Rebuilding Ireland home loan

John Hutton

extrafluff wrote: »

An update on our applications.
I rang DCC on Friday to enquire about ours & they said we've been approved The amount is pretty close to what was shown on the calculator. We're delighted. We applied towards the end of September. Took a little over 9 weeks.

We're still waiting to hear back from SDCC. Since June.

Congrats!


Can I ask what evidence of insufficient finance offers from banks did you have to supply?

extrafluff

John Hutton wrote: »

Congrats!


Can I ask what evidence of insufficient finance offers from banks did you have to supply?

Thank you!

With DCC, screenshots from 2 online calculators were fine but with SDCC they needed letters of offers. We applied with Ulster Bank & AIB as they were able to give us AIP that day.
Best of luck with yours!

John Hutton

extrafluff wrote: »

Thank you!

With DCC, screenshots from 2 online calculators were fine but with SDCC they needed letters of offers. We applied with Ulster Bank & AIB as they were able to give us AIP that day.
Best of luck with yours!

Thanks, I've heard that a few times now, that some people are happy with screenshots and others need the offer letters.


I'll be doing mine next year so I think I'll just try the screenshots first and see how it goes! I'll be applying to Louth and Meath

Jafin

John Hutton wrote: »

Thanks, I've heard that a few times now, that some people are happy with screenshots and others need the offer letters.


I'll be doing mine next year so I think I'll just try the screenshots first and see how it goes! I'll be applying to Louth and Meath

Just ring them up first and ask. It'll save you a lot of time and hassle.

John Hutton

Jafin wrote: »

Just ring them up first and ask. It'll save you a lot of time and hassle.

Tried that, they both said basically send it in and see, and that they couldnt confirm before looking at it.

Jafin

John Hutton wrote: »

Tried that, they both said basically send it in and see, and that they couldnt confirm before looking at it.

Oh wow, ok, that's weird. That being said I did check with my council if a print out from an online calculator would be fine before I submitted my application and they said yes. When I submitted it they said they don't take online calculator results, so even if they had told you yes they could still have changed their minds. Safest route is to go to two banks anyway and get the letters if you can, but if you're not fussed about possibly having to wait an extra few weeks if they don't take the calculator printouts then you could always just go ahead with them and see what happens.

Jennyod31

Anyone just back to work after lockdown.. I was told to submit one payslip that application ya perfect other than that

mtoutlemonde

Hi folks, I have asked this before but didn't get a response. I applied 8 weeks ago to my Council. I don't know what the result will be but I have a worry - do they check the size of your house before giving you mortgage? My house may be too big but is in line with neighbouring houses which made planning easier. As an aside, is it easy to reduce the size of your house plans i.e. do I need another planning application?

Proporridge

Hi I’ve just got approved in prinipal for the amount I asked for. I now have to submit a sales brochure for the house i am purchasing to prove it is on the open market (I currently rent the property and buying it off my landlord), confirmation from the vendor of the sales agreed price, a bank statement showing I have the funds to pay for the difference between the amount approved the sales agreed price from a non borrowed source and an independent valuation of the property. My question is how long does it take to get the formal loan offer after you submit these things or what is the process from here?

Note I applied with Donegal CC and it’s taken me from the middle of July to get this far and apparently my application has moved faster then normal 🙈

BKWDR

mtoutlemonde wrote: »

Hi folks, I have asked this before but didn't get a response. I applied 8 weeks ago to my Council. I don't know what the result will be but I have a worry - do they check the size of your house before giving you mortgage? My house may be too big but is in line with neighbouring houses which made planning easier. As an aside, is it easy to reduce the size of your house plans i.e. do I need another planning application?

How much is it over 175sqm?
regardless of the neighbours houses, (they wont check that) if its over its over and you will be running a gauntlet , it will be a gamble.

I would imagine to change the aspect or design of a house would require planning permission , but ring your LA

delkel38

Those of you who have managed to get the full amount, are you happy with the repayments?
Just wondering would it be possible to switch mortgage in the future to a traditional bank or are we getting a good deal with the council. The mpi is the main issue for me as its extortion. Now it will reduce annually.

jwix

Hi all,
I've seen a lot of posts on here regarding people applying for RIHL scheme, for single it joint applications, but has anyone who is divorced applied for this scheme, and if so have you been successfull. I'm divorced and looking to buy a house, but have been told not to even bother applying, by Clare co co because of a ridiculous clause which effectively says that if you are divorced you cannot have made anything from your home, you can't have sold it to your ex spouse,, you must essentially walk away and leave the home to your ex spouse, that's if your bank will allow you do this. I got a letter from the minister for housings secretary basically saying if I didn't give my house to my ex then I can't apply , even if you have a job, pension , divorce agreement all that crap
The scheme is a joke,

phobia2011

Funds released, contracts sent to solicitor, once I’m at this stage, do I need to provide any more documentation?

BKWDR

jwix wrote: »

Hi all,
I've seen a lot of posts on here regarding people applying for RIHL scheme, for single it joint applications, but has anyone who is divorced applied for this scheme, and if so have you been successfull. I'm divorced and looking to buy a house, but have been told not to even bother applying, by Clare co co because of a ridiculous clause which effectively says that if you are divorced you cannot have made anything from your home, you can't have sold it to your ex spouse,, you must essentially walk away and leave the home to your ex spouse, that's if your bank will allow you do this. I got a letter from the minister for housings secretary basically saying if I didn't give my house to my ex then I can't apply , even if you have a job, pension , divorce agreement all that crap
The scheme is a joke,

That's not exclusive to this scheme, that's with any bank or building society too.
This scheme is for first time buyers.
If you have bought a house before and still have an interest in that property,you're not a first time buyer. The interest is the money you have from selling an interests. That's not the scheme. That's the law and how first time buyers are defined

Graham

jwix wrote: »

I'm divorced and looking to buy a house, but have been told not to even bother applying, by Clare co co because of a ridiculous clause which effectively says that if you are divorced you cannot have made anything from your home, you can't have sold it to your ex spouse,, you must essentially walk away and leave the home to your ex spouse, that's if your bank will allow you do this.

There are specific rules around treating separated/divorced individuals as first time buyers for RHIL purposes.

applicants who are separated or divorced may be treated as first-time buyers, in accordance with the regulations, if they meet certain conditions as set out in Section 92B of the 1999 Act, including that:

• they are legally separated or divorced under a court order or by a separation agreement or have been granted an annulment by a court;
• the property being purchased is the first property since leaving the family home;
• they have left the family home and retain no interest in it;
• they have made no financial gain from the transfer of the ownership of the family home; and
• the other party has remained in the family home

Source: written answer to a parliamentary question asked of the Minister for Housing, Planning, and Local Government.

jwix

The rules say that to be considered a first time buyer( in relation to people who are divorced) you cannot retain an interest in the property, and that the other party . ie your ex wife/husband remains in the property. This effectively means that you have to transfer your share of the property to your ex, and not have received anything, which is fine except that if you property is mortgaged you cannot release your interest in it unless the bank agrees to allow transfer of ownership to the other party, and they dont, because if one defaults the other is made pay, and believe me ive tried.
if you know anyone who is thinking of getting divorced, tell them to think again and if they still want to get divorced tell them to really think again. Financially your worse off, and mentally and physically your drained, to the point of exhaustion, because the system is a shambles.

kavo89

sorry if the answer has already been given. Will be applying for the loan in the new year and sending in my application. Reviewing the application paperwork it says to provide the house address etc. However, if you have no house in mind and just looking for approval, what do you need to provide there? any help or advice be appreciated.

optogirl

kavo89 wrote: »

sorry if the answer has already been given. Will be applying for the loan in the new year and sending in my application. Reviewing the application paperwork it says to provide the house address etc. However, if you have no house in mind and just looking for approval, what do you need to provide there? any help or advice be appreciated.

Leave it blank. We did that with DCC, was no issue

kbman

kavo89 wrote: »

sorry if the answer has already been given. Will be applying for the loan in the new year and sending in my application. Reviewing the application paperwork it says to provide the house address etc. However, if you have no house in mind and just looking for approval, what do you need to provide there? any help or advice be appreciated.

Realistically with the time frames for approval, many properties would be off the market by the time the offer comes through from the council, we also left it blank.

Best of luck

jill_valentine

jill_valentine wrote: »

So, as some folks might remember I have AIP from Dublin City Council. There's nothing in my bracket at the moment, so it looks like it'll be well after Christmas (and possibly an extension) before anything comes into view.

In the meantime, I've submitted an application for both South Dublin County Council and Fingal County Council via post on Tuesday, 01/12/20. I'll come back to document dates etc here as I did before to give people an idea of the different stages, but it'll probably be a lot less usefully indicative of anything because the cycle will include Christmas this time.

All the best to folks here at any stage in the process.

Fingal County Council called me today, 10/12/20, to say all was okay with my application and it's heading off to the Underwriters. I don't expect to hear back re Approval etc until Feb/March.

I will warn, Fingal's expected offer is about 8k lower than DCC's.

TaDa

jill_valentine wrote: »

Fingal County Council called me today, 10/12/20, to say all was okay with my application and it's heading off to the Underwriters. I don't expect to hear back re Approval etc until Feb/March.

I will warn, Fingal's expected offer is about 8k lower than DCC's.

Do you mind me asking if there was a need to provide a letter from your employer at this stage?

I have a few hurdles to jump still until I get to the drawdown stage

jill_valentine

TaDa wrote: »

Do you mind me asking if there was a need to provide a letter from your employer at this stage?

I have a few hurdles to jump still until I get to the drawdown stage

There wasn't, I did provide a Salary Cert though. I'm guessing they'll request it before issuing the AIP in March/Feb though.

irishgal23

Hey everyone I am looking for some small advice. I am hoping to buy in 2021. My salary is €31,000, if applying for a mortgage through a bank its roughly €110,000 i would be able to get. If applying through the rebuilding Ireland loan I would roughly get €140,000. I know the application you must produce 2 refusal letters from a bank, would anyone be able to recommend a bank which I would get one? The majority seem to be if you've a salary of over €30,000 that you can be approved. Thanks

jill_valentine

irishgal23 wrote: »

Hey everyone I am looking for some small advice. I am hoping to buy in 2021. My salary is €31,000, if applying for a mortgage through a bank its roughly €110,000 i would be able to get. If applying through the rebuilding Ireland loan I would roughly get €140,000. I know the application you must produce 2 refusal letters from a bank, would anyone be able to recommend a bank which I would get one? The majority seem to be if you've a salary of over €30,000 that you can be approved. Thanks

Both DCC and Fingal councils will accept screenshots of mortgage calculators from websites (don't know about others but have heard SDCC will not)

AFAIK Ulster Bank and PTSB both have calculators on their sites.

Jafin

irishgal23 wrote: »

Hey everyone I am looking for some small advice. I am hoping to buy in 2021. My salary is €31,000, if applying for a mortgage through a bank its roughly €110,000 i would be able to get. If applying through the rebuilding Ireland loan I would roughly get €140,000. I know the application you must produce 2 refusal letters from a bank, would anyone be able to recommend a bank which I would get one? The majority seem to be if you've a salary of over €30,000 that you can be approved. Thanks

It doesn't have to be a refusal letter where they say they're not giving you any money. The language with all of it is a bit confusing. Before I applied I thought banks literally had to say no to you also. What you actually need are two letters of insufficient offer. What that means is that if you're looking for €140,000 but banks are only willing to lend you €110,000 then you just need two letters offering you €110,000.

irishgal23

Jafin wrote: »

It doesn't have to be a refusal letter where they say they're not giving you any money. The language with all of it is a bit confusing. Before I applied I thought banks literally had to say no to you also. What you actually need are two letters of insufficient offer. What that means is that if you're looking for €140,000 but banks are only willing to lend you €110,000 then you just need two letters offering you €110,000.

Oh I see thank you so much for explaining!

Jafin

irishgal23 wrote: »

Oh I see thank you so much for explaining!

No problem. For the longest time I genuinely thought I would not qualify for the scheme because I couldn't figure out how to get a bank to not offer me any money.

mtoutlemonde

BKWDR wrote: »

How much is it over 175sqm?
regardless of the neighbours houses, (they wont check that) if its over its over and you will be running a gauntlet , it will be a gamble.

I would imagine to change the aspect or design of a house would require planning permission , but ring your LA

Thanks for the reply. What I meant about neighbouring houses - I'm self building so have planning permission granted - when I was doing it, the architect advised to build in size and shape of neighbouring houses as it would streamline planning which it did. It's a good bit over but the banks won't give me what I need and RIHL is the best and only option for me at present.

Graham

mtoutlemonde wrote: »

RIHL is the best and only option for me at present.

I don't see how it is an option if you're over the size limit.

Lisad10

Hi just to give everyone a bit of hope I got to keys to my new home last Friday through SDCC. I'm a single applicant and I originally applied in Sept 2019, got AIP in June 2020, went sale agreed on the 23rd of August and got the keys on the 4th of Dec. It was a long process but worth it all in the end.