Rebuilding Ireland home loan

gnr vr fan

dave98 wrote: »

Hi all. What constitutes an insufficient offer from the bank? I know you need 2 of these. My situation is I’m applying as a single FTB. I went to 2 banks. Both have offered me 140k AIP. This won’t buy me anything. I’d need about 170k plus my savings.
When applying through the council, I can attach both letters but they both say you have been approved in principal for 140k. I have an area in mind but not an exact address. I can use those letters or do I have to apply to the banks for 170k and get rejected?

You can use those letters. On the council form you will be stating you need 170k. so clearly the AIP's aren't 170k. Theres your offer of insufficient funds.

gnr vr fan

Homedream wrote: »

This has me so so scared we are over and back dealing with the council since november we are so close. we are getting results of mpi next week which will be very hard for us to be approved as my partner has heart issues. Im on maternity leave which coucil dont no as didnt realise i was pregnant at time application sent in. We have spent so so many months dealing with council and now this when we are right at the end.

You are right. This is scary. Apparently according to some people on here though. That if the council MPI does not approve you, they will allow you to get approval elsewhere.

Lwoods90

Homedream wrote: »

We are hoping to hear soon have application started since november we have been over and back with them its such a long process to then get rejected.
Have you used your local councilor/minister/td?

Why would I use councillor or minister?

Homedream

Lwoods90 wrote: »

Why would I use councillor or minister?

Just help and advice they helped us with application at the start as there was issues with site, and they were able to sort it straight away, just taught maybe they might help with some of your reason ye got for not being approved

Cheesepuffs

Has anyone been asked to get a letter from their job in reference to covid 19?

kbman

Cheesepuffs wrote: »

Has anyone been asked to get a letter from their job in reference to covid 19?

Yes Cheesepuffs,
This should be pretty standard. HR in my company confirmed this is a standard letter for them to give. I was requested 3 most recent payslips, this letter confirming my job status and the declaration of unchanged circumstances.

This seems to be what many councils are doing from reading the thread to anyone who's been approved and from the looks of things anyone who's in process of being approved.

Cheesepuffs

kbman wrote: »

Yes Cheesepuffs,
This should be pretty standard. HR in my company confirmed this is a standard letter for them to give. I was requested 3 most recent payslips, this letter confirming my job status and the declaration of unchanged circumstances.

This seems to be what many councils are doing from reading the thread to anyone who's been approved and from the looks of things anyone who's in process of being approved.

What did it say? My employer hasn’t any idea what to say

kbman

Cheesepuffs wrote: »

What did it say? My employer hasn’t any idea what to say

Have a look on the letter attached

Jafin

Cheesepuffs wrote: »

Has anyone been asked to get a letter from their job in reference to covid 19?

I find it very strange how every county council operates differently. I wasn't asked for a letter, but I was told I needed to submit updated bank statements, savings statements, salary cert and 4 recent payslips once I'm back to work as normal and off the wage subsidy scheme, which I have been for the past two and a half weeks thankfully.

Cheesepuffs

Jafin wrote: »

I find it very strange how every county council operates differently. I wasn't asked for a letter, but I was told I needed to submit updated bank statements, savings statements, salary cert and 4 recent payslips once I'm back to work as normal and off the wage subsidy scheme, which I have been for the past two and a half weeks thankfully.

Yes each council seems to do it different

c0w3jz6eia8h9n

Cheesepuffs wrote: »

Has anyone been asked to get a letter from their job in reference to covid 19?

I was quite shocked to get this. I just about managed to get the loan as I was just under the threshold. I have been approved but not drawn down the mortgage yet - I'm doing a new build and have started.

Since it has been such a drawn out process I am now over the threshold and very worried that after seeing my new salary cert the council may pull it entirely.

Dankarl

Hi,

We are thinking about applying but have 2 questions, probably been asked before.

1) the online calculator says we can get a max of €209,000. Do you get anywhere near that?

2) Is the €209,000 inclusive of your deposit.
A) 209,000 - 20,900(10% deposit)
209,000 + deposit

beanyb

Dankarl wrote: »

Hi,

We are thinking about applying but have 2 questions, probably been asked before.

1) the online calculator says we can get a max of €209,000. Do you get anywhere near that?

2) Is the €209,000 inclusive of your deposit.
A) 209,000 - 20,900(10% deposit)
209,000 + deposit

The online calculator is generally quite accurate yes. Obviously if there is any important information you haven't given it that might affect it but most people seem to get offered the same amount.

It is option B, so not inclusive of deposit.

Homedream

Been refused mpi over health conditions anyone got advice?

jill_valentine

A good chunk of my deposit sum was a gift from my parents late last year. I've been saving along with it but told that because it was a gift (and clearly it was, since it just materialised in a lump in my account) that portion will not be considered as "my" money for the purpose of reckoning the percentage deposit I have on hand. If so, that seems a little strange to me, as banks wouldn't make that distinction and I would have a signed declaration of it as a gift rather than a loan?

Does anyone have any further insight on this?

Graham

Dankarl wrote: »

1) the online calculator says we can get a max of €209,000. Do you get anywhere near that?

2) Is the €209,000 inclusive of your deposit.
A) 209,000 - 20,900(10% deposit)
209,000 + deposit

The calculator says "maximum loan amount" so I would assume

Maz2016

Homedream wrote: »

Been refused mpi over health conditions anyone got advice?

Sorry to hear this. I know I will be refused over medical conditions also. You can source your own. Royal London is meant to be a good option. Fingers crossed it works out for you

ABCD_1234

Hi,

Sorry, this has probably been asked before. I was wondering if having one dependent caused much of a reduction in the offer?

If you’re slightly short of the 10% at application stage will they just contact you seeking proof of the full deposit at review stage or will the application be refused altogether and you’ve to start again? South Dublin County Council.

Thank you.

Homedream

Have you applied for help to buy off revenue?

Homedream

Maz2016 wrote: »

Sorry to hear this. I know I will be refused over medical conditions also. You can source your own. Royal London is meant to be a good option. Fingers crossed it works out for you

Thanks so much we knew we would be rejected as well but still had to wait weeks to be told going trying a broker tomorrow and they are on the list. We are nearly at the 6months after prov approved. We are so drained from it all this is such a long journey and the waiting is cruel.

Salanky

Has anyone gotten an extension due to covid? My approval ran out in april but the woman in the council told me to try for an extension now because of covid. I never heard anything from them(Louth Coco) about going for an extension and she seemed surprised I hadnt gotten something. Iv got all the bits together to reapply anyway just waiting on the bank letters but I sent in all the up to date accounts today to go infront of the credit committee when they sit next week. Hopefully going to view a house this weekend that I viewed back before my application was approved which I thought had been sold but it just went back up this week at the same price.

gnr vr fan

Homedream wrote: »

Thanks so much we knew we would be rejected as well but still had to wait weeks to be told going trying a broker tomorrow and they are on the list. We are nearly at the 6months after prov approved. We are so drained from it all this is such a long journey and the waiting is cruel.

Hi Homedream. What list do you reference?

ABCD_1234

Homedream wrote: »

Have you applied for help to buy off revenue?

Unfortunately I wouldn’t get approval for the cost of a new build 👎

djan

Sorry if this has been answered before but could someone confirm that the interest rates offered now, have gone up substantially?

I'm pretty sure there was a fixed 25 year option at near to 2%. At the current 3+% when you account for the expensive MPI it can end up more expensive than most of the banks?

KH1591

Hi.
Just curious if anyone here has been affected by Covid but still approved for their mortgage with RI?
We're sending our application next week hopefully, everything is set and ready to go and we've just found out today my partners place of work could be closing down due to Covid. Our local council have told us to still apply and if he has a new job quite quickly we should be ok but its still a huge worry as it could set us back time wise (since many place like a long employment record)
Just wondering if anyone else is in a similar situation or maybe affected in a different way but still approved?
Thanks

Homedream

gnr vr fan wrote: »

Hi Homedream. What list do you reference?

I just ment that we are going appliing for mpi through broker and they have about 14 companies they look for mpi from and royal london is on there list. As well as friends first etc just hoping it will give us more of a chance

kbman

djan wrote: »

Sorry if this has been answered before but could someone confirm that the interest rates offered now, have gone up substantially?

I'm pretty sure there was a fixed 25 year option at near to 2%. At the current 3+% when you account for the expensive MPI it can end up more expensive than most of the banks?

It wsd 2.25% for 30 years until January when it was increased to Nearly 3%,few articles on journal about politicians complaining how it was done.
Yes, It would almost definitely be more expensive than most banks. I'm not sure what the increase was on 25 year term but its huge to increase. 7% on the rates.

beanyb

jill_valentine wrote: »

A good chunk of my deposit sum was a gift from my parents late last year. I've been saving along with it but told that because it was a gift (and clearly it was, since it just materialised in a lump in my account) that portion will not be considered as "my" money for the purpose of reckoning the percentage deposit I have on hand. If so, that seems a little strange to me, as banks wouldn't make that distinction and I would have a signed declaration of it as a gift rather than a loan?

Does anyone have any further insight on this?

Gifts can be used as part of the the deposit, but you have to be able to show that you have saved at least 30% of your overall deposit.

This is from the FAQs on the website:

Example:

For a property with a market value of €200,000 you will need a deposit of at least €20,000.

This must be evidenced by way of:

€6,000 (30%) from your personal savings (consistent, regular and gathered over a minimum of 12 months); and
€14,000 (70%) from any unborrowed source (i.e. not another loan) such as a parental gift, inheritance, insurance settlement or the Help-To-Buy (HTB) scheme or a combination of these.

Maz2016

Homedream wrote: »

I just ment that we are going appliing for mpi through broker and they have about 14 companies they look for mpi from and royal london is on there list. As well as friends first etc just hoping it will give us more of a chance

Homedream hopefully you get somewhere. Pulse in the UK is meant to be good too. Is there really 24 companies? I don’t know why but I thought there was only 6. If you have the names handy , would you mind sending them to me on a pm? As I say I’ll be in the same situation as you

xxsammyxx085

labyrne22 wrote: »

Hi,

Sorry, this has probably been asked before. I was wondering if having one dependent caused much of a reduction in the offer?

If you’re slightly short of the 10% at application stage will they just contact you seeking proof of the full deposit at review stage or will the application be refused altogether and you’ve to start again? South Dublin County Council.

Thank you.

Hi.... I'm married with 3 children. The calculator said we could apply for 194k... when our application went in we were approved for 184k..... it's not too bad I suppose