Rebuilding Ireland home loan

BeansBeans

cudsy1 wrote: »

thanks to above posters, this info was invaluable as I am also dealing with cork city co (unfortunately) - i sought clarification, the council will require a specific costing on what it will take to get the proposed property up to scratch before the application can proceed. this is once you have gone sale agreed and got engineers reports etc done.

Ya we just went through the process, they are so slow, the vendor is getting very impatient. We went sale agreed before Christmas. Sent in drains report, engineers survey, independent valuation etc.
They only got back to us last week looking for costing of renovation.
In fairness to them though, the person I spoke to was very reasonable and nice. She seemed satisfied with the quotations.

So hopefully we are almost sorted.

optogirl

Hi all - I've just realised that the checklist states that any supporting documents need to be dated within 4 weeks of you submitting your application. How is this possible? Waiting over a week for bank statements, revenue letter and already have bank offer & salary certificate. There's no way all documents are going to be within 4 weeks of each other

Laurazal

optogirl wrote: »

Hi all - I've just realised that the checklist states that any supporting documents need to be dated within 4 weeks of you submitting your application. How is this possible? Waiting over a week for bank statements, revenue letter and already have bank offer & salary certificate. There's no way all documents are going to be within 4 weeks of each other

From my application experience: I printed bank statements from my online bank account, got revenue form stamped by physically going to Revenue office and got salary certificate. All within three days.

optogirl

Laurazal wrote: »

From my application experience: I printed bank statements from my online bank account, got revenue form stamped by physically going to Revenue office and got salary certificate. All within three days.

I thought bank statements had to be official printed ones? If not that's great news.

Thanks

car_radio19834

The salary requirements, do they check payments into your account or salary confirmation by company?

Tumbleweed2

car_radio19834 wrote: »

The salary requirements, do they check payments into your account or salary confirmation by company?

Your company will fill out a salary cert and stamp it. Realistically your payslips and accounts should show amounts in line with this figure

car_radio19834

Tumbleweed2 wrote: »

Your company will fill out a salary cert and stamp it. Realistically your payslips and accounts should show amounts in line with this figure

Thanks,

But bonus and expenses wouldn't be in the salary cert. If they count bonuses or expenses I'd be above 50k I think.

Tumbleweed2

car_radio19834 wrote: »

Thanks,

But bonus and expenses wouldn't be in the salary cert. If they count bonuses or expenses I'd be above 50k I think.

There is a bonus section i think, although this is only for guaranteed bonus, or a bonus you have received for the last 3 consecutive year.

If its not guaranteed then your employer must put zero - may keep you under the cut off.

car_radio19834

Tumbleweed2 wrote: »

There is a bonus section i think, although this is only for guaranteed bonus, or a bonus you have received for the last 3 consecutive year.

If its not guaranteed then your employer must put zero - may keep you under the cut off.

Sweet!

I thought they looked at all income, I thought I remembered the issue with people who would have been over the 50k because of bonuses but those bonuses don't get included in mortgage applications so those people would be in limbo.

Tumbleweed2

car_radio19834 wrote: »

Sweet!

I thought they looked at all income, I thought I remembered the issue with people who would have been over the 50k because of bonuses but those bonuses don't get included in mortgage applications so those people would be in limbo.

My brother and sister in law got approved with Wicklow, she earns 50k with a not guaranteed performance based bonus, year previous earnings were close to €70k. Maybe its dependant on the council.

Jafin

Tumbleweed2 wrote: »

My brother and sister in law got approved with Wicklow, she earns 50k with a not guaranteed performance based bonus, year previous earnings were close to €70k. Maybe its dependant on the council.

When you fill in the bonus/overtime section it has three boxes beside each option saying Guaranteed, Regular or Irregular and one them has to be ticked if you put a figure in. I'm not sure how they weigh up each one in the decision making process though to be honest.

Slightly unrelated but may be helpful to someone, I queried the bonus thing with a member of the council before filling mine out because I get my bonus in the form of a prepaid debit card every year. She said the bonus only counts if it's paid directly into your bank account, so I just put in 0 for my bonus.

clearview99

Hi all - just wondering if anyone had any luck with getting the council to approve a property above the threshold amount? I've been approved by Wexford County Council but the max. Property price allowed is 250k. I'm from and therefore looking for a property in Gorey but with the new M11 and gorey's new found status as a commuter town, property prices are much higher than other parts of the county. Any ideas?

clearview99

kbman wrote: »

We submitted the Help to buy this week and it's been claimed for by the builders.
The legal pack has been issued and we signed it but not sure if it's been sent back to the Council.
We're also going through Wicklow, we bought in Meadow Gate, and our house isnt' ready until I'm guessing June at this stage, although MArch/april was intiial timeline. I asked about extension and she said that we just need to give time for that, we'll have to ask again soon enough.

So, we'll probably apply for an extension after christmas, builders should have accurate timelines by then.

Hi, just wondering if the purchase price of the house in meadow gate was below the 320k threshold for Wicklow????

kbman

clearview99 wrote: »

Hi, just wondering if the purchase price of the house in meadow gate was below the 320k threshold for Wicklow????

It was exactly 320k and this has been accepted by wicklow, are you buying in wicklow also?

clearview99

kbman wrote: »

It was exactly 320k and this has been accepted by wicklow, are you buying in wicklow also?

No I'm looking in Gorey and house prices are expensive - many that would suit my situation are above the 250k threshold so unsure what my options are!

Tumbleweed2

clearview99 wrote: »

No I'm looking in Gorey and house prices are expensive - many that would suit my situation are above the 250k threshold so unsure what my options are!

I was approved by wexford, bought in Gorey and currently living there. Any questions I am happy to answer.

In terms of threshold - €250k is the absolute max house value, so may you can get is 90% of that. (€225k). If you are buying a new build check out HELP TO BUY Scheme, might help you bridge the gap.

woodpecker1234

Hi everyone! First of all, thanks for all of the info you put up here. Learnt a lot in the last 2-3 weeks about this scheme. Sorry for my English, moved to Ireland 15 years ago. Long story short: Working full time, 27.5k/year plus some overtime. 2 small kids at home with my wife. (No family around to help out with them. Childcare would be around 700 euros/week for the 2 of them.) So banks told me I could not get any mortgage. Would like to apply for this scheme. My wife inherited a part of a house abroad with her brothers. So I'd like to apply as single applicant. Is this possible in my case in your opinion? I live in West-Cork and would like to buy something here. Thanks for your reply in advance.

KH1591

Hi everyone,
Quick question if anyone can help. We are in the process of completeing our application, we are eligible for this scheme, meet all the criteria etc.. Basically a friend of a friend applied as a single applicant, also met the criteria but because the banks are not actually refusing people, they are offering something but not enough, they were told they can't avail of this scheme.
Has anyone had this issue? The banks are offering us something but its a lot less than what we need so I don't want to be refused based on that!
As I mentioned above, the banks are making is so difficult to obtain a refusal letter and are offering something so its not an actual refusal
Any help would be great

KH1591

Hi, yes I think you would be eligible. There is a webchat option on the Rebuilding Ireland website where you can ask them directly yourself. But yes I think you would be eligible

Tumbleweed2

KH1591 wrote: »

Hi everyone,
Quick question if anyone can help. We are in the process of completeing our application, we are eligible for this scheme, meet all the criteria etc.. Basically a friend of a friend applied as a single applicant, also met the criteria but because the banks are not actually refusing people, they are offering something but not enough, they were told they can't avail of this scheme.
Has anyone had this issue? The banks are offering us something but its a lot less than what we need so I don't want to be refused based on that!
As I mentioned above, the banks are making is so difficult to obtain a refusal letter and are offering something so its not an actual refusal
Any help would be great

Hi,

Realistically go on AIB website. Apply online, applying for less than what you want from RI and you'll get an instant sanction in principle letter that you can print off straight away.
I also rang Ulster bank, said I want to apply for this amount, knowing I wouldn't get it they said they cant proceed with an application so I requested written confirmation they cannot offer me the amount sought.

The requirement is 2 decline letters or offers of a lesser amount.
I did the above and I got approve and have drawndown since.

Tumbleweed2

woodpecker1234 wrote: »

Hi everyone! First of all, thanks for all of the info you put up here. Learnt a lot in the last 2-3 weeks about this scheme. Sorry for my English, moved to Ireland 15 years ago. Long story short: Working full time, 27.5k/year plus some overtime. 2 small kids at home with my wife. (No family around to help out with them. Childcare would be around 700 euros/week for the 2 of them.) So banks told me I could not get any mortgage. Would like to apply for this scheme. My wife inherited a part of a house abroad with her brothers. So I'd like to apply as single applicant. Is this possible in my case in your opinion? I live in West-Cork and would like to buy something here. Thanks for your reply in advance.

Of course you can apply. Although you would be better off speaking to someone prior to applying as it is a lengthy process and you dont want to waste time just for failure.
I dont even know if you wife's house will play a part in the application,<SNIP>

car_radio19834

Anyone think there may be some changes to this program with a new government?

Hudur

Someone mentioned here before that married people can't apply as single. Of course this might depend on county so better ask.

cudsy1

car_radio19834 wrote: »

Anyone think there may be some changes to this program with a new government?

Was wondering same...a freeze in the short term for example?

scheister

cudsy1 wrote: »

Was wondering same...a freeze in the short term for example?

It is hard to say think FF/FG and SF all want it to stay. my only worried is with SF is would they have the money for this if the focus to too much on building social housing and affordable rent. I know they want affordable purchase as well but would RBI help that or are they trying to push housing into the range that we could use a bank?

Tumbleweed2

scheister wrote: »

It is hard to say think FF/FG and SF all want it to stay. my only worried is with SF is would they have the money for this if the focus to too much on building social housing and affordable rent. I know they want affordable purchase as well but would RBI help that or are they trying to push housing into the range that we could use a bank?

I think short term nothing will happen to this, I imagine if things are to change it'd have to be phased out.
I also agree and share a similar concern that SF primary focus in terms of housing will be social housing and affordable rent moreso than an increase in homeowners.

Purplejess27

Hi All. Just want to say found this forum a great source of help and torment &#55358;&#56611; over the past few months. For those of you embarking on the journey it's a really long process but hang in there, it's worth it! We applied to Wexford Co Co in August last year. Went sale agreed 1st November 2019 and finally getting keys on Friday. Have to add that found Wex Co Co really great to deal with. Everything happened when they said it would.

clearview99

Tumbleweed2 wrote: »

I was approved by wexford, bought in Gorey and currently living there. Any questions I am happy to answer.

In terms of threshold - €250k is the absolute max house value, so may you can get is 90% of that. (€225k). If you are buying a new build check out HELP TO BUY Scheme, might help you bridge the gap.

Thanks for the response - I'm looking at a house that's a little over the 250k limit - I can make the difference with savings (just about) but unsure if the council will approve it as it's over the rebuilding Ireland limit. Gorey prices are far higher than other parts of the county - it has commuter town status so why wouldn't they! This house ticks all the boxes for me and tbh if the bank had of stretched on the mortgage I wouldn't need to go down the RI route. House prices in Arklow are in line if not below Gorey prices yet it benefits from a 320k limit!

Purplejess27

clearview99 wrote: »

Thanks for the response - I'm looking at a house that's a little over the 250k limit - I can make the difference with savings (just about) but unsure if the council will approve it as it's over the rebuilding Ireland limit. Gorey prices are far higher than other parts of the county - it has commuter town status so why wouldn't they! This house ticks all the boxes for me and tbh if the bank had of stretched on the mortgage I wouldn't need to go down the RI route. House prices in Arklow are in line if not below Gorey prices yet it benefits from a 320k limit!

Hi Clearview99
As far as I know they are strict with price and size of house. HTH

clearview99

Purplejess27 wrote: »

Hi Clearview99
As far as I know they are strict with price and size of house. HTH

Yeah I'd say that - still, not that clear cut in reality - it's worth noting that Gorey is the only designated rent pressure zone in Co. Wexford - there must be a reason behind that!!!! The RI criteria should look more at specific towns/areas as opposed to just county by county. Gorey is home to two 1000+ secondary schools (one of which is the biggest in the country) and both are full to capacity. The population of the town is growing rapidly and this is driving up house prices given that demand is exceeding supply