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Rebuilding Ireland home loan

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    #1832
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    Hello, after submitted application they sent me this one could anybody help me what to do know, what they exactly want.


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    #1833
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    mirabella1 wrote: »
    Hello, after submitted application they sent me this one could anybody help me what to do know, what they exactly want.


    I believe you were not approved because:
    - -Your income falls outside the required scale (more than €75000)
    - -Possibly, your bank statements do not show your regular savings (monthly standing order to savings account, rent payments).
    df When I was applying, I had my rent and savings clearly stated in my bank statements.


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    #1834
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    Laurazal wrote: »
    I believe you were not approved because:
    - -Your income falls outside the required scale (more than €75000)
    - -Possibly, your bank statements do not show your regular savings (monthly standing order to savings account, rent payments).
    df When I was applying, I had my rent and savings clearly stated in my bank statements.
    Thank you for replying.
    Our income is only 40.000
    We are paying rent from Bank account every month. So they see it.
    Aswell we have standing order for gas, electricity.
    We have saving in credit union.
    Anyway I'm going to there and ask them again what the need.


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    #1835
    Salanky
    Registered Users Posts: 86 ✭✭Salanky


    mirabella1 wrote: »
    Hello, after submitted application they sent me this one could anybody help me what to do know, what they exactly want.

    From my understanding of it they wont approve you for anything more than 70% of your net pay as in if the mortgage repayments on the amount you have asked for come to more than that they wont approve it.

    The repayment capacity is that your savings are not enough to cover the costing of the mortgage repayments for the amount you have requested.

    The unsatisfactory savings is likely that you havnt got at least 12 months of regular weekly/monthly savings of the same amount each time.

    When I applied and was turned down it was because of the repayment capacity because I wasnt saving enough money to cover the cost of the mortgage repayment for the amount I asked for. I rang them when I got the letter to say no and they fully explained it to me and how to fix it to reapply. Id give them a ring and ask them to explain it and and see if there is ways you can fix it. It may just mean you have to change things around a bit and then wait another while and reapply.


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    #1836
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    Salanky wrote: »
    From my understanding of it they wont approve you for anything more than 70% of your net pay as in if the mortgage repayments on the amount you have asked for come to more than that they wont approve it.

    The repayment capacity is that your savings are not enough to cover the costing of the mortgage repayments for the amount you have requested.

    The unsatisfactory savings is likely that you havnt got at least 12 months of regular weekly/monthly savings of the same amount each time.

    When I applied and was turned down it was because of the repayment capacity because I wasnt saving enough money to cover the cost of the mortgage repayment for the amount I asked for. I rang them when I got the letter to say no and they fully explained it to me and how to fix it to reapply. Id give them a ring and ask them to explain it and and see if there is ways you can fix it. It may just mean you have to change things around a bit and then wait another while and reapply.

    Thank you very much . I hope we can do something and they will helpful.
    Anyway if we are able to pay rent 1300 it's not enough as savings? I know they counting in this scheme rent as repayment capacity.


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    #1837
    Stekell
    Registered Users Posts: 31 ✭Stekell


    Has anybody going through DCC know if they carry out the Valuation report? We have just gone sale agreed and are sorting the surveyor but the bank would usually sort the valuation report, so do DCC cover this report?


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    #1838
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    mirabella1 wrote: »
    Thank you very much . I hope we can do something and they will helpful.
    Anyway if we are able to pay rent 1300 it's not enough as savings? I know they counting in this scheme rent as repayment capacity.

    No, you need to have a deposit saved up too, and you need to be adding to it monthly. Do you have a deposit saved?


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    #1839
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Stekell wrote: »
    Has anybody going through DCC know if they carry out the Valuation report? We have just gone sale agreed and are sorting the surveyor but the bank would usually sort the valuation report, so do DCC cover this report?


    I had to pay for mine. There was no suggestion they would cover it.


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    #1840
    Stekell
    Registered Users Posts: 31 ✭Stekell


    Evenstevens wrote: »
    I had to pay for mine. There was no suggestion they would cover it.

    Thanks for the reply, was it expensive?


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    #1841
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Stekell wrote: »
    Thanks for the reply, was it expensive?

    €159 incl vat.


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    #1842
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    charlietheminxx wrote: »
    No, you need to have a deposit saved up too, and you need to be adding to it monthly. Do you have a deposit saved?

    I have deposit 10% in other account


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    #1843
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    charlietheminxx wrote: »
    No, you need to have a deposit saved up too, and you need to be adding to it monthly. Do you have a deposit saved?

    I have deposit 10% in other account


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    #1844
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    mirabella1 wrote: »
    I have deposit 10% in other account

    And enough to cover stamp duty and solicitors fees?


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    #1845
    bebehong
    Registered Users Posts: 6 ✭bebehong


    mirabella1 wrote: »
    Thank you very much . I hope we can do something and they will helpful.
    Anyway if we are able to pay rent 1300 it's not enough as savings? I know they counting in this scheme rent as repayment capacity.
    mirabella1 wrote: »
    Hello, after submitted application they sent me this one could anybody help me what to do know, what they exactly want.

    Hi,

    Download the Rebuild Ireland Credit Policy 2018 this will help explain some of the refusal reasons you have.

    Net income ratio outside policy - the required monthly repayment should be atleast 30% of your net monthly income (e.g net income of €2500 can pay a monthly a TOTAL monthly repayment of €750 (Monthly loan repayment + MPI), so €750 less MPI should be your actual loan repayment)

    Repayment Capacity not demonstrated - because your monthly repayment exceeds the max of 30% of your Net income, hence this reason. You dont have the capacity to make the monthly repayment required for the requested loan.

    Unsatisfactory savings records/source of equity - you can see this on the credit policy. You have to make sure that you continuously saved a consistent monthly amount for the last 12 months prior to your application. (e.g €800 every month). It would also help that no history of money withdrawn from this bank account for you to give them assurance that you can save this every month consistently.

    Sufficiently committed - not sure on this part but I think because of the amount of your monthly commitments (eg gas/electricity/internet) you are not in a position to make sufficient monthly loan repayment on your requested loan amount.

    I hope these explanations answers your questions.

    PS. I too got declined and go two out of your four refusal reason. I am now preparing my new application with response to their refusal on my previous application and had created an excel to compute the possible accepted loan amount that will meet thei credit policy. If you send me details I can give you the figures that they might approved.


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    #1846
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    Hello, would anybody know if you need a life insurance in addition to MPI to draw down RI mortgage?


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    #1847
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    bebehong wrote: »
    Hi,

    Download the Rebuild Ireland Credit Policy 2018 this will help explain some of the refusal reasons you have.

    Net income ratio outside policy - the required monthly repayment should be atleast 30% of your net monthly income (e.g net income of €2500 can pay a monthly a TOTAL monthly repayment of €750 (Monthly loan repayment + MPI), so €750 less MPI should be your actual loan repayment)

    Repayment Capacity not demonstrated - because your monthly repayment exceeds the max of 30% of your Net income, hence this reason. You dont have the capacity to make the monthly repayment required for the requested loan.

    Unsatisfactory savings records/source of equity - you can see this on the credit policy. You have to make sure that you continuously saved a consistent monthly amount for the last 12 months prior to your application. (e.g €800 every month). It would also help that no history of money withdrawn from this bank account for you to give them assurance that you can save this every month consistently.

    Sufficiently committed - not sure on this part but I think because of the amount of your monthly commitments (eg gas/electricity/internet) you are not in a position to make sufficient monthly loan repayment on your requested loan amount.

    I hope these explanations helped.

    PS. I too got declined and go two out of your four refusal reason. I am now preparing my new application with response to their refusal on my previous application and had created an excel to compute the possible accepted loan amount that will meet thei credit policy. If you send me details I can give you the figures that they might approved.

    Thank you for that but anyway I don't understand we have together 40.000 for year, then we are able to pay high rent 1300 .
    How you could help me? What do I need to send you what details? Please


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    #1848
    lococo
    Registered Users Posts: 5 ✭lococo


    Hi All

    I am just wondering if anybody had problems getting a letter from work stating about sick leave. I haven't taken any sick leave but HR will not produce a letter stating this. This is required in the last part of the application


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    #1849
    lococo
    Registered Users Posts: 5 ✭lococo


    Hi there, just wondering on form 3 docs one of the requirenents is letter from employer no sick leave, my employer has a sick leave discretionary policy so cannot provide this. Had you this issue?

    Thanks


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    #1850
    Stekell
    Registered Users Posts: 31 ✭Stekell


    Evenstevens wrote: »
    €159 incl vat.

    Hello would you have a contact for the Valuator you used? Just trying to get a quote


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    #1851
    Niallfarrell11
    Registered Users Posts: 10 ✭Niallfarrell11


    Hi there,

    Does anyone know how long it takes to get your keys once you submit everything to DCC?


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    #1852
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Niallfarrell11 wrote: »
    Hi there,

    Does anyone know how long it takes to get your keys once you submit everything to DCC?

    Submitted final form 3 documents mid May. Solicitor got pack start of June. Got keys on 26th July.


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    #1853
    Shanvp
    Closed Accounts Posts: 17 ✭Shanvp


    Has anyone else used the Help to Buy Scheme for a new build in conjunction with this? Also, how long did it take before the mortgage contract was signed with the councils solicitor?


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    #1854
    Shanvp
    Closed Accounts Posts: 17 ✭Shanvp


    Dave087 wrote: »
    Hi, does anybody know if you can add your own funds to the purchase price of the house? For example if the house is 325k and your application has been approved for the maximum 320k purchase price could you contribute the extra 5k yourself? Appreciate any replies.

    Ask the seller/builder if they can change the house value to 320,000 and invoice you seperately for the 5,000 as wardrobes/kitchen appliance etc.


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    #1855
    DanyTargaryen
    Registered Users Posts: 29 ✭DanyTargaryen


    Hi all, to my suprise, I got approved!I got my approval letter at the end of July, I'm not sure how that happened as they seemed to be freezing applications due to lack of funding. I do want to call them and just check that there will be no issue.


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    #1856
    jonny_b1
    Registered Users Posts: 129 ✭✭jonny_b1


    Anyone finding selfbuild prices unachievable for the 175sqm with max mortgage approval? It seems anything other than off the shelf drawings are no go even at builders finish.


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    #1857
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    Has anyone bought a newly built house with RI mortgage?
    My question is, does council extend mortgage offer if you buy off plans and all legal buying processes go over the set 6 month term.


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    #1858
    scheister
    Registered Users Posts: 1,301 ✭✭✭scheister


    Laurazal wrote: »
    Has anyone bought a newly built house with RI mortgage?
    My question is, does council extend mortgage offer if you buy off plans and all legal buying processes go over the set 6 month term.

    I think it can be extended to 12 months but not sure if it can be extended over that. I would assume you have to reapply once you are within 6 months of getting the keys


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    #1859
    Niallfarrell11
    Registered Users Posts: 10 ✭Niallfarrell11


    Has anybody been refused cover from the underwriters for MPI? If so, what do you need to source yourself? Is it just life insurance or do you also need serious illness cover?

    Thanks.


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    #1860
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Niallfarrell11 wrote: »
    Has anybody been refused cover from the underwriters for MPI? If so, what do you need to source yourself? Is it just life insurance or do you also need serious illness cover?

    Thanks.

    Equivalent cover to the Council scheme - Both life cover and serious illness cover.


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    #1861
    Milenauno
    Closed Accounts Posts: 96 ✭✭Milenauno


    lococo wrote: »
    Hi there, just wondering on form 3 docs one of the requirenents is letter from employer no sick leave, my employer has a sick leave discretionary policy so cannot provide this. Had you this issue?

    Thanks

    Hi, yes we had the same problem. We produced the request under GDPR, basically the letter stating that we authorize them to access our personal data and give us the letter. Attach the copy of the page of your loan approval where this letter is requested, should be the first page.


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