Rebuilding Ireland home loan

Just applied for this through the Cork City Council. Already lost hope reading through the last few pages. Sounds like its a long process and unless your savings are absolutely impeccable its a no go. I recently withdrew 1000 from my savings to give a loan to a family memeber. Looks like that could cause a big issue in my savings record.

I am a single applicant with an income of 35k per year so realistically I'd never get a mortgage large enough to buy anything livable from a traditional bank.

I sent mine by registered post, no need for an appointment

I'm also interested in finding this out. I got a mortgage from Fingal at the end of 2018 and I would love to switch to my own MPI. The cost with them is huge.

Can anyone confirm if it's 100% necessary to have 2 years continuous employment? I've heard there's possibility of it just being 1 year required despite the website saying 2 years. Can anyone confirm this?

My wife and I swapped homemaking/working so though together we have over 2 years, as the now primary earner she doesn't have 2 years yet. Wondering if we should still go ahead and apply as its the only requirement we lack.

Thanks for that! Have to wait a bit so!

In case anyone is trying to apply for a Local Authority Home Loan after insolvency, you have to wait 2 years before you can apply. Initially we were told 12 months but now its two years. It doesn't say that anywhere on the website. Fresh Start me hole.

Hi all,

Hoping someone can shed some light on a few things.

We've gotten approval from Kildare CoCo, have gone sale agreed on a property and now have to fill in Form 2 with the property details. Form 2 also asks that we send in certificate of compliance with building regulations - how long did it take people to get this certificate? And is it something that our solicitor needs to look after?

Thanks in advance

Got a letter today saying the MPI provider is changing and will result in a reduction in our monthly mortgage repayments starting January 2024. 👌🏻

Hi,

We have been refused the rebuilding ireland homeloan for unsatisfactory saving record, we bought a car sept 22 which effected our savings as we paid 30k for it from our savings, we pay 1200pm in rent for last 3 years in our current house, and excluding the dip for the car purchase we increased our saving by 3000 euro for the year. We still have a 30k deposit.

Has anyone successfully appeal in a simular situation?

Other problem is I am due to start mat leave in January so has anyone successfully drawn down during mat leave or have a time line for Cork for appeal and draw down time?

What documents do they ask for at draw down stage also.

Unsure if we should just wait to apply again in 12 months but unsure how they view mat leave as my employment contract finishes 1 month before my mat leave so i will then have a gap in employment which I've never had for 12 years.

So sick of mortgage applications we are trying to buy since we were approved pre covid but with wage subsidies and then change in employment its just a never ending battle.

Thanks for the reply. I dont really understand it though, not through your fault, but Im very bad with interest rates and maths in general :-(

Perhaps my question below might be easier to answer.

I can see that the money you owe is something like the difference between the interest rate you had when buying, and the interest rate they are paying.

Lets say I got the loan at 4% and the governments cost in terms of interest rate is 3.5%.

I want to get a new mortgage in 5 years and the interest rate is now 2 to the government%.

Will I need to pay that 1.5% difference in the interest rate to break from the fixed mortgage?

Thanks again for the reply and digging out the info.

Even if the application was reviewed and approved this week, you would still need to resubmit your financial documents to show no change in circumstances (including savings record) prior to drawdown.

However, not sure how the council treats maternity leave. It may be worth calling and enquiring in case of exception being made for this.

If you don't want to call the council office in question, it could be worth calling a different council office to get a better idea of how it is treated, or the general helpline for local authority home loans.

Thats crazy that it affects the borrowing amounts. Where did you hear that?

I can get 200k with the bank or 225k with the RIHL. It used to be 250k, almost pointless waiting for RIHL at this stage.

Thank for the reply. I also seem to be at 4.5 times my income as well. I heard before of people getting as much as 5.2 times their income (few years ago in this thread) which was more than what the calculator said so hopefully they will still do something simiiar.