Rebuilding Ireland home loan

Tasfasdf

Did anyone get the RIHL by not getting enough from the banks. E.g wanting to borrow 250,000 but only being offered 220,000. They told me(on chat) that I would have to contact two banks and not be offered what I want. How do I show them what I was offered less and prove what I actually want. Basically how can they prove I want 250,000 but only being offered 220,000

beanyb

Tasfasdf wrote: »

Did anyone get the RIHL by not getting enough from the banks. E.g wanting to borrow 250,000 but only being offered 220,000. They told me(on chat) that I would have to contact two banks and not be offered what I want. How do I show them what I was offered less and prove what I actually want. Basically how can they prove I want 250,000 but only being offered 220,000

They will accept two print outs from the bank's online calculators showing you would qualify for less with them than what you qualify for from RI (which you can roughly estimate using the RI online calculator). I was in with DCC last week and they barely glanced at this part of my application tbh.

Tasfasdf

beanyb wrote: »

They will accept two print outs from the bank's online calculators showing you would qualify for less with them than what you qualify for from RI (which you can roughly estimate using the RI online calculator). I was in with DCC last week and they barely glanced at this part of my application tbh.

That's brilliant, just using the quick online calculator, didn't think they would accept that.

Jafin

beanyb wrote: »

They will accept two print outs from the bank's online calculators showing you would qualify for less with them than what you qualify for from RI (which you can roughly estimate using the RI online calculator). I was in with DCC last week and they barely glanced at this part of my application tbh.

Quick question if you don't mind. Do they accept just a screenshot of the calculator? I went through all the calculators I could find last night (although it's possible I missed some) and the only one that gave an option to download a summary of my results was Permanent TSB.

DanyTargaryen

Jagger Salty Prism wrote: »

'DanyTargaryen', may I ask if you got the funding you wanted / applied for? If so, how much? I am hoping to submit an application in early 2020 to my county council with the hope of getting the full amount; 90% of €320,000. I am also unsure whether to build or buy, therefore I am hoping to leave the property details blank...

Yes, I applied for a loan of 200k and got approved for that. The online calculator will tell you the max you're eligible for based on your income etc. In my case, it was right on the ball, I put down what the calculator gave me and that's what I got approved for.

you can leave the property details blank, if approved you get a 6 month window to buy any property in the council district.

beanyb

Jafin wrote: »

Quick question if you don't mind. Do they accept just a screenshot of the calculator? I went through all the calculators I could find last night (although it's possible I missed some) and the only one that gave an option to download a summary of my results was Permanent TSB.

They did for me anyway. I used PTSB because I could download it and Ulster Bank which was just a print out of the calculator results.

Scr88

beanyb wrote: »

They did for me anyway. I used PTSB because I could download it and Ulster Bank which was just a print out of the calculator results.

AIB do an approval in principle online which you can print off

kbman

Scr88 wrote: »

AIB do an approval in principle online which you can print off

That's good, that wasn't available when I started out on the process.
For me I organised call/meeting with ptsb and boi advisor and they give the approval in principle within couple of hours by email for the phone appointment whereas was immediate with in bank meeting. Sounds like more options available now, great for everyone

kbman

DanyTargaryen wrote: »

Yes, I applied for a loan of 200k and got approved for that. The online calculator will tell you the max you're eligible for based on your income etc. In my case, it was right on the ball, I put down what the calculator gave me and that's what I got approved for.

you can leave the property details blank, if approved you get a 6 month window to buy any property in the council district.

Not sure about this 6 month period. I git 2 approvals, one was 6 months, the 2nd one was 1 month. I was pushing for the 2nd though as we had a booking deposit down and wanted to sign at that stage so it was fine, can't say for sure though if it's generally 6 months though.

DanyTargaryen

kbman wrote: »

Not sure about this 6 month period. I git 2 approvals, one was 6 months, the 2nd one was 1 month. I was pushing for the 2nd though as we had a booking deposit down and wanted to sign at that stage so it was fine, can't say for sure though if it's generally 6 months though.

I think the different councils have different rules. I applied to SDCC, they sent me a letter stating my approval was valid from mid July 2019 to mid January 2020. I went sale agreed in the first week of November. I have since submitted my mortgage protection form and the property and solicitor details, the loans dept have approved it and sent it the legal dept and they will talk to my solicitor. So I'm not at the end of the process yet but if I had waited too long to go sale agreed then they would have already told me by now.

So yeah, SDCC will give you the whole 6 months to get to sale agreed but other councils may differ.

kbman

Sounds good, we signed legal pack sometime before Christmas.
Our house isn't ready till August by the looks of things from news builders giving us. Next steps for us is to figure out about extending our loan due to expire start 0f April. Hoping we don't have to reapply as this process is long enough already. Anyone else in similar situation with off plan housing?

kbman

Tumbleweed2 wrote: »

My brother is going to buy there too, nice area. Exact same position as you, seeking extension. I'll have a chat with him and see where he is at with it over xmas and post an update if he's even got that far, he only got approved on appeal this month after waiting 6 months, being declined, appealing with no additional information, waiting 2 months and then getting approval. Don't know what is going on in that wicklow office.

So few days ago I sent a mail to builders and fiind out we're looking at end of july, which puts us one 2-3 months out from the initial loan expiry of 4th april. As I recall you thought would put me in reapplication territory. So Now, to talk with the council and find out where we stand and what timelines are for reapplication if that's the case. Just a pain if we have to gather all the documents again after spending so long getting them organised last year.

Fingers crossed it won't be as painful as i suspect.

beanyb

When I was in with DCC last week the guy said that they will generally extend the approval for a further 3 months if things are in progress but not complete after the 6, but that after that, you would have to reapply. Hopefully that'll work for you kbman

Jaro Lew

Hi. I have a qestion about conditions of loan as few different council says different story.

I have seen in dec 2019 on website that you need to have a 12 month saving history (banks need only 6 months)

Now this 12 month saving histoey dissapeared from their website. Thats mean we need just 6 months saving history or still they will ask for a 12 months?

We are saving already over 7 months (2000€/month) have 30k income + 17k income + 2 kids (2+7)

Monitor1985

Anyone here deal with Waterford county council when applying for the loan?I'm applying with my partner at the end of March and just wondering what they were like to deal with?

kbman

Jaro Lew wrote: »

Hi. I have a qestion about conditions of loan as few different council says different story.

I have seen in dec 2019 on website that you need to have a 12 month saving history (banks need only 6 months)

Now this 12 month saving histoey dissapeared from their website. Thats mean we need just 6 months saving history or still they will ask for a 12 months?

We are saving already over 7 months (2000€/month) have 30k income + 17k income + 2 kids (2+7)

Jaro,
I would suggest looking at the PDF of the application form, this is indicating 12 months period of account history. I attached this here for ease of visibility
Hope this helps.

xxsammyxx085

Hi, my file came back from the underwriters last Friday and the lady in the council said they were recommending a decline due to being outside the credit limit.... but that it still had to go to the council's credit committee.... does anyone have any idea what outside the credit limit means???

rqc1i3ovl5uxt6

Anyone dealing with off-plan housing? I have my eye on a new housing estate at the moment, the first raft foundation is nearing completion. However, these houses have yet to be advertised / put on market - therefore I am trying to time it between putting in my Rebuilding Ireland Homeloan application form. Also, I am unsure of the price of these new houses; can anyone advise?

kbman

Jagger Salty Prism wrote: »

Anyone dealing with off-plan housing? I have my eye on a new housing estate at the moment, the first raft foundation is nearing completion. However, these houses have yet to be advertised / put on market - therefore I am trying to time it between putting in my Rebuilding Ireland Homeloan application form. Also, I am unsure of the price of these new houses; can anyone advise?

I'm one of these Leinad, i see a few others are also, have a search through the thread and you'll see.
I've paid deposit and signed contracts and now being told end of July / Start August.
I'm buying in Wicklow Town in 2nd phase of a new development.
It'll depend on the council how quick you get approval, but I wouldn't expect sooner than 8-10 weeks.
I'd make sure that you know the boundaries if it's on the boundary of 2 councils, unless you get approval from both.

It's hard to know whether these houses will fall into your price bracket, without knowing more details about your area. in the meantime you may be better to contact the builders involved to get a better idea.

Good luck,
Killian

Karl12byrne

DanyTargaryen wrote: »

I think the different councils have different rules. I applied to SDCC, they sent me a letter stating my approval was valid from mid July 2019 to mid January 2020. I went sale agreed in the first week of November. I have since submitted my mortgage protection form and the property and solicitor details, the loans dept have approved it and sent it the legal dept and they will talk to my solicitor. So I'm not at the end of the process yet but if I had waited too long to go sale agreed then they would have already told me by now.

So yeah, SDCC will give you the whole 6 months to get to sale agreed but other councils may differ.

Hi Dany I see you said you got your approval in July how long did it take from the application submitted to getting your approval.

I submitted an application in November 2019 and I have recently received an email requiring more info sent it back but just waiting now 😬I also spied to SDCC and was just wondering have you any tips or advise for the process thanks in advance

Karl Byrne

Tumbleweed2

Karl12byrne wrote: »

Hi Dany I see you said you got your approval in July how long did it take from the application submitted to getting your approval.

I submitted an application in November 2019 and I have recently received an email requiring more info sent it back but just waiting now 😬I also spied to SDCC and was just wondering have you any tips or advise for the process thanks in advance

Karl Byrne

Hi,

I applied through Wexford, and it was 6 weeks to the day. approved mid July based on property to be confirmed, submitted property details in August, and had full approval, letter of offer in September. September to Dec was admin, moving money and solicitor time. Moved into my new house the week before Christmas.
My brother on the other hand applied to Wicklow, he was 13 weeks, declined, appealed with no new information and was approved after a further 5 weeks.
Depends on the council. They are currently going throw the solicitor, moving money and admin phase.

BKWDR

Anyone thinking of applying to this scheme. As of midnight tonight the rates are going up to
25 yrs 2.745%
30 yrs 2.995%
Anyone who already has a form in as of today is at the old rate

kbman

BKWDR wrote: »

Anyone thinking of applying to this scheme. As of midnight tonight the rates are going up to
25 yrs 2.745%
30 yrs 2.995%
Anyone who already has a form in as of today is at the old rate

Wow, that's huge.
But reading on the rebuildinig ireland website.
* Rates are subject to change. Mortgage rates are set on the date of drawdown of your loan.


So that would seem to indicate, it'll be set when you drawdown unless Councils are handling these rules differently.
If that's also true it would potentially start to push more people out of qualification for the loan.

BKWDR

kbman wrote: »

Wow, that's huge.
But reading on the rebuildinig ireland website.
* Rates are subject to change. Mortgage rates are set on the date of drawdown of your loan.


So that would seem to indicate, it'll be set when you drawdown unless Councils are handling these rules differently.
If that's also true it would potentially start to push more people out of qualification for the loan.

Rates subject to change is just to cover bases incase it had changed sooner.
What I outlined is the fact;
interest rate increase will apply to any loans issued on foot of RIHL applications received by local authorities on or after 15 January 2020.

AlmightyCushion

That is a big increase. I was looking at going for this later this year but probably not happening now given the rate increase.

Scr88

Where did you hear this? ��

Monitor1985

Interest rates have already been changed on the website, adds an extra €55 to mine, plus takes away €14000 of the max they could loan me, this is a kick in the teeth, any explanation as to why the increase?

BKWDR

Monitor1985 wrote: »

Interest rates have already been changed on the website, adds an extra €55 to mine, plus takes away €14000 of the max they could loan me, this is a kick in the teeth, any explanation as to why the increase?

They had to reborrow the funds. It was always going to be a new rate once the initial fund was exhausted.

Monitor1985

BKWDR wrote: »

They had to reborrow the funds. It was always going to be a new rate once the initial fund was exhausted.

Well isn't that just dandy, I suppose it will go up again once these funds are exhausted.

Hudur

Huh, luckily got applications on two councils going on since November. Couldn't afford anything with new rates.