Rebuilding Ireland home loan

Cheesepuffs · 31-05-2020 11:19am

Hi,

What is the MPI forms everyone is worried about ?

Maz2016 · 31-05-2020 12:15pm

Niallfarrell11 wrote: »

I was in the same boat ( existing medical condition ). They told me to apply even tho I knew I wouldn’t be approved but once I could get life cover else where I was ok. I went with Royal London. All the best

Ah that’s great thank you. I contacted Royal London last week and they said they would cover me. I tried 4 places. They were one of two that would cover me

Maz2016 · 31-05-2020 12:16pm

Cheesepuffs wrote: »

Hi,

What is the MPI forms everyone is worried about ?

Mortgage protection insurance. Sometimes if you have a medical condition it increases the cost or they won’t cover you at all.

gnr vr fan · 31-05-2020 5:38pm

Niallfarrell11 wrote: »

I was in the same boat ( existing medical condition ). They told me to apply even tho I knew I wouldn’t be approved but once I could get life cover else where I was ok. I went with Royal London. All the best

Really. I should have tried that. Not that I have a condition but to save money. I thought you had to go with council supplier only. And they are expensive.

gnr vr fan · 31-05-2020 5:40pm

Homedream wrote: »

Has any one info of the mpi process how long does it take we had a phone survey done last week and have heard nothing since.
For people that got letters to state they need prof of work due to covid, have ye been approved in principle?

Yes I was approved in principle.

Maz2016 · 31-05-2020 5:44pm

gnr vr fan wrote: »

Really. I should have tried that. Not that I have a condition but to save money. I thought you had to go with council supplier only. And they are expensive.

You do have to go with the councils company. The only way out of it I believe is if they turn you down, then you have to find your own - which does work out cheaper

Maz2016 · 31-05-2020 5:46pm

Does anyone know what the penalties are for paying off mortgage earlier or changing to a bank? I can’t find much info. I’m looking at getting a 25 year loan as it gives more than the banks would give but I’d want to pay it off within maybe 15 years

Cheesepuffs · 31-05-2020 5:57pm

Do you need to have MPI before your approved ?

Basically paying for it when no house ?

gnr vr fan · 31-05-2020 6:01pm

Sulli83 wrote: »

Not sure to be honest, I only received the letter looking for renewed information yesterday.
.
I can't really see it being an issue that the company you work for was forced to close for a period due to COVID and therefore availed of a support put in place by the government. It doesn't have any influence on your ability to pay your mortgage into the future provided circumstances quickly returned to normal. Civil Servants and those who could work remotely aside it affected every industry, let's hope common sense is applied otherwise the following period will be disastrous.

Thanks Sulli83,

Could you let me know please how you get on when you submit the payslips please. And also if there is an indication on your payslip if part of your wages include the government wage subsidy scheme.

On my payslip the letters "GOVC-19SUBN" reference the wage subsidy scheme.

My wages are not equating to the same before the pandemic as my employer is not topping up my wages to the same before the pandemic.
Only 85% top up which means I am down approximately €30 per week.
I am not concerned with this really for now as they will go back up to 100%.
I am concerned and worried with what the council will say if they see that the employer is availing of the wage subsidy scheme.

Also I've read this;
https://www.irishexaminer.com/breakingnews/ireland/families-reveal-how-mortgage-draw-downs-being-refused-if-in-receipt-of-covid-19-wage-subsidy-1000314.html

Thanks you Sulli and all for yer info at the moment.

gnr vr fan · 31-05-2020 6:02pm

Maz2016 wrote: »

You do have to go with the councils company. The only way out of it I believe is if they turn you down, then you have to find your own - which does work out cheaper

How much would you be paying a month?

gnr vr fan · 31-05-2020 6:04pm

Maz2016 wrote: »

Does anyone know what the penalties are for paying off mortgage earlier or changing to a bank? I can’t find much info. I’m looking at getting a 25 year loan as it gives more than the banks would give but I’d want to pay it off within maybe 15 years

I don't think there is much of a penalty but I only half enquired about this when I was applying. Its best to email them directly for a direct answer.

dave98 · 31-05-2020 8:34pm

Hi all. What constitutes an insufficient offer from the bank? I know you need 2 of these. My situation is I’m applying as a single FTB. I went to 2 banks. Both have offered me 140k AIP. This won’t buy me anything. I’d need about 170k plus my savings.
When applying through the council, I can attach both letters but they both say you have been approved in principal for 140k. I have an area in mind but not an exact address. I can use those letters or do I have to apply to the banks for 170k and get rejected?

deedee26 · 31-05-2020 9:46pm

Cheesepuffs wrote: »

Do you need to have MPI before your approved ?

Basically paying for it when no house ?

You need to be approved but your first MPI payment is paid when your pay your first mortgage instalment.

deedee26 · 31-05-2020 9:59pm

Maz2016 wrote: »

Does anyone know what the penalties are for paying off mortgage earlier or changing to a bank? I can’t find much info. I’m looking at getting a 25 year loan as it gives more than the banks would give but I’d want to pay it off within maybe 15 years

Would also be interested in what the penalties are for paying off early. I took out 23 year mortgage with RBI. First payment was March, but I hope to start paying extra monthly so I could have it paid in 15 years. The FAQ on website are not very clear.

During the period of a fixed rate mortgage, you may be liable for a breakage fee if you switch to a variable rate or pay off all or part of your mortgage early. A breakage fee will only apply if the local authority cost of funds rate, applicable on the date of breaking the mortgage agreement, is LESS than the original local authority cost of funds rate on drawdown of your loan.

Maz2016 · 31-05-2020 10:17pm

deedee26 wrote: »

Would also be interested in what the penalties are for paying off early. I took out 23 year mortgage with RBI. First payment was March, but I hope to start paying extra monthly so I could have it paid in 15 years. The FAQ on website are not very clear.

During the period of a fixed rate mortgage, you may be liable for a breakage fee if you switch to a variable rate or pay off all or part of your mortgage early. A breakage fee will only apply if the local authority cost of funds rate, applicable on the date of breaking the mortgage agreement, is LESS than the original local authority cost of funds rate on drawdown of your loan.

Exactly, that could mean anything

Homedream · 31-05-2020 10:38pm

gnr vr fan wrote: »

Yes I was approved in principle.

This has me so so scared we are over and back dealing with the council since november we are so close. we are getting results of mpi next week which will be very hard for us to be approved as my partner has heart issues. Im on maternity leave which coucil dont no as didnt realise i was pregnant at time application sent in. We have spent so so many months dealing with council and now this when we are right at the end.

beanyb · 01-06-2020 10:51am

dave98 wrote: »

Hi all. What constitutes an insufficient offer from the bank? I know you need 2 of these. My situation is I’m applying as a single FTB. I went to 2 banks. Both have offered me 140k AIP. This won’t buy me anything. I’d need about 170k plus my savings.
When applying through the council, I can attach both letters but they both say you have been approved in principal for 140k. I have an area in mind but not an exact address. I can use those letters or do I have to apply to the banks for 170k and get rejected?

Letters should be more than enough. I was approved with just print outs from two online calculators.

Barbara1234 · 01-06-2020 5:52pm

dave98 wrote: »

Hi all. What constitutes an insufficient offer from the bank? I know you need 2 of these. My situation is I’m applying as a single FTB. I went to 2 banks. Both have offered me 140k AIP. This won’t buy me anything. I’d need about 170k plus my savings.
When applying through the council, I can attach both letters but they both say you have been approved in principal for 140k. I have an area in mind but not an exact address. I can use those letters or do I have to apply to the banks for 170k and get rejected?

This should be fine to apply. Mine was similar and went as an insufficient amount to buy.

JDigweed · 02-06-2020 12:20pm

So I got a letter looking looking for update in circumstances and following documents -
3 recent payslips
Salary Cert/employment confirmation
Evidence savings are still in place.

My questions to the thread are.... if anyone can help me out that would be great

1. Can I take it that they are finally looking at my application or is this a standard letter due to Covid effects on people's circumstances.

2. We are being gifted the bulk of the deposit but it is not in our personal bank accounts. Are they looking for that money to be in our account now or would a letter from the relative suffice along with what we've managed to save.

deedee26 · 02-06-2020 12:52pm

JDigweed wrote: »

So I got a letter looking looking for update in circumstances and following documents -
3 recent payslips
Salary Cert/employment confirmation
Evidence savings are still in place.

My questions to the thread are.... if anyone can help me out that would be great

1. Can I take it that they are finally looking at my application or is this a standard letter due to Covid effects on people's circumstances.

2. We are being gifted the bulk of the deposit but it is not in our personal bank accounts. Are they looking for that money to be in our account now or would a letter from the relative suffice along with what we've managed to save.

All councils are different, when my application was at the stage of signing acceptance of mortgage I was asked for 12 months upto date bank statements to confirm I had my full deposit and to check I was still making regular payments to my savings account. They did ask if I was gifted any money, I wasn't so I am not sure what happens in the case of someone having gifted you money.

Homedream · 02-06-2020 3:56pm

Make sure to apply for first time buyers through revenue we got half our deposit from this

Lwoods90 · 02-06-2020 5:16pm

The sad moment when you receive a letter of rejection

All over stupid things.

Maz2016 · 02-06-2020 6:30pm

Lwoods90 wrote: »

The sad moment when you receive a letter of rejection

All over stupid things.

Sorry to hear this. Can you appeal or reapply ?

jill_valentine · 02-06-2020 6:57pm

Homedream wrote: »

Make sure to apply for first time buyers through revenue we got half our deposit from this

Think that's gone?

https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/first-time-buyers-relief/index.aspx

"You must be a first-time buyer of a house or apartment who purchases or self-builds a property between 14 October 2014 and 31 December 2017."

kbman · 02-06-2020 8:50pm

jill_valentine wrote: »

Think that's gone?

https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/first-time-buyers-relief/index.aspx

"You must be a first-time buyer of a house or apartment who purchases or self-builds a property between 14 October 2014 and 31 December 2017."

Try help to buy Jill, it's from 2016 to 2021, was extended for extra 2 years after last budget.

Assume that's what you mean to say

Homedream · 02-06-2020 9:44pm

jill_valentine wrote: »

Think that's gone?

"You must be a first-time buyer of a house or apartment who purchases or self-builds a property between 14 October 2014 and 31 December 2017."

Sorry i was wrong i ment help to buy with revenue. we got ours approved last year

Homedream · 02-06-2020 9:45pm

kbman wrote: »

Try help to buy Jill, it's from 2016 to 2021, was extended for extra 2 years after last budget.

Assume that's what you mean to say

Yep

Homedream · 02-06-2020 9:50pm

Lwoods90 wrote: »

The sad moment when you receive a letter of rejection

All over stupid things.

We are hoping to hear soon have application started since november we have been over and back with them its such a long process to then get rejected.
Have you used your local councilor/minister/td?

Maz2016 · 02-06-2020 9:53pm

Homedream wrote: »

We are hoping to hear soon have application started since november we have been over and back with them its such a long process to then get rejected.
Have you used your local councilor/minister/td?

Since November? Wow, I feel your pain

gnr vr fan · 02-06-2020 10:47pm

JDigweed wrote: »

So I got a letter looking looking for update in circumstances and following documents -
3 recent payslips
Salary Cert/employment confirmation
Evidence savings are still in place.

My questions to the thread are.... if anyone can help me out that would be great

1. Can I take it that they are finally looking at my application or is this a standard letter due to Covid effects on people's circumstances.

2. We are being gifted the bulk of the deposit but it is not in our personal bank accounts. Are they looking for that money to be in our account now or would a letter from the relative suffice along with what we've managed to save.

Standard Covid Letter unfortunately.

Also if you are being gifted money from a relative it might be better to have it in your account. Otherwise they will look for a letter from your relative stating that they do not have a stake of claim in the property. But thats no big deal really.

gnr vr fan · 02-06-2020 10:52pm

dave98 wrote: »

Hi all. What constitutes an insufficient offer from the bank? I know you need 2 of these. My situation is I’m applying as a single FTB. I went to 2 banks. Both have offered me 140k AIP. This won’t buy me anything. I’d need about 170k plus my savings.
When applying through the council, I can attach both letters but they both say you have been approved in principal for 140k. I have an area in mind but not an exact address. I can use those letters or do I have to apply to the banks for 170k and get rejected?

You can use those letters. On the council form you will be stating you need 170k. so clearly the AIP's aren't 170k. Theres your offer of insufficient funds.

gnr vr fan · 02-06-2020 11:01pm

Homedream wrote: »

This has me so so scared we are over and back dealing with the council since november we are so close. we are getting results of mpi next week which will be very hard for us to be approved as my partner has heart issues. Im on maternity leave which coucil dont no as didnt realise i was pregnant at time application sent in. We have spent so so many months dealing with council and now this when we are right at the end.

You are right. This is scary. Apparently according to some people on here though. That if the council MPI does not approve you, they will allow you to get approval elsewhere.

Lwoods90 · 02-06-2020 11:06pm

Homedream wrote: »

We are hoping to hear soon have application started since november we have been over and back with them its such a long process to then get rejected.
Have you used your local councilor/minister/td?

Why would I use councillor or minister?

Homedream · 03-06-2020 1:49am

Lwoods90 wrote: »

Why would I use councillor or minister?

Just help and advice they helped us with application at the start as there was issues with site, and they were able to sort it straight away, just taught maybe they might help with some of your reason ye got for not being approved

Cheesepuffs · 03-06-2020 10:33am

Has anyone been asked to get a letter from their job in reference to covid 19?

kbman · 03-06-2020 10:44am

Cheesepuffs wrote: »

Has anyone been asked to get a letter from their job in reference to covid 19?

Yes Cheesepuffs,
This should be pretty standard. HR in my company confirmed this is a standard letter for them to give. I was requested 3 most recent payslips, this letter confirming my job status and the declaration of unchanged circumstances.

This seems to be what many councils are doing from reading the thread to anyone who's been approved and from the looks of things anyone who's in process of being approved.

Cheesepuffs · 03-06-2020 2:03pm

kbman wrote: »

Yes Cheesepuffs,
This should be pretty standard. HR in my company confirmed this is a standard letter for them to give. I was requested 3 most recent payslips, this letter confirming my job status and the declaration of unchanged circumstances.

This seems to be what many councils are doing from reading the thread to anyone who's been approved and from the looks of things anyone who's in process of being approved.

What did it say? My employer hasn’t any idea what to say

kbman · 03-06-2020 2:35pm

Cheesepuffs wrote: »

What did it say? My employer hasn’t any idea what to say

Have a look on the letter attached

Jafin · 03-06-2020 5:49pm

Cheesepuffs wrote: »

Has anyone been asked to get a letter from their job in reference to covid 19?

I find it very strange how every county council operates differently. I wasn't asked for a letter, but I was told I needed to submit updated bank statements, savings statements, salary cert and 4 recent payslips once I'm back to work as normal and off the wage subsidy scheme, which I have been for the past two and a half weeks thankfully.

Cheesepuffs · 03-06-2020 8:01pm

Jafin wrote: »

I find it very strange how every county council operates differently. I wasn't asked for a letter, but I was told I needed to submit updated bank statements, savings statements, salary cert and 4 recent payslips once I'm back to work as normal and off the wage subsidy scheme, which I have been for the past two and a half weeks thankfully.

Yes each council seems to do it different

c0w3jz6eia8h9n · 08-06-2020 9:27am

Cheesepuffs wrote: »

Has anyone been asked to get a letter from their job in reference to covid 19?

I was quite shocked to get this. I just about managed to get the loan as I was just under the threshold. I have been approved but not drawn down the mortgage yet - I'm doing a new build and have started.

Since it has been such a drawn out process I am now over the threshold and very worried that after seeing my new salary cert the council may pull it entirely.

Dankarl · 08-06-2020 2:51pm

Hi,

We are thinking about applying but have 2 questions, probably been asked before.

1) the online calculator says we can get a max of €209,000. Do you get anywhere near that?

2) Is the €209,000 inclusive of your deposit.
A) 209,000 - 20,900(10% deposit)

209,000 + deposit

beanyb · 08-06-2020 4:10pm

Dankarl wrote: »

Hi,

We are thinking about applying but have 2 questions, probably been asked before.

1) the online calculator says we can get a max of €209,000. Do you get anywhere near that?

2) Is the €209,000 inclusive of your deposit.
A) 209,000 - 20,900(10% deposit)
209,000 + deposit

The online calculator is generally quite accurate yes. Obviously if there is any important information you haven't given it that might affect it but most people seem to get offered the same amount.

It is option B, so not inclusive of deposit.

Homedream · 09-06-2020 7:03pm

Been refused mpi over health conditions anyone got advice?

jill_valentine · 09-06-2020 8:45pm

A good chunk of my deposit sum was a gift from my parents late last year. I've been saving along with it but told that because it was a gift (and clearly it was, since it just materialised in a lump in my account) that portion will not be considered as "my" money for the purpose of reckoning the percentage deposit I have on hand. If so, that seems a little strange to me, as banks wouldn't make that distinction and I would have a signed declaration of it as a gift rather than a loan?

Does anyone have any further insight on this?

Graham · 09-06-2020 9:49pm

Dankarl wrote: »

1) the online calculator says we can get a max of €209,000. Do you get anywhere near that?

2) Is the €209,000 inclusive of your deposit.
A) 209,000 - 20,900(10% deposit)
209,000 + deposit

The calculator says "maximum loan amount" so I would assume

Maz2016 · 09-06-2020 9:54pm

Homedream wrote: »

Been refused mpi over health conditions anyone got advice?

Sorry to hear this. I know I will be refused over medical conditions also. You can source your own. Royal London is meant to be a good option. Fingers crossed it works out for you

ABCD_1234 · 09-06-2020 10:23pm

Hi,

Sorry, this has probably been asked before. I was wondering if having one dependent caused much of a reduction in the offer?

If you’re slightly short of the 10% at application stage will they just contact you seeking proof of the full deposit at review stage or will the application be refused altogether and you’ve to start again? South Dublin County Council.

Thank you.

Homedream · 09-06-2020 10:37pm

Have you applied for help to buy off revenue?

Homedream · 09-06-2020 10:41pm

Maz2016 wrote: »

Sorry to hear this. I know I will be refused over medical conditions also. You can source your own. Royal London is meant to be a good option. Fingers crossed it works out for you

Thanks so much we knew we would be rejected as well but still had to wait weeks to be told going trying a broker tomorrow and they are on the list. We are nearly at the 6months after prov approved. We are so drained from it all this is such a long journey and the waiting is cruel.

Rebuilding Ireland home loan

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