Rebuilding Ireland home loan

Darkglasses

Jafin wrote: »

Mortgage protection fees are laid out in one of the documents you receive. It's a certain percentage of the outstanding balance on the mortgage, and is reduced every year accordingly since the amount you owe is reduced. I think it's 0.5% but I don't have the documents at hand at the moment so I'm not completely sure. Assuming the 0.5% number is correct then the way it works is at the start of each year they calculate how much there is left on your mortgage (minus the interest), get 0.5% of that and then divide it by 12 for the monthly MPI payment.

For example if you were to get a mortgage of €115,000 then the MPI in the first year would be €575, which you then divide by 12 to get a monthly payment of €47.92.

Confirming same - Your MPI premium is 0.555% of your capital at 1st January (or in your first year, whatever you've been loaned), divided by 12 per month. So reduces each year.

Bannasidhe wrote: »

Brilliant. Thanks. Son is in the process of getting everything together to apply but there was a concern as to how the mortgage protect is calculated when we were crunching the figures.

Do you by any chance know what the situation is in a joint application? Is the MPI just added on to the monthly repayment or is it separate? As in is it applied to both or divided or just tacked on to the mortgage repayment and they can decide how that is paid between themselves?

I'm a bit confused as I pay my mortgage protection to New Ireland and my mortgage is with AIB so for me it's two separate things.

There is no change in the MPI premium for single/joint loans, odd as that may sound. The premium is applied to your mortgage account each month.

LaurenMcHugh

Hey everyone,
We’ve been approved in principal with Wicklow coco. We’re buying a family home so everything is ready to go on the “sellers” side. We have sent back down our Form 2, Mortgage Protection Insurance forms, valuation and surveyor report and whatever else was in the pack. Can anybody tell me what’s next or is it just we wait for them to issue loan packs to our solicitor?
Thanks

deise121

wuck question for everyone who have applied already, did you fill out the solicitor information on the application form? we don't have one yet and there's really no need to get one until we are approved and have a home ready to purchase

DMLXP

Hi All,

Was told my application came back from housing agency but has to go to credit committee now. This is Kildare CoCo, does anyone know if that happens on a certain day?

DMLXP

I left it blank and it was no problem.

deise121 wrote: »

wuck question for everyone who have applied already, did you fill out the solicitor information on the application form? we don't have one yet and there's really no need to get one until we are approved and have a home ready to purchase

Lauren52

DMLXP wrote: »

Hi All,

Was told my application came back from housing agency but has to go to credit committee now. This is Kildare CoCo, does anyone know if that happens on a certain day?

Hey, they meet early Wednesday morning. They have one organised for tomorrow if they get through your application tomorrow You should have you answer by Friday in the Post.

DMLXP

That's great info thanks!

Lauren52 wrote: »

Hey, they meet early
Wednesday morning. They have one organised for tomorrow if they get through your application tomorrow You should have you answer by Friday in the Post.

Lauren52

DMLXP wrote: »

That's great info thanks!

Best of luck. I friend of mine was told they have a lot to get through so hopefully they get through all returned applications

deise121

DMLXP wrote: »

I left it blank and it was no problem.

Thanks lad. To be honest there’s quite a bit on the application that actually gets left blank. I suppose they’re more interested in the documentation you send in rather than the application itself.

Squatman

jargarbo wrote: »

I honestly haven't heard anyone who was approved with this scheme. Mostly declined.

well which is it? no body approved, or mostly declined?

NM2020

deise121 wrote: »

wuck question for everyone who have applied already, did you fill out the solicitor information on the application form? we don't have one yet and there's really no need to get one until we are approved and have a home ready to purchase

Hi,

When i was applying i didn't have a solicitor and was told to write TBC for that part. Hope this helps.

deise121

NM2020 wrote: »

Hi,

When i was applying i didn't have a solicitor and was told to write TBC for that part. Hope this helps.

Great, thanks mate. Just waiting on BOI to post my 12 months current accoubnt statements and then I'll be able to send it. Just getting the application out is going to be a massive weight off my shoulders.

deise121

Just dropped in our application to Waterford city council… fingers crossed for us!

optogirl

I think we are going to have to give up. Approval runs out in June and we have been outbid on everything that has come up - some going 80k above asking. It's madness

deise121

optogirl wrote: »

I think we are going to have to give up. Approval runs out in June and we have been outbid on everything that has come up - some going 80k above asking. It's madness

That’s my biggest fear. Because we’re not in Dublin the highest price the house can be is 250k. Literally everything suitable is going for way over that price right now. I have money I could put toward the house as well, which is a shame

optogirl

deise121 wrote: »

That’s my biggest fear. Because we’re not in Dublin the highest price the house can be is 250k. Literally everything suitable is going for way over that price right now. I have money I could put toward the house as well, which is a shame

We're the very same. My Mam even offered us a very generous gift but it can't be used towards buying the house so I'm not going to take it.

diceyreilly

deise121 wrote: »

That’s my biggest fear. Because we’re not in Dublin the highest price the house can be is 250k. Literally everything suitable is going for way over that price right now. I have money I could put toward the house as well, which is a shame

Could you not ask the bank for an exception.

deise121

diceyreilly wrote: »

Could you not ask the bank for an exception.

I would, but have been told by numerous banks that income exceptions are for people who earn a “considerable” amount of money. IE - people who are buying McMansions who just want mansions. There are no exceptions to the 250k with the rebuilding ireland homeloan

rob316

deise121 wrote: »

I would, but have been told by numerous banks that income exceptions are for people who earn a “considerable” amount of money. IE - people who are buying McMansions who just want mansions. There are no exceptions to the 250k with the rebuilding ireland homeloan

That is not true, my mate got a mortgage last year from a bank for 4.5 times, and they were on 65k joint.

Jafin

When I was getting my AIP from Bank of Ireland I asked the advisor about exceptions (because honestly the Rebuilding Ireland scheme is so much hassle that if I can get an exception from a bank I'd almost rather take that). She told me that it's done on a case by case basis and it's more about the property being a sound investment than whether or not I can actually afford it. Obviously whether or not I could afford it is a factor too, but she said that she could see by looking through my accounts etc. that I could definitely afford it. What I took from that, although not explicitly stated, is that if it's a decent property and not in shambles then it should be fine. Of course there are other factors such as how many exceptions they're allowed to give out and all that, but still I don't think it's really anything about getting a super expensive property.

deise121

rob316 wrote: »

That is not true, my mate got a mortgage last year from a bank for 4.5 times, and they were on 65k joint.

We have one income, mine. We also have 4 children and my wife gets DCA for our disabled child. We were told by two banks and one mortgage broker it wasn’t possible.

deise121

rob316 wrote: »

That is not true, my mate got a mortgage last year from a bank for 4.5 times, and they were on 65k joint.

We have one income, mine. We also have 4 children and my wife gets DCA for our disabled child. We were told by two banks and one mortgage broker it wasn’t possible.

jill_valentine

optogirl wrote: »

I think we are going to have to give up. Approval runs out in June and we have been outbid on everything that has come up - some going 80k above asking. It's madness

I'm bowing out for now, yes, my approvals are all running out and there's just nothing in my bracket where I'm looking anymore. I'm not even getting Daft alerts at this stage...

I choose to think it's a hidden blessing, because I'll reapply in a few months and with a bit of luck there will be more available then. Who knows, maybe there will have been a miracle in the meantime. I've gotten a small raise in the meantime, and I suppose it's no harm to see if I can get that reflected anyway.

And who knows, maybe my original SDCC approval will arrive sometime before I retire.

diceyreilly

deise121 wrote: »

I would, but have been told by numerous banks that income exceptions are for people who earn a “considerable” amount of money. IE - people who are buying McMansions who just want mansions. There are no exceptions to the 250k with the rebuilding ireland homeloan

Honestly that is bull****. Go to a broker. Im sure they will sort it.

Sidmonton1

Hi, has anyone received approval for an amount over what the calculator indicated? If so by roughly how much? My application got declined as I indicated a higher amount to what the calculator indicated. Now I have to reapply all over again as there are no grounds for an appeal.

Is the best thing to keep the loan amount empty and see what they offer ?

Lauren52

Sidmonton1 wrote: »

Hi, has anyone received approval for an amount over what the calculator indicated? If so by roughly how much? My application got declined as I indicated a higher amount to what the calculator indicated. Now I have to reapply all over again as there are no grounds for an appeal.

Is the best thing to keep the loan amount empty and see what they offer ?

Just put in maximum available.

deise121

deise121 wrote: »

I would, but have been told by numerous banks that income exceptions are for people who earn a “considerable” amount of money.

A mortgage advisor i spoke to told me that one of the things a bank will look at, and favour heavily for exceptions, is if you're already a customer. If you've been doing all your banking with them for a long time, and are a "loyal customer", you'll be more likely to get the exception.

deise121

[Deleted User] wrote: »

A mortgage advisor i spoke to told me that one of the things a bank will look at, and favour heavily for exceptions, is if you're already a customer. If you've been doing all your banking with them for a long time, and are a "loyal customer", you'll be more likely to get the exception.

Soon as this is hopefully approved, I’m leaving bank of Ireland and doing all banking through my credit union. **** BOI and all other banks in this country

deise121

deise121 wrote: »

Soon as this is hopefully approved, I’m leaving bank of Ireland and doing all banking through my credit union. **** BOI and all other banks in this country

Why do you say that? BoI have been great to me, personally. I can't really complain about them, and their interest rate on mortgages is cheaper than my local Credit Union.


although perhaps unrelated: I've really no idea why the CU entered the mortgage race, if their rate was gonna be higher than the mainstream banks in the first place, to be honest.

deise121

Deleted User wrote: »

Why do you say that? BoI have been great to me, personally. I can't really complain about them, and their interest rate on mortgages is cheaper than my local Credit Union.


although perhaps unrelated: I've really no idea why the CU entered the mortgage race, if their rate was gonna be higher than the mainstream banks in the first place, to be honest.

i have been with them over 15 years, had personal loans paid off well before they were meant to, have a perfect credit score, never been in a negative balance with my current account and have paid off my credit card statements in full every month for the past 10 years. they refused to offer me a mortgage because we have multiple children and my partner can't work due to one of the kids being severly disabled. that's why. i'm a human being, am well able to pay rent that goes out of my boi account that would be 3 times as much as a mortgage would be and i have a history of paying everything on time and early. was basically laughed at by multiple people in person and over the phone asking for an exception. they can **** right off. I have also been in my job for over 10 years and am not going anywhere. I know people who aren't customers with them, got a mortgage, and quit their job 2 weeks after buying their homes. it's ridiculous.