Rebuilding Ireland home loan

Gael23 · 21-09-2020 4:28pm

Can you get more than 3.5 times your salary with this mortgage?

Jafin · 21-09-2020 5:05pm

Gael23 wrote: »

Can you get more than 3.5 times your salary with this mortgage?

Yes. Go to the calculator here to see how much you can borrow. What I got offered was significantly more than 3.5 times my salary.

KH1591 · 21-09-2020 8:33pm

jill_valentine wrote: »

Just posting for information's sake - the above post was from 12/08.

As of yesterday, 18/09, I've been told my app is back from the underwriters and awaiting decision by the DCC Credit Committee. The Committee is expected to meet again sometime early to mid October.

Thats great! When did you get your apprival in principle? We need that to completely secure our home with the auctioneers!

Ukelele! · 22-09-2020 9:50am

Dankarl wrote: »

Hi Guys,

Currently sale agreed 12 weeks now and haven’t heard anything from solicitors.

Haven’t signed any contracts.
What’s normal time frame ?

DK

Mine took 4 months from sale agreed to getting the keys and that was pre-covid. The first 6-8 weeks after sale agreed was slow because the seller didn't have everything ready to go in order to sign contracts. Then we played a waiting game with the council for another 8 weeks or so to get the cheque issued from the council. But I was contacting my solicitor every few days and she was contacting me, keeping me updated, chasing the sellers solicitor and the council's solicitor. So, I'd get onto your solicitor and ask them to find out what the hold up is... They work for you at the end of the day. I'd to remind myself of that a few times!

Gael23 · 22-09-2020 10:11am

Jafin wrote: »

Yes. Go to the calculator here to see how much you can borrow. What I got offered was significantly more than 3.5 times my salary.

Yes it’s quite dramatically more but at a higher interest rate. Can you take this mortgage then refinance with a high street lender at a lower interest rate after a while?

What puts me off slightly is you have to identify a specific property before you apply and the Dublin market moves quite fast so that’s not really practical

KH1591 · 22-09-2020 11:10am

Gael23 wrote: »

Yes it’s quite dramatically more but at a higher interest rate. Can you take this mortgage then refinance with a high street lender at a lower interest rate after a while?

What puts me off slightly is you have to identify a specific property before you apply and the Dublin market moves quite fast so that’s not really practical

When you do your application, put the loan amount as 'Maxium Available and where it asks for the property details put 'to be confirmed'.. you can pick your property once you're approved then

estabon · 22-09-2020 1:41pm

Hi on the refusal letter of the banks does it have to state the amount that you applied for? I have one from the Boi but it doesn't state the amount but then I was chatting to an aib mortgage advisor and they reckon you have to have the same amount turned down from two different lenders on the refusal letters? Anyone know for sure? Applying to Donegal Co. Co in near future.

jessimirish · 22-09-2020 2:23pm

jill_valentine wrote: »

Just posting for information's sake - the above post was from 12/08.

As of yesterday, 18/09, I've been told my app is back from the underwriters and awaiting decision by the DCC Credit Committee. The Committee is expected to meet again sometime early to mid October.

This update is much appreciated! I posted my application off September 9, so all going very smoothly, I could hopefully make it into the same credit committee meeting - otherwise god knows when the next one will be. Fingers crossed!

John Hutton · 22-09-2020 3:40pm

Hi all, I have a question about the evidence of insufficient offers of finance.

On the FAQ it says "An on-line lender calculator output sheet showing inadequate borrowing capacity for the amount sought from your local authority " can suffice.

Does this mean I can print out the output from something like https://aib.ie/our-products/mortgages/mortgage-calculator and use that?

Or can I get approval in principal for an amount too little and use that?

Lets say the bank will give me approval for 140k, but I need 180k. Would two "approval in principal" letters for the 140k suffice for the application if I state that any house I want to buy is more than this and I want the maximum available? How do I word this?

Or do I need to go to the bank and say I want 180k and need a letter explicitly where they say we wont give you that?

TG94 · 22-09-2020 5:11pm

estabon wrote: »

Hi on the refusal letter of the banks does it have to state the amount that you applied for? I have one from the Boi but it doesn't state the amount but then I was chatting to an aib mortgage advisor and they reckon you have to have the same amount turned down from two different lenders on the refusal letters? Anyone know for sure? Applying to Donegal Co. Co in near future.

it has to show the amount and date but you can also use the online calculators as evidence of insufficient funds.

bakerie · 22-09-2020 5:27pm

Lads I heard something unusual and was just wondering if it was true.

On a normal mortgage, if I die the mortgage is canceled and it's left to my next of kin.

On the RIHL, I'm told the house reverts to the council. Is this true?

BKWDR · 22-09-2020 6:45pm

bakerie wrote: »

Lads I heard something unusual and was just wondering if it was true.

On a normal mortgage, if I die the mortgage is canceled and it's left to my next of kin.

On the RIHL, I'm told the house reverts to the council. Is this true?

It's not true. In the slightest.

optogirl · 22-09-2020 6:47pm

bakerie wrote: »

Lads I heard something unusual and was just wondering if it was true.

On a normal mortgage, if I die the mortgage is canceled and it's left to my next of kin.

On the RIHL, I'm told the house reverts to the council. Is this true?

I think whoever you heard that from was thinking of council houses as opposed to a house bought with a mortgage from the council

Dobloman · 22-09-2020 8:10pm

Just wondering if anyone can give me advice as to getting a council house in rural location Ballinasloe /Loughrea area for my daughter

bakerie · 22-09-2020 8:19pm

Just to clarify, just like a normal mortgage, if I die the death goes with me and the house would go to my next of kin?

BKWDR · 22-09-2020 9:43pm

bakerie wrote: »

Just to clarify, just like a normal mortgage, if I die the death goes with me and the house would go to my next of kin?

In the event of the borrowers death, mortgage protection insurance will cover the remainder of the loan,like any other mortgage.
Even in the event of MPI paying out there are rules about who will inherit what. But if you have a will that an be specific about your wishes and a solicitor should and would advise you to have one.

Jafin · 22-09-2020 10:07pm

John Hutton wrote: »

Hi all, I have a question about the evidence of insufficient offers of finance.

On the FAQ it says "An on-line lender calculator output sheet showing inadequate borrowing capacity for the amount sought from your local authority " can suffice.

Does this mean I can print out the output from something like https://aib.ie/our-products/mortgages/mortgage-calculator and use that?

Or can I get approval in principal for an amount too little and use that?

Lets say the bank will give me approval for 140k, but I need 180k. Would two "approval in principal" letters for the 140k suffice for the application if I state that any house I want to buy is more than this and I want the maximum available? How do I word this?

Or do I need to go to the bank and say I want 180k and need a letter explicitly where they say we wont give you that?

Double check with your local council before using the online mortgage calculator. Originally I was told that an online calculator would be fine as evidence but then when I submitted it they said an online calculator was not sufficient evidence. If you can get two letters that's the best thing, but do check about the online calculators.

Gael23 · 23-09-2020 10:03am

What is deemed inadequate borrowing?

In theory I can get enough from the bank for a 1 bed apartment in an undesirable area.

Jafin · 23-09-2020 10:12am

Gael23 wrote: »

What is deemed inadequate borrowing?

In theory I can get enough from the bank for a 1 bed apartment in an undesirable area.

It's inadequate/insufficient if the banks offer you less than what you're looking for. Let's say for example the banks will offer you €200k, but you want €240k, then that €200k is inadequate and you can apply to the council for €240k (if you're eligible for it of course).

NM2020 · 23-09-2020 11:29am

jessimirish wrote: »

This update is much appreciated! I posted my application off September 9, so all going very smoothly, I could hopefully make it into the same credit committee meeting - otherwise god knows when the next one will be. Fingers crossed!

Hi, I spoke with council yesterday as I had a query. I was told that my application will be with the underwriters for a minimum of 12 weeks (same for every application apparently) and after the 12 weeks, if approved, it will be sent to committee who meet only once a month. Just an FYI on timeframes. it is a long wait with everything!

BKWDR · 23-09-2020 11:55am

NM2020 wrote: »

Hi, I spoke with council yesterday as I had a query. I was told that my application will be with the underwriters for a minimum of 12 weeks (same for every application apparently) and after the 12 weeks, if approved, it will be sent to committee who meet only once a month. Just an FYI on timeframes. it is a long wait with everything!

Just a heads up, if it's refused by the underwriters, afaik it still has to go to the Committee to be adjudicated on as a decline so you will have that time added on. But realistically, from feedback ive seen, i dont think it takes 12 weeks at the UW

TG94 · 23-09-2020 12:20pm

Has anyone been approved from the Fingal County Council recently? If so when did you submit your application?

Thanks.

Ukelele! · 23-09-2020 12:51pm

Dobloman wrote: »

Just wondering if anyone can give me advice as to getting a council house in rural location Ballinasloe /Loughrea area for my daughter

If it's for the purpose of getting this mortgage, it doesn't need to be a council house. You can purchase any house that's for sale. If you're looking for a council house just to live in and not purchase, you'd need to contact the local council I'd imagine.

jessimirish · 23-09-2020 12:56pm

NM2020 wrote: »

Hi, I spoke with council yesterday as I had a query. I was told that my application will be with the underwriters for a minimum of 12 weeks (same for every application apparently) and after the 12 weeks, if approved, it will be sent to committee who meet only once a month. Just an FYI on timeframes. it is a long wait with everything!

Was this Dublin City Council? I was told 5-6 weeks with the underwriter by them. So I wouldn't make it to the next committee meeting in any case, but at least it's slightly shorter. Maybe 12 weeks total?

Gael23 · 23-09-2020 2:09pm

The MPI is the only catch I can find with this. Is that included in. the quote you. get on the online calculator?

Jafin · 23-09-2020 2:32pm

Gael23 wrote: »

The MPI is the only catch I can find with this. Is that included in. the quote you. get on the online calculator?

No, it's not included in the online calculator result. When you get your approval in principle though it does give you a break down of all the monthly payments for the first year and then how much you'll pay each year after that (which you can divide by 12 to get the monthly amount). Your MPI monthly payment will be reduced every 12 months because it's based off how much of the mortgage is left to be paid.

I can't remember the specifics as I'm at work and the letter is at home, but the amount will be different for everyone based on how much of a mortgage they have. From what I can remember my own monthly payments will be around 490 and then another 50ish (give or take a couple of euro) for the MPI, and that's on a mortgage of €115,000. The MPI really is quite expensive in comparison to sourcing it yourself, but it's the price a lot of us have to pay in order to get that extra mortgage money and a fixed interest rate for the entire duration.

Gael23 · 23-09-2020 2:41pm

Jafin wrote: »

No, it's not included in the online calculator result. When you get your approval in principle though it does give you a break down of all the monthly payments for the first year and then how much you'll pay each year after that (which you can divide by 12 to get the monthly amount). Your MPI monthly payment will be reduced every 12 months because it's based off how much of the mortgage is left to be paid.

I can't remember the specifics as I'm at work and the letter is at home, but the amount will be different for everyone based on how much of a mortgage they have. From what I can remember my own monthly payments will be around 490 and then another 50ish (give or take a couple of euro) for the MPI, and that's on a mortgage of €115,000. The MPI really is quite expensive in comparison to sourcing it yourself, but it's the price a lot of us have to pay in order to get that extra mortgage money and a fixed interest rate for the entire duration.

If the calculator is accurate it’s giving me €50,000 more than KBC will so I’m happy to pay a premium to allow me stay in Dublin

Dankarl · 23-09-2020 3:31pm

Gael23 wrote: »

If the calculator is accurate it’s giving me €50,000 more than KBC will so I’m happy to pay a premium to allow me stay in Dublin

Bank offered us €150,000, RBI offered us €218,000

KH1591 · 24-09-2020 10:23am

Has anyone in Kildare heard back yet?
Apparently they're starting the first batch of 2020 this week

NM2020 · 24-09-2020 12:40pm

jessimirish wrote: »

Was this Dublin City Council? I was told 5-6 weeks with the underwriter by them. So I wouldn't make it to the next committee meeting in any case, but at least it's slightly shorter. Maybe 12 weeks total?

No, it was Fingal coco. Maybe they have more applications or more of a backlog!? I applied almost 7weeks ago and was told there was no update at all as there's a min 12 weeks wait with UW and then onto the committee that meet once a month.

Gael23 · 24-09-2020 1:55pm

When sending in the application and all your documents would you use registered post?

jill_valentine · 24-09-2020 4:57pm

Gael23 wrote: »

When sending in the application and all your documents would you use registered post?

I did, just for peace of mind, but probably doesn't make much difference.

John Hutton · 24-09-2020 6:06pm

Gael23 wrote: »

When sending in the application and all your documents would you use registered post?

Yes and scan everything first too so you have a copy

Flumpmuncher · 24-09-2020 7:24pm

Gael23 wrote: »

When sending in the application and all your documents would you use registered post?

We handed it in at the council offices to be sure it got there. We dropped paperwork in not that long ago as well so maybe call the housing dept of your local council and see if you can do that, if possible for you

dawidnowak2005 · 24-09-2020 7:51pm

KH1591 wrote: »

Has anyone in Kildare heard back yet?
Apparently they're starting the first batch of 2020 this week

That’s great news, how you know ? Thanks

KH1591 · 24-09-2020 10:43pm

dawidnowak2005 wrote: »

That’s great news, how you know ? Thanks

We spoke with them this week! Fingers crossed

JDigweed · 25-09-2020 10:03am

KH1591 wrote: »

We spoke with them this week! Fingers crossed

What kind of correspondence have you had with them. I'm a 2019 applicant. I got a letter a while back to say the application was being assessed but that was months ago now with nothing since. They wouldn't be the best at responding to emails

KH1591 · 25-09-2020 9:47pm

JDigweed wrote: »

What kind of correspondence have you had with them. I'm a 2019 applicant. I got a letter a while back to say the application was being assessed but that was months ago now with nothing since. They wouldn't be the best at responding to emails

I was talking to them over the phone and by email. If you're a 2019 applicant when did they tell you the application was being processed?

jessimirish · 26-09-2020 12:59pm

NM2020 wrote: »

No, it was Fingal coco. Maybe they have more applications or more of a backlog!? I applied almost 7weeks ago and was told there was no update at all as there's a min 12 weeks wait with UW and then onto the committee that meet once a month.

Ah yes. I actually applied with both DCC and Fingal, and Fingal told me 12 weeks as well. I wonder why the Fingal underwriter process is so slow... I was under the impression all the councils used the same.

jessimirish · 26-09-2020 1:04pm

I have a question about application address - I used my current (rental) address to apply, but I may be moving home in the coming weeks. I'm waiting for approval at the moment. Is it possible to change the address for application correspondence after you have applied?

BKWDR · 26-09-2020 2:04pm

jessimirish wrote: »

Ah yes. I actually applied with both DCC and Fingal, and Fingal told me 12 weeks as well. I wonder why the Fingal underwriter process is so slow... I was under the impression all the councils used the same.

Probably 12 weeks for full decision and the time frame is overstated so people aren't contacting them ongoing

Maz2016 · 26-09-2020 2:21pm

Has anyone got the RBIHL and then switched to another mortgage provider after a year or two ? I font understand the penalties to do this?

The mortgage I need I can’t get off main banks as I need more than the 3.5 times salary. But equally I don’t fancy paying rebuilding Ireland for 25 years

BKWDR · 26-09-2020 2:42pm

Maz2016 wrote: »

Has anyone got the RBIHL and then switched to another mortgage provider after a year or two ? I font understand the penalties to do this?

The mortgage I need I can’t get off main banks as I need more than the 3.5 times salary. But equally I don’t fancy paying rebuilding Ireland for 25 years

You would pay the breakage fee, it's on the site how it's calculated.
Tbh it's fixed for 25 years, no other bank will offer you that.

KH1591 · 26-09-2020 9:03pm

Has anyone heard from the Kildare Council lately?

JDigweed · 26-09-2020 10:44pm

KH1591 wrote: »

I was talking to them over the phone and by email. If you're a 2019 applicant when did they tell you the application was being processed?

I think it was around 2 months ago now at this stage. I haven't been too pushy because I'm sure they are working a bit slower with lockdowns etc but really starting to get annoyed now at the thoughts of gathering up a third round of forms due to the current ones passing out of date

KH1591 · 26-09-2020 11:04pm

JDigweed wrote: »

I think it was around 2 months ago now at this stage. I haven't been too pushy because I'm sure they are working a bit slower with lockdowns etc but really starting to get annoyed now at the thoughts of gathering up a third round of forms due to the current ones passing out of date

I would imagine you'll hear back very soon! Drop them an email to follow up!

smellyoldboot · 27-09-2020 12:46am

Is there any point to this thing at all? I would likely get a bigger mortgage amount from this than I would from a bank IF it worked like it's supposed to.

But from reading through the thread they apply stricter savings criteria, find fairly ridiculous/harsh reasons to reject applicants and take bloody ages to process application's.

It seems like window dressing and that the scheme isn't really performing it's function (or maybe it is, help a few, Fcuk over plenty, pretend you're doing something).

I'm a council tenant saving for a mortgage and tbh any time I've had to contact them for anything (essential repair, anti-social behaviour) the inefficiency and ineptitude has been mind boggling. The thought of having to approach them and have them play a part in a mortgage application fills me with dread.

I'm thinking just wait it out. The extra time spent waiting for them to do their thing and wanting to see 1 year plus worth of savings I'd probably have another payrise gone through.

Has anyone had a positive experience with this?

JDigweed · 27-09-2020 12:51am

KH1591 wrote: »

I would imagine you'll hear back very soon! Drop them an email to follow up!

They didn't respond to the last one, I mailed them again last week. I'd be grateful for any kind of contact at all. As bad as the banks are at least they'll give you a yay or nay within a day or 2.

NM2020 · 28-09-2020 9:32am

jessimirish wrote: »

Ah yes. I actually applied with both DCC and Fingal, and Fingal told me 12 weeks as well. I wonder why the Fingal underwriter process is so slow... I was under the impression all the councils used the same.

Good idea, I should have done the same! yeah me too, he actually told me wait all councils use the same UW.!?! so i though every app was 12 weeks but from reading here that's not the case! i'm just going to keep saving away and hoping for the best lol

optogirl · 28-09-2020 10:10am

Hi guys- got AIP this morning. A bit confused as to what the next steps are? Do we get a solicitor - if so what services are we asking for?
What about life insurance etc? Do we need to get that straight away? Can we now go and make offers on houses?

Rebuilding Ireland home loan

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