Rebuilding Ireland home loan

Ace2007

shadyslimshady wrote: »

What does that have to do rebuilding ireland home loan? Your really in the wrong thread?

Yes they can afford to get mortgages outside Dublin, never said otherwise.

You said your friends can't afford a mortgage in Dublin - and i've pointed out that the are properties in Dublin that you friends can afford by getting a mortgage with the bank. Indeed the property even would suit someone getting the RIHL.

Your friends situation doesn't meet requirements for the RIHL - but that didn't stop you from making the comment in the first place - where you in the wrong thread?

deise121

Ace2007 wrote: »

I never said lower earner = more likely to lose you job - that's you make that assumption. the CBI rules of 3.5x salary is there so people don't get in over their head. Why should the rebuilding Ireland home loan scheme offer higher terms.

You want the rebuilding Ireland scheme to increase the cap - so let's say Dublin was 400k, 90% of this is 360k, like i gave before you could have someone on 50k getting 7 times there salary - which no middle/higher earner could get from a bank - yet you don't seem to realize how wrong this would be????

Just a flaw in regards to your argument here. There are hundreds of thousands of people in this country paying monthly rent that would far exceed any mortgage payment. IE - rent is over 50% of their monthly income. So a person who has a proven, documented years of history paying back extortionate rents some how, some way would no longer be able to pay back a lesser amount on a property that is theirs? The entire system is broken, end of

Ace2007

shadyslimshady wrote: »

Theres a reason that house is going for 195K in Tallaght.

And this is the reason why we have a "House crises" because there is the social sting to living in certain areas of the country. Check mate!

shadyslimshady

Ace2007 wrote: »

You said your friends can't afford a mortgage in Dublin - and i've pointed out that the are properties in Dublin that you friends can afford by getting a mortgage with the bank. Indeed the property even would suit someone getting the RIHL.

Your friends situation doesn't meet requirements for the RIHL - but that didn't stop you from making the comment in the first place - where you in the wrong thread?

Well basically in this thread your saying the 3.5 rule is their to stop people getting in over their heads when that is not why its there at all.

Its there to stop the prices of houses going up and causing another crash.

If the 3.5 rule wasn't there God knows what the price of property would be now.

In reality it should be 4.5 times salary but if this was implemented house prices would soar and we would be in the same situation again in no time.
That's why its capped at 3.5.

el Fenomeno

Ace2007 wrote: »

And this is the reason why we have a "House crises" because there is the social sting to living in certain areas of the country. Check mate!

Would you buy a house in Sundale Villas?

There are some places that need to be excluded from anyone's house search regardless of price and shouldn't be presented as an affordable option - and I assure you, Sundale is one of them.

Ace2007

el Fenomeno wrote: »

Would you buy a house in Sundale Villas?

If I wanted to live in Dublin and my price range was around that then yea I would.

But as you’ve seen on other threads I would move to the commute belt and buy a house there.

It’s a social stigma that areas in Finglas, Ballymun, Tallaght, Cabra are in a no go. You have houses in finglas calling themselves glasnevin north even though they are finglas, others in capartstown calling themselves castleknock.

optogirl

Ace2007 wrote: »

If I wanted to live in Dublin and my price range was around that then yea I would.

But as you’ve seen on other threads I would move to the commute belt and buy a house there.

It’s a social stigma that areas in Finglas, Ballymun, Tallaght, Cabra are in a no go. You have houses in finglas calling themselves glasnevin north even though they are finglas, others in capartstown calling themselves castleknock.

Cabra is a no go? Tell that to the people buying 2 bed ex-council houses for the guts of half a million

Ace2007

optogirl wrote: »

Cabra is a no go? Tell that to the people buying 2 bed ex-council houses for the guts of half a million

not the thread to discuss so have copied your comment onto the main thread

DonnieCorko

Hey guys,

Recently discovered rebuilding Ireland and have a few Qs if anyone with more experience could help me.

I know you need 2 refusals/low offers from a bank to be eligible. I just did the AIB mortgage application there and got an approval in principle but have not yet submitted documents or anything. They are offering 135k. Is this one proof of low offer? What exactly do I need to prove Rebuilding Ireland here in terms of evidence?

Rebuilding Ireland website says I can get 182k with them which is obvioulsy way better, and a lower interest rate too so really want to get this.

Separately, I have around 44k from investments (crypto) and around 6-10k in savings. Will they look poorly on my deposit coming from risky investments? Wondering if they are strict in terms of who they give the rebuilding Ireland mortgages to.

Also, are one beds included in this?

My plan is to buy a 1/2 bed to do me and my gf for the next 3/4/5 years until we have a kid and the kid needs his/her own room, and then sell up and move to a bigger place, or buy a second place and rent the first. This allowed under their rules?

Also, how long from application to draw down is typical? I would be looking to buy ASAP.

Thanks

Lauren52

DonnieCorko wrote: »

Hey guys,

Recently discovered rebuilding Ireland and have a few Qs if anyone with more experience could help me.

I know you need 2 refusals/low offers from a bank to be eligible. I just did the AIB mortgage application there and got an approval in principle but have not yet submitted documents or anything. They are offering 135k. Is this one proof of low offer? What exactly do I need to prove Rebuilding Ireland here in terms of evidence?

Rebuilding Ireland website says I can get 182k with them which is obvioulsy way better, and a lower interest rate too so really want to get this.

Separately, I have around 44k from investments (crypto) and around 6-10k in savings. Will they look poorly on my deposit coming from risky investments? Wondering if they are strict in terms of who they give the rebuilding Ireland mortgages to.

Also, are one beds included in this?

My plan is to buy a 1/2 bed to do me and my gf for the next 3/4/5 years until we have a kid and the kid needs his/her own room, and then sell up and move to a bigger place, or buy a second place and rent the first. This allowed under their rules?

Also, how long from application to draw down is typical? I would be looking to buy ASAP.

Thanks

Cant answer all your questions. We applied Sept 19, moving into our home next week.

A lot longer than most for us but there was a back log they looked for an updated application in June 2020. Got our approval Nov 2020, it's not a quick process at all.

diceyreilly

13 weeks later i get a letter of rejection from Fingal.

Reason being am not eligible because i earned €53,000 last year.

Before I applied I explained to them that i did. It was very much a one off earning over 50k. Covid actually made me much busier overtime wise and I didn’t take my annual leave.
They said this should be an exception and to apply anyway.
To think they just wasted 13 weeks of my time is very frustrating indeed.

Needless to say the appeal is in.
So angry with them.

( when i did apply i got a call saying they won’t be taking the overtime into a/c or 10 per cent of it at the very most. )
So the max loan was 160k which can buy next to nothing with anyway in Dublin. But would manage to find something with my savings.
And now I’m earning too much.

Lauren52

diceyreilly wrote: »

13 weeks later i get a letter of rejection from Fingal.

Reason being am not eligible because i earned €53,000 last year.

Before I applied I explained to them that i did. It was very much a one off earning over 50k. Covid actually made me much busier overtime wise and I didn’t take my annual leave.
They said this should be an exception and to apply anyway.
To think they just wasted 13 weeks of my time is very frustrating indeed.

Needless to say the appeal is in.
So angry with them.

( when i did apply i got a call saying they won’t be taking the overtime into a/c or 10 per cent of it at the very most. )
So the max loan was 160k which can buy next to nothing with anyway in Dublin. But would manage to find something with my savings.
And now I’m earning too much.

Very sorry to hear this. Hope You get on well with appeal.

This is awful the double standards.

They would not take any of my overtime and it was guaranteed and constant for 5 years running. But they will take it when it means a rejection. Awful. You would also get more with a bank going off of last years P21. Crazy.

diceyreilly

Lauren52 wrote: »

Very sorry to hear this. Hope You get on well with appeal.

This is awful the double standards.

They would not take any of my overtime and it was guaranteed and constant for 5 years running. But they will take it when it means a rejection. Awful. You would also get more with a bank going off of last years P21. Crazy.

Sent them a series of messages anyway. And sent all that to the housing minister too who is my local TD for all the good it will do.
Its like they find a reason to reject you instead of finding a reason to help.

diceyreilly

Bank is the next step after the appeal but don’t know if they take overtime either.

Lauren52

diceyreilly wrote: »

Bank is the next step after the appeal but don’t know if they take overtime either.

EBS was taking a % of mine , that was 2019 so dont know If it changed.

Best of luck with it.

deise121

diceyreilly wrote: »

Sent them a series of messages anyway. And sent all that to the housing minister too who is my local TD for all the good it will do.
Its like they find a reason to reject you instead of finding a reason to help.

Wasted your energy with that one. You think the housing minister, who himself has invested in REITs is going to care? You think any TD is going to give a toss? We are nothing to them

diceyreilly

Good afternoon Mark,

Thanks for your email.

The eligibility rules of the scheme state that single applicants must not earn more than €50,000 gross per annum in order to qualify for the scheme. This eligibility criteria is built into the legislation that governs the Rebuilding Ireland Home Loan and Local Authorities do not have discretion to amend these rules.

As explained in the email you have forwarded below, the Underwriter calculates your reckonable income by evaluating your Employment Detail Summary from the previous tax year, your four most recent payslips and an up to date salary certificate. Using these three pieces of information the Underwriter has concluded that you are not eligible for the scheme.

As detailed in your recent decline letter, if you are not happy with this decision, you are entitled to appeal it. In order to appeal, you must submit a formal letter of appeal. This formal letter must detail the reasons why you think the decision to decline your loan application is incorrect. Your appeal will then be reviewed by the Fingal County Council Credit Committee at their next meeting. An appeal will only look at the information that formed part of the original application. The Credit Committee will then look at everything again to make sure that there were no errors made during the original assessment.

If you would like to proceed with an appeal please forward your formal appeal letter via email attachment to loans@fingal.ie

Please let me know if you have any questions.

Kind regards,


Beyond useless bunch.

I actually can’t be bothered with them anymore. I rang a broker today. She said she will try get me all of my overtime taken into a/c and may be able to get an exception for a little more.

diceyreilly

diceyreilly wrote: »

Good afternoon Mark,

Thanks for your email.

The eligibility rules of the scheme state that single applicants must not earn more than €50,000 gross per annum in order to qualify for the scheme. This eligibility criteria is built into the legislation that governs the Rebuilding Ireland Home Loan and Local Authorities do not have discretion to amend these rules.

As explained in the email you have forwarded below, the Underwriter calculates your reckonable income by evaluating your Employment Detail Summary from the previous tax year, your four most recent payslips and an up to date salary certificate. Using these three pieces of information the Underwriter has concluded that you are not eligible for the scheme.

As detailed in your recent decline letter, if you are not happy with this decision, you are entitled to appeal it. In order to appeal, you must submit a formal letter of appeal. This formal letter must detail the reasons why you think the decision to decline your loan application is incorrect. Your appeal will then be reviewed by the Fingal County Council Credit Committee at their next meeting. An appeal will only look at the information that formed part of the original application. The Credit Committee will then look at everything again to make sure that there were no errors made during the original assessment.

If you would like to proceed with an appeal please forward your formal appeal letter via email attachment to loans@fingal.ie

Please let me know if you have any questions.

Kind regards,


Beyond useless bunch.

I actually can’t be bothered with them anymore. I rang a broker today. She said she will try get me all of my overtime taken into a/c and may be able to get an exception for a little more.

Like if thats the rules that’s absolutely fair enough. But i did ask beforehand.
I’m actually relieved I’m done with them. I couldn’t be bothered sending in a formal letter for someone to look at it in 4 months time.

Ace2007

diceyreilly wrote: »

I actually can’t be bothered with them anymore. I rang a broker today. She said she will try get me all of my overtime taken into a/c and may be able to get an exception for a little more.

If you have correspondence where they said they would ignore the OT, then i would at the very least make an official complaint about the process, (assuming you can do this), which would at least (you would hope), get someone giving out to for wasting your time.

jill_valentine

Ace2007 wrote: »

If I wanted to live in Dublin and my price range was around that then yea I would.

But as you’ve seen on other threads I would move to the commute belt and buy a house there.

It’s a social stigma that areas in Finglas, Ballymun, Tallaght, Cabra are in a no go. You have houses in finglas calling themselves glasnevin north even though they are finglas, others in capartstown calling themselves castleknock.

It's not a question of "stigma" man, they're practical concerns.

I've been looking primarily in Tallaght and Finglas, (I don't even know why you're including Cabra on there as a "stigma" area...?) but there are practical differences in living in one part of Tallaght and another. Stuff closer to the Luas line in Tallaght is going sale agreed before I can arrange a viewing, and up in Finglas the last place I was looking at went for nearly 40k over asking.

I can tell you from personal experience that most of the stuff under 200k staying on Daft for more than two weeks right now has something going on with it you will see when you actually go looking at it.

jill_valentine

diceyreilly wrote: »

Like if thats the rules that’s absolutely fair enough. But i did ask beforehand.
I’m actually relieved I’m done with them. I couldn’t be bothered sending in a formal letter for someone to look at it in 4 months time.

Very frustrating and I'm sorry to hear about it.

I've noticed the RI process has gotten much more resistant to engage with in the last few months, and I wonder if the staff have lost interest now the "Housing for All" plan is to take over from the overall RI one.

Ace2007

jill_valentine wrote: »

It's not a question of "stigma" man, they're practical concerns.

I've been looking primarily in Tallaght and Finglas, (I don't even know why you're including Cabra on there as a "stigma" area...?) but there are practical differences in living in one part of Tallaght and another. Stuff closer to the Luas line in Tallaght is going sale agreed before I can arrange a viewing, and up in Finglas the last place I was looking at went for nearly 40k over asking.

I can tell you from personal experience that most of the stuff under 200k staying on Daft for more than two weeks right now has something going on with it you will see when you actually go looking at it.

Last week i put up two houses in Cabra (one is now sale agreed), and folk on here weren't interested because it was Cabra - despite being on the luas line etc. If the same houses were on the south side they would be double the price and no one would question it. These were sub 400k houses.

I think Cabra is a lovely area, yet some people have an age old stigma because some lad might have been shot there 5 years ago etc. How many years has to pass before people move pass this?

Likewise in Finglas there are some bargains to be had if you have the fiances etc:

4 bed for sub 300k:

https://www.myhome.ie/residential/brochure/23-jamestown-road-finglas-dublin-11/4415673

I don't want to derail the thread, so i tried to give examples of houses that would qualify for the RIHL

deise121

Ace2007 wrote: »

Last week i put up two houses in Cabra (one is now sale agreed), and folk on here weren't interested because it was Cabra - despite being on the luas line etc. If the same houses were on the south side they would be double the price and no one would question it. These were sub 400k houses.

I think Cabra is a lovely area, yet some people have an age old stigma because some lad might have been shot there 5 years ago etc. How many years has to pass before people move pass this?

Likewise in Finglas there are some bargains to be had if you have the fiances etc:

4 bed for sub 300k:

https://www.myhome.ie/residential/brochure/23-jamestown-road-finglas-dublin-11/4415673

I don't want to derail the thread, so i tried to give examples of houses that would qualify for the RIHL

Are you an estate agent?

jill_valentine

Ace2007 wrote: »

Last week i put up two houses in Cabra (one is now sale agreed), and folk on here weren't interested because it was Cabra - despite being on the luas line etc. If the same houses were on the south side they would be double the price and no one would question it. These were sub 400k houses.

I think Cabra is a lovely area, yet some people have an age old stigma because some lad might have been shot there 5 years ago etc. How many years has to pass before people move pass this?

Likewise in Finglas there are some bargains to be had if you have the fiances etc:

4 bed for sub 300k:

https://www.myhome.ie/residential/brochure/23-jamestown-road-finglas-dublin-11/4415673

I don't want to derail the thread, so i tried to give examples of houses that would qualify for the RIHL

If there isn't anything weird about this house it should sell in line with the rest of the market atm, which means it will go for at least 30k over asking, ie outside RI limits.

I'd have my doubts though. This house was listed at 75k more than it is here in 2019 and as far as I can tell hasn't changed hands in the meantime. Given almost everything else in the country has gone up, including in Finglas, my spidey sense is tingling. Its been sitting on the market for more than a year having dropped in price twice. I'd bet you any money at all there's more than meets the eye at work there.

(It might have to do with the fact this is about 20 metres from where a Kinehan hitman tried to drive over some guards and ended up in a shootout with them a couple of years ago. Or it might not.)

diceyreilly

Ace2007 wrote: »

If you have correspondence where they said they would ignore the OT, then i would at the very least make an official complaint about the process, (assuming you can do this), which would at least (you would hope), get someone giving out to for wasting your time.

I do have it in writing of Rebuilding Ireland and Fingal Coco.
I just actually can’t be bothered anymore. I sent in everything in the email this morning and just got a copy and paste back.

optogirl

Ace2007 wrote: »

Last week i put up two houses in Cabra (one is now sale agreed), and folk on here weren't interested because it was Cabra - despite being on the luas line etc. If the same houses were on the south side they would be double the price and no one would question it. These were sub 400k houses.

I think Cabra is a lovely area, yet some people have an age old stigma because some lad might have been shot there 5 years ago etc. How many years has to pass before people move pass this?

Likewise in Finglas there are some bargains to be had if you have the fiances etc:

4 bed for sub 300k:

https://www.myhome.ie/residential/brochure/23-jamestown-road-finglas-dublin-11/4415673

I don't want to derail the thread, so i tried to give examples of houses that would qualify for the RIHL

I've been looking in Cabra for 9 months and everything has been snapped up. Granted we are capped at 320 but we have been outbid on 8 houses, most of which had an asking price below 300k. One went 100k over asking. It's horrible out there.

Antho12

diceyreilly wrote: »

I do have it in writing of Rebuilding Ireland and Fingal Coco.
I just actually can’t be bothered anymore. I sent in everything in the email this morning and just got a copy and paste back.

Sorry to hear. It is frustrating but I would definitely appeal and explain that they said you could still apply despite being over 50k, especially if it’s due to overtime. You never know.. In the meantime go for a mortgage broker they should be able to get your overtime included. Good luck

Antho12

Ace2007 wrote: »

Last week i put up two houses in Cabra (one is now sale agreed), and folk on here weren't interested because it was Cabra - despite being on the luas line etc. If the same houses were on the south side they would be double the price and no one would question it. These were sub 400k houses.

I think Cabra is a lovely area, yet some people have an age old stigma because some lad might have been shot there 5 years ago etc. How many years has to pass before people move pass this?

Likewise in Finglas there are some bargains to be had if you have the fiances etc:

4 bed for sub 300k:

https://www.myhome.ie/residential/brochure/23-jamestown-road-finglas-dublin-11/4415673

I don't want to derail the thread, so i tried to give examples of houses that would qualify for the RIHL

Definitely nothing wrong with Cabra, to the contrary it’s a very sought after area, especially amongst families. Whoever these folks you mention are, if they base their judgement on people being shot over the years they can include the whole north inner city and beyond as well as some areas on the south side as well. With that said the south side has been historically more expensive than the north side. Unless you’re looking for a one bed apartment, 320k will get you next to nothing in Dublin, north or south of the river.

diceyreilly

Antho12 wrote: »

Sorry to hear. It is frustrating but I would definitely appeal and explain that they said you could still apply despite being over 50k, especially if it’s due to overtime. You never know.. In the meantime go for a mortgage broker they should be able to get your overtime included. Good luck

Cheers.
Ive 6 months to appeal. Im gonna try with the broker first.
The councils make it awkward on purpose to apply. I’m over it.
But if it doesn’t go well with the broker I’ll absolutely appeal. Just hoping I don’t have to.

diceyreilly

Hi Mark ,
As per our phone call today, Please submit the following documents.


Employment Detail Summary 2020. Please se attached instruction on how to obtain said form.
As stated we can only included in our loan calculation ,income that is guaranteed or regular. As per your salary certificate supplied it states that your overtime and allowances are irregular therefore we cannot include them in your loan calculation. I Have attached a salary certificate to be completed as you have stated that you fell these payments are regular.

Please forward all documents to this email address . Please be aware any delay in receiving said documents may result in other documentation submitted becoming out date therefore your application would have to be returned to you.

Kind Regards,

I just forwarded that email to them to ask what has changed since the 9th of March.