Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

Rebuilding Ireland home loan

1…4849515354…164

Comments

  • #1502
    Amary
    Registered Users Posts: 17 ✭Amary


    Maurice Yeltsin wrote: »
    Something I wondered when I saw that Roscommon had secured more funding for their scheme.

    Why are the government giving this scheme to people living in low price counties?

    Three and four beds in Athlone and Carrick on Shannon start around the 100k mark.

    It's essentially impossible for even a low wage couple in these areas not to qualify for a bank mortgage. 10 grand deposit plus 30k combined income- a minimum wage earner and his part time worker spouse can qualify. Why is the government distributing funds in rural areas needed more by buyers in high price areas?

    I think Roscommon and South Dublin raised their own funds for the loans.


  • #1503
    Milenauno
    Closed Accounts Posts: 96 ✭✭Milenauno


    I received reply form coco saying that my application has been returned from underwriter and the decision will be made shortly. Is that a good news, does that mean that underwriter decided positively on our case or not necessarily? Who has to make decision now? Thanks! That’s so confusing


  • #1504
    Curlysue2
    Closed Accounts Posts: 14 ✭Curlysue2


    Milenauno wrote: »
    I received reply form coco saying that my application has been returned from underwriter and the decision will be made shortly. Is that a good news, does that mean that underwriter decided positively on our case or not necessarily? Who has to make decision now? Thanks! That’s so confusing

    Which Council did you apply to?


  • #1505
    Milenauno
    Closed Accounts Posts: 96 ✭✭Milenauno


    Curlysue2 wrote: »
    Which Council did you apply to?

    Dublin


  • #1506
    Curlysue2
    Closed Accounts Posts: 14 ✭Curlysue2


    Milenauno wrote: »
    Dublin

    When we applied to Dublin CoCo we just got a letter stating we’d been approved for the full amount etc. and all the forms and stuff we needed to send back to accept.


  • Advertisement
  • #1507
    Sherif callie
    Registered Users Posts: 4 ✭Sherif callie


    Do we have to take the mortgage cover? Its 5 times the average atm. Tia


  • #1508
    Curlysue2
    Closed Accounts Posts: 14 ✭Curlysue2


    Sherif callie wrote: »
    Do we have to take the mortgage cover? Its 5 times the average atm. Tia

    As far as I can tell from this thread you have to take out the mpi with them, it’s €300 p/m, shocking.


  • #1509
    bakerie
    Registered Users Posts: 19 ✭bakerie


    Curlysue2 wrote: »
    As far as I can tell from this thread you have to take out the mpi with them, it’s €300 p/m, shocking.

    What?! That's nearly a mortgage in itself!!


  • #1510
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Curlysue2 wrote: »
    As far as I can tell from this thread you have to take out the mpi with them, it’s €300 p/m, shocking.

    This is wrong.

    On the council scheme, your monthly MPI charge is 0.555% of the capital divided by 12.

    So with a mortgage of €200,000, the monthly MPI premium is €92.50 in the first year. It reduces each subsequent year.

    Your figures would be accurate if the Council gave you a mortgage of about €650,000.


  • #1511
    Curlysue2
    Closed Accounts Posts: 14 ✭Curlysue2


    bakerie wrote: »
    What?! That's nearly a mortgage in itself!!

    I’m sure it varies on the mortgage amount and term etc. but that’s how much ours will be with our mortgage repayments being approx. €1050, that’s borrowing the full 288000


  • Advertisement
  • #1512
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    bakerie wrote: »
    What?! That's nearly a mortgage in itself!!

    Good example of why I wouldn't believe everything I read in this thread, and speak directly to County Council staff for information.


  • #1513
    Curlysue2
    Closed Accounts Posts: 14 ✭Curlysue2


    Darkglasses wrote: »
    This is wrong.

    On the council scheme, your monthly MPI charge is 0.555% of the capital divided by 12.

    So with a mortgage of €200,000, the monthly MPI premium is €92.50 in the first year. It reduces each subsequent year.

    Your figures would be accurate if the Council gave you a mortgage of about €650,000.

    The mpi on our application is €300


  • #1514
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Curlysue2 wrote: »
    I’m sure it varies on the mortgage amount and term etc. but that’s how much ours will be with our mortgage repayments being approx. €1050, that’s borrowing the full 288000

    Where did you get your figures?

    Every reference to the RBI Mortgage Protection I can find mentions a group policy, underwritten by Generali. This is charged at 0.55pc of the decreasing loan balance.


  • #1515
    bakerie
    Registered Users Posts: 19 ✭bakerie


    Darkglasses wrote: »
    This is wrong.

    On the council scheme, your monthly MPI charge is 0.555% of the capital divided by 12.

    So with a mortgage of €200,000, the monthly MPI premium is €92.50 in the first year. It reduces each subsequent year.

    Your figures would be accurate if the Council gave you a mortgage of about €650,000.


    Thanks Darkglasses! That's more in line what I'd expext. Don't suppose you know when the council's are going to get more funding?


  • #1516
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Curlysue2 wrote: »
    The mpi on our application is €300

    This isn't correct, details of the group MPI scheme are given here - https://www.oireachtas.ie/en/debates/question/2019-02-28/229/

    Are you sure it's the Local Authorities own scheme you're own?


  • #1517
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    bakerie wrote: »
    Thanks Darkglasses! That's more in line what I'd expext. Don't suppose you know when the council's are going to get more funding?

    Nothing at all unfortunately, baffles me.


  • #1518
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Curlysue2 wrote: »
    I’m sure it varies on the mortgage amount and term etc. but that’s how much ours will be with our mortgage repayments being approx. €1050, that’s borrowing the full 288000

    This doesn't really add up. The cheapest interest rate and term is the 30 year fixed rate at 2.25%.

    Excluding MPI, the capital and interest repayments on a mortgage of 288,000 are €1104.47.


  • #1519
    Curlysue2
    Closed Accounts Posts: 14 ✭Curlysue2


    I have the mortgage approval pack at home I’ll check it tonight and report back, fingers crossed I’m wrong it’s an awful lot of money!


  • #1520
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Graham wrote: »
    Where did you get your figures?

    Every reference to the RBI Mortgage Protection I can find mentions a group policy, underwritten by Generali. This is charged at 0.55pc of the decreasing loan balance.

    Just for clarity, that 0.55pc is spread over the course of a year, not each month :)


  • #1521
    bakerie
    Registered Users Posts: 19 ✭bakerie


    I wonder are they waiting until the local elections are over to announce the scheme has been cancelled...


  • Advertisement
  • #1522
    mistersifter
    Registered Users Posts: 3,129 ✭✭✭mistersifter


    Kildare County council say are not accepting applications any more...


  • #1523
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    mistersifter wrote: »
    Kildare County council say are not accepting applications any more...

    They've been saying that for months though?


  • #1524
    mistersifter
    Registered Users Posts: 3,129 ✭✭✭mistersifter


    givyjoe wrote: »
    They've been saying that for months though?

    not sure. I've only just rang them today for the first time and was shot down fairly sharpish. Suppose I'll be emigrating again then! :o


  • #1525
    swalsh86
    Registered Users Posts: 17 ✭swalsh86


    Does anybody know what's required documentation wise when buying a newly built house with this scheme. We pulled out of buying the house we originally planned on going with after the engineers report was looked at. We are now going to purchase a newly built house so just wondering do you still have to get engineer reports etc even when it's newly built. The house won't be complete until 4 months time.


  • #1526
    Jmk725
    Registered Users Posts: 95 ✭✭Jmk725


    Darkglasses wrote: »
    This doesn't really add up. The cheapest interest rate and term is the 30 year fixed rate at 2.25%.

    Agreeing with you here.
    The MPI is 0.555% of the outstanding amount. Mine is €55 a month based on a mortgage of €119,700.
    And it will decrease each year.
    It is a lot to start off with but that is the downside to getting a higher mortgage with a better interest rate as compared to the bank.
    I know in my situation I would not have been able to get my mortgage with the bank so this was the only way to go.


  • #1527
    swalsh86
    Registered Users Posts: 17 ✭swalsh86


    Can anybody help me out here folks. We are provisionally approved for €265,500 by Cork City Council . We've decided to go for a new build which will cost €299,900. We will apply for the Help to buy scheme to help raise the rest of the funds to meet the purchase price. Will our deposit of €26,500 be taken off the price of the house and would we still get approval of €265,500. Myself and my partner disagree on what happens with your deposit. Do you still get the full €265,500 even when the value of the house is more and we will be getting HTB svheme


  • #1528
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    Hi guys! I am filling out my application form for the council. Is it ok not to have solicitor details yet? We do not have a house in mind yet either so naturally we do not have a solicitor as well...


  • #1529
    Jmk725
    Registered Users Posts: 95 ✭✭Jmk725


    Laurazal wrote: »
    Hi guys! I am filling out my application form for the council. Is it ok not to have solicitor details yet? We do not have a house in mind yet either so naturally we do not have a solicitor as well...

    Yea, no need to enter solicitor now.
    You can enter in their details on another form once your offer has been accepted on whether house you do go for.
    Best of luck.


  • #1530
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    Jmk725 wrote: »
    Yea, no need to enter solicitor now.
    You can enter in their details on another form once your offer has been accepted on whether house you do go for.
    Best of luck.

    Thank you Jmk725! Fingers crossed. Just need to get one more bank refection letter and I think I am good to go.


  • Advertisement
  • #1531
    Jmk725
    Registered Users Posts: 95 ✭✭Jmk725


    Laurazal wrote: »
    Thank you Jmk725! Fingers crossed. Just need to get one more bank refection letter and I think I am good to go.

    No problem.
    Its a long process, I'm almost done and I applied last July.
    Just stick with it and keep in contact with your council for details and time frames, try to get it in writing also, they are more likely to stick to it then.


Advertisement