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Rebuilding Ireland home loan

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Comments

  • #2972
    BKWDR
    Registered Users Posts: 2,172 ✭✭✭BKWDR


    NM2020 wrote: »
    Hi, I spoke with council yesterday as I had a query. I was told that my application will be with the underwriters for a minimum of 12 weeks (same for every application apparently) and after the 12 weeks, if approved, it will be sent to committee who meet only once a month. Just an FYI on timeframes. it is a long wait with everything!

    Just a heads up, if it's refused by the underwriters, afaik it still has to go to the Committee to be adjudicated on as a decline so you will have that time added on. But realistically, from feedback ive seen, i dont think it takes 12 weeks at the UW


  • #2973
    TG94
    Registered Users Posts: 2 ✭TG94


    Has anyone been approved from the Fingal County Council recently? If so when did you submit your application?

    Thanks.


  • #2974
    Ukelele!
    Registered Users Posts: 34 ✭Ukelele!


    Dobloman wrote: »
    Just wondering if anyone can give me advice as to getting a council house in rural location Ballinasloe /Loughrea area for my daughter

    If it's for the purpose of getting this mortgage, it doesn't need to be a council house. You can purchase any house that's for sale. If you're looking for a council house just to live in and not purchase, you'd need to contact the local council I'd imagine.


  • #2975
    jessimirish
    Registered Users Posts: 37 ✭jessimirish


    NM2020 wrote: »
    Hi, I spoke with council yesterday as I had a query. I was told that my application will be with the underwriters for a minimum of 12 weeks (same for every application apparently) and after the 12 weeks, if approved, it will be sent to committee who meet only once a month. Just an FYI on timeframes. it is a long wait with everything!

    Was this Dublin City Council? I was told 5-6 weeks with the underwriter by them. So I wouldn't make it to the next committee meeting in any case, but at least it's slightly shorter. Maybe 12 weeks total?


  • #2976
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    The MPI is the only catch I can find with this. Is that included in. the quote you. get on the online calculator?


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  • #2977
    Jafin
    Registered Users Posts: 769 ✭✭✭Jafin


    Gael23 wrote: »
    The MPI is the only catch I can find with this. Is that included in. the quote you. get on the online calculator?

    No, it's not included in the online calculator result. When you get your approval in principle though it does give you a break down of all the monthly payments for the first year and then how much you'll pay each year after that (which you can divide by 12 to get the monthly amount). Your MPI monthly payment will be reduced every 12 months because it's based off how much of the mortgage is left to be paid.

    I can't remember the specifics as I'm at work and the letter is at home, but the amount will be different for everyone based on how much of a mortgage they have. From what I can remember my own monthly payments will be around 490 and then another 50ish (give or take a couple of euro) for the MPI, and that's on a mortgage of €115,000. The MPI really is quite expensive in comparison to sourcing it yourself, but it's the price a lot of us have to pay in order to get that extra mortgage money and a fixed interest rate for the entire duration.


  • #2978
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    Jafin wrote: »
    No, it's not included in the online calculator result. When you get your approval in principle though it does give you a break down of all the monthly payments for the first year and then how much you'll pay each year after that (which you can divide by 12 to get the monthly amount). Your MPI monthly payment will be reduced every 12 months because it's based off how much of the mortgage is left to be paid.

    I can't remember the specifics as I'm at work and the letter is at home, but the amount will be different for everyone based on how much of a mortgage they have. From what I can remember my own monthly payments will be around 490 and then another 50ish (give or take a couple of euro) for the MPI, and that's on a mortgage of €115,000. The MPI really is quite expensive in comparison to sourcing it yourself, but it's the price a lot of us have to pay in order to get that extra mortgage money and a fixed interest rate for the entire duration.

    If the calculator is accurate it’s giving me €50,000 more than KBC will so I’m happy to pay a premium to allow me stay in Dublin


  • #2979
    Dankarl
    Registered Users Posts: 38 ✭Dankarl


    Gael23 wrote: »
    If the calculator is accurate it’s giving me €50,000 more than KBC will so I’m happy to pay a premium to allow me stay in Dublin


    Bank offered us €150,000, RBI offered us €218,000


  • #2980
    KH1591
    Registered Users Posts: 104 ✭✭KH1591


    Has anyone in Kildare heard back yet?
    Apparently they're starting the first batch of 2020 this week


  • #2981
    NM2020
    Registered Users Posts: 22 ✭NM2020


    jessimirish wrote: »
    Was this Dublin City Council? I was told 5-6 weeks with the underwriter by them. So I wouldn't make it to the next committee meeting in any case, but at least it's slightly shorter. Maybe 12 weeks total?

    No, it was Fingal coco. Maybe they have more applications or more of a backlog!? I applied almost 7weeks ago and was told there was no update at all as there's a min 12 weeks wait with UW and then onto the committee that meet once a month.


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  • #2982
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    When sending in the application and all your documents would you use registered post?


  • #2983
    jill_valentine
    Registered Users Posts: 7,090 ✭✭✭jill_valentine


    Gael23 wrote: »
    When sending in the application and all your documents would you use registered post?

    I did, just for peace of mind, but probably doesn't make much difference.


  • #2984
    John Hutton
    Closed Accounts Posts: 1,301 ✭✭✭John Hutton


    Gael23 wrote: »
    When sending in the application and all your documents would you use registered post?
    Yes and scan everything first too so you have a copy


  • #2985
    Flumpmuncher
    Registered Users Posts: 3 ✭Flumpmuncher


    Gael23 wrote: »
    When sending in the application and all your documents would you use registered post?

    We handed it in at the council offices to be sure it got there. We dropped paperwork in not that long ago as well so maybe call the housing dept of your local council and see if you can do that, if possible for you


  • #2986
    dawidnowak2005
    Registered Users Posts: 253 ✭✭dawidnowak2005


    KH1591 wrote: »
    Has anyone in Kildare heard back yet?
    Apparently they're starting the first batch of 2020 this week

    That’s great news, how you know ? Thanks


  • #2987
    KH1591
    Registered Users Posts: 104 ✭✭KH1591


    dawidnowak2005 wrote: »
    That’s great news, how you know ? Thanks

    We spoke with them this week! Fingers crossed


  • #2988
    JDigweed
    Registered Users Posts: 218 ✭✭JDigweed


    KH1591 wrote: »
    We spoke with them this week! Fingers crossed

    What kind of correspondence have you had with them. I'm a 2019 applicant. I got a letter a while back to say the application was being assessed but that was months ago now with nothing since. They wouldn't be the best at responding to emails


  • #2989
    KH1591
    Registered Users Posts: 104 ✭✭KH1591


    JDigweed wrote: »
    What kind of correspondence have you had with them. I'm a 2019 applicant. I got a letter a while back to say the application was being assessed but that was months ago now with nothing since. They wouldn't be the best at responding to emails

    I was talking to them over the phone and by email. If you're a 2019 applicant when did they tell you the application was being processed?


  • #2990
    jessimirish
    Registered Users Posts: 37 ✭jessimirish


    NM2020 wrote: »
    No, it was Fingal coco. Maybe they have more applications or more of a backlog!? I applied almost 7weeks ago and was told there was no update at all as there's a min 12 weeks wait with UW and then onto the committee that meet once a month.

    Ah yes. I actually applied with both DCC and Fingal, and Fingal told me 12 weeks as well. I wonder why the Fingal underwriter process is so slow... I was under the impression all the councils used the same.


  • #2991
    jessimirish
    Registered Users Posts: 37 ✭jessimirish


    I have a question about application address - I used my current (rental) address to apply, but I may be moving home in the coming weeks. I'm waiting for approval at the moment. Is it possible to change the address for application correspondence after you have applied?


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  • #2992
    BKWDR
    Registered Users Posts: 2,172 ✭✭✭BKWDR


    jessimirish wrote: »
    Ah yes. I actually applied with both DCC and Fingal, and Fingal told me 12 weeks as well. I wonder why the Fingal underwriter process is so slow... I was under the impression all the councils used the same.

    Probably 12 weeks for full decision and the time frame is overstated so people aren't contacting them ongoing


  • #2993
    Maz2016
    Registered Users Posts: 1,103 ✭✭✭Maz2016


    Has anyone got the RBIHL and then switched to another mortgage provider after a year or two ? I font understand the penalties to do this?

    The mortgage I need I can’t get off main banks as I need more than the 3.5 times salary. But equally I don’t fancy paying rebuilding Ireland for 25 years


  • #2994
    BKWDR
    Registered Users Posts: 2,172 ✭✭✭BKWDR


    Maz2016 wrote: »
    Has anyone got the RBIHL and then switched to another mortgage provider after a year or two ? I font understand the penalties to do this?

    The mortgage I need I can’t get off main banks as I need more than the 3.5 times salary. But equally I don’t fancy paying rebuilding Ireland for 25 years

    You would pay the breakage fee, it's on the site how it's calculated.
    Tbh it's fixed for 25 years, no other bank will offer you that.


  • #2995
    KH1591
    Registered Users Posts: 104 ✭✭KH1591


    Has anyone heard from the Kildare Council lately?


  • #2996
    JDigweed
    Registered Users Posts: 218 ✭✭JDigweed


    KH1591 wrote: »
    I was talking to them over the phone and by email. If you're a 2019 applicant when did they tell you the application was being processed?

    I think it was around 2 months ago now at this stage. I haven't been too pushy because I'm sure they are working a bit slower with lockdowns etc but really starting to get annoyed now at the thoughts of gathering up a third round of forms due to the current ones passing out of date


  • #2997
    KH1591
    Registered Users Posts: 104 ✭✭KH1591


    JDigweed wrote: »
    I think it was around 2 months ago now at this stage. I haven't been too pushy because I'm sure they are working a bit slower with lockdowns etc but really starting to get annoyed now at the thoughts of gathering up a third round of forms due to the current ones passing out of date

    I would imagine you'll hear back very soon! Drop them an email to follow up!


  • #2998
    smellyoldboot
    Banned (with Prison Access) Posts: 1,075 ✭✭✭smellyoldboot


    Is there any point to this thing at all? I would likely get a bigger mortgage amount from this than I would from a bank IF it worked like it's supposed to.

    But from reading through the thread they apply stricter savings criteria, find fairly ridiculous/harsh reasons to reject applicants and take bloody ages to process application's.

    It seems like window dressing and that the scheme isn't really performing it's function (or maybe it is, help a few, Fcuk over plenty, pretend you're doing something).

    I'm a council tenant saving for a mortgage and tbh any time I've had to contact them for anything (essential repair, anti-social behaviour) the inefficiency and ineptitude has been mind boggling. The thought of having to approach them and have them play a part in a mortgage application fills me with dread.

    I'm thinking just wait it out. The extra time spent waiting for them to do their thing and wanting to see 1 year plus worth of savings I'd probably have another payrise gone through.

    Has anyone had a positive experience with this?


  • #2999
    JDigweed
    Registered Users Posts: 218 ✭✭JDigweed


    KH1591 wrote: »
    I would imagine you'll hear back very soon! Drop them an email to follow up!

    They didn't respond to the last one, I mailed them again last week. I'd be grateful for any kind of contact at all. As bad as the banks are at least they'll give you a yay or nay within a day or 2.


  • #3000
    NM2020
    Registered Users Posts: 22 ✭NM2020


    jessimirish wrote: »
    Ah yes. I actually applied with both DCC and Fingal, and Fingal told me 12 weeks as well. I wonder why the Fingal underwriter process is so slow... I was under the impression all the councils used the same.

    Good idea, I should have done the same! yeah me too, he actually told me wait all councils use the same UW.!?! so i though every app was 12 weeks but from reading here that's not the case! i'm just going to keep saving away and hoping for the best lol :)


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  • #3001
    optogirl
    Registered Users Posts: 2,975 ✭✭✭optogirl


    Hi guys- got AIP this morning. A bit confused as to what the next steps are? Do we get a solicitor - if so what services are we asking for?
    What about life insurance etc? Do we need to get that straight away? Can we now go and make offers on houses?


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