Rebuilding Ireland-Home Loan Scheme

Discussion in 'Mortgages and buying and selling homes' started by EvenStevens, Mar 13, 2018.

  1. EvenStevens

    EvenStevens Registered User

    Posts:
    15
    A general question. Just wondering if anyone here has engaged in using the scheme at all yet and how they've found it? I think I misunderstood the scheme initially but it might actually work in my favour. They ask for proof of insufficient funds from banks so I presume a statement from the bank stating what I would qualify for is essentially the same thing? I will pick up the phone and ring them but just interested if anyone has been in touch with any county councils about it.
     
  2. cpt_boom

    cpt_boom Frequent Poster

    Posts:
    25
    There's a good thread on boards with info on it here.

    It seems you can only use the council's mortgage protection insurance and the cost is high - €133/mo. for a e288K 25yr loan. I wonder if you're paying some kind of default insurance for the council... or the scheme is just overpriced.

    If we assume a policy cost of e25/mo. this would add 0.75% to the effective rate of the 25y mortgage. Still, 2.75% is a very good deal.