Rebuilding Ireland home loan

Amary · 15-05-2019 10:50pm

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.

Milenauno · 16-05-2019 12:56pm

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

Curlysue2 · 16-05-2019 1:10pm

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?

Milenauno · 16-05-2019 1:11pm

Curlysue2 wrote: »

Which Council did you apply to?

Dublin

Curlysue2 · 16-05-2019 1:16pm

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.

Sherif callie · 20-05-2019 3:05pm

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

Curlysue2 · 20-05-2019 3:12pm

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.

bakerie · 20-05-2019 3:14pm

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!!

Darkglasses · 20-05-2019 3:22pm

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.

Curlysue2 · 20-05-2019 3:22pm

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

Darkglasses · 20-05-2019 3:23pm

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.

Curlysue2 · 20-05-2019 3:25pm

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

Graham · 20-05-2019 3:32pm

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.

bakerie · 20-05-2019 3:32pm

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?

Darkglasses · 20-05-2019 3:32pm

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?

Darkglasses · 20-05-2019 3:33pm

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.

Darkglasses · 20-05-2019 3:35pm

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.

Curlysue2 · 20-05-2019 3:41pm

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!

Darkglasses · 20-05-2019 3:41pm

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

bakerie · 20-05-2019 4:24pm

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

mistersifter · 20-05-2019 4:37pm

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

givyjoe · 20-05-2019 4:43pm

mistersifter wrote: »

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

They've been saying that for months though?

mistersifter · 20-05-2019 4:55pm

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!

swalsh86 · 20-05-2019 8:01pm

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.

Jmk725 · 21-05-2019 11:11am

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.

swalsh86 · 21-05-2019 7:50pm

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

Laurazal · 22-05-2019 9:28am

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...

Jmk725 · 22-05-2019 9:32am

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.

Laurazal · 22-05-2019 10:32am

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.

Jmk725 · 22-05-2019 10:36am

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.

Evenstevens · 23-05-2019 10:43am

I think I know the answer to this but I'm afraid to ask CoCo. I assume if you are approved for this scheme it is only based on your salary at the current time of application? Like you wouldn't be stopped from going for promotion down the line or getting a better higher paying job?

Milenauno · 23-05-2019 10:52am

Evenstevens wrote: »

I think I know the answer to this but I'm afraid to ask CoCo. I assume if you are approved for this scheme it is only based on your salary at the current time of application? Like you wouldn't be stopped from going for promotion down the line or getting a better higher paying job?

I actually did asked that question as I am expecting to be promoted soon. I am in civil service and I passed selection for promotion. In this case, i will be in probation for another year but for higher position only, not for employment in general as I am there for years now. That’s a bit tricky now. When I asked, they said that I’ll need to submit up to date pay-slips before final approval so that if something changed, I’ll need new salary certificate saying that I am not in probation and amount needs to be recalculated.

xxsammyxx085 · 23-05-2019 11:18am

Hi everyone I'm new to this thread and just had a query I was wondering if anyone might be able to help me with, my husband has a basic salary of 29k and I work part time with a salary of 11k. Now, I'm also a full time carer for my son who has autism and get a carers and domicellery allowance based on this. I know rebuilding Ireland wl not take this as guaranteed income, but does anybody think that they will even note it on the application to help our chances (will also be handing back a local authority house to somebody that needs it)

Evenstevens · 23-05-2019 11:54am

Milenauno wrote: »

I actually did asked that question as I am expecting to be promoted soon. I am in civil service and I passed selection for promotion. In this case, i will be in probation for another year but for higher position only, not for employment in general as I am there for years now. That’s a bit tricky now. When I asked, they said that I’ll need to submit up to date pay-slips before final approval so that if something changed, I’ll need new salary certificate saying that I am not in probation and amount needs to be recalculated.

Ok. For me I've no current prospects of moving up or moving jobs even but just thinking say 5 years down the line if I did change they couldn't come back and have an issue at that stage surely? They can't tie you to a job for the rest of your life as such.

Milenauno · 23-05-2019 12:13pm

Evenstevens wrote: »

Ok. For me I've no current prospects of moving up or moving jobs even but just thinking say 5 years down the line if I did change they couldn't come back and have an issue at that stage surely? They can't tie you to a job for the rest of your life as such.

No, you can change job anytime after you get a keys.

GF2013 · 23-05-2019 1:28pm

Question for anybody who’s already drawn down please??? Is the loan pack they send just the loan offer letter and the acceptance form we need to have signed in presence of solicitor? Our solicitor said there should be other documents sent to him and won’t meet us until he receives them, council not returning our call to clarify and we want to get the ball rolling!

Laurazal · 23-05-2019 3:10pm

GF2013 wrote: »

Question for anybody who’s already drawn down please??? Is the loan pack they send just the loan offer letter and the acceptance form we need to have signed in presence of solicitor? Our solicitor said there should be other documents sent to him and won’t meet us until he receives them, council not returning our call to clarify and we want to get the ball rolling!

Can I just ask - how long was the whole process (I am just starting my application)?

GF2013 · 23-05-2019 3:20pm

Laurazal wrote: »

Can I just ask - how long was the whole process (I am just starting my application)?

It’s a long process! We applied in Jan 2918, took 10 weeks waiting, were refused on grounds of not having shown 12 months savings, even though we had them but not in a dedicated savings account. Appealed and we were refused again, took about six weeks for that refusal letter. Then we reapplied in Jan this yr and got approval letter end of February. Sale agreed since beginning March and from what I’ve heard we’ve about four more wks to go!

Laurazal · 23-05-2019 3:23pm

GF2013 wrote: »

It’s a long process! We applied in Jan 2918, took 10 weeks waiting, were refused on grounds of not having shown 12 months savings, even though we had them but not in a dedicated savings account. Appealed and we were refused again, took about six weeks for that refusal letter. Then we reapplied in Jan this yr and got approval letter end of February. Sale agreed since beginning March and from what I’ve heard we’ve about four more wks to go!

I am glad you are getting there now. I am only still gathering my docs plus applying to banks for mortgages to get that needed letter from them

potepp · 23-05-2019 7:05pm

Hi all.
we have been approved by Cork CoCo, currently stuck with the council who are requesting a report from a Chartered Engineer even though we have already provided Engineers report with Forms 1, 2, 3 (as the report is requested with these forms (or so we believe)).
Unfortunately I didn't make a copy before sending those back so I have no proof that the CoCo has already requested this report.
Would someone here have Form 1, 2, 3 handy and be willing to share those, please?
It would save us a lot of hassle and potentially money if the request for eng report is there.

Thanks a lot,
Peter

Jmk725 · 24-05-2019 9:07am

potepp wrote: »

Hi all.
we have been approved by Cork CoCo, currently stuck with the council who are requesting a report from a Chartered Engineer even though we have already provided Engineers report with Forms 1, 2, 3 (as the report is requested with these forms (or so we believe)).
Unfortunately I didn't make a copy before sending those back so I have no proof that the CoCo has already requested this report.
Would someone here have Form 1, 2, 3 handy and be willing to share those, please?
It would save us a lot of hassle and potentially money if the request for eng report is there.

Thanks a lot,
Peter

Hey Peter, private message me your email address and I will send on a copy of my Forms 1-3 if you want.
I can tell you that Form 3 says to return the engineers report with Form 3 though.

potepp · 24-05-2019 9:11am

Jmk725 wrote: »

Hey Peter, private message me your email address and I will send on a copy of my Forms 1-3 if you want.
I can tell you that Form 3 says to return the engineers report with Form 3 though.

pm sent. thank you!

delkel38 · 24-05-2019 3:49pm

Quick update from me.
After 1 year as of today we have received our first drawdown for our self build. It's been a long hard drawn out process but we persisted.
So anyone thinking of using this so called re-building Ireland Home Loan for self build it's possible. Having taken so long to process my contingency has gone due to cost of construction going up since application.
On the upside were very happy ðŸ˜႒

GF2013 · 24-05-2019 7:16pm

Laurazal wrote: »

I am glad you are getting there now. I am only still gathering my docs plus applying to banks for mortgages to get that needed letter from them

Best of luck! Start meditating! You’ll need it for the patience!!!

GF2013 · 24-05-2019 7:20pm

xxsammyxx085 wrote: »

Hi everyone I'm new to this thread and just had a query I was wondering if anyone might be able to help me with, my husband has a basic salary of 29k and I work part time with a salary of 11k. Now, I'm also a full time carer for my son who has autism and get a carers and domicellery allowance based on this. I know rebuilding Ireland wl not take this as guaranteed income, but does anybody think that they will even note it on the application to help our chances (will also be handing back a local authority house to somebody that needs it)

Have you clarified that they won’t accept it?? You might still be ok on the income you have without it too though!!! Make sure you have the 12 months rent/savings, regularly each month. And make sure your accounts are clean ie no “lavish” spending etc

jjames.mmurphy · 24-05-2019 9:47pm

We have approval in principle. Going down the self build road. Can we opt out of the BCMS? Does anyone know. Want to submit commencement notice ASAP.

delkel38 · 24-05-2019 10:24pm

jjames.mmurphy wrote: »

We have approval in principle. Going down the self build road. Can we opt out of the BCMS? Does anyone know. Want to submit commencement notice ASAP.

Yes no problem with opt out. Be careful though we were approved in principle ,started building only then to be told we're not eligible. Are you within the size limit and other rules?. We appealed and got there only this week.

jjames.mmurphy · 24-05-2019 10:47pm

delkel38 wrote: »

Yes no problem with opt out. Be careful though we were approved in principle ,started building only then to be told we're not eligible. Are you within the size limit and other rules?. We appealed and got there only this week.

Within the size. Yes. So that's not a prob. What are the other rules?? Did you have a contractor or direct labour ? Also, did your engineer submit your commencement order or did you.

delkel38 · 24-05-2019 10:56pm

jjames.mmurphy wrote: »

Within the size. Yes. So that's not a prob. What are the other rules?? Did you have a contractor or direct labour ? Also, did your engineer submit your commencement order or did you.

Just so long as you satisfied all the Ri loan requirements you'll be fine. I went direct labour and submitted commencement myself. Your engineer might do it or guide you through it just take your time and it's not a problem.

jjames.mmurphy · 24-05-2019 11:36pm

delkel38 wrote: »

Just so long as you satisfied all the Ri loan requirements you'll be fine. I went direct labour and submitted commencement myself. Your engineer might do it or guide you through it just take your time and it's not a problem.

Yeah. I'm mad go get the comm order in. Where or how did u do it. Did u have to upload your drawings ?

Rebuilding Ireland home loan

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