Rebuilding Ireland home loan

Lauren52

gandalfio wrote: »

We said that in our appeal. If anything I feel it strengthens the appeal. It highlights the fact that they're making a nonsense of their own scheme by making people go through a lengthy and laborious application process only to waste their time by offering an amount they could have gotten elsewhere with a cheaper interest rate and much cheaper MPI. They also make mistakes when reviewing and analysing the details of applications, so clarify anything that you feel could have been misinterpreted or analysed incorrectly.

I agree with You. If a bank was approving more based on a 3.5 calculation then the council have miss calculated somewhere. I would definitely mention this when asking the questions

jill_valentine

KCC and SDCC seem to be the hardest councils to work with and part of me is inclined to wonder if it's as simple as them not being enthused about the scheme and the homeowners relying on it.

SCLW89

gandalfio wrote: »

Appeal it.

Write a letter outlining your appeal and evidence your arguments through facts, figures and calculations. Highlight the fact you could have gotten the same amount from a bank, and aren't receiving any real benefit from the scheme.

Respond directly to each of the reasons they have turned you down.

Demonstrate your repayment capacity (prove that you are within the net income ratio limit) and show them how much you have left over every month. If you're paying very high rent, show them how you're paying the rent no problem, and how much better off you'll be paying whatever your mortgage figure will be if you're approved for the whole amount. Highlight that you have no loans etc.

Best of luck.

Rang today and the lady I've been dealing with is going to look into it and get back to me but will appeal if nothing comes from that! Will definitely be highlighting the fact the bank is offering us more as that is just ridiculous and totally makes the scheme for me totally obsolete!!
Thanks for the reply!

jill_valentine

Just want to say thank you to everyone who got their new places under this scheme and checked back in, it's a big help.

Mbourke91

Hi everyone has anyone applied to Meath county council recently? I am going to be applying this month and just wondered was there a long wait to hear back?

Also what are the most common reasons for a decline? Just want to try get the application right the first time 😅

Thanks a million

shaner016

Hi all.

I will be looking to apply as a single application. Has anyone got more than they online calculator ?

Applying to co Meath.

Any advice would be grateful

Thanks

Sidmonton1

Hi All, On the application form for the amount to borrow have people just put down the figure from the Rebuilding Ireland calculator or do they put a higher amount with the hope of getting what the calculator states?

Mbourke91

Susan17 wrote: »

Hi Guys

Just wondering does anyone know how long it takes to hear back about your mortgage application, we applied in early November with Meath County Council and we still haven't heard anything? I emailed them last Wednesday and they said they will have an answer for us shortly and still noting . I seen on here that other councils they only have there credit committee one a month to sign off on mortgage loan applications? If that's the case maybe that's the hold up with our application.

Hello I will be applying for Meath county council this month. I was just wondering if you’ve heard anything back yet? Thanks a million

jill_valentine

shaner016 wrote: »

Hi all.

I will be looking to apply as a single application. Has anyone got more than they online calculator ?

Applying to co Meath.

Any advice would be grateful

Thanks

I'm a single applicant. I was offered significantly more than the calculator by Dublin City Council, Fingal Council offered me pretty much the calculator exactly.

valarmorghulis

Hi does anyone know when Dublin city councils next credit committee meeting is or know how long the underwriters take to process applications ,currently 3 weeks since submitted after fully completed application

shaner016

Mbourke91 wrote: »

Hello I will be applying for Meath county council this month. I was just wondering if you’ve heard anything back yet? Thanks a million

Hi are yous applying for self build or buying?

mtoutlemonde

shaner016 wrote: »

Hi are yous applying for self build or buying?

You've asked this a few times and I know it is frustrating when no one replies - I have applied to a different CC for self build but am going through the MPI stage so don't know if that helps or frustrates further

Mbourke91

shaner016 wrote: »

Hi are yous applying for self build or buying?

I’m looking to buy a new build

Folks, I've skimmed this thread, and although I've an interest in this scheme (30 year fixed at 3%! Who wouldnt want it) I'm confused about something.

Would i be right in saying that two banks have to say no to you before you can apply for this? If so, I've done the calculator on the rebuilding site, and the amounts involved seem very samey to what banks will offer.

Is there some kind of strategic way of getting the bank to not lend to you? I mean, if you make 30k, for argument sake, both calculators (bank and rebuilding) will allow the same multiples of your income as a loan.

Im confused about how you manage to get turned down by a bank, but remain eligible for this scheme..?

BaguMka

Deleted User wrote: »

Folks, I've skimmed this thread, and although I've an interest in this scheme (30 year fixed at 3%! Who wouldnt want it) I'm confused about something.

Would i be right in saying that two banks have to say no to you before you can apply for this? If so, I've done the calculator on the rebuilding site, and the amounts involved seem very samey to what banks will offer.

Is there some kind of strategic way of getting the bank to not lend to you? I mean, if you make 30k, for argument sake, both calculators (bank and rebuilding) will allow the same multiples of your income as a loan.

Im confused about how you manage to get turned down by a bank, but remain eligible for this scheme..?

Well if you make 30k the banks can lend you 30 by 3.5 =112k while RIHL calculator shows 135k. However when you apply with council you could get even more up to 5 times your annual salary. So don't worry in most cases you get offered more with RIHL than banks offer you.

Mbourke91

[Deleted User] wrote: »

Folks, I've skimmed this thread, and although I've an interest in this scheme (30 year fixed at 3%! Who wouldnt want it) I'm confused about something.

Would i be right in saying that two banks have to say no to you before you can apply for this? If so, I've done the calculator on the rebuilding site, and the amounts involved seem very samey to what banks will offer.

Is there some kind of strategic way of getting the bank to not lend to you? I mean, if you make 30k, for argument sake, both calculators (bank and rebuilding) will allow the same multiples of your income as a loan.

Im confused about how you manage to get turned down by a bank, but remain eligible for this scheme..?

You don’t need to be declined by the banks you just need 2 insufficient offers.

donfers

Update: Have now applied for a few different councils, and heard back from a few of them asking for additional documents. I have the docs they need so just emailing them off.

Just curious about next step. If the contact in the council is happy with the application then what happens next and what timeframes roughly are we looking at?

aidan364

Hi All,

We got our application in just before Christmas to a number of local authorities. Our experience to date has been the scheme is very inconsistent amongst the local authorities.

We applied to six local authorities in total using online mortgage calculators from 2 banks as evidence of insufficient evidence which was deemed acceptable on the rebuilding Ireland website. Out of the six applications only two have accepted the online mortgage calculators. The other four insisted we had official refusals or insufficient offers from lenders.

Meath County Council also refused to accept our application by post and said we would need to present ourselves in person to apply. Which we found very odd during Covid times.

We are hoping to get a response from Fingal County Council in the coming weeks. Our application was with the underwriters in January and should be presented to the committee this week.

Its a long process, and definitely a pain that the process isn't uniform across all local authorities.

Hope you're all getting some good news soon or have done in the past.

donfers

Anyone thinking of applying for the affordable housing scheme? Or sticking with this?

mtoutlemonde

donfers wrote: »

Anyone thinking of applying for the affordable housing scheme? Or sticking with this?

Never heard of it - I presume it's for buying a pre existing house or can you self build? I'm still waiting to hear about the shared equity scheme - it was released in the dail but not finalised as banks had to get involved.

Just searched the affordable housing scheme on citizens information website and the scheme was stepped down in 2011.

dawidnowak2005

Does anyone know what’s is the story if you want rent or sell and buy another house with this scheme? I can’t find any information on it, thanks

BaguMka

BaguMka wrote: »

Well if you make 30k the banks can lend you 30 by 3.5 =112k while RIHL calculator shows 135k. However when you apply with council you could get even more up to 5 times your annual salary. So don't worry in most cases you get offered more with RIHL than banks offer you.

My real income is about 35k. A bank will give me, as a first timer, 4.5 times that (€157,500). When I stick the same details into the RIHL calculator, the figure they offer is €149,665 - less than the bank.

If you want to get a few more euro out of them, do you have to plead your case in-person? (If i had a budget of 200k i'd be getting somewhere, but 150 is a bit on the low side for anything that's not in need of renovating in my area).



Folks, I haven't read the full thread, although I've mooched through it (it's a fairly big thread in fairness). In the first couple of pages, dated 2018, people are complaining that mortgage insurance is charged by the council's directly, and it's at a very expensive monthly rate. Can anyone tell me if this is (still) the case?

Sorry if I'm asking a silly question.

Lauren52

[Deleted User] wrote: »

My real income is about 35k. A bank will give me, as a first timer, 4.5 times that (€157,500). When I stick the same details into the RIHL calculator, the figure they offer is €149,665 - less than the bank.

If you want to get a few more euro out of them, do you have to plead your case in-person? (If i had a budget of 200k i'd be getting somewhere, but 150 is a bit on the low side for anything that's not in need of renovating in my area).



Folks, I haven't read the full thread, although I've mooched through it (it's a fairly big thread in fairness). In the first couple of pages, dated 2018, people are complaining that mortgage insurance is charged by the council's directly, and it's at a very expensive monthly rate. Can anyone tell me if this is (still) the case?

Sorry if I'm asking a silly question.

A bank wont give You 4.5 times 35, they will give You 3.5 Only in certain cases will a bank make an exception and You would have to be on more than 35k a year to avail of this.

RI will give You 4.5 or above on a case by case basis.

Yes the MPI is a lot more than any other Mortgage Protection but goes down yearly over the 25/30 Years as every year your Mortgage is less the rate is less.

I doubt You will get 200+ on RI, we are a joint applicant , our gross is about 52k we were approved for 221k , this would have been more but as I was on PUP for a time this reflected in the amount we could borrow.

Lauren52

Lauren52 wrote: »

A bank wont give You 4.5 times 35, they will give You 3.5 Only in certain cases will a bank make an exception and You would have to be on more than 35k a year to avail of this.

RI will give You 4.5 or above on a case by case basis.

Yes the MPI is a lot more than any other Mortgage Protection but goes down yearly over the 25/30 Years as every year your Mortgage is less the rate is less.

I doubt You will get 200+ on RI, we are a joint applicant , our gross is about 52k we were approved for 221k , this would have been more but as I was on PUP for a time this reflected in the amount we could borrow.

Oh okay. That's odd. I thought it was 4.5 for first timers. I was applying with Bank of Ireland not too long ago and they went straight to 4.5 and never mentioned 3.5 or getting an exception. I'll have to look into it a bit more.


I'm on PUP at the moment, so I'll be waiting til 6 months after that ends before I bother applying (again), anyway, but I might take a look at the RIHL. Although I think I'd rather the safety net of trying to get a bigger deposit, rather than borrowing too much, incase things go to the wall for me.

Lauren52

[Deleted User] wrote: »

Oh okay. That's odd. I thought it was 4.5 for first timers. I was applying with Bank of Ireland not too long ago and they went straight to 4.5 and never mentioned 3.5 or getting an exception. I'll have to look into it a bit more.


I'm on PUP at the moment, so I'll be waiting til 6 months after that ends before I bother applying (again), anyway, but I might take a look at the RIHL. Although I think I'd rather the safety net of trying to get a bigger deposit, rather than borrowing too much, incase things go to the wall for me.

With RI You have to be off it 3mts and bank is less. Some Councils are very slow, if you have everything in order no harm in applying.

We had a 16mt wait before our approval (KCC ran out of Funding in 19 so there was a huge back log) the positive was we saved more so in the end we had enough (just about) to buy.

Best Of Luck with it.

Proporridge

Hi everyone

Looking for some general information. I’ve applied with Donegal County Council, been approved in principal, submitted the valuation, sales brochure etc regarding the property I am purchasing but I’ve hit an issue. They need to send an engineer out to approve the house I’m buying. I’ve been waiting for this to happen for 2 months already and have been told he cannot come out until level 5 restrictions are lifted. I understand this but I’m up against it as contracts have already issued to my solicitor and they are not far off the point they need to be signed. I know there are slightly different procedures on this scheme in each county and I am know some county’s get you to organise your own engineer can I get people to reply below what county you applied with that you got your own engineer as I am trying to get donegal to accept this in these crazy times as otherwise this could go on for months waiting on their engineer and I don’t have months.
Thanks

Jafin

Proporridge wrote: »

Hi everyone

Looking for some general information. I’ve applied with Donegal County Council, been approved in principal, submitted the valuation, sales brochure etc regarding the property I am purchasing but I’ve hit an issue. They need to send an engineer out to approve the house I’m buying. I’ve been waiting for this to happen for 2 months already and have been told he cannot come out until level 5 restrictions are lifted. I understand this but I’m up against it as contracts have already issued to my solicitor and they are not far off the point they need to be signed. I know there are slightly different procedures on this scheme in each county and I am know some county’s get you to organise your own engineer can I get people to reply below what county you applied with that you got your own engineer as I am trying to get donegal to accept this in these crazy times as otherwise this could go on for months waiting on their engineer and I don’t have months.
Thanks

I'm with Clare County Council and I had to organise an engineer myself.

Antho12

I want to give a bit of hope to everyone on here since I was watching this thread every day during my own Rebuilding Ireland journey and I think it’s important to share good experiences as well.


I’m a single applicant and was given 5x my income by Dublin City Council, which is far more than what any bank was willing to lend me. The whole process took only 3 months from first application date to final approval plus an additional 3 weeks to get the cheque issued to solicitor (due to Christmas break). Everyone I dealt with in DCC was very responsive, helpful and kind during the whole process.


Of course each application is unique and conditions, delays, etc. might differ depending on what county you deal with. But to anyone who is now like I was then, thinking that getting a loan with Rebuilding Ireland would be a very slow and painful process, all I can say is that my own experience was quite the opposite. I’ll make sure to come back on here to help where I can. Best of luck to every one.

optogirl

Emailed DCC asking what documents etc we need to apply for an extension (our AIP is up on 18th March and obviously we can't house hunt at the moment). this was the response

Hello Optogirl,


Unfortunately we are not giving extensions.


Regards


What an absolute kick in the teeth.

jill_valentine

optogirl wrote: »

Emailed DCC asking what documents etc we need to apply for an extension (our AIP is up on 18th March and obviously we can't house hunt at the moment). this was the response

Hello Optogirl,


Unfortunately we are not giving extensions.


Regards


What an absolute kick in the teeth.

What the hell? Someone I work with is currently on an extension. My approval is up in a bit over a month, this didn't even occur to me as a risk.

Jfc I hope this is some sort of weird misunderstanding on their part or I'll lose my fecking mind.