Rebuilding Ireland home loan

swalsh86

Hey folks. Our mortgage application is going before Cork City Council credit committee today. My nerves are shattered. Would it be worth my while ringing them later today to see if we got accepted???

Jmk725

swalsh86 wrote: »

Hey folks. Our mortgage application is going before Cork City Council credit committee today. My nerves are shattered. Would it be worth my while ringing them later today to see if we got accepted???

Best of luck.
Even though it is going before the committee today the person you speak to may not know the answer today.
No harm in ringing though.

swalsh86

Jmk725 wrote: »

Best of luck.
Even though it is going before the committee today the person you speak to may not know the answer today.
No harm in ringing though.

Do the credit committees usually meet 1st thing in the morning.

Darkglasses

swalsh86 wrote: »

Do the credit committees usually meet 1st thing in the morning.

Can meet at any time of day, it might not be an all day job if they meet semi-regularly. I'd say just
try to relax and wait til Monday to ring.

fithotbabe

Guys,
My Husband was working in one hotel for 3 years. In march started in new place (higher position, no breaks in between). Does it count as continuous employment for Rebuilding Ireland? I was changing jobs a lot in 2018 (no long breaks). Do you think we can qualify?

trudy2222

fithotbabe wrote: »

Guys,
My Husband was working in one hotel for 3 years. In march started in new place (higher position, no breaks in between). Does it count as continuous employment for Rebuilding Ireland? I was changing jobs a lot in 2018 (no long breaks). Do you think we can qualify?

Yes it counts once there’s no probation, it’s a permanent job and there’s no more than a 4 week break

fithotbabe

Thank you ! Do we need to pass probation periods? Mine is finish in June, his in September

trudy2222

fithotbabe wrote: »

Thank you ! Do we need to pass probation periods? Mine is finish in June, his in September

Yes you both have to be out of probation, that’s what our meeting is about I’ll post what they say on here

fithotbabe

Thank you. We will wait the till September

Stekell

Hello can anyone advise, I have received this from BOI is that deemed acceptable for the rebuilding Ireland home loan as a loan amount refusal? would that be enough to use when applying for RI?


Thank you for taking my call today in relation to your recent mortgage enquiry. As discussed, please see the below list of documents that will be required to proceed to an application.

As discussed if you are to draw down a mortgage of EUR213,500 over 35 years please find rates & monthly repayments as of today:
Variable Rate @ 4.5% EUR1,008
1 & 2 year fixed rate @ 2.9% EUR809
3 year fixed rate @ 3% EUR821
5 year fixed rate @ 3.2% EUR846
10 year fixed rate @ 3.7% EUR906

With your funding that you have EUR16k in savings plus EUR16k of a gift it will allow a purchase price of EUR238,000
Please find as discussed the additional cost 1% stamp duty of EUR2380, Solicitor Fees EUR2000, fixture and fittings EUR2000 and a valuation report fee of EUR150.

If there is anything further please don’t hesitate to let me know.

swarmberg

That should be grand but it depends on the council and it varies from one to the other on what they accept.

Got a letter saying my application has received initial approval so assume it has been sent to the underwriters for approval. Hope they are still approving applications as they haven't clarified any more about new applicants.

Stekell

swarmberg wrote: »

That should be grand but it depends on the council and it varies from one to the other on what they accept.

Got a letter saying my application has received initial approval so assume it has been sent to the underwriters for approval. Hope they are still approving applications as they haven't clarified any more about new applicants.

Cheers we have a meeting with Fingal CoCo on 17th April so formally apply for the loan so hoping this will do for 1 of the 2 refusal letters

delkel38

For those who have drawn down and are paying back their mortgage, will there be a chance of changing your Mpi provider after a time? The mpi provided by the council is a rip off.

swalsh86

Our mortgage application was seen by the Cork City Council credit committee on Friday. We were told it would take 3-4 days for us to get our approval letter in the post if it was accepted. I rang this morning as we are extremely eager to get an answer after 6 months of waiting. They now said they won't have something out to us until late next week. It's becoming a joke at this stage. Hugely frustrating.

delkel38

swalsh86 wrote: »

Our mortgage application was seen by the Cork City Council credit committee on Friday. We were told it would take 3-4 days for us to get our approval letter in the post if it was accepted. I rang this morning as we are extremely eager to get an answer after 6 months of waiting. They now said they won't have something out to us until late next week. It's becoming a joke at this stage. Hugely frustrating.

It's been a whole year this month since we first met the council re a mortgage for a self build.
Finally got contract sent off by our solicitor to draw down yesterday. So I feel your pain

autumnbelle

delkel38 wrote: »

For those who have drawn down and are paying back their mortgage, will there be a chance of changing your Mpi provider after a time? The mpi provided by the council is a rip off.

Would love to know this too I dont think so though as I think its a group scheme

swarmberg

delkel38 wrote: »

For those who have drawn down and are paying back their mortgage, will there be a chance of changing your Mpi provider after a time? The mpi provided by the council is a rip off.

I think even if you can change you would have to have the equivalent cover to the council group scheme and you wouldn't be allowed change to the most basic cover.

Evenstevens

delkel38 wrote: »

For those who have drawn down and are paying back their mortgage, will there be a chance of changing your Mpi provider after a time? The mpi provided by the council is a rip off.

I don't think you can change but doesn't the fee reduce as your mortgage reduces?

Jmk725

Evenstevens wrote: »

I don't think you can change but doesn't the fee reduce as your mortgage reduces?

As far as I know it is a reducing amount yea.

Shamboo1801

Jmk725 wrote:

As far as I know it is a reducing amount yea.

It reduces as it's based on 0.55% of the outstanding mortgage

Jmk725

Shamboo1801 wrote: »

It reduces as it's based on 0.55% of the outstanding mortgage

Is this a yearly reduction or a monthly reduction do you know?

Darkglasses

Jmk725 wrote: »

Is this a yearly reduction or a monthly reduction do you know?

Once a year

Shamboo1801

Jmk725 wrote:

Is this a yearly reduction or a monthly reduction do you know?

You'll receive an end of year statement showing payments, and outstanding mortgage. This will also include you're revised monthly payments for the year, and you adjust your standing order accordingly. This is why we were advised to set up a standing order, rather than a direct debit, so it can be amended yearly.

Sweet.Science

I doubt this scheme was put on hold?

Can people apply again ?

Quinnciara

Solicitor received the loan pack and I'm going in to sign contracts tomorrow to be sent back to council, does anyone know the time scale from here on of getting the keys or what's next for us?

Jmk725

Keys depend on when the sellers sign the contract.
Once they sign they have 4 weeks to give you the keys, they may not sign for a few weeks though depending on their situation, if they need to move out, etc.
With regards to getting the funds, the solicitors will probably want all expenses paid first before they request the money from the council.
Councils have been known to delay in giving out the funds, some of them only issue money at certain times of the month.

Quinnciara

Jmk725 wrote: »

Keys depend on when the sellers sign the contract.
Once they sign they have 4 weeks to give you the keys, they may not sign for a few weeks though depending on their situation, if they need to move out, etc.
With regards to getting the funds, the solicitors will probably want all expenses paid first before they request the money from the council.
Councils have been known to delay in giving out the funds, some of them only issue money at certain times of the month.

Vendors have signed as she is just an executor the house is currently vacant. My solicitor has already received all the contracts and transfer deeds BER cert etc for the house. I was hoping to close before May.

Jmk725

Then it just depends on council and their solicitor.
Keep hounding them, find out when solicitor has requested funds and contact the council to see when they are issuing the funds.
Get date in writing as they have been known to change their dates.
Keep the pressure on them to get the funds.
Best of luck, currently have all contracts signed myself and hoping to be in before May too

Quinnciara

Jmk725 wrote: »

Then it just depends on council and their solicitor.
Keep hounding them, find out when solicitor has requested funds and contact the council to see when they are issuing the funds.
Get date in writing as they have been known to change their dates.
Keep the pressure on them to get the funds.
Best of luck, currently have all contracts signed myself and hoping to be in before May too

Ah great, feels like it's finally come together now. Yeah I'll be hounding god help them I haven't given them a minute.
Are you dublin coco? Is it just funds your waiting on ? Hopefully you'll be all done soon enough

Jmk725

No, im with Monaghan CoCo, waiting on signed contract back from seller and funds from council.