Anyone used this yet? We've looked into it and there seems to be number of limitations in the application process. For example, the need to name and provide specific details on a particular property for the loan. The process can take up to 6-8 weeks to be approved.
We applied for this after struggling to get a mortgage from the banks we were met with decline after decline with no clear triggers as to why, When we heard the scheme was announced we were over the moon we met all the criteria it appeared to be made for us. 5 weeks after application we received a letter from county council saying we had been DECLINED because they deemed us above the joint €75,000 threshold. We had a guaranteed income of €69,000 but they included unguaranteed overtime and unsocial hours done in attempts to attain a mortgage as guaranteed. We are appealing and fighting this however my first hand opinion is unfortunately this ironically called Rebuilding Ireland home loan is all a creative way to make the people of ireland THINK something is being done to help the middle working class
Has anyone else looked into this scheme or had issues with it?
Plus it may take much longer than 4-6 weeks to be approved, you do not need to have a property found before applying just mark it TBA.
I honestly haven't heard anyone who was approved with this scheme. Mostly declined.
@jargarbo we have had the exact same experience taking almost three months to receive an answer to tell us we were over the threshold due to their calculations! I 100% support your opinion!
Has anyone got it on a single income?
Not that I have heard but I applied on my own..
I was declined on single income, just barely.
There is one poster in the main thread for this scheme who has been approved.
I've heard through word of mouth that another couple were approved, can't verify how true though.
Do you mind me asking what they declined you on? Mine was based on the fact my p60 was higher for 2017 with extra hours worked to get deposit up despite not being guaranteed! I’m a working single parent but can’t get a mortgage but yet earn too much for social housing! It’s a mad world we are living in and completely defeats the purpose, reality is if I gave up my job I’d get a house!!!
I think it does not offer mortgages to people like it was meant to, Maybe a couple on €74k and big deposit would get it.
How about €69,000 with 32 grand deposit, sparkling clear ICB, zero loans and in permanent pensionable employment? Sounds absolutely bizarre right nope that’s me!! The mind boggles Something extremely dodgy!!
What? that is crazy. I do not understand how you were not approved because you did extra hours.. Did your P60 show 75k+?
If you don't get it no one will!
I went in with my daughters godfather( 10 year history both first time buyers in permanent, pensionable employment) our combined p60 was €77 thousand however our annual salary’s as per salary certs were €69 combined, clear history absolutely nothing else! They declined based on P60 for previous year, it’s near impossible to meet the ‘standards’ they are intentionally seeking declines!!
I think you are right, they will find a reason..