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Rebuilding Ireland home loan



  • Registered Users Posts: 82 ✭✭3283winnie

    No probation made permanent made sure of that before I took the job was afraid It would stop my application and delay I'm waiting since start of march very long process hoping I'm near the end thanks for the reply really appreciate anyone advice or tips cheers

  • Registered Users Posts: 37 jessimirish

    Hey guys,

    Has anyone ever applied for this and been approved twice? I was approved for RIHL roughly this time last year with DCC and Fingal, but decided to wait, move home to my parents and save some more on my deposit before buying - I also got a payrise in the meantime that pushed me over the €50k salary threshold for this loan.

    Now I am reapplying, now that the upper limit for a single applicant has gone up to €65k it means I am now eligible again. My original approval expired, and I resubmitted my application to DCC (not going with Fingal this time as I really want DCC area). I delivered the application in person to the DCC office on October 19, so it's a waiting game now. I was asked for a couple of extra documents but I sent them all in and I think the DCC office were satisfied with them, so time will tell. Hope my having been approved before doesn't go against me and it's not a one time only thing!

    Has anyone got experience with a second application? Hoping it goes well for me - my one concern is that I don't have the record of paying rent this time as I've been home since January, though rent payments are visible from my account from Oct-Dec last year. I've stayed in the same company/job and been promoted in the meantime so hope that bodes well (4 years+ in the same company).

    Also, anyone know roughly what the loan:income ratio is for the approval? Hard to figure out potential loan amount and monthly cost etc as the RIHL website calculator is out of date and doesn't factor in the new interest rate/MPI inclusion.

  • Registered Users Posts: 774 ✭✭✭Jafin

    Yeah I applied twice and was approved both times. Ultimately I ended up going with a bank in the end because I was able to save up extra money during the Covid lockdowns since we couldn't go anywhere or do anything. The second application was fairly straight forward, more or less the same as the first one. I was living at home at the time so had no rent payments to show either, but as long as you show that you've been saving regularly every month you should be fine.

    I was approved for a tiny bit more than 4.5 times my annual wages, if that helps any bit. If you remember how much you were approved for last time then try multiplying your previous annual wage by 4.5 and see if it comes out to roughly what you were approved for, and that should give you some indication.

  • Registered Users Posts: 7,090 ✭✭✭jill_valentine

    Sorry Winnie, I forgot to come back to you - I'm afraid I'm no help to you on this, I had to bow out and give up on Rebuilding Ireland in the end.

    My experience with SDCC was that they wanted everything all the time though, so I daresay they'll want the new cert and all, yeah. It would be worth ringing them up though because they're very particular and seem to do things a bit differently to everyone else.

  • Registered Users Posts: 15 DKMS

    Hi, did anyone have to do a structural engineer valuation because the HB47 of the house has expired as it was built more than 10 years ago?we already paid €150 for independent house valuation. We were quoted by an engineer €450 +vat. That is very expensive? I mean all legal fees etc still need to be paid

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  • Registered Users Posts: 37 jessimirish

  • Registered Users Posts: 3 leitrim21

    We need a structural engineers report. I'll be honest I don't know what a HB47 is, but that was never even mentioned to me anyway, I was just told we need a structural survey. We have been quoted between 600 and 700 euro for this.

  • Registered Users Posts: 15 DKMS

    Thanks for your reply. There are so many costs that we did not expect. My thought is what if we already paid evaluation report fee, then structural survey and seller decides not to sell it at the end? Also how long it took for you to get approval from Rebuilding Ireland for your evaluation report? We sent ours two weeks ago and they said they still need more time to review it.

  • Registered Users Posts: 4 Pistacchio

    Hi Everyone!

    i just got my approval letter from the Dublin City council but seems still not enough to buy the property, my parents are going to give me the gift money, is ok if I submit the gift letter after approval?

    Also is a clear area map we can follow to buy a property?

    thank you in advance!

  • Registered Users Posts: 301 ✭✭waterfordgirl

    I would assume thats fine as long as the total purchase price inclusive the gift is less than the limit set out by RBI (not sure but think its 320k for Dublin)

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  • Registered Users Posts: 4 Pistacchio

    Thank you for your reply Waterfordgirl!

    I was thinking the same if I buy a apartment under €320,000 should be ok, I sent a email to them to confirm about this but still no reply, just wondering is anyone in here have the same experience to share.

    thank you again!

  • Registered Users Posts: 774 ✭✭✭Jafin

    Yes it's fine to submit the gift letter after being approved. When I first got approved and found a property I liked my mother gifted me a sum of money towards it to make up the shortfall so I just sent the council a letter signed by her stating it was a gift that didn't need to be repaid and they said that was fine.

    (I didn't end up going with the Rebuilding Ireland loan in the end as the property fell through, but that's unrelated to the gift letter)

  • Registered Users Posts: 4 Pistacchio

    That’s prefect! Thanks Jafin! I can ask my parents transfer the money to me. One more question, will they need a copy of my parents bank statement?

    thank you very much!

  • Registered Users Posts: 774 ✭✭✭Jafin

    No I was never asked for any kind of bank statement from my mother to be submitted or anything like that. All they want to know is who the money came from, which would be on your own bank statement, and to know that it is a gift that doesn't have to be repaid. As long as you note the date the money was transferred they'll know it was them. Basically they just want to make sure that the money is legal, i.e. not laundered, and that the person/people the money came from has/have no legal entitlement to the property.

    Best of luck!

  • Registered Users Posts: 4 Pistacchio

    Excellent! Thank you for all your help Jafin!

    have a lovely weekend!

  • Registered Users Posts: 1 Murphy650

    So I can leave the DETAILS OF PROPERTY TO BE MORTGAGED & MORTGAGE DETAILS blank in the application? Why don't they state that? So strange?

  • Registered Users Posts: 774 ✭✭✭Jafin

    Yes you can leave it blank. The whole form is done very strangely. Double check things with your council though, as they all act a bit differently. For example some councils let you write in "Max Available" instead of an actual number for the amount of money you want, some allow you to leave it blank, but some require you to put in an actual number.

  • Registered Users Posts: 48 Jonppb

    Hi, could someone share some insight into this...

    A single applicant is limited to 50k gross earnings to be eligible which over the 30 years is an indicative loan of 232,777 euro.

    Standard rule is 3.5 times for banks to lend - 232,777 euro would require salary of over the limit at 66.5k

    Max house price limit is 320k in Dublin. The purchaser would make up the difference plus deposit for RBIL... Commercial Banks would lend 288k for this assuming 10% deposit and require salary using the rule of thumb approx. 82k.

    How? What? Are those my feet?

    So if you below the earning limit one can get a loan equivalent to 66.5k salary but someone on that is not eligible?

    The RBIL earning limit is obviously 2 low for market prices in Dublin.

    This is a big thread so apologies if this has been answered before and I missed it...

  • Registered Users Posts: 2,173 ✭✭✭BKWDR

    Best thing to do is use the calculator on the RIHL site to see what the max you can borrow based upon your actual salary.

    The market has gone nuts between inflation and lack of supply. That might make the RIHL unappealing or not worth it. But it gives a better calculator than the banks because it can go more than the stuatory 3.5 times rule.

    Also in the New year they will increase the single applicant max earning cap to 65k amongst other changes.

  • Registered Users Posts: 77 ✭✭aidan364

    Almost a year to the day from the date of application we finally received word from our Solicitor that she has formally drawn down our mortgage and she should have the cheque in her office tomorrow for us to sign over to her so our sale can finally close.

    It was a very long road, 3 months waiting on approval, went sale agreed in May with an expected closing end of July which has been pushed out so many times now finally happening on the 8th of December. A complete roller coaster. Anyone who is still going through the process, it will come to an end soon. Even if it means you're missing more hair and have a few extra pounds on. Just hoping there are no last minute delays.

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  • Registered Users Posts: 156 ✭✭bleaks

    I have AIP from a bank but with maybe 15% less than what I would get from the council. I've an application in and can't see how it wouldn't be accepted as we meet all the eligibility criteria.

    Wondering if anyone has bidded on properties with the RIHL max loan in mind (prior to full approval from them) and had any luck with that strategy / received leeway from EAs and sellers, etc?

    Realistically it will probably be January before we get approval from the council but there are a couple of properties we're very keen on.

  • Registered Users Posts: 301 ✭✭waterfordgirl

    Hi everyone, do you have to have a solicitor and surveyor appointed at application stage? It requests their details in the form. Could i just put "to be confirmed" in those sections? Im a bit hesitant of ringing atound and then perhaps having my application declined

  • Registered Users Posts: 774 ✭✭✭Jafin

    You don't need to have the solicitor or surveyor yet, so you can just put in TBC.

  • Registered Users Posts: 156 ✭✭bleaks

    Congrats to you! What was the cause of all the delays after going sale agreed? Was it down to the seller, or council, etc?

  • Registered Users Posts: 77 ✭✭aidan364

    The main delay was down to the vendors they had delays on their onwards purchase so that slowed it down too. There was a delay on our end too as mu partner is on the EWSS and the council where no prepared to move forward with us until she was off it. We managed to fight it and got to drawdown in the end. We got an early closing date of tomorrow, but hoping the storm doesn't delay us now.

  • Registered Users Posts: 37 jessimirish

    I am absolutely fuming. I have been rejected (DCC) on three grounds - one is that I am over the income limit. My salary is over €50k but under €65k, and I was told by the council that the increased limit was already in place, but it turns out it isn't in place til January so it was a waste of time. Having to go through the rigmarole of applying again because the council told me the wrong thing would be one thing, but I'm totally baffled by the other two grounds for rejection.

    I was also rejected on "capacity to repay not proven/evident" and "inconsistent savings record". This makes absolutely no sense.

    I moved home this year and have been saving, when you average it out across the year, €1900/month, which is about double what the mortgage repayments would be! There were two months I didn't save that (one month I paid my car insurance in full - €1300 - because I didn't want to take on instalments cos I thought it would harm my mortgage application so only saved 500 that month, and another I saved €1000 cos I was away for work) - but there were also two months where I saved €2500 so surely that would balance out.

    I have also been in a permanent job for 4+ years with a good salary.

    Having saved €23,000 this year with a permanent job, I have absolutely no idea how I could be rejected for "capacity to repay" and "inconsistent savings". I have no other debts so I really am at a loss as to how I could have been rejected on this basis.

    I want to reapply once the new income limit comes in but if I can't figure out what the issues with my original application were, I could be setting myself up for rejection again. When I called the council to ask about it, they couldn't figure out what the issue was, and even suggested the underwriters may not have read my application properly! They even suggested I use a highlighter to show the savings going from my bank into my savings - you would think they would be capable of reading the 12 months of statements from all accounts they requested rather than just rejecting people cos they weren't bothered looking?

    I am really confused by this. The worst part is I was accepted last year, when my salary was lower and I was saving much less because I was renting. Has anyone else had a bizarre experience like this?

    Post edited by jessimirish on

  • Registered Users Posts: 37 jessimirish

    Can I ask how ye got around the EWSS in the end, and which council? I'm on it myself.

  • Registered Users Posts: 220 ✭✭JDigweed

    We were rejected by KCC for inconsistent savings despite paying 1,200 in rent every month for 6 years. In the end I gave up. Its a joke of a scheme and to be honest the price of houses in greater dublin have long passed the maximum amount that you can borrow.

  • Registered Users Posts: 220 ✭✭JDigweed

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  • Registered Users Posts: 37 jessimirish

    Ah it's a joke. I ended up writing to my TDs about it... I honestly think they can't be bothered reading the applications properly because the reasons make absolutely no sense with the documents I sent in.