Rebuilding Ireland home loan

Not sure if it's been mentioned here already, but both interest rates have been reduced by 0.25%

Hi Guys,

Long time follower 1st time poster.

We got RIHL mortgage approval in March, very lucky to go sale agreed in April signed our contracts in June and got our keys to our new home 31st August.

The MPI that they use are shockingly useless. I highly recommend sorting out MPI and IP with another company just in case as it held us up months.

I have a medical condition and did the telephone interview, sent in a medical report from my GP stating that my condition doesn't impact on my work life and I've never had to take time off work because of it and they still turned us down.

I talked to a colleague who's brother worked for that Insurance company and he told me he had to leave as they did his head in so much. The minute they input a medical condition on there system your automatically turned down.

We got there in the end but the council were so slow!!!!!!!!!!

We went with Irish Life found them really helpful and let them know it was urgent so they rushed it for us. Our GP was very good also and I explained I needed the medical report done quickly and sent back and they did it within days.

Your council aren't allowed recommend any MPI to you if your turned down you have to sort it yourself. If you have to get your own it has to go before the credit committee to be approved then you send in your last few pieces of paperwork and it goes before the next credit committee then it takes a week to issue the money order which has to be sent from the council solicitor to yours. We didn't think it would take the council as long to process but with the time of year everyone was taking leave and had to wait for them to come back from it. Really dragged out the process.

I just think the council doesn't make people aware of how long it takes and it's headwrecking

Hi everyone,

Got sale agreed on a house early August and got the official loan offer from the council about 2 weeks ago which was signed and send back .Our solicitor wants to wait for the legal documents to come from the council before we sign the contract.Does any one know how long it will take the legal documents to come through ? Has anyone signed the contract before the getting the legal documents ? (Official loan offer signed)

Thanks in advance.

You'd think it would but because my husband wasn't turned down for the MPI with the council he had to take it and the price was the same as what it would have been for the 2 of us on it. You have to take the council MPI unless your turned down for it. That's why I advised having a back up in place in case your turned down because it added 2 months of a wait on for us. My MPI had to be approved by the credit committee in July which it was we sent in the deed of assignment then and, payslips letters from employers stating that we were on no wage supplements. That had to go before the credit committee to be approved in August before the money order could be issued ( couldn't understand why it all couldn't be done at the 1 meeting but its the way it's done. Took another week for the money order to be issued to there solicitor then another few days before it was sent to ours. Then it had to clear their client account before it was sent to the vendors solicitors.

Hi, I wonder does anyone know how often there is a Credit Committee meeting held in Laois County Council?

I have a quick question.

I will be eligible to apply for RBI in early Dec. At what point is it best to apply witb banks to obtain insufficient offers?

I presume the date needs to be pretty close to the application date so was thinking of applting via a break in 2 weeks time. Any advice?

Also I'm just assumimg the broker will provide me with an AIP letter once received? Is that correct?

Id be happy to do it myself but am very conscious that it takes the HR in my company ages to complete salary certs, if i do it myself multiple salary certs are required whereas only one will be required for a broker application

Oh thats fantastic - i will go for that so as I am actually going to be applying with Waterford Co. Council

2 quick questions if I may.

1. For the question on previous loan applications, is this referring to mortgage applications, or do I need to list every loan I've ever had?
2. On the section (Appendix 3) for the 2 insufficient offers, for the amounts applied for, do I need to actually specify an amount, or can I put maximum available here too?

Thats the only benefit to be honest. RBI is for when 3.5x wont buy you a home. 3.5x my salary wouldnt buy me an apt. But with RBI and i've over 30k saved I'll have a lot more options.

I do think that we'll see interest rate rises soon, inflation is getting out of control and when that happens int rates rise to curb it. The benefit of a long term fixed rate is also there in that instance

Sorry to hear that - such disappointing news to get!

From what i've seen a lot of people appeal this decision. I know its more stress but fwiw i think it would be worth a shot.

Best of luck!

Anybody approved with previous credit issues? Missed payments on a CU loan a few years ago, loan has been cleared for over two years now. I know banks are a bit flexible and have been told by broker we should be fine with most banks considering the length of time since the credit issues and the strength of the rest of our application (savings etc) but from what I've read the council will just turn it down once they seen the credit report so don't really want to waste our time applying if that's the case.

Was on to Louth County Council as about to submit an application. However, they are not accepting any more applications as their funding is exhausted. They said they didn't know whether the scheme would reopen in January (!!) or would be replaced by some Housing for All scheme. Am devastated here as had been saving to apply now.

Does anyone know if it is usual for County Councils to run out of money towards the end of the year? Has anyone heard that the scheme is to be discontinued or subsumed into another Housing for All Scheme? Thanks.

That’s what we received too. Qe were waiting for over 9 months..

Is the housing for all scheme is coming into play any time soon? Plan is to reduce the RI interest rate by .25% which would work out to be a significant chunk over the lifetime of the loan.