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Rebuilding Ireland home loan

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Comments

  • Registered Users Posts: 48 Cazzums


    Hello has anyone received an offer of a loan yet? If so how long did it take for your application to come back from the underwriters? How long are other applicants waiting? I am waiting 5 weeks and can’t get an answer for a time frame. Any information would be great. Has anyone has any complications with the process? Thanks in advance!


  • Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno




  • Registered Users Posts: 48 Cazzums


    Thank you


  • Registered Users Posts: 46 Sammylok1977


    May I ask your experience , do they including all the bonus and over time ?
    My gross salary is €30,900 but my P60 is €43K which includes the bonus , commission and over times, does the calculation base on the gross salary or P60? I contact rebuilding Ireland and they told me to use the P60 amount !! But most of the comments here said the calculation not include over time and bonus !! I m very confused! Hope you able to give me advice! Thank you in advance


  • Registered Users Posts: 235 ✭✭Lolle06


    May I ask your experience , do they including all the bonus and over time ?
    My gross salary is €30,900 but my P60 is €43K which includes the bonus , commission and over times, does the calculation base on the gross salary or P60? I contact rebuilding Ireland and they told me to use the P60 amount !! But most of the comments here said the calculation not include over time and bonus !! I m very confused! Hope you able to give me advice! Thank you in advance

    As far as I know, the Local Authority you apply to will have the final say, so you are better off talking to them - especially when it comes to your extra income.

    And to answer your earlier question: I did not apply for this loan scheme - I am more familiar with the former one.
    That‘s why I thought they would have a mortgage cut-off of 65 years - but they might have extended that now, although you are better off asking your Local Authority as well. Just to be sure.


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  • Registered Users Posts: 46 Sammylok1977


    Thanks so much for your advice! I did ring two different council they both said will consider use the extra income and may be apply the 29 years mortgage!!


  • Registered Users Posts: 235 ✭✭Lolle06


    Thanks so much for your advice! I did ring two different council they both said will consider use the extra income and may be apply the 29 years mortgage!!

    That sounds great!

    Best of luck with your application, Sammylok.


  • Registered Users Posts: 46 Sammylok1977


    Thanks so much !! Prayed !!


  • Registered Users Posts: 106 ✭✭LauraAaron


    So glad I found this thread myself and my husband have been renting in Donegal for 7 years now our rent is €630 a month. I'll be keeping an eye on what every one is saying you need to do and making a checklist. We won't be applying for at least a year but I hope by then we have everything in order to do so x because let's face it all we are doing is paying someone else's mortgage when we can easily afford our own :)


  • Registered Users Posts: 15 unclejoe89


    Hi does anyone know if the primary earner must be in the SAME job for 2 years, or can you change to a different job?

    Primary earner must have at least 2 years continuous employment


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  • Registered Users Posts: 1,162 ✭✭✭autumnbelle


    unclejoe89 wrote: »
    Hi does anyone know if the primary earner must be in the SAME job for 2 years, or can you change to a different job?

    Primary earner must have at least 2 years continuous employment

    Not the same job just continuous employment, ok to change jobs


  • Registered Users Posts: 30 suemurray


    Hi I am waiting over 8 weeks and no response or updates and I am close to loosing a house that I have a holding deposit put down on - the delays and lack of updates is very frustrating. A high street bank can give you approval in principle in less than 24 hours and full approval ina round two weeks. How can we compete with other buyers who get answers quicker. I’m beyond frustrated


  • Registered Users Posts: 48 Cazzums


    Hi Sue, is that 8 weeks with the underwriters or 8 weeks since you handed in your application? I gave my application in at the start of February and it was only sent to the underwriters mid April and still no joy. I was told initially 2-3 weeks then 4-5 weeks but god knows how much longer! I am the same have a house secured but can’t do anything more!!


  • Registered Users Posts: 30 suemurray


    Oh my god!!! That’s shocking!! I handed mine into council 8 weeks ago and they sent it to housing agency to be assessed as far as I know! I have the pooor guy at the council driven mad ringing for updates but he has heard nothing! I have painters and carpenters waiting and I can’t give go ahead. If I loose this house I can’t afford the prices of anything else north of Wexford


  • Registered Users Posts: 235 ✭✭Lolle06


    Why would you bid on a house without an approval at all?
    What if you don’t get approved?

    It is normal for LA loan applications to take longer compared to banks and other lending institutions - there are 3 approval stages for a LA mortgage! And given the amount of applications for the new loan scheme and the backlog, it‘s very risky to go and bid on houses while your application is still being processed.


  • Registered Users Posts: 30 suemurray


    Firstly I didnt bid on anything, I placed a fully refundable booking deposit on a house in a development that is now fully sold out. If I had waited for this approval should it come through to then look for a house there would have been no house to buy. I applicator the stages involved as I work in the mortgage industry. The website, the council and the helpline all advised 4-6 weeks turn around and that is why I’m frustrated. The decision makers should have ensured it was adequately resourced as anyone with knowledge of the housing market and affect the central bank lending rules have had that this scheme would be in huge demand.


  • Registered Users Posts: 228 ✭✭surrender monkey


    Usually when bidding on a house you would already have loan approval up to a specific amount. If I was you I'd be trying to get a mortgage elsewhere in the meantime if you want to keep that house. A local authority loan takes a lot longer to draw down than a bank loan.


  • Registered Users Posts: 30 suemurray


    Agreed, usually a borrower has approval in principle and that will suffice until full mortgage approval. Unfortunately I can’t obatin the required mortgage from a high street bank because of central bank lending restrictions. My mortgage on this house would be less than my current rent. I have saved more than 10% deposit and no other debts but as a sole mortgage applicant, no bank will lend me the required amount and it’s certainly nothing excessive to what I can afford


  • Registered Users Posts: 228 ✭✭surrender monkey


    What about asking your TD if they can help.


  • Registered Users Posts: 235 ✭✭Lolle06


    suemurray wrote: »
    Firstly I didnt bid on anything, I placed a fully refundable booking deposit on a house in a development that is now fully sold out. If I had waited for this approval should it come through to then look for a house there would have been no house to buy. I applicator the stages involved as I work in the mortgage industry. The website, the council and the helpline all advised 4-6 weeks turn around and that is why I’m frustrated. The decision makers should have ensured it was adequately resourced as anyone with knowledge of the housing market and affect the central bank lending rules have had that this scheme would be in huge demand.


    Oh, I really do hope you get a positive answer soon! I was just surprised that you could put a deposit down, without an AIP. Usually EA‘s wouldn’t deal with bids from ppl without proof of funds.

    Of course, I agree with you - I think it is ridiculous for the minister to announce this scheme, outline an application process of 4- 6 weeks, yet some unlucky applicants didn’t even receive an answer after almost 3 months, while others already got approvals from multiple CoCo‘s after just a few weeks!

    But unfortunately we are dealing with the Irish Government here... to expect efficiency and organization is apparently wishful thinking :-(


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  • Registered Users Posts: 48 Cazzums


    suemurray wrote: »
    Oh my god!!! That’s shocking!! I handed mine into council 8 weeks ago and they sent it to housing agency to be assessed as far as I know! I have the pooor guy at the council driven mad ringing for updates but he has heard nothing! I have painters and carpenters waiting and I can’t give go ahead. If I loose this house I can’t afford the prices of anything else north of Wexford

    Did you get a letter from your council to say they have sent it to the underwriters? I got my letter on the 12th April and thought I’d definitely have gotten approval by now! Single applicant with over 30k deposit, no loans, clean credit history, etc. it’s bizarre how long it’s taking! If I get rejected I’ll be devestated!! Going on 15 weeks now since I left my application in!!!


  • Registered Users Posts: 30 suemurray


    I’ve sent two letters to the minister for housing and no reply. There are 300 applications waiting to be assessed so I know I’m one of many. I would just rather my decision or outcome so I can decide next steps if it’s a non runner. The minister enjoyed the press releases and media moment when this was announced and has unfortunately left all the people working at county councils to answer regarding the delays. Seems like once again no forward thinking in Irish government! I hope I can post good news on here in coming weeks


  • Registered Users Posts: 228 ✭✭surrender monkey


    The government announced this scheme and put nothing in place for it. The first the staff on the ground in local authorities heard of this was when the public started calling in looking for information.


  • Registered Users Posts: 235 ✭✭Lolle06


    The government announced this scheme and put nothing in place for it. The first the staff on the ground in local authorities heard of this was when the public started calling in looking for information.

    That‘s true. They’ve basically heard of it only just before the public did - no more details about it were shared and they - for good reason - dreaded it!


  • Registered Users Posts: 744 ✭✭✭SNNUS


    Cazzums wrote: »
    Did you get a letter from your council to say they have sent it to the underwriters? I got my letter on the 12th April and thought I’d definitely have gotten approval by now! Single applicant with over 30k deposit, no loans, clean credit history, etc. it’s bizarre how long it’s taking! If I get rejected I’ll be devestated!! Going on 15 weeks now since I left my application in!!!

    Someone should be held accountable for that as it is way too long, Get a TD involved.


  • Registered Users Posts: 1,283 ✭✭✭stryker mcqueen


    Sorry for dragging up a topic that has been covered numerous times.....But rejection letters.

    So south Dublin county council want the letters to note the amount you have been rejected for, is this possible?

    We now have letters from bank of Ireland and KBC , however both are rejection letters only , no figures mentioned , which is something they informed us of so not a surprise.....KBC is even from a friend we were looking for a favour from but they said this cannot be done .

    Have anyone got a letter with an actual figure noted?

    Is anyone dealing with south Dublin? As they seem sooo unhelpful and making it near impossible .

    Thanks

    Stryker


  • Registered Users Posts: 62 ✭✭Coinsguy


    Weird one here.

    I want to get an apartment (2 or 3 bed). Let's say the banks will loan me 200k as an example.

    A 2 bed apartment could be found for this 200k mortgage but I want to get a 3 bed apartment in the same area, which requires a bit more money than the 200k that the banks will loan me.

    My question is, considering I don't have a family or whatever and no "need" for a 3 bed at this moment in time - will I instantly be rejected?

    I want to plan for the future but I can't imagine them caring about that if only 1 person (me) will be living in the apartment in the near future.


  • Registered Users Posts: 29 foodiewarrior


    no bank will issue a mortgage letter saying for which amount you applied for. like "Conor McGregor applied for a mortgage of [font=arial, sans-serif]€[/font]1,000,000 and was duly rejected."
    so the whole process is a big joke. 
    I applied in South Dublin CoCo. I applied here because I live in Tallaght for 5 years and this is where I want to buy  and settle down.
    But they are imposible to deal with. They asked for several papers which no other county asked for. So I went in to submit my papers. You need to submit them at the help desk where all other county council maters are handled. The lady was like, yeah sure, all the papers are fine, everything is fine.
    So 6 weeks later I got a rejection letter because apparently many more papers are missing. I rang them several times. The secretary answers, when he answers, and reads my rejection letter over and over. I ask can I meet with someone from housing. He said NO, they do not want to meet with you, they are busy with other applications. I ask him can he tell me which papers are missing. He tells me he has no idea as he is just a secretary and just files the papers. I ask to speak with the people who actually work in housing and they every time say that is not possible.
    So they take in your application. And most times something is missing because the underwriters need papers which are not on the checklist. And they will not in any case contact you. Even tho I gave them my phone number and email address and home address repeatedly. They say it is not their job to contact with me. So they send on the application to the underwriter and it gets rejected because of missing papers. And they come back to you saying you were rejected.
    So this is the council our tax money goes towards. They are not working for the benefit of people. They are just receiving the applications and filing the rejection letters.
    So good luck. You might as well apply in another county council asap. After having to deal with So Du CoCo I'm not sorry I'll be leaving Tallaght, because I don't want to live in a county which works like this.


  • Registered Users Posts: 86 ✭✭rachieqtpie


    Sorry for dragging up a topic that has been covered numerous times.....But rejection letters.

    So south Dublin county council want the letters to note the amount you have been rejected for, is this possible?

    We now have letters from bank of Ireland and KBC , however both are rejection letters only , no figures mentioned , which is something they informed us of so not a surprise.....KBC is even from a friend we were looking for a favour from but they said this cannot be done .

    Have anyone got a letter with an actual figure noted?

    Is anyone dealing with south Dublin? As they seem sooo unhelpful and making it near impossible .

    Thanks

    Stryker

    We had no rejection letters per se. We applied to two different banks and they offered us €xxx and that was proof of insufficient funds to buy a house in our area. We were not refused a mortgage.


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  • Registered Users Posts: 86 ✭✭rachieqtpie


    Coinsguy wrote: »
    Weird one here.

    I want to get an apartment (2 or 3 bed). Let's say the banks will loan me 200k as an example.

    A 2 bed apartment could be found for this 200k mortgage but I want to get a 3 bed apartment in the same area, which requires a bit more money than the 200k that the banks will loan me.

    My question is, considering I don't have a family or whatever and no "need" for a 3 bed at this moment in time - will I instantly be rejected?

    I want to plan for the future but I can't imagine them caring about that if only 1 person (me) will be living in the apartment in the near future.
    Coinsguy wrote: »
    Weird one here.

    I want to get an apartment (2 or 3 bed). Let's say the banks will loan me 200k as an example.

    A 2 bed apartment could be found for this 200k mortgage but I want to get a 3 bed apartment in the same area, which requires a bit more money than the 200k that the banks will loan me.

    My question is, considering I don't have a family or whatever and no "need" for a 3 bed at this moment in time - will I instantly be rejected?

    I want to plan for the future but I can't imagine them caring about that if only 1 person (me) will be living in the apartment in the near future.


    It’s doesnt matter the type of property you are looking for ... we put on our property tbc.. it’s the amount they are after. Apply to two banks ..if you have children Kbc are quite tough on disposable income after children . Once you have two offers from banks that prove insufficient funds from two banks that is sufficient for your application


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