Rebuilding Ireland home loan

gnr vr fan

Sulli83 wrote: »

Anyone with approval receive an e mail this week stating the their County Council had received new guidance on Rebuilding Ireland Loan Application from department?

We were initially asked to provide confirmation that employment status hadn't changed for either myself or my partner which fortunately it hadn't. We then received a strange and ambiguous e mail including the statement in the above paragraph.

Hi Sulli83.

When you say your employment status hadn't changed, is your employer currently availing of the government wage subsidy scheme. That is the government pays €350 of your salary and your employer tops up your salary to your normal amount?

gnr vr fan

kotac24 wrote: »

Hi sorry only now I saw this...
Basically I was just waiting for the cheque and the keys, sale agreed 7th of January, final approval, all valuation and everything done, full deposits paid, contracts signed, all completed by the end of February... and since then just waiting... and then few weeks ago re-evaluation because of COVID-19, payslips again, salary certificates, solicitors and owners going crazy etc... we are going crazy etc...
We are dealing with Fingal County Council, and also I understand them they have to re-evaluate things because of COVID etc, but this waiting is killing us, we packed all of the things in March as my wife is pregnant and we were hoping that the new baby will come in the new house, but baby didn't wait that long, he came yesterday in the old apartment, so currently unpacking bunch of boxes around etc...

Hi Kotac.
Thank you for your reply. I really appreciate the information at this time.
Also congrats on the new arrival. I Hope ye are all doing well and healthy.

When roughly did the council request the re-evaluation?

Also is/was your employer availing of the government Covid 19 wage subsidy scheme?
That is the government pays €350 of your salary and your employer tops up your salary to your normal amount?

Did you have any issues when you supplied this information for the re-evaluation?

Thanking You again.

Sulli83

gnr vr fan wrote: »

Hi Sulli83.

When you say your employment status hadn't changed, is your employer currently availing of the government wage subsidy scheme. That is the government pays €350 of your salary and your employer tops up your salary to your normal amount?

Yes, both my employer and my partner's employer availed of the wage subsidy scheme for a number of week. Wage payment remained consistent and we have both recommenced full activity in work a number of weeks ago. Judging by the follow up letter we received today they are just ensuring employment is continuous and requesting confirmation of that.

gnr vr fan

Mbourke91 wrote: »

Hello I’m looking to apply to SDCC and I was looking at their checklist on the SDCC website. It states that they need:


Letter from two Banks or Building Societies confirming insufficient offers of
Finance. (Actual amount applied for must be specified)

We’re you able to get the letters with the amount specified? And if so if you don’t mine me asking, which banks provided these? Thank you

Hi MBourke,

I rang and made an appointment with Ulster Bank and KBC (even though I dislike KBC). I didn't say I was applying with the council. I just stated I was looking at getting a mortgage. Prior to the mortgage appointment they emailed me the forms that had to be filled out and a checklist for the accompanying information they would require.

I had the appointment and I supplied the information they required (Bank Statements, payslips, salary cert etc) and they gave me approval in principle with the amount offered included on the approval in principle (AIP). It was this AIP which I forwarded onto the rebuilding Ireland Homeloan personnel.

It was a pretty simple process actually with the banks (way easier then the rebuilding Ireland process).

On a sidenote I've since closed all accounts with KBC. As I said do not like them.

autumnbelle

raheny red wrote: »

Going down next month by €3. Yesssssss.

Do they contact you? for some reason I thought it would only go down in Jan when the statement comes out

autumnbelle

kiva989 wrote: »

Mine has done down by about 2 euro with FCC.

Has anyone who has ever gotten the Rebuilding Ireland Home Loan been successful in moving their MPI from the one the council hooks you up with to an alternative one you can source yourself?

The difference in cost is outrageous.

Would love to know the answer to this. don't think its possible as its in the agreement. I also think it covers a bit more then standard mpi but I fully agree it makes our mortgage at the minute more expensive then with a bank

gnr vr fan

Shellzer123 wrote: »

Hi, i was wondering have u got any further with your application and what council you are with?

Hi Shellzer.

I am with SDCC (South Dublin County Council).
And no my application has not gone much further.

gnr vr fan

beanyb wrote: »

Form 1, 2 and 3 are forms with details of the property you have gone sale agreed on, solicitors info and a few other details for proceeding to full loan approval. I had to submit my survey and valuation with them and up to date payslips. I got them from DCC with my initial loan approval letter and was advised in the letter to make an appointment to hand them in once I had gone sale agreed. It may be a different process for your council. You are best off giving them a shout and asking them what you need to do now.

Hi Beanie,

In your comment above "Initial Loan Approval". Is this the Approval In Principle? Or an Approval at a later stage? Like is there another approval in between Approval in Principle and Final Approval?

Thanking You.

raheny red

autumnbelle wrote: »

Do they contact you? for some reason I thought it would only go down in Jan when the statement comes out

Yeah that's what I thought too. Letter in the post today.

"The MPI rate has been applied to the principal balance of your mortgage from 01/01/2020 with effect from 01/06/2020".

gnr vr fan

Sulli83 wrote: »

Yes, both my employer and my partner's employer availed of the wage subsidy scheme for a number of week. Wage payment remained consistent and we have both recommenced full activity in work a number of weeks ago. Judging by the follow up letter we received today they are just ensuring employment is continuous and requesting confirmation of that.

Thanks Sulli83,

On the payslips you supplied to the council, did it state on the payslip the government wage subsidy scheme? Or did you wait a few weeks until your employer was no longer availing of the government wage subsidy?

Is your employer still availing of the government wage subsidy scheme?

Thanking You.

Sulli83

gnr vr fan wrote: »

Thanks Sulli83,

On the payslips you supplied to the council, did it state on the payslip the government wage subsidy scheme? Or did you wait a few weeks until your employer was no longer availing of the government wage subsidy?

Is your employer still availing of the government wage subsidy scheme?

Thanking You.

Not sure to be honest, I only received the letter looking for renewed information yesterday.
.
I can't really see it being an issue that the company you work for was forced to close for a period due to COVID and therefore availed of a support put in place by the government. It doesn't have any influence on your ability to pay your mortgage into the future provided circumstances quickly returned to normal. Civil Servants and those who could work remotely aside it affected every industry, let's hope common sense is applied otherwise the following period will be disastrous.

Len_007

Sulli83 wrote: »

Anyone with approval receive an e mail this week stating the their County Council had received new guidance on Rebuilding Ireland Loan Application from department?

We were initially asked to provide confirmation that employment status hadn't changed for either myself or my partner which fortunately it hadn't. We then received a strange and ambiguous e mail including the statement in the above paragraph.

I haven't received an email, but I did get a letter yesterday from Wicklow CoCo looking for proof of unchanged circumstance, namely my 3 most recent payslips and a Salary certificate or confirmation of continued employment.

beanyb

gnr vr fan wrote: »

Hi Beanie,

In your comment above "Initial Loan Approval". Is this the Approval In Principle? Or an Approval at a later stage? Like is there another approval in between Approval in Principle and Final Approval?

Thanking You.

It's the approval I received before submitting details of an actual property, so I guess it is Approval in Principle. But it's more in depth than the AIP you would get from a bank as it has been through the entire underwriting process in the Housing Agency.

Dankarl

Hi,

Does anyone know what the current time frame is ?

One CC said 2/3 weeks with housing agency, what happens then ?

Karl

Barbara1234

Just wonder if anyone get approval recently. My application submitted in March no sign till now...

Jennyod31

Anyone with a new application submitted hear back mine is gone in with 3 months now

Sulli83

Len_007 wrote: »

I haven't received an email, but I did get a letter yesterday from Wicklow CoCo looking for proof of unchanged circumstance, namely my 3 most recent payslips and a Salary certificate or confirmation of continued employment.

Yeah the subsequent letter we received offered much more clarity. The initial ambiguous, seemingly ominous e-mail had us a bit spooked haha!!

Lwoods90

Barbara1234 wrote: »

Just wonder if anyone get approval recently. My application submitted in March no sign till now...

I’d say it will be late this year. The under writers only started back working last Monday

kbman

Sulli83 wrote: »

Yeah the subsequent letter we received offered much more clarity. The initial ambiguous, seemingly ominous e-mail had us a bit spooked haha!!

Len_007 wrote: »

I haven't received an email, but I did get a letter yesterday from Wicklow CoCo looking for proof of unchanged circumstance, namely my 3 most recent payslips and a Salary certificate or confirmation of continued employment.

Weird, i never got an email, but I did get the letter the same as you Len.
That could take some time to organise getting.

Junadl

I'm just reading more about this Rebuilding Ireland Home Loan scheme.

Just wondering if I have some points correct.

So if we go with the scheme we have to live in that house for the full term?
We can't change the mortgage to buy to let/switch providers?
We cannot repay the mortgage early without heavy penalties?

Can anyone help me understand what the penalties are?

I'm finding it difficult to understand the calculation on the website!

I'm not sure it's as good as it sounds. Hope I'm wrong

autumnbelle

Junadl wrote: »

I'm just reading more about this Rebuilding Ireland Home Loan scheme.

Just wondering if I have some points correct.

So if we go with the scheme we have to live in that house for the full term?
We can't change the mortgage to buy to let/switch providers?
We cannot repay the mortgage early without heavy penalties?

Can anyone help me understand what the penalties are?

I'm finding it difficult to understand the calculation on the website!

I'm not sure it's as good as it sounds. Hope I'm wrong

where are you getting these points from,

Junadl

autumnbelle wrote: »

where are you getting these points from,

From the FAQ

http://rebuildingirelandhomeloan.ie/faq/

And also my sister asked her local council about it and they were the responses. So now I'm thinking maybe a bank would be better. As you can switch your mortgage, can pay early, can switch to buy to let.

I don't plan on staying in one place for 25 years.

Homedream

Has any one info of the mpi process how long does it take we had a phone survey done last week and have heard nothing since.
For people that got letters to state they need prof of work due to covid, have ye been approved in principle?

Maz2016

Has anyone got info on what was required for the MPI? I have a lifelong medical condition and worried it may come against me - even though it doesn’t affect me day to day

kbman

Junadl wrote: »

From the FAQ

http://rebuildingirelandhomeloan.ie/faq/

And also my sister asked her local council about it and they were the responses. So now I'm thinking maybe a bank would be better. As you can switch your mortgage, can pay early, can switch to buy to let.

I don't plan on staying in one place for 25 years.

A bank is better in most ways, the biggest difference I see is that rebuilding Ireland loan don't seem to have the same central bank limits in terms of amount loaned.
They also offered the lowest rates until about January of this year at 2.25%.
The MPI cost makes it expensive and now that rates going up means its more expensive than a bank but you can loan alot better than 3.5 times salary and from what I interpret children aren't taken into account in that calculated amount allowed to loan.

But I totally see your point.


Best of luck with your mortgage hunt

gandalfio

Really frustrated with this at the moment. We're finally ready to apply and really need permanent housing, but Fingal won't accept any new applications. They seem to be the only local authority not accepting them.

Junadl

Barbara1234 wrote: »

Just wonder if anyone get approval recently. My application submitted in March no sign till now...

Ours is in since beginning of March. Got Mortgage Protection form to fill out two weeks ago. No sign of approval yet but thinking it's a good sign. They really like to keep ya waiting!

Jellab

Hi. Anyone who applied to Galway council. How long was the process and was it straight forward. Thanks.

Maz2016

Junadl wrote: »

Ours is in since beginning of March. Got Mortgage Protection form to fill out two weeks ago. No sign of approval yet but thinking it's a good sign. They really like to keep ya waiting!

Can I ask what level of detail was on the MPI form? I have a pre existing medical condition. I think I’ll run into difficulties with it. I tried to ask the council would it be an issue but she said I’ll have to wait to get the form snd then wait to be approved or declined

Niallfarrell11

Maz2016 wrote: »

Can I ask what level of detail was on the MPI form? I have a pre existing medical condition. I think I’ll run into difficulties with it. I tried to ask the council would it be an issue but she said I’ll have to wait to get the form snd then wait to be approved or declined

I was in the same boat ( existing medical condition ). They told me to apply even tho I knew I wouldn’t be approved but once I could get life cover else where I was ok. I went with Royal London. All the best