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Rebuilding Ireland Scheme Question

  • 20-01-2020 2:57pm
    #1
    Suebermo82
    Registered Users Posts: 6 ✭


    Hi, I know this thread was a while ago, but I am looking for anyone who made an application for SDCC through the Rebuilding Ireland Scheme. I am a single applicant and although they approved my loan, I am having great difficulty getting the Insurance they require. I did not qualify for their scheme and was asked to source my own. They are asking for both Mortgage Protection Insurance and Income Protection Insurance. I am only getting approved on one and the council are adamant they won’t proceed without both in place.
    I am now sale agreed on a property and it looks like I will have to let it go as I cannot get both. I am just wondering as every I say it too seems to think that it is excessive for them to require both. Was everyone asked for both or is it simply as I am a single applicant?


Comments

  • #2
    stresshead101
    Registered Users Posts: 39 ✭stresshead101


    Hi,

    The Rebuilding Ireland home loan scheme requires you to have 100% Life and Disability cover, meaning that it will cover you for death, any permanent disabilities and long term illness as far as I am aware. I was refused MPI on the group scheme and was accepted through a brokers, which may be a good idea to try if you haven't been able to find it yet.

    The Disability cover will insure income lost through permanent disability and long term illness, SDCC may have confused this with Income protection insurance, which can be ridiculously expensive and not necessary for a mortgage (it is an insurance most commonly used for self employed individuals).


  • #3
    Homedream
    Registered Users Posts: 24 ✭Homedream


    Suebermo82 wrote: »
    Hi, I know this thread was a while ago, but I am looking for anyone who made an application for SDCC through the Rebuilding Ireland Scheme. I am a single applicant and although they approved my loan, I am having great difficulty getting the Insurance they require. I did not qualify for their scheme and was asked to source my own. They are asking for both Mortgage Protection Insurance and Income Protection Insurance. I am only getting approved on one and the council are adamant they won’t proceed without both in place.
    I am now sale agreed on a property and it looks like I will have to let it go as I cannot get both. I am just wondering as every I say it too seems to think that it is excessive for them to require both. Was everyone asked for both or is it simply as I am a single applicant?

    Hi can i ask the process of rebuild ireland loan wen it comes to insurance we have had a survey done over the phone and heard nothing since does a nurse rung us or do they call out to us? We are expecting difficulty getting mpi? Did you sourse mpi in the end?


  • #4
    prithwish
    Registered Users Posts: 17 ✭prithwish


    https://www.boards.ie/discussion/comment/112346583#Comment_112346583

    Hi @stresshead101 , Can you please share the broker details for getting equivalent MPI and Income protection required for Rebuild Ireland (now renamed as Local Authority Home Loan)?

    Best regards,

    Prithwish



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