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Rebuilding Ireland home loan

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  • Options
    #1682
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    JessC1987 wrote: »
    We've just gone sale agreed on a house! I'm assuming we don't make an appointment to see DCC until we have all the relevant documentation? We are just waiting for the structural report to be carried out and returned to us, hoping for that to be done up towards the end of next week, should I touch base before then or just wait until we have everything? Thanks in advance, we'd have been lost without this thread over the past few months.
    Congratulations!!!
    May I ask how long it took from initial application to sale agreed?


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    #1683
    JessC1987
    Registered Users Posts: 27 ✭JessC1987


    Laurazal wrote: »
    Congratulations!!!
    May I ask how long it took from initial application to sale agreed?

    Of course, we applied to DCC on the 17/04, recieved our letter of approval approx 7.5 weeks later and we went sale agreed on the 28/06.


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    #1684
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    JessC1987 wrote: »
    Of course, we applied to DCC on the 17/04, recieved our letter of approval approx 7.5 weeks later and we went sale agreed on the 28/06.
    Oh that's not too bad at all. I submitted my application only a week ago and getting impatient already :rolleyes:


  • Options
    #1685
    JessC1987
    Registered Users Posts: 27 ✭JessC1987


    Laurazal wrote: »
    Oh that's not too bad at all. I submitted my application only a week ago and getting impatient already :rolleyes:

    I hear you! Best thing you can do for now is put it to the back of your mind and before you know it you'll have that letter of approval in the post. Best of luck :)


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    #1686
    Stekell
    Registered Users Posts: 31 ✭Stekell


    Hey,

    Just wondering if anyone can help me out. Has anyone had an issue getting their GP to sign a letter saying that they haven't been in for medical treatment or advice for a continuous 3weeks over the last 2 years! It does state for things other than cold, flu, backache etc. I have a nerve issue in my arm and have just been put on medication for the foreseeable future so that I can receive physiotherapy! I'm worried now.

    Any knowledge would be appreciated!!
    Thanks


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    #1687
    Niallfarrell11
    Registered Users Posts: 10 ✭Niallfarrell11


    Hi,

    We have being approved by DCC and received our pack. Does anyone know if we need to accept and sign their offer and send it back before getting the rest of the documents?

    Thanks.


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    #1688
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Niallfarrell11 wrote: »
    Hi,

    We have being approved by DCC and received our pack. Does anyone know if we need to accept and sign their offer and send it back before getting the rest of the documents?

    Thanks.

    I signed it and handed it back with all the form 3 stuff but I had sent the acceptance back at the time of offer also as I was afraid they'd take it back! In hindsight though I think the offer would have stood anyway even if I hadn't returned the form when the initial offer came.


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    #1689
    Sd2011
    Registered Users Posts: 14 ✭Sd2011


    Has anyone had any dealings with Meath coco lately? Wondering how long it has been taking for approval/refusal, thanks


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    #1690
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    Hello. I want ask, there is photo ID in application, so they need original or copy?
    Anybody had approved in Galway or County Galway?


  • Options
    #1691
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    mirabella1 wrote: »
    Hello. I want ask, there is photo ID in application, so they need original or copy?
    Anybody had approved in Galway or County Galway?
    We brought passports, coco will make photocopies when you bring in your application.


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    #1692
    Shanvp
    Closed Accounts Posts: 17 ✭Shanvp


    elizunia87 wrote: »
    My Husband probation ends in September. I rang to the South Council and he said it is okey, do not see any issue to apply now, that but he sounded not 100%sure. He mentioned as well if we rwfuswd on this grounds we can apply again.

    Can someone advise me or maybe has experience with probation period? I am worried they Will stop taking applications soon

    When we first applied my partner was on probation, and we explained that he only had a few weeks left before he was to go permanent, but it didn't matter. We were told that they would straight up refuse on the basis that he was on probation. That was with Fingal.


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    #1693
    Stekell
    Registered Users Posts: 31 ✭Stekell


    Hey,

    Just wondering if anyone can help me out. Has anyone had an issue getting their GP to sign a letter saying that they haven't been in for medical treatment or advice for a continuous 3weeks over the last 2 years! It does state for things other than cold, flu, backache etc. I have a nerve issue in my arm and have just been put on medication for the foreseeable future so that I can receive physiotherapy! I'm worried now.

    Any knowledge would be appreciated!!
    Thanks


  • Options
    #1694
    coil1985
    Registered Users Posts: 225 ✭✭coil1985


    Hi, I am thinking about this scheme but I have been reading that the Mortgage Protection must be the one that the Local Authority provides and is in many cases a bad deal compared to what one can get if one shops around for mortgage protection. Its the only thing that is putting me off.

    Can anyone who has been through the process provide me with more info about the mortgage protection side of things and the deal you got? Tks


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    #1695
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    coil1985 wrote: »
    Hi, I am thinking about this scheme but I have been reading that the Mortgage Protection must be the one that the Local Authority provides and is in many cases a bad deal compared to what one can get if one shops around for mortgage protection. Its the only thing that is putting me off.

    Can anyone who has been through the process provide me with more info about the mortgage protection side of things and the deal you got? Tks

    It's fairly straightforward. The monthly MPI premium is 0.555% of the capital outstanding divided by twelve. In return, if you or your coborrower are out of work for more than 60 days through illness or disability it will cover your monthly mortgage repayment until your back to work. Also it will fully clear your mortgage in the event of one of you passing away.


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    #1696
    coil1985
    Registered Users Posts: 225 ✭✭coil1985


    Darkglasses wrote: »
    It's fairly straightforward. The monthly MPI premium is 0.555% of the capital outstanding divided by twelve. In return, if you or your coborrower are out of work for more than 60 days through illness or disability it will cover your monthly mortgage repayment until your back to work. Also it will fully clear your mortgage in the event of one of you passing away.


    Thank you for the info. How does this compare to other protection schemes though? I don't know much about them tbh.


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    #1697
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    coil1985 wrote: »
    Thank you for the info. How does this compare to other protection schemes though? I don't know much about them tbh.

    Varies, other insurers will take account of whether you're a smoker, what your job is, your age, etc. You'll have to do your own research for your own particular circumstances. But when comparing, just make sure you're comparing like with like. The Council scheme covers you if you're out of work with illness, cheap insurance quotes will only be for death benefit.

    Edit: It's particularly worth noting that the Council costs the same regardless of whether it's covering 1 or 2 people.


  • Options
    #1698
    coil1985
    Registered Users Posts: 225 ✭✭coil1985


    Darkglasses wrote: »
    Varies, other insurers will take account of whether you're a smoker, what your job is, your age, etc. You'll have to do your own research for your own particular circumstances. But when comparing, just make sure you're comparing like with like. The Council scheme covers you if you're out of work with illness, cheap insurance quotes will only be for death benefit.

    Edit: It's particularly worth noting that the Council costs the same regardless of whether it's covering 1 or 2 people.

    Ok i'll have a look around and do some comparisons. Tbh it's the only thing about the scheme that had me doing a double take.


  • Options
    #1699
    Stekell
    Registered Users Posts: 31 ✭Stekell


    Darkglasses wrote: »
    Varies, other insurers will take account of whether you're a smoker, what your job is, your age, etc. You'll have to do your own research for your own particular circumstances. But when comparing, just make sure you're comparing like with like. The Council scheme covers you if you're out of work with illness, cheap insurance quotes will only be for death benefit.

    Edit: It's particularly worth noting that the Council costs the same regardless of whether it's covering 1 or 2 people.

    Hey,.... Any chance you know anything about my circumstance 😂

    "Hey,

    Just wondering if anyone can help me out. Has anyone had an issue getting their GP to sign a letter saying that they haven't been in for medical treatment or advice for a continuous 3weeks over the last 2 years! It does state for things other than cold, flu, backache etc. I have a nerve issue in my arm and have just been put on medication for the foreseeable future so that I can receive physiotherapy! I'm worried now.

    Any knowledge would be appreciated!!
    Thanks"


  • Options
    #1700
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Stekell wrote: »
    Hey,.... Any chance you know anything about my circumstance 😂

    "Hey,

    Just wondering if anyone can help me out. Has anyone had an issue getting their GP to sign a letter saying that they haven't been in for medical treatment or advice for a continuous 3weeks over the last 2 years! It does state for things other than cold, flu, backache etc. I have a nerve issue in my arm and have just been put on medication for the foreseeable future so that I can receive physiotherapy! I'm worried now.

    Any knowledge would be appreciated!!
    Thanks"

    On the form for the MPI, it needs you to declare honestly whether you have been prescribed medication for a certain period of time. It's not worth being dishonest, it would be a nightmare down the line if you had a claim that was invalidated over it.

    What happens if you declare your situation is that you are referred for a telephone interview with a nurse at the insurer, who go into specifics and judge whether you can be covered. In the event that you are not eligible, you have to find your own equivalent cover with a private insurer.

    Obvious condition applies - I am just a guy on the internet, and every County Council has been known to do some things differently. This is just based on my own experiences and reading of the documents. The best answer will come from your County Council.


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    #1701
    Stekell
    Registered Users Posts: 31 ✭Stekell


    Darkglasses wrote: »
    On the form for the MPI, it needs you to declare honestly whether you have been prescribed medication for a certain period of time. It's not worth being dishonest, it would be a nightmare down the line if you had a claim that was invalidated over it.

    What happens if you declare your situation is that you are referred for a telephone interview with a nurse at the insurer, who go into specifics and judge whether you can be covered. In the event that you are not eligible, you have to find your own equivalent cover with a private insurer.

    Obvious condition applies - I am just a guy on the internet, and every County Council has been known to do some things differently. This is just based on my own experiences and reading of the documents. The best answer will come from your County Council.

    Awh thanks so much for your reply. It seems like I'm the only person who has visited their GP over the last 2 years haha. I can't find anyone mention it on any of the forums or pages I'm on. They have the GP letter down as a requirement for your final meeting in Dublin City Council. I obviously won't have this and was thinking it would be the end of the road for us now. Thanks for giving me a glimmer of hope. Can't stop thinking that we are so close and are going to lose our only opportunity of getting a house now just because I have an injury!!

    Thanks again


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    #1702
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    Hello. Anybody have been approved in Galway city or County Galway? How long take it from submitting the application form?
    Thank you.


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    #1703
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    coil1985 wrote:
    Ok i'll have a look around and do some comparisons. Tbh it's the only thing about the scheme that had me doing a double take.


    It was something that was putting me off as well, but when you weigh up that the total equates to 2.55%, there's not a bank in the land offering a rate like that so you're quids in either way. It really is a no brainer.


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    #1704
    JessC1987
    Registered Users Posts: 27 ✭JessC1987


    I'm in the process of filling out Form 3, on the form it asks for Vendors details, i.e. name, address and phone number, the estate agent has advised they cannot give these out and to be honest I thought to myself and this would be the case due to GDPR and what not. Anyone have an issue with this when returning the forms to the council? EA just told me to put his details in that section as well rather than leave it blank? I have the Vendors Solicitor details so I'm assuming giving them and the EA will suffice.


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    #1705
    LauraAaron
    Registered Users Posts: 106 ✭✭LauraAaron


    I’ve a few questions to ask was wondering if someone could tell me if I’m on the right track?
    From what I understand the online calculator is wrong because it doesn’t take into account the mpi when calculating. My husband is the main earner so we will be applying as joint on one income, he earns €32k gross I’ve read that your Loan amount + mpi cannot be above 30% of net monthly income working on a loan of €108k with us having the 10% looks like the mpi (at 0.555%) is around €200 per month and mortgage around €460 at 2% fixed over 25 years would keep us under the 30% net monthly income of €689 does this seem about right? We’re spending this year and into next getting rid of our credit union loan and credit card and going for it without anything that could hinder our application. Just wondering if I’ve covered all the basis of what the actual rebuilding Ireland mortgage entails x


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    #1706
    coil1985
    Registered Users Posts: 225 ✭✭coil1985


    Shamboo1801 wrote: »
    It was something that was putting me off as well, but when you weigh up that the total equates to 2.55%, there's not a bank in the land offering a rate like that so you're quids in either way. It really is a no brainer.

    What do you mean by the total?


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    #1707
    MrsDrennan
    Registered Users Posts: 4 ✭MrsDrennan


    Just wondering if anyone has been approved from Meath CC recently. I have an appointment in two weeks and the guy on the phone couldn't answer me when I asked if they are still lending. Would appreciate any feedback.


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    #1708
    JessC1987
    Registered Users Posts: 27 ✭JessC1987


    LauraAaron wrote: »
    I’ve a few questions to ask was wondering if someone could tell me if I’m on the right track?
    From what I understand the online calculator is wrong because it doesn’t take into account the mpi when calculating. My husband is the main earner so we will be applying as joint on one income, he earns €32k gross I’ve read that your Loan amount + mpi cannot be above 30% of net monthly income working on a loan of €108k with us having the 10% looks like the mpi (at 0.555%) is around €200 per month and mortgage around €460 at 2% fixed over 25 years would keep us under the 30% net monthly income of €689 does this seem about right? We’re spending this year and into next getting rid of our credit union loan and credit card and going for it without anything that could hinder our application. Just wondering if I’ve covered all the basis of what the actual rebuilding Ireland mortgage

    To work out what your mpi will be you need to divide the amount your borrowing by 12 and then multiply it by 0.555%, on the basis of you borrowing €108,000 your mpi would be €49.95 per month and not €200? This will continue to go down as your mortgage amount decreases over the coming years!


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    #1709
    noler123
    Registered Users Posts: 58 ✭✭noler123


    Just wondering could anyone tell me if getting refused a mortgage by two providers will have any effect on my chances of getting a mortgage elsewhere? Say i apply and get two refusals and then i can't get a loan through the rebuilding Ireland scheme, would it damage my chances of getting a loan off a bank further down the line?


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    #1710
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    coil1985 wrote:
    What do you mean by the total?


    If your interest rate on your mortgage is 2%, and your MP is .55%, then your total would be 2.55% which is less than what any bank is offering. That's the reason I was happy to go with the RI loan. Plus, the .55 is based on your outstanding balance so this reduces every year.


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    #1711
    coil1985
    Registered Users Posts: 225 ✭✭coil1985


    Shamboo1801 wrote: »
    If your interest rate on your mortgage is 2%, and your MP is .55%, then your total would be 2.55% which is less than what any bank is offering. That's the reason I was happy to go with the RI loan. Plus, the .55 is based on your outstanding balance so this reduces every year.

    Grand that sounds great. I have a meeting with AIB tomorrow just to get some more info about things but then I think I will apply for mortgages online and get rejections and then apply for RI. Probably won't hear back for a long time anyway with the way the scheme seems to be going. Tks


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