Rebuilding Ireland home loan

Lauren52

TaDa wrote: »

Just looking to see if anyone has obtained approval to drawdown while still on a wage subsidy scheme with their employer?

I have AIP but no use if I cannot drawdown due to a subsidy scheme my company avail of.

As far as I am aware You have to be 3mts off it with RI
EBS is 1 week Payslip off Subsidy.

I am on PUP back to work 1st December praying we dont go on to subsidy.

We are waiting for decision from Meeting , hopefully I will have 3mts off it before Drawdown.

I am second applicant aswel, so hoping that makes a difference.

How long have You got the AIP for, You could possibly extend?

TaDa

I have AIP a couple of weeks now. No need to extend just yet but I am worried my company will remain in this scheme beyond Christmas

Very frustrating position to be in

Lauren52

TaDa wrote: »

I have AIP a couple of weeks now. No need to extend just yet but I am worried my company will remain in this scheme beyond Christmas

Very frustrating position to be in

It is extremely frustrating , I am holding out hope we wont go on it. My HR Manager told me we have to be 30% down to avail now, and then after Dec I think it You have to be down more again so hopefully by then you will come off. So Bloody annoying.

It's really unfair. I get it to a point as it is showing the Job could be at risk because the business is not doing so well. But when we are coming out with the same money it's very hard to accept.

Sarahedel1991

Hi there,

I'm hoping somebody can help us. We got our approval in principle letter with the forms we need to fill out.

My partner isn't born in Ireland and they are asking for a declaration /letter to prove that he doesn't have property in the UK. Does anybody know where I would get this?

Also, do we get our own insurance for the house? And if so does it matter who we go with?

Also, I presume with the mortgage protection the council includes this I think?

Sorry for all the questions I'm just confused!

Our house is a new build and won't be fully done till February. Not sure how we can get a valuation report of the house now for this form if the house isn't built?!

Any advice would be very appreciated if someone else did these steps. Its a bit overwhelming!

Thanks

Benci

We had our valuation report done for the new build which is not finished yet, before draw down you need the final valuation.
About home insurance you can choose the company you want to go with.

For MPI anyone knows if you have to mention if you attended to Emergency Department for Dental surgery?
Thank you.

TaDa

Has anyone actually gone through the process and managed to draw down while on the wage subsidy?

I know of people that have gone through their employers and received letters which confirmed they were in a secure job despite the subsidy scheme, but those people went through AIB so not sure if applicable to Rebuilding Ireland

Jafin

TaDa wrote: »

Has anyone actually gone through the process and managed to draw down while on the wage subsidy?

I know of people that have gone through their employers and received letters which confirmed they were in a secure job despite the subsidy scheme, but those people went through AIB so not sure if applicable to Rebuilding Ireland

You're not allowed to draw down with this scheme if you're on the subsidy as far as I'm aware.

Lauren52

TaDa wrote: »

Has anyone actually gone through the process and managed to draw down while on the wage subsidy?

I know of people that have gone through their employers and received letters which confirmed they were in a secure job despite the subsidy scheme, but those people went through AIB so not sure if applicable to Rebuilding Ireland

The attached was stated in July. Also people have said on this that they have been told 3mts.

We were told by EBS that when we had 1 payslip we would be able to drawdown.

A guy I work with was on the very last stage when put on subsidy he got it by the skin of his teeth but his mortgage broker had to fight for him and work sent a letter to say he was guaranteed his job.

I would think it would be highly unlikely.

jill_valentine

Oof. For some reason it hadn't occurred to me Tallaght wouldn't be covered by DCC. Off to apply to SDCC just in case.

jenpenjelly

Hi, this board has been so helpful to me in the last few months thank you.
We applied for SDCC in mid September, our application is back from the underwriters and is in the queue for the credit committee. Has anyone any experience with SDCC? As in how long the wait for the credit committee will be?
Thanks

ABCD_1234

jill_valentine wrote: »

Oof. For some reason it hadn't occurred to me Tallaght wouldn't be covered by DCC. Off to apply to SDCC just in case.

Do you happen to know what areas are covered by SDCC, I tried to find a map detailing this but can’t seek to find one. Also, be prepared for the long wait for SDCC.

extrafluff

jenpenjelly wrote: »

Hi, this board has been so helpful to me in the last few months thank you.
We applied for SDCC in mid September, our application is back from the underwriters and is in the queue for the credit committee. Has anyone any experience with SDCC? As in how long the wait for the credit committee will be?
Thanks

Hey.

We applied in July with SDCC & we're still waiting. It has come back from the underwriters previously but they can never tell me whether our application has been seen by the credit committee - only that they seem to have a meeting every week. It's so frustrating.
You could be waiting a while. SDCC only approved 9 applications in the first 6 months of the year.

ABCD_1234

jenpenjelly wrote: »

Hi, this board has been so helpful to me in the last few months thank you.
We applied for SDCC in mid September, our application is back from the underwriters and is in the queue for the credit committee. Has anyone any experience with SDCC? As in how long the wait for the credit committee will be?
Thanks

Hi,

I applied in June and my application is with the credit committee the past few weeks. Hope this helps

jill_valentine

ABCD_1234 wrote: »

Do you happen to know what areas are covered by SDCC, I tried to find a map detailing this but can’t seek to find one. Also, be prepared for the long wait for SDCC.

Yeah, it's a bit of a killer. I'm not actually fussy where exactly I end up, I just need somewhere within arm's length of the city that I can afford, so this does mean theoretically I'll be applying to three different councils at least just *in case* something comes up in one in my price bracket.

Frustratingly difficult to find a detailed map of the different Council jurisdictions, this is the handiest I've found as yet:

jessimirish

Just got my AIP letter from Fingal CC! (Sent the application in on September 9)

I applied for DCC as well at the same time and am still waiting for them, to be honest I will hopefully end up buying in the DCC area, but at least I can start looking somewhere while I'm waiting and it bodes well for my DCC application.

Delighted!

ABCD_1234

jill_valentine wrote: »

Yeah, it's a bit of a killer. I'm not actually fussy where exactly I end up, I just need somewhere within arm's length of the city that I can afford, so this does mean theoretically I'll be applying to three different councils at least just *in case* something comes up in one in my price bracket.

Frustratingly difficult to find a detailed map of the different Council jurisdictions, this is the handiest I've found as yet:

That’s great! Thanks for that!

Hopefully something will come up for you soon. I’m hoping prices take a drop 😅

jill_valentine

jessimirish wrote: »

Just got my AIP letter from Fingal CC! (Sent the application in on September 9)

I applied for DCC as well at the same time and am still waiting for them, to be honest I will hopefully end up buying in the DCC area, but at least I can start looking somewhere while I'm waiting and it bodes well for my DCC application.

Delighted!

Congratulations, all the best in your search!

Auld Jim Halpin

Hello All,

Can anyone tell me if it is possible to add more than the 10% deposit contribution to the overall buying price?

I believe it is not allowed but others have said it is possible.

By way of example, lets say I am Approved for a €100k RIHL mortgage from council, plus my 10% deposit, I can now buy for up to €110k.

Can I then add another 10k of my own money (from my bank account) and buy for €120K in theory?

Thank You.

janandbren

Hi everyone,
Would you know if RIHL will take loan repayments as repayment capacity?
We've been paying loan of 500 per month the past few years. 70 a week into savings. We now have paid off the loan and have kept the direct debit for it to go straight into savings. We also pay HAP 400 a month. We've recently gotten insurance settlement to cover a deposit and have 5k savings to put towards it. But I'm not sure will they want to see we have saved the higher amount the past 12 months?

Lauren52

Auld Jim Halpin wrote: »

Hello All,

Can anyone tell me if it is possible to add more than the 10% deposit contribution to the overall buying price?

I believe it is not allowed but others have said it is possible.

By way of example, lets say I am Approved for a €100k RIHL mortgage from council, plus my 10% deposit, I can now buy for up to €110k.

Can I then add another 10k of my own money (from my bank account) and buy for €120K in theory?

Thank You.

Of course You can , we will be putting more towards ours.

ABCD_1234

KH1591 wrote: »

So we got news back yesterday that the credit committee / council approved us but the housing agency did not. Something about employment not being sustainable during the current situations with lockdowns. Very confusing as we are both in full time contracts and being off of work is out of our control of we are forced to close.
The council are fighting this decision for us and hoping to a different outcome.

Just wondered if anyone has been in a similar situation? Very disappointing as the credit committee would have approved us but don't like to over turn the Housing Agency decision!

Really sorry to hear that! Hopefully they will over turn their decision.

Zoza

Hello , we got a letter from underwriter and they said:
1 . Net income ratio outside of policy
2. Unsatisfactory savings record/source of equity

Now what should I do ? The monthly repayment is less the 35% of net income
and i can privide the source of deposit as well.
Did anyone had the same problems? Thank you !

Antho12

Auld Jim Halpin wrote: »

Hello All,

Can anyone tell me if it is possible to add more than the 10% deposit contribution to the overall buying price?

I believe it is not allowed but others have said it is possible.

By way of example, lets say I am Approved for a €100k RIHL mortgage from council, plus my 10% deposit, I can now buy for up to €110k.

Can I then add another 10k of my own money (from my bank account) and buy for €120K in theory?

Thank You.

Yes you can, I’m adding about 30% of my own funds towards to price of the property

Good luck

optogirl

Auld Jim Halpin wrote: »

Hello All,

Can anyone tell me if it is possible to add more than the 10% deposit contribution to the overall buying price?

I believe it is not allowed but others have said it is possible.

By way of example, lets say I am Approved for a €100k RIHL mortgage from council, plus my 10% deposit, I can now buy for up to €110k.

Can I then add another 10k of my own money (from my bank account) and buy for €120K in theory?

Thank You.

There are 2 different questions here I think? I have been told by DCC that you cannot bid more than the maximum (eg: loan amont + 10% of the property price [your deposit]). I believe you can however pay more than 10% of the deposit in order to draw down less and make repayments smaller.

Lauren52

optogirl wrote: »

There are 2 different questions here I think? I have been told by DCC that you cannot bid more than the maximum (eg: loan amont + 10% of the property price [your deposit]). I believe you can however pay more than 10% of the deposit in order to draw down less and make repayments smaller.

That seems crazy to me, what is the reasoning behind this?

We have just been approved , however it was a lot less than they had originally looked for, we have savings over the 10% amount.

I have just emailed Rebuilding Ireland to check this as that just does not seem right to me.

If You have Mortgage Approval with the likes of EBS for 175 you can use as much of your own money why not RI?

Sorry to the previous person I responded to saying You could, I'll come back on once I have got clarification from RI.

What a Joke If this is correct.

optogirl

Lauren52 wrote: »

That seems crazy to me, what is the reasoning behind this?

We have just been approved , however it was a lot less than they had originally looked for, we have savings over the 10% amount.

I have just emailed Rebuilding Ireland to check this as that just does not seem right to me.

If You have Mortgage Approval with the likes of EBS for 175 you can use as much of your own money why not RI?

Sorry to the previous person I responded to saying You could, I'll come back on once I have got clarification from RI.

What a Joke If this is correct.

I totally agree. We are getting outbid everywhere & would be able to add 10k of our own savings to boost our bid however when I asked DCC the response was :

'. Just to let you know that maximum you can purchase a property for under this scheme is €320,000.'

gandalfio

Zoza wrote: »

Hello , we got a letter from underwriter and they said:
1 . Net income ratio outside of policy
2. Unsatisfactory savings record/source of equity

Now what should I do ? The monthly repayment is less the 35% of net income
and i can privide the source of deposit as well.
Did anyone had the same problems? Thank you !

We were rejected due to the net income ratio as well as something else. I responded to the Housing Dept in FCC explaining that they had made clear errors in their assessment of the details of our application. They accepted this and and it's now being fully reviewed by the underwriters.
I've asked a few times what the net income ratio percentage actually is, and have received no response.
To me, the whole process and administration of this scheme is a complete shambles. The mistakes they make when reading and interpreting basic information is bizarre.

Lauren52

Zoza wrote: »

Hello , we got a letter from underwriter and they said:
1 . Net income ratio outside of policy
2. Unsatisfactory savings record/source of equity

Now what should I do ? The monthly repayment is less the 35% of net income
and i can privide the source of deposit as well.
Did anyone had the same problems? Thank you !

Ours came back from underwriter declined also, the council said the underwriters used a lesser amount in calculations of our income than the council had.

The council went back to them, however we had a wage increase to add.

Finally we got AIP yesterday, however for a lot less than what the council had looked for.

We have proof of savings and rent for over 12 mts of more than 2000 pm, we were approved for 900 pm.

I dont get it! If You know You have it go back to the council and ask them to send it to the housing agency again, add in any updates you have , more savings etc.

Good Luck

gandalfio

optogirl wrote: »

I totally agree. We are getting outbid everywhere & would be able to add 10k of our own savings to boost our bid however when I asked DCC the response was :

'. Just to let you know that maximum you can purchase a property for under this scheme is €320,000.'

This is correct though. You cannot purchase a home with a value of mow than 320,000. That's one thing they are clear and consistent about.

Lauren52

optogirl wrote: »

I totally agree. We are getting outbid everywhere & would be able to add 10k of our own savings to boost our bid however when I asked DCC the response was :

'. Just to let you know that maximum you can purchase a property for under this scheme is €320,000.'

That's because You cant go over the maximum in your area? Unfortunately for You Dublin prices are insane and that should be changed.

It is 320,000 for Kildare, however we have been approved 221,000 (40,000) less than originally thought and a lot less than calculator.

However , if a house is for sale for 300,000 and I had 79,000 I should be able to use this to add to the 221,000 in order to buy the house for 300,000 ?