Rebuilding Ireland home loan

stresshead101

Amary wrote: »

I emailed utmost and asked and they told me why I was refused. That’s very expensive but you are lucky to be able to get your own. Louth County Council wont accept the MPI I got, they said it is a legal requirement that I have the Local Authority MPI and as I was refused they can’t proceed any further with my application.

I have done a lot of research on this.. if you are refused the local authority MPI, you have a responsibility to get your own but it must be full life and disability cover, so the same level that would be provided by the group scheme. Only those who are eligible but must join, so you can get it elsewhere.
You are also able to sign a Waiver of MPI if you cant get it anywhere, but it would mean that if something significant happened, the debts would be passed on to a designated person.

Would you be able to give me the email address that you used for Utmost?

kbman

dazedboy wrote: »

Hello Everybody.
I am new to this thread and Boards.ie so apologies in advance if my question about the RIHL is not posted correctly.

I appear to qualify for a RIHL, being on a modest income of €35K. A single applicant. Employed for 9 years with the same employer. Good credit rating, etc.
My question is about the two written refusals for mortgage financing. How do you get these?
When I apply online I am directed to a mortgage calculator for the proposed property purchase ... and then refused.
When I request a telephone call I am then refused when I detail how small my income is.
None of these approches provides a formal written refusal.
How should I re-approcah this?

I hope this question is not too naive, but I am not experienced about mortgages. All I know is that renting forever in Ireland will lead to homelessness.

I called permanent tsb and boi, tsb met in person and printed a letter, whereas boi can call you and then send you a printed document, I hear AIB are doing something similar. They usually print a standard letter, saying what your looking for and what they can give but these templates may change. I would just explain exactly what youre doing. Theyre happy to give you the letter and it's saving everyone time to be direct.

xxsammyxx085

dazedboy wrote: »

Hello Everybody.
I am new to this thread and Boards.ie so apologies in advance if my question about the RIHL is not posted correctly.

I appear to qualify for a RIHL, being on a modest income of €35K. A single applicant. Employed for 9 years with the same employer. Good credit rating, etc.
My question is about the two written refusals for mortgage financing. How do you get these?
When I apply online I am directed to a mortgage calculator for the proposed property purchase ... and then refused.
When I request a telephone call I am then refused when I detail how small my income is.
None of these approches provides a formal written refusal.
How should I re-approcah this?

I hope this question is not too naive, but I am not experienced about mortgages. All I know is that renting forever in Ireland will lead to homelessness.

You basically need to walk into said bank or call their mortgage advisors, bank of Ireland did mine over the phone and sent me out the letter, Ulster bank I had to do a full application and they then gave the refusal letter..

jimmyendless

Donal27 wrote: »

Hi all, only looking into this scheme now. I'm afraid I may have missed the boat. I would be applying as a single applicant. However I received an increment in work in August 2019 which brings my gross income to 50,122 euro so marginally over the limit. I'm just wondering as it states your gross income last year, my gross in 2019 would still be under 50000, so with my p60 for last year under 50k, would I still qualify even though my last few payslips would show that my current gross is 50122. Sorry for confusion. Any advice appreciated.

I was told that current playslips would also have to average out to less than €50k.
You can get most questions using the chat on http://rebuildingirelandhomeloan.ie/.

Amary

stresshead101 wrote: »

I have done a lot of research on this.. if you are refused the local authority MPI, you have a responsibility to get your own but it must be full life and disability cover, so the same level that would be provided by the group scheme. Only those who are eligible but must join, so you can get it elsewhere.
You are also able to sign a Waiver of MPI if you cant get it anywhere, but it would mean that if something significant happened, the debts would be passed on to a designated person.

Would you be able to give me the email address that you used for Utmost?

The email address is underwriting@utmost.ie
I have been doing some research myself, I got a local TD to contact the council and they are looking into it. I hope they will change their minds and let me have the loan as every other council seems to be allowing it.

BKWDR

stresshead101 wrote: »

I have done a lot of research on this.. if you are refused the local authority MPI, you have a responsibility to get your own but it must be full life and disability cover, so the same level that would be provided by the group scheme. Only those who are eligible but must join, so you can get it elsewhere.
You are also able to sign a Waiver of MPI if you cant get it anywhere, but it would mean that if something significant happened, the debts would be passed on to a designated person.

Would you be able to give me the email address that you used for Utmost?

I'm not going to say you are wrong but it's highly unlikely any council will let you sign a waiver for no MPI. AFAIK it's the central bank code in relation to having it for any mortgage.
Also its written in the credit policy for the loan that if you don't qualify for the councils MPI ypu can't get the loan so it's a dangerous line to tread by not wanting to qualify.

KH1591

We will be applying for our mortgage with Rebuilding Ireland soon. We obviously have to have 10% of the property value but has anyone been able to apply before they had the full 10% saved?
We're thinking to speed up the application we could apply a short while before having the entire 10%, some banks allow this but not sure about this scheme?
Has anyone done it this way?

Thanks

stresshead101

BKWDR wrote: »

I'm not going to say you are wrong but it's highly unlikely any council will let you sign a waiver for no MPI. AFAIK it's the central bank code in relation to having it for any mortgage.
Also its written in the credit policy for the loan that if you don't qualify for the councils MPI ypu can't get the loan so it's a dangerous line to tread by not wanting to qualify.

Sorry, to clarify, I meant you can sign a waiver for MPI on bank mortgages, but it's only if you've been absolutely refused for cover and someone else takes responsibility in your place. I'm not sure how the local authority work in this respect.

But regarding the group scheme, the credit policy states that if you are eligible, you must go with the group scheme and if you are ineligible, you have an obligation to find it elsewhere.

stresshead101

Amary wrote: »

The email address is underwriting@utmost.ie
I have been doing some research myself, I got a local TD to contact the council and they are looking into it. I hope they will change their minds and let me have the loan as every other council seems to be allowing it.

Fingers crossed for you. It would definitely help if you contacted other county councils and asked for their policies if you are refused the standard cover and then you have something to back up your case.

Amary

KH1591 wrote: »

We will be applying for our mortgage with Rebuilding Ireland soon. We obviously have to have 10% of the property value but has anyone been able to apply before they had the full 10% saved?
We're thinking to speed up the application we could apply a short while before having the entire 10%, some banks allow this but not sure about this scheme?
Has anyone done it this way?

Thanks

I asked about doing this when I was applying, I was told I needed the full 10% plus enough for solicitor, valuer and surveyor saved before applying. I’m not sure if this is the case with all Councils they seem to have different rules for certain things.

KH1591

Amary wrote: »

I asked about doing this when I was applying, I was told I needed the full 10% plus enough for solicitor, valuer and surveyor saved before applying. I’m not sure if this is the case with all Councils they seem to have different rules for certain things.

Thanks for that! Did u get a new build? Apparently you dont need a valuer / surveyor on a new build home? We were told we just needed the 10% but some councils might let you apply earlier.
Did everything go ok for you when applying? Thanks

Amary

KH1591 wrote: »

Thanks for that! Did u get a new build? Apparently you dont need a valuer / surveyor on a new build home? We were told we just needed the 10% but some councils might let you apply earlier.
Did everything go ok for you when applying? Thanks

It wasn’t a new build I was looking at. Everything went well with the application but I’m having trouble with the MPI they won’t let me get my own after being refused for their one. Other councils seem to be letting people so hopefully I can get it sorted. Good luck with your application.

car_radio19834

Very depressing. I was looking at the calculator. I can get a loan of 190k on the calculator and the cheapest homes in the area I'm looking in is 280k

BKWDR

stresshead101 wrote: »

Sorry, to clarify, I meant you can sign a waiver for MPI on bank mortgages, but it's only if you've been absolutely refused for cover and someone else takes responsibility in your place. I'm not sure how the local authority work in this respect.

But regarding the group scheme, the credit policy states that if you are eligible, you must go with the group scheme and if you are ineligible, you have an obligation to find it elsewhere.

Section 5.2 of the credit policy says that its a "legal requirement that all applicants have the approved local authority mortgage protection policy in place..".

stresshead101

BKWDR wrote: »

Section 5.2 of the credit policy says that its a "legal requirement that all applicants have the approved local authority mortgage protection policy in place..".

The S.I Housing Regulations define the credit policy as guideline, which arent legally binding. Its only a legal requirement for the lender to ensure the borrower(s) have MPI, unless you meet one of 4 different exemptions (Consumer Credit Act 1995, Section 126). With regards to Local Authorities, the conditions of the scheme is that all borrowers who are eligible must join the group scheme.

My insurance policy has been accepted by the council, and that wouldn't be possible if it was a legal requirement, as stated in 5.2..

stresshead101

KH1591 wrote: »

We will be applying for our mortgage with Rebuilding Ireland soon. We obviously have to have 10% of the property value but has anyone been able to apply before they had the full 10% saved?
We're thinking to speed up the application we could apply a short while before having the entire 10%, some banks allow this but not sure about this scheme?
Has anyone done it this way?

Thanks

You can apply before you have the full 10% saved, but you must be able to show that your savings are on track and you meet the repayment capacity.
You wont be able to draw down unless you have the 10% and enough for all the extras too, and the approval will lapse after 6 months.

KH1591

stresshead101 wrote: »

You can apply before you have the full 10% saved, but you must be able to show that your savings are on track and you meet the repayment capacity.
You wont be able to draw down unless you have the 10% and enough for all the extras too, and the approval will lapse after 6 months.

Oh great, did you do it this way? So we can apply, hopefully be approved but not draw down until we have the 10%?

stresshead101

KH1591 wrote: »

Oh great, did you do it this way? So we can apply, hopefully be approved but not draw down until we have the 10%?

No, we had the full 10% but across two different accounts and I forgot to bring the second account statement and we just got talking about it. They said its that way for people who are receiving gifts from family - technically you could be gifted the full 10% deposit but it only has to be in your account at drawdown rather than being there for AIP.

I suppose that it does depend on the local authority as well so it would be worth ringing them before you go through the hassle of preparing all the documents only for them to not accept it.

KH1591

stresshead101 wrote: »

No, we had the full 10% but across two different accounts and I forgot to bring the second account statement and we just got talking about it. They said its that way for people who are receiving gifts from family - technically you could be gifted the full 10% deposit but it only has to be in your account at drawdown rather than being there for AIP.

I suppose that it does depend on the local authority as well so it would be worth ringing them before you go through the hassle of preparing all the documents only for them to not accept it.

That's great thanks for that! We will have the 10% but I know the application process can take a while so o figured we could apply sooner to save time! I'll give them a call tomorrow! Thanks for your help

stresshead101

KH1591 wrote: »

That's great thanks for that! We will have the 10% but I know the application process can take a while so o figured we could apply sooner to save time! I'll give them a call tomorrow! Thanks for your help

Yeah it took about 8 weeks to hear back from DCC and thats the good end of the scale, Ive heard stories of people waiting over three months.

I'm not sure what the housing market is like in the area you're, but it took us a while to find something we liked, that we weren't outbid on. So make sure youre close to having the full amount you need because you dont want to be wasting and of the 6 months of AIP trying to save.

Best of luck! Hope you find your dream home (:

KH1591

stresshead101 wrote: »

Yeah it took about 8 weeks to hear back from DCC and thats the good end of the scale, Ive heard stories of people waiting over three months.

I'm not sure what the housing market is like in the area you're, but it took us a while to find something we liked, that we weren't outbid on. So make sure youre close to having the full amount you need because you dont want to be wasting and of the 6 months of AIP trying to save.

Best of luck! Hope you find your dream home (:

That's what I was thinking so hoping we can save a little time anyway! Housing market isnt too bad where we are, not getting our hopes up on anything but still viewing areas we like!
Thanks again!

BKWDR

stresshead101 wrote: »

The S.I Housing Regulations define the credit policy as guideline, which arent legally binding. Its only a legal requirement for the lender to ensure the borrower(s) have MPI, unless you meet one of 4 different exemptions (Consumer Credit Act 1995, Section 126). With regards to Local Authorities, the conditions of the scheme is that all borrowers who are eligible must join the group scheme.

My insurance policy has been accepted by the council, and that wouldn't be possible if it was a legal requirement, as stated in 5.2..

True, but as you read in this thread, it's up to each LA to determine how they interpret and run the loan scheme. Hence, no LA insurance, no loan in some.
Other LAs wlll ask you to get equivilant cover to satisfy the MPI obligation.
Also, local government isn't bound by the consumer credit act 1995 and neither is this loan, hence the generous multiplier on the calculator.

I'm saying you are lucky the council accepted your own policy but if they wanted they could have refused you the loan and fallen back on the credit policy line they have done to others.

beanyb

Does anyone have a recommendation for a solicitor they used for Rebuilding Ireland? In the Dublin City Council area. I'd love a PM if so!

MaddogMC

Love all the comments, have got so much information from this so thanks.

On the web chat I have been informed that if I leave my current job (3 years employment) and take up a new job, once this is done within 4 weeks I will still be classed as the primary earner with 2 years continuous employment. Has anyone done this? I don’t want to take a risk , change jobs and have to wait 2 years to apply.

deedee26

MaddogMC wrote: »

Love all the comments, have got so much information from this so thanks.

On the web chat I have been informed that if I leave my current job (3 years employment) and take up a new job, once this is done within 4 weeks I will still be classed as the primary earner with 2 years continuous employment. Has anyone done this? I don’t want to take a risk , change jobs and have to wait 2 years to apply.

I applied with DCC, I didn't habe any problems with them. I had changed jobs in the June 2018. I had a letter from my previous employer saying what dates I was employed with them.
I only had two days of unemployment.

xxsammyxx085

MaddogMC wrote: »

Love all the comments, have got so much information from this so thanks.

On the web chat I have been informed that if I leave my current job (3 years employment) and take up a new job, once this is done within 4 weeks I will still be classed as the primary earner with 2 years continuous employment. Has anyone done this? I don’t want to take a risk , change jobs and have to wait 2 years to apply.

My husband had a 5 week gap in employment and they let us go ahead and apply

MaddogMC

xxsammyxx085 wrote: »

My husband had a 5 week gap in employment and they let us go ahead and apply

Brilliant thanks for replying I didn’t want to jeopardise my chances in any way

scheister

xxsammyxx085 wrote: »

My husband had a 5 week gap in employment and they let us go ahead and apply

I think once the gap is known it is ok. I moved jobs at the start of the year and had a 2 week gap. That gap was Christmas so would not see an issue with that. I think once the new job is lined by before you leave the old job they will look as it as fair enough but if you walk from a job and take ages finding a new job that may be different.

givyjoe

scheister wrote: »

I think once the gap is known it is ok. I moved jobs at the start of the year and had a 2 week gap. That gap was Christmas so would not see an issue with that. I think once the new job is lined by before you leave the old job they will look as it as fair enough but if you walk from a job and take ages finding a new job that may be different.

Its a gap of no more than 3 months as far as I remember. I think its on written somewhere on the forms or the website.

optogirl

HI all - with regard to a solicitor - do you need to contact one before application is sent or once you have been given an offer? Is it just a case of letting a solicitor know your position and 'see you when we see you'?