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18-04-2018, 09:00   #31
dynasoar
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So basically it completely destroys any savings that are possible due to the reduced interest rates?
Those who go for the council scheme don't do it to save a buck, but maybe because they won't get enough funds from anywhere else, and have to take the bad with the good?
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18-04-2018, 09:14   #32
Evd-Burner
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Those who go for the council scheme don't do it to save a buck, but maybe because they won't get enough funds from anywhere else, and have to take the bad with the good?
Correct me if I'm wrong but the whole premise of the council mortgage scheme was to make it affordable for people who fit the criteria to be able to payback the monthly mortgage at an affordable level. Adding 151 to the monthly repayments makes it not affordable. Also note that the mortgage scheme does automatically give you more than the 3.5 loan to value ratio, they do some form of calculation based on salary and ability to repay.
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18-04-2018, 10:48   #33
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So it seems MPI is 10.5 % of monthly repayment which is saucy .. Although with this MPI you do not need to get life insurance.
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18-04-2018, 16:47   #34
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So it seems MPI is 10.5 % of monthly repayment which is saucy .. Although with this MPI you do not need to get life insurance.
No use to me where my life insurance is provided by my employer.
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18-04-2018, 18:22   #35
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No use to me where my life insurance is provided by my employer.
Don't shoot the messenger
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01-05-2018, 08:15   #36
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Correct. I only have guesses as to why. Maybe because they are not a regular bank but a council? Or they try to recover some of the money they lose on the low interest...?
I've just been approved for the Home loan on a single income but the MPI is €84 a month! I've received quotes from other providers for the mpi at a much cheaper rate but it seems to be compulsory to go with the council. I don't understand why they are charging so much for this.
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01-05-2018, 08:22   #37
SNNUS
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I've just been approved for the Home loan on a single income but the MPI is €84 a month! I've received quotes from other providers for the mpi at a much cheaper rate but it seems to be compulsory to go with the council. I don't understand why they are charging so much for this.

I am in the same boat, would like to have independent MPI at €20 per month.. €80 is crazy.
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01-05-2018, 08:24   #38
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That is absolutely mental money. My own is 20 a month

I used to set people up with these policies and I could get a couple 300k non decreasing whole of life cover from about 35 a month for 25 years.
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01-05-2018, 23:36   #39
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I think the MPI is based on a percentage of the reducing loan owed so it may go down as the outstanding mortgage decreases
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02-05-2018, 17:35   #40
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Hi, We haven't have much luck with this so far. We applied and had everything in order 3 months ago. After many frustrated phone calls. We finally got called in to meet with the council after over 2 months!!! We had a house in mind as it asked to specify it on the application but as the process takes so long the house would be gone. It doesn't make sense to have a house. met with them now over 2 weeks ago and still haven't heard anything. does anyone know how long it should take to hear anything once you meet with them? And do they look for more documents as now its been so long will they now want more up to date documents?
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02-05-2018, 17:52   #41
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Took my daughter 7 weeks to hear back and they got loan approval from Dublin City Council. They have 6 months to purchase a home.

The MPI is .55% of outstanding mortgage balance and therefore decreases each year as the amount owing goes down.
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02-05-2018, 17:59   #42
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Dublin City Council check all documents before they accept application. If you have met your Council to submit more dumentation your application should be complete now. You do not have to pick your house at this stage. If you get approval they will send you documentation requesting house address when you are ready to purchase. The councils seem to be taking well over 4/6 weeks so don’t worry too much. “No news is good news” hopefully.
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02-05-2018, 18:44   #43
SNNUS
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Hi, We haven't have much luck with this so far. We applied and had everything in order 3 months ago. After many frustrated phone calls. We finally got called in to meet with the council after over 2 months!!! We had a house in mind as it asked to specify it on the application but as the process takes so long the house would be gone. It doesn't make sense to have a house. met with them now over 2 weeks ago and still haven't heard anything. does anyone know how long it should take to hear anything once you meet with them? And do they look for more documents as now its been so long will they now want more up to date documents?
Did you send the application in 3 month ago? Did you arrange to meet someone in the council when you handed in the application? It took me 10 weeks to hear my outcome..

It seems like they are doing it arseways there.
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02-05-2018, 19:01   #44
nicos
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[quote="SNNUS;106890845"]Did you send the application in 3 month ago? Did you arrange to meet someone in the council when you handed in the application? It took me 10 weeks to hear my outcome..

It seems like they are doing it arseways

Yeh we send it in all in order nearly 3 months ago. They only called us in to meet us 2 and half weeks ago though so I'm wondering are they only starting the process from when they meet you or from when you sebdbin application. I have a feeling our application was sitting in their desk for months and not even looked at!!!
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02-05-2018, 19:52   #45
jim salter
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Correct me if I'm wrong but the whole premise of the council mortgage scheme was to make it affordable for people who fit the criteria to be able to payback the monthly mortgage at an affordable level. Adding 151 to the monthly repayments makes it not affordable. Also note that the mortgage scheme does automatically give you more than the 3.5 loan to value ratio, they do some form of calculation based on salary and ability to repay.
The sooner the Irish people admit that the gov't couldn't give a flying fu¢k about helping the Irish people the sooner we have real change.

These 'schemes' are made intentionally ambiguous and difficult to obtain. The propaganda machines can say 'we're doing all we can - look at the rebuilding Ireland scheme...'

Truth is the gov't are only interested in developers and their own interests.
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