Rebuilding Ireland home loan

swarmberg

An update this morning from Eoghan Murphy. Good news for anyone approved and not yet drawndown.

givyjoe

<QUOTE SNIPPED>

Eh, why would they/what would be the point of accepting further applications if there is potentially no more extra funding

Graham

Being discussed on the main RBI thread:

https://www.boards.ie/vbulletin/showthread.php?t=2057952657

3283winnie

Wow im devastated was ready to put all my forms in and heard this news i wonder will this get the go ahead again im gutted very upset after all my work gone into savings and now to get this news im currently in a ras house and now im stuck again hopefully something changes &#55357;&#56911;&#55357;&#56911;&#55357;&#56911;

Jasik01

Just got letter from Louth coco

" We regret to inform you that the Department of Housing, Planning and Local Government has indicated that they are not in position to give further funding for loans at this time, so we are therefore not in position to proceed with your application...."

Applied in mid February....

3283winnie

Can i ask doing a joint application with only 1 income my husband earns 39000 and he has savings of 8000 and we getting 80000 gifted from my parents. Ive done the online calculator it says we could get 196500 if i want a house for 280000 how much deposit do i need to have saved myself and can i ask if i have no loans what are the chances of approval thanks for your advice fingers crossed the funding is giving back and i can apply its the only hope of us getting a morgage

Jmk725

3283winnie wrote: »

Can i ask doing a joint application with only 1 income my husband earns 39000 and he has savings of 8000 and we getting 80000 gifted from my parents. Ive done the online calculator it says we could get 196500 if i want a house for 280000 how much deposit do i need to have saved myself and can i ask if i have no loans what are the chances of approval thanks for your advice fingers crossed the funding is giving back and i can apply its the only hope of us getting a morgage

Their is a limit to the amount you can be gifted from family, not sure how much but I would image that 80,000 is above the limit.
Your deposit has to be at least 10% of the purchase price, some of this can be from gifts.
Chance of approval depends on council, some use different rates than others.
Hope this helps.

3283winnie

So if i got awarded the 196500 could i put the rest of my own money savings and gifted to buy a house for 280000 so if i borrow 196500 from the RIS and buy a house for 280000 would i need 28000 deposit thanks

givyjoe

3283winnie wrote: »

So if i got awarded the 196500 could i put the rest of my own money savings and gifted to buy a house for 280000 so if i borrow 196500 from the RIS and buy a house for 280000 would i need 28000 deposit thanks

30% or thereabouts, of your deposit must be savings, so you just need to work out from there whats the max house value you could buy.

3283winnie

givyjoe wrote: »

30% or thereabouts, of your deposit must be savings, so you just need to work out from there whats the max house value you could buy.

So if i have 8500 savings saved myself and got awarded the 196500 should there be no problem be buying a property at 280000 sorry for all the questions just want to double check with people who have been through it before i get my hopes up thanks

givyjoe

3283winnie wrote: »

So if i have 8500 savings saved myself and got awarded the 196500 should there be no problem be buying a property at 280000 sorry for all the questions just want to double check with people who have been through it before i get my hopes up thanks

I haven't been through it, didn't get that far. The minimum amount required from savings is on the website somewhere. If you only have 8500 in savings, then you would only be able to put another ~17k of a gift towards the deposit. So roughly around 230k is the house you can buy. I could be wrong on the minimum deposit amount from savings, but check on th website.

3283winnie

I taught i read that 3% had to be your own savings and 7% could be gifted so i was thinking 8400 my own regular savings and 17600 gifted which would make up the deposit of a 280000 house ive read the website a few times and done the calculator which gives me a max of 196500 . Thats my husband income with no loans any help be greatfull regarding figures cheers

givyjoe

3283winnie wrote: »

I taught i read that 3% had to be your own savings and 7% could be gifted so i was thinking 8400 my own regular savings and 17600 gifted which would make up the deposit of a 280000 house ive read the website a few times and done the calculator which gives me a max of 196500 . Thats my husband income with no loans any help be greatfull regarding figures cheers

Even it that was the case.. you're still way short. Where is the balance of nearly 60k going to come from?

3283winnie

givyjoe wrote: »

Even it that was the case.. you're still way short. Where is the balance of nearly 60k going to come from?

So if i get 196500 from RBI can i put my own amount to it to bring it up to the value of 280000 or is that not allowed

3283winnie

jargarbo wrote: »

We applied for this after struggling to get a mortgage from the banks we were met with decline after decline with no clear triggers as to why, When we heard the scheme was announced we were over the moon we met all the criteria it appeared to be made for us. 5 weeks after application we received a letter from county council saying we had been DECLINED because they deemed us above the joint €75,000 threshold. We had a guaranteed income of €69,000 but they included unguaranteed overtime and unsocial hours done in attempts to attain a mortgage as guaranteed. We are appealing and fighting this however my first hand opinion is unfortunately this ironically called Rebuilding Ireland home loan is all a creative way to make the people of ireland THINK something is being done to help the middle working class

Can i ask do you know how much you can use towards the purchase of the house if i have been approved of 196500 on the online calculator can i add my own gifted inheritance to bring the house price up to 280000 thanks

Graham

3283winnie wrote: »

Can i ask do you know how much you can use towards the purchase of the house if i have been approved of 196500 on the online calculator can i add my own gifted inheritance to bring the house price up to 280000 thanks

I can't see anything on the RBI website to say you can't do that:

http://rebuildingirelandhomeloan.ie/

3283winnie

Graham wrote: »

I can't see anything on the RBI website to say you can't do that:

http://rebuildingirelandhomeloan.ie/

Ye i have read over it a good few times and cant see anything to say if you can or cant i have seen that the deposit has to be 30% made up myself so that would be the 8400 which i have saved in an account. I have 80000 inheritance to be added to what RBI approve me off i just wanted to see if it was allowed to add my own inheritance thanks

SPurple

Is there anyone else on this forum who applied as far back as me, July 2018, who is still waiting for approval? And to Kildare Coco?

GaGa21

SPurple wrote:

Is there anyone else on this forum who applied as far back as me, July 2018, who is still waiting for approval? And to Kildare Coco?

Kildare are out of money according to previous posters that applied there.

S.M.H

What Councils are out of money?

Kildare, DCC, Louth, Fingal??

I haven't seen this list confirmed anywhere.

SPurple

GaGa21 wrote: »

Kildare are out of money according to previous posters that applied there.

I was told this by phone in December but still haven't received anything in writing. I just feel like my application wasn't dealt with properly and that's why I missed the cut. Applied in July and they said funds ran out in October but only told me when I rang constantly in December. I'm wondering is there anyone else with similar experiences. I feel like it's just too unfair.

3283winnie

SPurple wrote: »

I was told this by phone in December but still haven't received anything in writing. I just feel like my application wasn't dealt with properly and that's why I missed the cut. Applied in July and they said funds ran out in October but only told me when I rang constantly in December. I'm wondering is there anyone else with similar experiences. I feel like it's just too unfair.

Omg thats awful they should of at least wrote to you noting more frustrating i can imagine i had all my paper work ready to go was so excited thinking this would be our only way to get a morgage and then bang its gone please god more funding gets put back into it because it is needed so annoying to put this scheme in place and get peoples hopes up i hope it all turns out ok for you soon keep positive

SPurple

SPurple wrote: »

I was told this by phone in December but still haven't received anything in writing. I just feel like my application wasn't dealt with properly and that's why I missed the cut. Applied in July and they said funds ran out in October but only told me when I rang constantly in December. I'm wondering is there anyone else with similar experiences. I feel like it's just too unfair.

Thats awful,
They are a bunch of clowns in KCC.
I did get it in writing and posted a picture of the letter here a few pages back.
At one stage I called in there in person and was told by reception "they dont answer the phones up there".

92841

SPurple wrote: »

I was told this by phone in December but still haven't received anything in writing. I just feel like my application wasn't dealt with properly and that's why I missed the cut. Applied in July and they said funds ran out in October but only told me when I rang constantly in December. I'm wondering is there anyone else with similar experiences. I feel like it's just too unfair.

I applied to a different council in July and was approved in October and I'm hoping to drawdown in the next few weeks. Been sale agreed since December. I'd be very disappointed if I was in your position. Hopefully they'll get the funding and approve you soon

bubbles46

For anyone gone sale agreed:Engineer was out to the house this week,he said his report will be ready next week-Do i get that report or does it go to the council?What are the steps after that?Will the council then contact me when they know the report is done to get more paperwork prepared?Thanks.

Jmk725

bubbles46 wrote: »

For anyone gone sale agreed:Engineer was out to the house this week,he said his report will be ready next week-Do i get that report or does it go to the council?What are the steps after that?Will the council then contact me when they know the report is done to get more paperwork prepared?Thanks.

Bubbles46, you get the engineers report, normally 2 copies.
You should have gotten a letter from council when approved detailing all items needing to be submitted at this stage.
In my case, I had:

1. Form 3 that Council gave me
2. Engineers Report
3. Up to date current/deposit bank/credit union statements
4. Recent payslip
5. Draft Family Home Declaration Form
6. Valuation Report, normally goes to council from valuer anyway
7. Mortgage Protection Application
8. Letter from employer confirming not out sick in last 2 years apart from flu, cold, backache.
9. Same as above but from G.P.
10. Completed DD Mandate Form

All of this should be on a letter received from the Council anyway.

Quinnciara

Has anyone any idea how long after handing In all the documents to the council e.g. forms 1 2 3 medical certs work certs etc how long it takes for them to send the loan pack to solicitors. My vendors solicitor has already sent the contracts and transfer deeds on so I'm pretty eager.

jesso22

I know the scheme is 'on hold', but I wonder can you still apply to the council for a mortgage not part of the scheme. We were applying last January to the council, but we heard about the new scheme, so held out till it was launched in February

VW08

Someone asked earlier what other CoCos were effected, got a call from Cork CoCo and their funds are on hold too.

New applications are still being accepted but they won’t go anywhere until the funding is sorted.

bubbles46

Jmk725 wrote: »

Bubbles46, you get the engineers report, normally 2 copies.
You should have gotten a letter from council when approved detailing all items needing to be submitted at this stage.
In my case, I had:

1. Form 3 that Council gave me
2. Engineers Report
3. Up to date current/deposit bank/credit union statements
4. Recent payslip
5. Draft Family Home Declaration Form
6. Valuation Report, normally goes to council from valuer anyway
7. Mortgage Protection Application
8. Letter from employer confirming not out sick in last 2 years apart from flu, cold, backache.
9. Same as above but from G.P.
10. Completed DD Mandate Form

All of this should be on a letter received from the Council anyway.

No all councils must be different as all I was told to submit was up to date payslips+statements,letter stating who solicitor is and valuation report. She told me she wouldnt let me know the next steps until the engineer is happy with the house. Sounds like ive a longway to go yet so!Thanks for your reply.