posts: 19,661 ✭✭✭✭Ace2007


    Deleted User wrote: »
    Looks like RI interest rates will drop and, more importantly (if im reading it right) the MPI cost will now be built-in to the price of the loan (rather than an extra cost?)


    https://www.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html
    Under plans being considered as part of the soon-to-be-announced Housing for All plan, the income ceiling for the home-loan scheme will be increased to €65,000 for single people seeking their first mortgage.
    The loans allow people on low to moderate incomes draw down a mortgage from their local authority to buy a new or second-hand home.

    Moderate incomes is now 65k by sounds of it, correct me if i'm wrong on this , but the whole basis of the scheme originally was set up for those on low incomes' that couldn't afford an affordable house, it's been morph now for anyone up to 65k. Your going to end up with those in most need be outbid because of the many thousands that can now be added to it.


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    #4477
    deise121
    Registered Users Posts: 130 ✭✭deise121


    Deleted User wrote: »
    Looks like RI interest rates will drop and, more importantly (if im reading it right) the MPI cost will now be built-in to the price of the loan (rather than an extra cost?)


    https://www.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html

    and they're also increasing the income requirements instead of increasing the max value property can be? very little can be bought for for 250k in most areas and 320k in the other areas.


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    #4478
    deise121
    Registered Users Posts: 130 ✭✭deise121


    Ace2007 wrote: »
    Moderate incomes is now 65k by sounds of it, correct me if i'm wrong on this , but the whole basis of the scheme originally was set up for those on low incomes' that couldn't afford an affordable house, it's been morph now for anyone up to 65k. Your going to end up with those in most need be outbid because of the many thousands that can now be added to it.

    people that earn 65k can easily get a mortgage unless their finances are in disarray. this loan was for people on low incomes or people who are considered to be low incomes because banks have magic numbers they subtract from salary for having children.


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    #4479
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Deleted User wrote: »
    Looks like RI interest rates will drop and, more importantly (if im reading it right) the MPI cost will now be built-in to the price of the loan (rather than an extra cost?)


    https://www.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html

    Not really - the journalist there is just expressing the MPI as the interest rate (which is inaccurate). The current actual interest rate is 2.995% for 30 year fixed rates, so it can't be "reduced" to 3.05%


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    #4480
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Deleted User wrote: »
    It's a bizarre application form. Both the amount you want and the house you want are left blank.

    It's an *awful* form alright. That address field would be used by someone buying out their council house, or maybe doing a family sale, and it's meaningless for everyone else. But of course, they don't just bloody put that on the form to save everyone the confusion.

    It's also quite out of date since it still asks you for a P60 :rolleyes:


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    #4481
    Ace2007
    Registered Users Posts: 19,661 ✭✭✭✭Ace2007


    deise121 wrote: »
    people that earn 65k can easily get a mortgage unless their finances are in disarray. this loan was for people on low incomes or people who are considered to be low incomes because banks have magic numbers they subtract from salary for having children.

    So we will have a situation that means those people will be worse off, but we be spun as if it's a good thing this change.


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    #4482
    deise121
    Registered Users Posts: 130 ✭✭deise121


    Ace2007 wrote: »
    So we will have a situation that means those people will be worse off, but we be spun as if it's a good thing this change.

    exactly.

    i haven't felt this depressed in my entire life. we've sent in our application over 8 weeks ago and every week for the past 4 weeks have been told the application is with the underwriters and will hear back this week. meanwhile, housing prices continue to climb and there are exactly 5 houses on daft that haven't gone sale agreed already for under 250k in waterford. what good is this mortgage if it's not suitable for housing prices in the current market?


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    #4483
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    deise121 wrote: »
    people that earn 65k can easily get a mortgage unless their finances are in disarray. this loan was for people on low incomes or people who are considered to be low incomes because banks have magic numbers they subtract from salary for having children.

    Yeah I can see that being a problem alright. 65K should, in theory, be plenty for your standard, everyday mortgage.

    It also brings up (to me) the issue of social housing. I've mentioned this before, but the income limits for social housing are very low (single applicant in most of the country making 25k is excluded, in dublin it's 35k). Surely if the government feel that anyone making 65k cant afford a house (without government assistance), they should be increasing the income ceiling on social housing, too?

    Government numbers are all over the place in regards to housing.


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    #4484
    DonnieCorko
    Registered Users Posts: 176 ✭✭DonnieCorko


    Looking at the salary certificate part of the form, does this really have to be filled out and stamped by the company. I already asked them to do the AIB one. Can I use that instead.


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    #4485
    jill_valentine
    Registered Users Posts: 7,090 ✭✭✭jill_valentine


    DonnieCorko wrote: »
    Looking at the salary certificate part of the form, does this really have to be filled out and stamped by the company. I already asked them to do the AIB one. Can I use that instead.

    Depends which council you're applying to. DCC accepted the one my company generates automatically, SDCC would only accept the RI template filled out by my HR people.


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    #4486
    Benci
    Registered Users Posts: 28 ✭Benci


    Hi there. Can anyone help me regarding to MPI.
    I have been declined, so I need to seek private Mortgage Protection insurance for myself.
    Can anyone advice on this matter? I go online to find some company then I need to send to my solicitor? Also I don't know yet the drawdown date?
    Thanks in advance.


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    #4487
    DonnieCorko
    Registered Users Posts: 176 ✭✭DonnieCorko


    jill_valentine wrote: »
    Depends which council you're applying to. DCC accepted the one my company generates automatically, SDCC would only accept the RI template filled out by my HR people.

    Cool. That's fine so, thanks for that. Separately, there are some other things I am unsure of if you know I'd appreciate it.

    1) They ask how much did I ask for and get refused for off a bank. I only did the online calculator for the bank. Can I just send in a screenshot of that and say I wanted X amount above it or whatever?

    2) Do I need to get credit union statement if I don't use it? It's a years old account and could be difficult to get a statement.

    3) Did you hand it into the council in person or via post/email? I read they said it could be delayed due to omissions if sent by post which I could see happening as many fields I am unsure of, but equally don't want to spend a day driving around to 4 different council buildings as I am pretty sure I may not be entitled to this yet due to the requirement for saving for one year.

    4) I presume property mortgage details can be left empty? And same for the property cost etc?

    Thanks


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    #4488
    danckelly
    Registered Users Posts: 1 ✭danckelly


    Darkglasses wrote: »
    Not really - the journalist there is just expressing the MPI as the interest rate (which is inaccurate). The current actual interest rate is 2.995% for 30 year fixed rates, so it can't be "reduced" to 3.05%

    Yeah I found that confusing in the article. It makes you wonder whether to hold out to hear if we have the possibility of getting a lower rate or just go with what is approved for. When they say there will be more info in a "couple of weeks", that could be months! On the other side though, if they do actually reduce the current interest rate, it could save a heft chunk of change over time.

    It might entail having to reapply though and it took 4 months to get my approval in the first place...
    Has anyone found more info than the Independent article?


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    #4489
    rob316
    Registered Users Posts: 17,963 ✭✭✭✭rob316


    Ace2007 wrote: »
    Moderate incomes is now 65k by sounds of it, correct me if i'm wrong on this , but the whole basis of the scheme originally was set up for those on low incomes' that couldn't afford an affordable house, it's been morph now for anyone up to 65k. Your going to end up with those in most need be outbid because of the many thousands that can now be added to it.

    Ya but affordability is gone out the window for someone on 65k. That currently gets you 227k from a bank. You couldn't buy a shed for it in most places.
    The new income limit will allow someone on 65k to borrow about 320k which will get them into the market.
    It's another terrible move though, increasing demand further on a non existent supply.


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    #4490
    Ace2007
    Registered Users Posts: 19,661 ✭✭✭✭Ace2007


    rob316 wrote: »
    Ya but affordability is gone out the window for someone on 65k. That currently gets you 227k from a bank. You couldn't buy a shed for it in most places.
    The new income limit will allow someone on 65k to borrow about 320k which will get them into the market.
    It's another terrible move though, increasing demand further on a non existent supply.

    In Dublin perhaps, but outside Dublin you could get some lovely houses on the commuter belt with a mortgage of 227k, which coupled with a deposit of say 30k gives you 257k.


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    #4491
    rob316
    Registered Users Posts: 17,963 ✭✭✭✭rob316


    Ace2007 wrote: »
    In Dublin perhaps, but outside Dublin you could get some lovely houses on the commuter belt with a mortgage of 227k, which coupled with a deposit of say 30k gives you 257k.

    Obviously not Dublin and you can include cork too.

    We are experiencing serious inflation it's possible wages will have to go up to meet this too.


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    #4492
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    danckelly wrote: »
    It might entail having to reapply though and it took 4 months to get my approval in the first place...
    Has anyone found more info than the Independent article?




    From my reading of the article (and articles like this are a mess as the person writing it rarely cares and is just trying to get something typed and out there) it would appear that even if you've already applied, the new interest rates will apply to any loans that are drawndown upon after whatever date the rates come into effect.


    I'm interested in hearing about it.


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    #4493
    deise121
    Registered Users Posts: 130 ✭✭deise121


    Finally got approval from our local council. Credit comittee won't meet until next month, but was notified via email this morning. It's a bit less than what I thought it would be to be honest. They literally only went with by base salary and not with anything on my P60. What's the **** point of sending in your P60 then if no income from that is actually counted? Boils my blood. My P60 from last 5 years is 15k over my base salary.



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    #4494
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    https://boards.ie/discussion/comment/117631129#Comment_117631129

    Out of curiousity, seen as you're working off what they offered being your base salary, can you give an idea as to what multiplier of your salary they offered? Was it just 3.5* or did they offer higher?



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    #4495
    deise121
    Registered Users Posts: 130 ✭✭deise121


    https://boards.ie/discussion/comment/117635189#Comment_117635189

    it actually appears to be 4.5 times my salary to be honest



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    #4496
    Barbara1234
    Registered Users Posts: 7 ✭Barbara1234


    https://www.boards.ie/discussion/comment/117631129#Comment_117631129

    Hi how many weeks you were waiting for approval? Mine 11 weeks and nothing



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    #4497
    LyleG
    Registered Users Posts: 1 ✭LyleG


    Hi guys so. Jumping on here to share our experience with RI. We count ourselves as the lucky ones I guess as the experience have been relatively straight forward (Apart from South Dublin which we are still waiting). We've applied for a joint mortgage with my girlfriend to every Council in Dublin and are now close to closing a house (Hopefully). The application was straight forward depending on how organized you guys are with preparing the documents needed and replying back to them with any of their queries or additional documents. In order to expedite everything I dropped the additional documents they asked to the actual council as to avoid the delay time of postage and the peace of mind that it has arrived. Our application was well laid out with every single sections separated using post it notes with the title of the paperwork it contained. We Poly pocketed our paperwork in relation to our individual documents. They appreciated that as one email said it helped out with the sorting of our application. It surely didn't hurt making life easier on them as they have to sort through thousands upon thousands of applications.

    Once they were happy they will notify you or you'll have to hound them what the status is on your application. They were more than helpful to cater to any questions we had in relations to our application so I wouldn't expect them to be any different to any of you guys. South Dublin gave us the run around saying it's with the "Committee" for the final evaluation but still no word and this has been more than 6 months. Just be respectful (not saying you people aren't) The councils that got back immediately were DCC with about 2/2.5 months then Fingal with around 3 and as said above we are still waiting for South Dublin. A pity as there were properties we were looking at but couldn't even bid. We also applied for Dun Laoghaire Council because we have nothing to lose and wishful thinking we could afford any property in the area for 320K 😂 , Hey if you don't try, you'll never know. Still awaiting. I assumed the delay was to do with Covid and one person from a council relayed to me that it was.

    I do feel like since this is a scheme they do take more time and really get down with a fine tooth comb on your situation. A lot slower than the bank route anyways but then again RI are giving close to 4.5X/5X your wages. I myself make around 22K and my girlfriend 29K. On the calculator they offered 269K but for DCC and Final they offered less at 249,300.

    For me personally, I think that capping properties at 320K in this climate is a hard ask. Daft and Myhome on refresh and a 3 Bedroom house just seems to get higher and higher during the bidding wars and can go easily past 400K. We were looking at Drimnagh on a Guide price of 295K and when I rang it had gone up to 450K. In one scenario we missed the it by 10K which we would have been able to add using our deposit but unfortunately reached the cap. There is nothing wrong with this scheme per say. It is the current climate of house shortage on the market. My advice to people that are wanting to use this scheme or are in line with their application is to go for it and be patient. We have been trying to close and ran into so many problems on the sellers side but just be patient. I know it can be quite discouraging not hearing back for ages and with the house prices only going higher you are eager and anxious to at least put a bid down but you will get there. Again, I count ourselves as the lucky ones to be in this position.

    This was our experience with it. I can only speak from our side of things. I really hope you guys pull through this and can finally achieve owning your own home.



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    #4498
    chigg06
    Registered Users Posts: 5 ✭chigg06


    Hi,

    Has anybody had any experience with the MPI underwriting? I had to answer the questions truthfully for the form as I had a prostate infection in 2019/202 and I was on antibiotics for 6 weeks. Nothing serious but I was advised to let them know.

    Does a nurse call you from the underwriters and if so how long does this take and do I need to get any letters from my GP or consultant?

    Would something like this be reasons for rejection or something more medically serious?

    Many thanks in advance! :)



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    #4499
    noler123
    Registered Users Posts: 58 ✭✭noler123


    Hi. I've recently got my loan offer from Kildare county council and while I'm delighted to get it, I can't help but wonder will the rate be reduced as part of the Housing For All plans which are supposed to be announced in August.

    https://m.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html

    Presuming the rates are lowered, does anyone know if I haven't actually drawdown the mortgage, would I automatically get the lower rates or would I have to apply all over again?

    For anyone applying to Kildare County Council, I found them great. When I sent in the paperwork I got an email from the council office asking for clarification on a couple of things, around 4 weeks later we had the offer. I know some people had an awful time with them but hopefully they're on top of things now!



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    #4500
    bleaks
    Registered Users Posts: 150 ✭✭bleaks


    Hi folks,

    Do you need 10% saved of the maximum Rebuilding Ireland will offer you before applying? ie, if they will offer a maximum loan of 288k, do we need evidence of 28.8k in savings accounts prior to applying?



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    #4501
    Jafin
    Registered Users Posts: 769 ✭✭✭Jafin


    https://www.boards.ie/discussion/comment/117700882#Comment_117700882

    You need 10% of the actual (expected) property price. So if for example your budget is 320k then you need 32k saved. At least 30% of that has to be from your own savings, and up to 70% can be from unborrowed sources, for example a gift from your parents. You also need to show that you've been saving regularly for at least 12 months. Although it does say in the FAQ on the website that rent payments can be used a form of evidence of savings, since obviously you wouldn't be paying rent if you buy a property.



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