Rebuilding Ireland home loan

jesso22 · 24-01-2019 10:34pm

GaGa21 wrote: »

Do you not just have to insure to the value of the mortgage?

No, the cost to rebuild the house. Market values can rise and fall dramatically, but cost of materials and labour not so much

Slavi Pavlov · 24-01-2019 10:40pm

jesso22 wrote: »

I'm at the house insurance stage. Question is, how do I find out the rebuild cost? Or even the square footage of the house. Would the estate agent have that info?

We’ve been asked to do independent valuation Report and send it back to the coco, estate agent can’t do that for you but he could recommend someone who can sort that quick. You’ll find rebuilding cost prices inside that report.
Some of the insurance company provides some sort of information how to calculate that by yourself but I’m not sure how accurate that is.

jesso22 · 24-01-2019 10:58pm

Slavi Pavlov wrote: »

We’ve been asked to do independent valuation Report and send it back to the coco, estate agent can’t do that for you but he could recommend someone who can sort that quick. You’ll find rebuilding cost prices inside that report.
Some of the insurance company provides some sort of information how to calculate that by yourself but I’m not sure how accurate that is.

Ok, I never thought of that. I handed in the valuation to council and don't recall if rebuild cost was stated on it. Will find out though! Thanks

RosyRose · 25-01-2019 1:03am

NearlyForty wrote: »

When you say the banks would never have looked at ye because ye have 2 children.. Do you mean they penalise those that have dependants or do you mean you were looking for an amount way over your income? We have 5 children, so I’m a little fearful that we won’t get a mortgage now.. So this scheme may very well be our life saver too..!

The banks will ask you how much you are paying for childcare and will calculate this together with any loans and rents etc. This will affect how much you can borrow.

If you apply with Rebuilding Ireland, they won’t be asking for childcare expenses and would calculate only rents and loans. Sounds good for family with 5 dependents I guess.

The calculation for Rebuilding Ireland is pretty simple. If your rent + savings are more than the monthly repayment of the loan, then most probably, you will qualify.

NearlyForty · 25-01-2019 7:51am

RosyRose wrote: »

The calculation for Rebuilding Ireland is pretty simple. If your rent + savings are more than the monthly repayment of the loan, then most probably, you will qualify.

It most definitely is!
Thank you for this

brianmax88 · 25-01-2019 1:22pm

I handed in my application on monday it was sent back to me Wednesday because my bank statements had to be stamped ss official by my bank. The bank wont do that because they say the statement cant be forged and they dont have a stamp it just not done. I rang the council and explained this ,the woman said the statements i sent looked like copies because they were black and white. I printed them off the machine in the bank. She said that if they were in colour they would be fine. I have rang the bank numerous times to get colour statements but they say if they send them out again they will still be black and white. I feel like im going around in circles. Anyone experience stupidity like this?

Pussyhands · 25-01-2019 1:39pm

Pussyhands wrote: »

I have tried it for ulster bank for example but it's telling me how much I can borrow, assuming I have 10% deposit (I have more than 10%)

For AIB it's telling me I am approved in principal for 140k and would have to self fund 90k for a house worth 230k.

Does this count as refusal or how would that work?

bump

Pussyhands · 25-01-2019 1:40pm

Further question, is it possible to pay back the loan early if you sell the house for a profit for example?

Slavi Pavlov · 25-01-2019 1:47pm

Pussyhands wrote: »

bump

Hi yes, this count as insufficient offer.

Darkglasses · 25-01-2019 1:47pm

brianmax88 wrote: »

I handed in my application on monday it was sent back to me Wednesday because my bank statements had to be stamped ss official by my bank. The bank wont do that because they say the statement cant be forged and they dont have a stamp it just not done. I rang the council and explained this ,the woman said the statements i sent looked like copies because they were black and white. I printed them off the machine in the bank. She said that if they were in colour they would be fine. I have rang the bank numerous times to get colour statements but they say if they send them out again they will still be black and white. I feel like im going around in circles. Anyone experience stupidity like this?

Which bank? Could try a different branch, it's not that unusual

GaGa21 · 25-01-2019 1:48pm

brianmax88 wrote:

I handed in my application on monday it was sent back to me Wednesday because my bank statements had to be stamped ss official by my bank. The bank wont do that because they say the statement cant be forged and they dont have a stamp it just not done. I rang the council and explained this ,the woman said the statements i sent looked like copies because they were black and white. I printed them off the machine in the bank. She said that if they were in colour they would be fine. I have rang the bank numerous times to get colour statements but they say if they send them out again they will still be black and white. I feel like im going around in circles. Anyone experience stupidity like this?

Which bank?
I was able to get my copies stamped in PTSB, but they did complain it was a pointless exercise and never had to do it before.
All original statements are in colour I would have thought? Maybe order them online through your online banking and you might get colour copies.

brianmax88 · 25-01-2019 1:55pm

GaGa21 wrote: »

Which bank?
I was able to get my copies stamped in PTSB, but they did complain it was a pointless exercise and never had to do it before.
All original statements are in colour I would have thought? Maybe order them online through your online banking and you might get colour copies.

Aib my statements are E statements . The guy i spoke to on the phone said that if he ordered them now they would still be black and white because i am looking for them back as far as jan 2018

Slavi Pavlov · 25-01-2019 2:42pm

brianmax88 wrote: »

Aib my statements are E statements . The guy i spoke to on the phone said that if he ordered them now they would still be black and white because i am looking for them back as far as jan 2018

Hi, I’d say if you order them to be delivered by Post then all of them will be with original AIB coloured headed paper. Have you ever try that? I’m not AIB costumer but that what happens when I usually getting mine from BOI.
The worst part is that you’ll have to wait.

3283winnie · 25-01-2019 7:16pm

Can i ask looking on there website and using there calculator it says i can apply for 200000 is this the figure they offer or does other montly outgoings come into effect like gas electricand tv or how does the underwritter asses the amount giving thanks

raheny red · 25-01-2019 11:26pm

brianmax88 wrote: »

Aib my statements are E statements . The guy i spoke to on the phone said that if he ordered them now they would still be black and white because i am looking for them back as far as jan 2018

I used black and white statements from AIB for Fingal and Dublin Coco. Both accepted. We printed them out from a kiosk in AIB Blanch. We didn't need to get them stamped.

Meganh94 · 28-01-2019 2:42pm

Hi all,

I hope I’m posting this correctly..
Myself and my partner applied to south dublin co co In the middle of november last year, we rang today to see where our application is at and its awaiting to be reviewed by the credit commitee, can anyone please tell me if they have been in the same situation with this council and how much longer were you waiting?
Also, i have recently been made part time in my job (no choice of my own) if we get approved will there be a need for an updated salary cert at any point? Waiting to hear back if we have been approved is honestly the most frustrating thing!!! Thanks in advance!

GaGa21 · 28-01-2019 2:58pm

brianmax88 wrote:

Aib my statements are E statements . The guy i spoke to on the phone said that if he ordered them now they would still be black and white because i am looking for them back as far as jan 2018

I get e statements too but when you order them by post they come out as coloured printed copies. You can do it online(not on the phone app) and as far back as you want.

autumnbelle · 28-01-2019 5:44pm

Meganh94 wrote: »

Hi all,

I hope I’m posting this correctly..
Myself and my partner applied to south dublin co co In the middle of november last year, we rang today to see where our application is at and its awaiting to be reviewed by the credit commitee, can anyone please tell me if they have been in the same situation with this council and how much longer were you waiting?
Also, i have recently been made part time in my job (no choice of my own) if we get approved will there be a need for an updated salary cert at any point? Waiting to hear back if we have been approved is honestly the most frustrating thing!!! Thanks in advance!

I think we were asked for updated payslips before drawdown

GaGa21 · 28-01-2019 5:59pm

Yes we were asked for recent payslips and bank statements after approval which is a pain as our circumstances changed in the months since we first applied. So now it is not an option for us.

This is one of the outcomes now with the delay it is taking CoCo's to process the applications. Very annoying.

Sd2011 · 28-01-2019 7:39pm

Has anyone here applied over 40? Also was speaking to RBI this morning and said I qualify as a FTB because I have divorced and hold financial interest in the house we bought? Anyone do either of these?

Meganh94 · 28-01-2019 9:45pm

GaGa21 wrote: »

Yes we were asked for recent payslips and bank statements after approval which is a pain as our circumstances changed in the months since we first applied. So now it is not an option for us.

This is one of the outcomes now with the delay it is taking CoCo's to process the applications. Very annoying.

Thanks for replying, how should i go about letting them know our circumstances have changed? I wonder would we have to do a whole new application?

gral6 · 28-01-2019 9:53pm

Does anyone know how much should you have saved to apply for Rebuilding Ireland scheme loan?
Some say 5%, some 10% ?

Slavi Pavlov · 28-01-2019 10:15pm

gral6 wrote: »

Does anyone know how much should you have saved to apply for Rebuilding Ireland scheme loan?
Some say 5%, some 10% ?

Hi, it’s 10% if you buying a new build you might qualify for HTB.

GaGa21 · 29-01-2019 3:36am

Meganh94 wrote:

Thanks for replying, how should i go about letting them know our circumstances have changed? I wonder would we have to do a whole new application?

Yes it would be a new application I would say. I would ring or email whoever you're dealing with in the council. Inform them of the change in circumstances and see what they say. All you can do really.

GaGa21 · 29-01-2019 3:38am

Sd2011 wrote:

Has anyone here applied over 40? Also was speaking to RBI this morning and said I qualify as a FTB because I have divorced and hold financial interest in the house we bought? Anyone do either of these?

Yes we applied and my husband was over 40 on application. And we were actually offered a 25 year CoCo mortgage compared to banks 24 years.

Meganh94 · 29-01-2019 8:51am

I also have another question, if you apply for the full amount and they send the letter saying they couldn’t give you the maximum amount do they say what they can give you? Or should you reapply for a lower amount? Thanks

Shamboo1801 · 29-01-2019 9:19am

Sd2011 wrote:

Has anyone here applied over 40? Also was speaking to RBI this morning and said I qualify as a FTB because I have divorced and hold financial interest in the house we bought? Anyone do either of these?

I'm 45, my partner is 40 and we got a 25 year mortgage. In our house since December so it is possible.

Shamboo1801 · 29-01-2019 9:25am

GaGa21 wrote:

Do you not just have to insure to the value of the mortgage?

Definitely not. There was almost â‚¬100k difference in the purchase price, compared to the rebuild value of the house we purchased.

Jmk725 · 29-01-2019 10:46am

Meganh94 wrote: »

I also have another question, if you apply for the full amount and they send the letter saying they couldn’t give you the maximum amount do they say what they can give you? Or should you reapply for a lower amount? Thanks

In my experience with Monaghan County Council I applied for the full amount from the website and I got a letter back saying "Repayment Capacity was not demonstrated".
Then information on how I could repeal the decision.

No information was given on how repayment capacity was not demonstrated or how much they could offer me instead.

I had to ring up to be told that the monthly loan and MPI payments could not be more than 30% of your net monthly income. It was 29.97% in my case.
I appealed it and won and was offered the full amount.

Your MPI is 0.55% of the outstanding mortgage by the way.
Work out your repayment capacity and that should give you a general idea.

swarmberg · 29-01-2019 11:42am

gral6 wrote: »

Does anyone know how much should you have saved to apply for Rebuilding Ireland scheme loan?
Some say 5%, some 10% ?

Per the FAQ on the RI site

The maximum loan amount under the Rebuilding Ireland Home Loan is limited to 90% of the market value of the property or, in the case of self-build properties, 90% of the total build costs. This means you must raise 10% from your own resources.

A minimum of 30% of this deposit amount must come from consistent and regular savings.

A verifiable record of rent payment may be considered the equivalent of savings, but the full deposit must be raised to complete the purchase/self-build.

Example:

For a property with a market value of €200,000 you will need a deposit of at least €20,000.

This must be evidenced by way of:

€6,000 (30%) from your personal savings (consistent, regular and gathered over a minimum of 12 months); and
€14,000 (70%) from any unborrowed source (i.e. not another loan) such as a parental gift, inheritance, insurance settlement or the Help-To-Buy (HTB) scheme or a combination of these.

Rebuilding Ireland home loan

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