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03-12-2019, 16:34   #2086
Sloppy_Joe
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Thanks again!!!

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A requirement to avail of applying for RBI is to have 2 declines from banks for mortgage or 2 approvals from a bank for a lesser amount being sought. If after your self funding your RBI offer is equal or less than the banks maximum offer, you are obligated to avail of bank funding and deemed no longer eligible for RBI.

eg Bank X approved you for €150k, RBI approves you for €200k, you decide to put your whole €70k into the purchase and it brings your mortgage requirement down to around €140k - RBI is then not available to you and you must use bank X to fund your purchase, as they are offering you a sufficient amount to make the purchase.
I have never applied to a bank. How does it work? Do I go "will you give me 190k" or do I go "what's the max you will give me?"

I saw someone say an online calculator is good enough to prove as rejection.
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03-12-2019, 16:50   #2087
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Originally Posted by Sloppy_Joe View Post
Thanks again!!!



I have never applied to a bank. How does it work?

I saw someone say an online calculator is good enough to prove as rejection.
Go to your bank, and have an over the phone mortgage consultation, they will tell you the max you can get, I believe AIB can do same day sanction in principle letters if you are an AIB customer. Then go to a bank that you arent a customer with and go through the same process, this may take a few days to proceed as they will need to go through the process.
Personally, I had two letters of approval with insufficient offers, so it was fine. I know people that didn't want to wait and went straight in looking for higher amounts c.€200k and were issued decline letters same day for not meeting central bank of Ireland mortgage guidelines. So your call.

Bare in mind also, come January, Central Bank of Ireland, will be issuing Banks with their discretionary exceptions to their guidelines for 2020. i.e over 3.5 times your income, going slightly over 90% LTV etc. So with you in a position to put 70k into the deal it wouldn't surprise me if they offered you closer to €180k (Max they can go is 4.5 time Basic Gross per annum). Like I said, if the RBI amount offered is equal to less than Bank offering, you must avail of bank funding.

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Originally Posted by Sloppy_Joe View Post
Do I go "will you give me 190k" or do I go "what's the max you will give me?"
On the telephone consultation they will ask you personal detail, then what price house you are looking for. You have say €300k, and you are seeking 90% and they will tell you they can blah blah, so you can just ask for a letter confirming same, if they play hardball on that, then apply for the max amount you can €150k and get a letter of that, you should get more on RBI then €150k.

Last edited by Tumbleweed2; 03-12-2019 at 16:53.
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03-12-2019, 19:50   #2088
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Originally Posted by SLK85 View Post
No the rebuilding Ireland with Meath coco

Still waiting for update from the mpi - this scheme is sucking the life out of me
Is it Utmost you are waiting for? I emailed them and they gave me the answer.
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03-12-2019, 20:12   #2089
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Originally Posted by Tumbleweed2 View Post
Go to your bank, and have an over the phone mortgage consultation, they will tell you the max you can get, I believe AIB can do same day sanction in principle letters if you are an AIB customer. Then go to a bank that you arent a customer with and go through the same process, this may take a few days to proceed as they will need to go through the process.
Personally, I had two letters of approval with insufficient offers, so it was fine. I know people that didn't want to wait and went straight in looking for higher amounts c.€200k and were issued decline letters same day for not meeting central bank of Ireland mortgage guidelines. So your call.

Bare in mind also, come January, Central Bank of Ireland, will be issuing Banks with their discretionary exceptions to their guidelines for 2020. i.e over 3.5 times your income, going slightly over 90% LTV etc. So with you in a position to put 70k into the deal it wouldn't surprise me if they offered you closer to €180k (Max they can go is 4.5 time Basic Gross per annum). Like I said, if the RBI amount offered is equal to less than Bank offering, you must avail of bank funding.



On the telephone consultation they will ask you personal detail, then what price house you are looking for. You have say €300k, and you are seeking 90% and they will tell you they can blah blah, so you can just ask for a letter confirming same, if they play hardball on that, then apply for the max amount you can €150k and get a letter of that, you should get more on RBI then €150k.
Thanks

I believe MPI is only like a tenner a month? How much is home insurance approximately?
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03-12-2019, 20:50   #2090
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Originally Posted by Tumbleweed2 View Post
http://rebuildingirelandhomeloan.ie/apply/

I'm not sure of where exactly you are at in terms of the process so I'll just start from the very beginning.
First thing i'd do is contact the county council mortgage department of the area you are looking to live ( You may apply at multiple counties, but you need to send original documents to each one). Some councils do the process in different ways, mortgage meeting prior to application, to inform you of the product, some tell you to fill out the form and then wait to be approved before they meet you.

Fill out the form on available at the link above. Send all your documents and your application form out to the council mortgage department. Decision times seem to vary from county to county, I think an average seems to be 6 - 8 weeks, but there have been some as extreme as 6 months I've read here previously.

Once approved (all going well) you will have sanction in principle, basically you've been approved for X amount, which can be a maximum of 90% of the house value you are looking to buy ( if you are a first time buy, if not it can be a max of 80%).

You find a house that you like, you discuss with the vendor buying it, and give a booking deposit (normally refundable) for them to hold the property for you, this figure is normally between €6k - €10k or a flat 5% of purchase price.

You then meet the council, with additional documents, valuation, surveyor report etc and they confirm that the house is within policy, i.e the mortgage is only 90% of value/purchase price and that you have the remaining funds to make up the difference in the form of a deposit.

They review the documents and if satisfied they will offer you mortgage approval specific to the house in question. You will have to fill out an a form to join the councils group mortgage protection insurance scheme, if for any reason a queries arises from this you will need to do a tele interview about your health with one of their medical staff. You will also need to get home insurance.

So you have mortgage approval, been cleared to join the MPI scheme. Next up snaglist and paying the rest deposit. Once this has all been addressed then your solicitor calls for the issuing of the cheque, which takes 5 days to clear and they will transfer to the vendor.

Last stage. Get your key.
I know its listed there simply enough but be warned, it's long winded and can get stressful, there is a lot of people involved and there will be setbacks. You just need to push through all that and think of your home at the end of it all.
Any questions on it just ask.
Best of luck

Hi,

I have been to the stage where I signed my mortgage documentation paperwork couple of days back, now how long do u think it will take from her to get the cheque and keys? What is my next step from here?
R they going to call me in to sign more paperwork or what?

I would appreciate your advise

Thanks in advance
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03-12-2019, 23:53   #2091
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Hi all,

3 above posts all replied to below.
Thanks

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Is it Utmost you are waiting for? I emailed them and they gave me the answer.
MPI crowd seem to offer varied times on getting depending on the medical issues that arise during the teleinterview. Applicants should get full approval for MPI via email or phone and then an official letter from your council, which for some reason I had to send to the Council solicitors at their request (if you read any of my previous rants, my council doesn't have a legal team, so they outsource the legal work to a local legal firm, at my cost of course so they had no idea i'd been approved.)

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Originally Posted by Sloppy_Joe View Post
Thanks

I believe MPI is only like a tenner a month? How much is home insurance approximately?
If you shopped around you'd be right MPI is quite affordable however with RI if eligible you must be on the councils group MPI scheme, essentially this puts you into the group and premiums are based on averages. The cost of which varies at €80 to €100 p/m depending on the county (from my research which was more focused on commuter counties, I have no idea what the likes of Dublin city or rathdown are charging). If you are not able to avail of the group MPI you must get private MPI with an equal level of cover to that of the Group Scheme.

It's calculated on a reducing balance too, so in theory the premiums should reduce in line with your mortgage and even with this and the rate of 2.25% it's quite competitive repayment vs bank mortgage.

Home insurance I was quoted between €180 to €300 for the year including contents insurance. Shop around on it. It needs to be to the minimum value of the rebuild cost outlined on your valuation and or surveyor report and the councils interest must be noted on the insurance schedule, they request proof of this.

Quote:
Originally Posted by JJ_2019 View Post
Hi,

I have been to the stage where I signed my mortgage documentation paperwork couple of days back, now how long do u think it will take from her to get the cheque and keys? What is my next step from here?
R they going to call me in to sign more paperwork or what?

I would appreciate your advise

Thanks in advance
Hi,

I'd contact my solicitor to get an update. Once the documents are signed (although note I had to come in twice to sign documents, so being called in for a few more documents isn't unheard of)and received by the county councils legal team, your solicitor should ask you to send the remainder of the deposit, stamp duty and any council legal fees you are liable for to their client account. If you have already done this or you are in the process, your solicitor makes the necessary transfers and requests for the issuing of cheque, this take a few days. When cheque is received by your solicitor you will have to sign it as it will be in your name and it'll be placed into a client account for you, this will take 5 days to clear, when it is cleared they will transfer the money to the vendor. Keys will then be sent to your solicitor. Stamp duty is to be paid within 3 days of close of sale and then you are homeowners.

I'm not sure you are applying through but my council advised me that if I didn't get the cheque issued by 6th of December I wouldn't get the cheque before mid January as they close over the Christmas period. So if you are hoping to get in before Christmas, get your solicitor to request issuing of cheque asap (provided all documentation has been satisfied).

Hope this helps.
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04-12-2019, 05:28   #2092
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Quote:
Originally Posted by Tumbleweed2 View Post
Hi all,

3 above posts all replied to below.
Thanks



MPI crowd seem to offer varied times on getting depending on the medical issues that arise during the teleinterview. Applicants should get full approval for MPI via email or phone and then an official letter from your council, which for some reason I had to send to the Council solicitors at their request (if you read any of my previous rants, my council doesn't have a legal team, so they outsource the legal work to a local legal firm, at my cost of course so they had no idea i'd been approved.)



If you shopped around you'd be right MPI is quite affordable however with RI if eligible you must be on the councils group MPI scheme, essentially this puts you into the group and premiums are based on averages. The cost of which varies at €80 to €100 p/m depending on the county (from my research which was more focused on commuter counties, I have no idea what the likes of Dublin city or rathdown are charging). If you are not able to avail of the group MPI you must get private MPI with an equal level of cover to that of the Group Scheme.

It's calculated on a reducing balance too, so in theory the premiums should reduce in line with your mortgage and even with this and the rate of 2.25% it's quite competitive repayment vs bank mortgage.

Home insurance I was quoted between €180 to €300 for the year including contents insurance. Shop around on it. It needs to be to the minimum value of the rebuild cost outlined on your valuation and or surveyor report and the councils interest must be noted on the insurance schedule, they request proof of this.



Hi,

I'd contact my solicitor to get an update. Once the documents are signed (although note I had to come in twice to sign documents, so being called in for a few more documents isn't unheard of)and received by the county councils legal team, your solicitor should ask you to send the remainder of the deposit, stamp duty and any council legal fees you are liable for to their client account. If you have already done this or you are in the process, your solicitor makes the necessary transfers and requests for the issuing of cheque, this take a few days. When cheque is received by your solicitor you will have to sign it as it will be in your name and it'll be placed into a client account for you, this will take 5 days to clear, when it is cleared they will transfer the money to the vendor. Keys will then be sent to your solicitor. Stamp duty is to be paid within 3 days of close of sale and then you are homeowners.

I'm not sure you are applying through but my council advised me that if I didn't get the cheque issued by 6th of December I wouldn't get the cheque before mid January as they close over the Christmas period. So if you are hoping to get in before Christmas, get your solicitor to request issuing of cheque asap (provided all documentation has been satisfied).

Hope this helps.

Thanks for your help
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04-12-2019, 08:34   #2093
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Originally Posted by Tumbleweed2 View Post

If you shopped around you'd be right MPI is quite affordable however with RI if eligible you must be on the councils group MPI scheme, essentially this puts you into the group and premiums are based on averages. The cost of which varies at €80 to €100 p/m depending on the county (from my research which was more focused on commuter counties, I have no idea what the likes of Dublin city or rathdown are charging). If you are not able to avail of the group MPI you must get private MPI with an equal level of cover to that of the Group Scheme.
Sorry, just to confirm, 80 - 100 euro per month?
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04-12-2019, 09:28   #2094
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Sorry, just to confirm, 80 - 100 euro per month?
Yeah, you'll be given a brochure once approved outlining everything that it entails but you are looking at around that. Mine for example is €101.65 or something, it's taken out on the same direct debit as your mortgage so my total payment including that high premium MPI is actually still around 50 euro cheaper than what my mortgage payment would be with BOI (before adding in the 10 - 20 euro for private MPI per month).
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04-12-2019, 09:35   #2095
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Yeah, you'll be given a brochure once approved outlining everything that it entails but you are looking at around that. Mine for example is €101.65 or something, it's taken out on the same direct debit as your mortgage so my total payment including that high premium MPI is actually still around 50 euro cheaper than what my mortgage payment would be with BOI (before adding in the 10 - 20 euro for private MPI per month).
That's actually disappointing that it's so much.
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04-12-2019, 11:14   #2096
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That's actually disappointing that it's so much.
Yeah not ideal, but to be fair they are offering more than banks so I guess it is what it is.

Personally, at first I was mad about it but on reflection, I don't mind paying it, I am getting the house I really wanted thanks to RBI compared to the bank that was offering to give me 70% of the funding, and I could not afford a 30% deposit.
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04-12-2019, 11:51   #2097
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Hi, do you know when is closing date?
Closed yesterday 3rd December and got the key!!
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04-12-2019, 11:54   #2098
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Closed yesterday 3rd December and got the key!!
Congrats Homeowner!

Which council was that that closed on the 3rd?
I'm wexford and they are open until the 6th.
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05-12-2019, 01:00   #2099
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Congratulations LauraITT and to all that made it through the process.
And thanks to tumbleweed for the big write ups recently.
In regards to CC's MPI scheme, I saw an online Irish times article mention that if you have any preexisting medical conditions, then you are allowed to shop around for other MPI deals. Does anybody have any further info on this and would they recommend if it's possible or would it possibly hamper the application to even mention it?
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05-12-2019, 08:15   #2100
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Closed yesterday 3rd December and got the key!!

Congratulations Laura, how long it takes to get the keys after signing all the direct debits paperwork for the council. It looks like its never going to end.

Can u give us an estimate idea please?

Thank u
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