Rebuilding Ireland home loan

NM2020 · 14-10-2020 9:49am

kenhan2015 wrote: »

Extra 5k that's amazing! Our current budget projection so far (still saving) factors what the calculator says so to hear you got offered 5k extra over the calculator is brilliant. Congrats!

Thanks, its a great help to have that extra as I had done the same as you and just factored in the calculator amount. Best off doing that as it is not guaranteed.
best of luck with everything!

gandalfio · 14-10-2020 11:16am

gandalfio wrote: »

Hi,

Is anyone aware of what the maximum net monthly income to monthly mortgage payment ratio is?

Bump.

Also, is the net income ratio a percentage of the monthly mortgage payment of net monthly income or gross monthly income?

Lauren52 · 14-10-2020 11:37am

KH1591 wrote: »

Has anyone in Kildare had any luck with their applications yet? Ive heard some have been approved yet others are very delayed. Im sure lockdown has added to the backlog but just wondered how others are getting on

Application sent in 6th of Sept 2019 , still waiting. With underwriters at present

ABCD_1234 · 14-10-2020 1:35pm

Lauren52 wrote: »

Application sent in 6th of Sept 2019 , still waiting. With underwriters at present

That’s crazy! Have you tried getting onto a local TD?

KH1591 · 14-10-2020 2:45pm

labyrne22 wrote: »

That’s crazy! Have you tried getting onto a local TD?

I was going to suggest the same! It shouldn't be taking that when others are being approved

Dankarl · 14-10-2020 5:48pm

estabon wrote: »

Anyone ever apply whilst on maternity benefit? Is it an issue? My wife will be off til Feb but were applying now soon due to necessity.

Hi,
That’s what we done and had no issues. Make sure to fill out the last page of the application as she will be in receipt of social welfare

DK

Dankarl · 14-10-2020 5:48pm

Hi,

Does anyone know how the solicitors send back and forth contracts?

Courier or what?

DK

Salanky · 14-10-2020 7:39pm

Signed my contracts today with a view to closing in two weeks time. Just over a year since first approval with Louth and sale agreed 12 weeks tomorrow.

laoise6 · 14-10-2020 8:47pm

Salanky wrote: »

Signed my contracts today with a view to closing in two weeks time. Just over a year since first approval with Louth and sale agreed 12 weeks tomorrow.

Congratulations, that’s such great news!

dawidnowak2005 · 14-10-2020 9:14pm

Lauren52 wrote: »

Application sent in 6th of Sept 2019 , still waiting. With underwriters at present

It’s looks like Kildare CC it’s on another level, everyone posting about 12 weeks tops for approval, Kildare still deal with 2019 applications, I’m 4 months now from day we applied, just madness

Lauren52 · 14-10-2020 9:18pm

labyrne22 wrote: »

That’s crazy! Have you tried getting onto a local TD?

Hey We did , Martin Haydon tried for us. Got nowhere. The house we were renting was sold in the meantime 😥 we are now in a 2 bed apartment paying double the rent we were paying. Hopefully on the other side of it now.

Lauren52 · 14-10-2020 9:23pm

labyrne22 wrote: »

That’s crazy! Have you tried getting onto a local TD?

dawidnowak2005 wrote: »

It’s looks like Kildare CC it’s on another level, everyone posting about 12 weeks tops for approval, Kildare still deal with 2019 applications, I’m 4 months now from day we applied, just madness

Hopefully it will be a lot quicker for you. We wanted to apply January 2019 but they said there was no point as the funding was gone. I asked should I put an application anyway and was told not to as I would need to apply again as it would be more than 6 months before funding was available. We left it then as we were still saving away and comfortable in the house we were renting. Then in Aug 19 oir landlord put the house up for rent. Unfortunately he couldnt wait as I couldnt guarantee when approval would come , so it was sold.

Hopefully You wont have as long a wait as us. Im positive we will get the approval as I dont want to think about wjat we will do if we dont. We meet all the criteria so I am hopeful.

ABCD_1234 · 14-10-2020 9:32pm

Lauren52 wrote: »

Hey We did , Martin Haydon tried for us. Got nowhere. The house we were renting was sold in the meantime ðŸ˜¥ we are now in a 2 bed apartment paying double the rent we were paying. Hopefully on the other side of it now.

It’s so tough but it will be worth it in the long run. Maybe try a TD again, hopefully with the budget focusing on housing they may be more focused on getting through applications now..

KH1591 · 14-10-2020 9:46pm

Lauren52 wrote: »

Hopefully it will be a lot quicker for you. We wanted to apply January 2019 but they said there was no point as the funding was gone. I asked should I put an application anyway and was told not to as I would need to apply again as it would be more than 6 months before funding was available. We left it then as we were still saving away and comfortable in the house we were renting. Then in Aug 19 oir landlord put the house up for rent. Unfortunately he couldnt wait as I couldnt guarantee when approval would come , so it was sold.

Hopefully You wont have as long a wait as us. Im positive we will get the approval as I dont want to think about wjat we will do if we dont. We meet all the criteria so I am hopeful.

Stay positive! Theyre processing 2020 applications now so you have to be approved very soon! The lockdown hasn't helped anything and added to your wait! But im sure youll get good news very soon

Antho12 · 15-10-2020 12:40pm

Hi all,

Posting for information’s sake as I was going through this thread every day to have an idea of how long it would take to get approved

I received my letter of approval today from Dublin CC, sent my application 7 weeks ago

I applied for a rather low amount though (just what I needed for the property I want) so this may have fast tracked my application

Good luck every one

Len_007 · 15-10-2020 3:06pm

My approval is up October 18th, the property I'm hoping to purchase is being snagged the 17th. I had applied for an extension for the mortgage approval and the credit committee were due to meet today, but it got postponed to next week. Squeaky bum time, hopefully it will all work out fine. There may be a few of us in the same boat, but surely I'm a contender for the longest time from application to turning key?! (First approved Oct 2019...)

beanyb · 15-10-2020 3:20pm

Len_007 wrote: »

My approval is up October 18th, the property I'm hoping to purchase is being snagged the 17th. I had applied for an extension for the mortgage approval and the credit committee were due to meet today, but it got postponed to next week. Squeaky bum time, hopefully it will all work out fine. There may be a few of us in the same boat, but surely I'm a contender for the longest time from application to turning key?! (First approved Oct 2019...)

Making me feel a bit better about my being sale agreed since March! Hoping to have keys by Christmas but we'll see.

jill_valentine · 15-10-2020 5:47pm

Folks, I have a little Excel checklist I put together for assembling the application that somebody might find useful, what's the best/most anonymous way to make it available to thread users here?

Salanky · 15-10-2020 5:56pm

Len_007 wrote: »

My approval is up October 18th, the property I'm hoping to purchase is being snagged the 17th. I had applied for an extension for the mortgage approval and the credit committee were due to meet today, but it got postponed to next week. Squeaky bum time, hopefully it will all work out fine. There may be a few of us in the same boat, but surely I'm a contender for the longest time from application to turning key?! (First approved Oct 2019...)

I got approved with Louth in October 2019, got an extension with covid to October of this year. Went sale agreed 12 weeks ago today, signed contracts yesterday with a view to closing in the next two weeks.

Deebond7 · 15-10-2020 6:15pm

I was provisionally approved for my mortgage but then I had to do an interview with the mortgage protection company they use. For some reason they will not insure me. Now rebuilding Ireland will not give me the mortgage. Does anyone have any experience of this. Financially I qualified. I am 39 and healthy.

laoise6 · 15-10-2020 6:27pm

Deebond7 wrote: »

I was provisionally approved for my mortgage but then I had to do an interview with the mortgage protection company they use. For some reason they will not insure me. Now rebuilding Ireland will not give me the mortgage. Does anyone have any experience of this. Financially I qualified. I am 39 and healthy.

I was under the impression if you had a pre-existing condition you were allowed to use another insurer, and wouldn’t be forced to use their MPI? I would try and find someone else to ask.. which council are you with? Have you phoned the RBI help desk?

They shouldn’t be allowed to discriminate in that way..

estabon · 16-10-2020 12:00pm

Leaving our application in today in Donegal, anyone else apply in Donegal and know the timeline of when wel hear back from them?

Juken161 · 16-10-2020 9:25pm

Hi, we've been approved in principal with Wexford Council and found a property we like, the council are requesting a valuation report... Who does this please? Is this the estate agent who is selling the property or a different one? And how do I find one? Thank you.

Ukelele! · 16-10-2020 10:04pm

Juken161 wrote: »

Hi, we've been approved in principal with Wexford Council and found a property we like, the council are requesting a valuation report... Who does this please? Is this the estate agent who is selling the property or a different one? And how do I find one? Thank you.

It's an estate agent you need but not the one selling you the house. Just go to any other local estate agent and tell them you need a valuation on the house and they'll contact the estate agent selling the house and they'll organise it amongst themselves. Can't remember the price but they were all the same, maybe €160? Can't remember exactly. Also, if the estate agent selling you the house is a franchise (e.g. Remax, Sherry Fitzgerald, etc.) just make sure the other agent that's doing the valuation is not part of the same franchise. That's what I was told anyway from my cc

Maz2016 · 18-10-2020 11:45pm

Deebond7 wrote: »

I was provisionally approved for my mortgage but then I had to do an interview with the mortgage protection company they use. For some reason they will not insure me. Now rebuilding Ireland will not give me the mortgage. Does anyone have any experience of this. Financially I qualified. I am 39 and healthy.

They have to allow you get your own insurance in that case. And actually you will probably find your own provider will be considerably cheaper. Send them an email. I did and I have it in writing - although I didn’t apply yet, I know I will be refused their insurance due to a medical condition

BKWDR · 19-10-2020 2:47am

Maz2016 wrote: »

They have to allow you get your own insurance in that case. And actually you will probably find your own provider will be considerably cheaper. Send them an email. I did and I have it in writing - although I didn’t apply yet, I know I will be refused their insurance due to a medical condition

Careful on this one. They technically don't have to let you get your own. It's in the credit policy on the main site. Best case scenario you are allowed seek equivilant cover privately, worse case you can be refused because you aren't covered by the state scheme...

laoise6 · 19-10-2020 10:34am

BKWDR wrote: »

Careful on this one. They technically don't have to let you get your own. It's in the credit policy on the main site. Best case scenario you are allowed seek equivilant cover privately, worse case you can be refused because you aren't covered by the state scheme...

Do you know what determines whether your allowed to seek another MPI or whether you’re refused a mortgage?

gandalfio · 19-10-2020 10:50am

We were rejected by Fingal on the grounds that our net income ratio is outside of the policy.
But have just received this in an email form RBI themselves.

'The Net Income Ratio is not a 'qualifier' for the scheme.

There is no set percentage for Net Income Ratio. An applicant's NDI ratio is calculated from the annual repayments on all loans, including the current application, and any maintenance payments, as a % of their Net Disposable Income. The maximum ratio permitted is 35%. This means that loan repayments in total cannot exceed 35% of a borrower's after-tax monthly income'.

I've calculated our ratio to be less than 35%. Can't understand why they came to this decision. We've no loans, never paid a cent in interest on the credit card, no maintenance etc.
Has anyone else experienced similar?

laoise6 · 19-10-2020 10:58am

gandalfio wrote: »

We were rejected by Fingal on the grounds that our net income ratio is outside of the policy.
But have just received this in an email form RBI themselves.

'The Net Income Ratio is not a 'qualifier' for the scheme.

There is no set percentage for Net Income Ratio. An applicant's NDI ratio is calculated from the annual repayments on all loans, including the current application, and any maintenance payments, as a % of their Net Disposable Income. The maximum ratio permitted is 35%. This means that loan repayments in total cannot exceed 35% of a borrower's after-tax monthly income'.

I've calculated our ratio to be less than 35%. Can't understand why they came to this decision. We've no loans, never paid a cent in interest on the credit card, no maintenance etc.
Has anyone else experienced similar?

Do you think they added the MPI repayments in?

gandalfio · 19-10-2020 11:04am

laoise6 wrote: »

Do you think they added the MPI repayments in?

Yes, but I've taken that into account by adding 100 a month onto the amount given on the repayment calculator. Still leaves us below 35%.

Rebuilding Ireland home loan

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