Rebuilding Ireland home loan

shawki

https://www.boards.ie/discussion/comment/121309533#Comment_121309533

BOI took about two days last time I did it.

JCN12

You can also get approval in principle from AIB online, well at least you could up until last year without too much effort.

shawki

Anyone have luck drawing down recently?

The interest in this scheme seemed to have died down a lot since the last increase.

WoolyJumper

Anyone know if there are restrictions on if/when you can sell you house? Not that that is in the plan but good to know if something came up. I felt like I read 5 year but I can deem to find any info online now

shawki

https://www.boards.ie/discussion/comment/121656368#Comment_121656368

No restrictions on selling.

Kbash599

Hey all,

Hoping to apply for this in the Laois area. I'm working full time in the same job since 2021 and my wife is on long term disability and receives carers allowance, we have 2 children 14 and 6. I understand that the council will consider some form of social welfare payments as long as one income is from full time work, would be really curious if anyone with a similar situation has applied and how you got on.

Also a question on savings. We have been saving for this for the past 2 years and finally ready to apply. We save 2k per month and have done for approx 18 months, looking through the statements in addition to this we also on 2 occasions put a small bit extra in within the last 12 months, and last march also paid in 2500. I previously read that we should be saving the exact same amount every month. Does anyone who has applied successfully have any experience with this that can clarify?

Any information would be greatly appreciated!

JCN12

https://www.boards.ie/discussion/comment/121679940#Comment_121679940

The amount saved should be the same every month.

Additional savings at random are ok as long as your regularly monthly savings do not vary and are allocated around the same time every month.

shawki

https://www.boards.ie/discussion/comment/121679940#Comment_121679940

They won’t consider the extra amounts, they’ll stick with the regular figure.

Prepare for the long haul, my approval took 12 weeks.

Biggest sticking point for me was my credit card usage, they just prefer if you don’t use it at all.

Kbash599

https://www.boards.ie/discussion/comment/121682484#Comment_121682484

Oh dear that is worrying to hear.

We do have a credit card with 1500 limit. It is occasionally used but never more than 50 euro owing at any given time and always paid within the month. Currently zero balance. As 6 months statements are required, these will show it was used 4/6 months. I would wait for 6 months no use but unfortunately we have to leave our current house before the end of August so not much time.

In the end did you have to close the credit card down in order to get a mortgage?

shawki

https://www.boards.ie/discussion/comment/121683573#Comment_121683573

It was only my recent credit card statement they were concerned with.

I still got approved but €4K less than the calculator with a balance of around €400, I was told to keep the balance at €0.

WoolyJumper

I recently got approval and noticed that once going sale agreed on the property for final loan approval they want a structural report and a drainage report. Is this standard for every property or will this only be required depending on the outcome of the valuation and structural report? For example if there is no issues with the structural report will they still require a drainage survey. That could get complicated if you are buying an apartment for example.

Sean2023

Hi, 2 years ago myself and my partner had bought a property using the Local Authority Home loan. 
my question is can we sell the property? Is there any penalties? Has anyone tried selling after buying using Local Authority Home Loan from the county council. 


Thanks 

Len_007

https://www.boards.ie/discussion/comment/122486566#Comment_122486566

I have not sold my house after availing of the rebuilding ireland home loan, but I have talked to the council about it. I was assured that if I sold my house I'd simply pay off what I had left on the loan. Give your local co co a buzz I'm sure they will walk you through it

optogirl

A warning to all - my husband passed suddenly last Summer and the insurance company are refusing to pay out on the mortgage because they 'deem it likely' that it may have been intentional. It was not, it was an accident however I cannot prove that and am now stuck paying a mortgage for the rest of my life on my own. Even if it was intentional, it really makes me so upset that I am to be punished for that.

waterfordgirl

Thats horrific, i'm very sorry for your loss.

WoolyJumper

Are there any restrictions on renting out the property after a few years?