Rebuilding Ireland home loan

Quinnciara · 29-01-2019 3:30pm

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

Hi i applied for the full amount, knew we weren't going to get it but when we git the approval letter stated on it what they were offering us which was about 20k less than the full amount which was fine as it was still a lot more than what the banks were offering us

givyjoe · 29-01-2019 5:41pm

Quinnciara wrote: »

Hi i applied for the full amount, knew we weren't going to get it but when we git the approval letter stated on it what they were offering us which was about 20k less than the full amount which was fine as it was still a lot more than what the banks were offering us

Did you use the calculator on the rebuild site before your application? Essentially is the calculator reliable or not, once you fill out your income and outgoings?

29-01-2019 6:16pm

Kildare co co still no processing applications with no answers

embeeie · 29-01-2019 8:23pm

The online mortgage calculator is fairly accurate. Once you collect all the necessary paperwork and go into the council with it, they will you a print out of the provisional number you could be offered based on the information you have supplied.

3283winnie · 29-01-2019 8:36pm

Brilliant have you completed your application im only starting the process any advice for me &#55358;&#56596;&#55357;&#56833; dreading it all ive got a letter from bank of ireland to offer way less than i need ive to find another bank to get my second letter can i use the online calculator and take screenshots to use &#55358;&#56596; thanks for your help

Quinnciara · 29-01-2019 10:03pm

givyjoe wrote: »

Did you use the calculator on the rebuild site before your application? Essentially is the calculator reliable or not, once you fill out your income and outgoings?

Yes the calculator gave us the full amount also. So I wouldn't go by it. I would calculate your gross earnings and do the maths on 288k been the amount you get if you earn right at the top of 75k

NearlyForty · 30-01-2019 8:19am

Anyone from Cork here, what’s yer experience with Cork coco and what are they like to deal with? Going by reading through all the posts here, it’s very likely we’ll be applying for a mortgage through this route as opposed to the banks.. So just wondering how efficient they are and do we have a long road ahead of us..!!

swarmberg · 30-01-2019 2:58pm

Report from RTE that 100m in mortgages have been granted by this scheme - half of the 200m allocated at the start. No mention of Kildare though.

Mortgages worth €100m have been drawn down as part of the State-backed, Rebuilding Ireland Home Loan, according to new figures released to RTɒs Morning Ireland.

Five hundred applicants have drawn down loans under the initiative, which was launched last February.

The Rebuilding Ireland Home Loan allows first-time buyers to borrow up to 90% of a property's value from their local authority.

Applicants have to show they have been turned down for mortgage approval by two banks and earnings cannot exceed €50,000 for a single person or €75,000 for a couple.

Figures from councils in Dublin, Cork, Galway, Limerick, Waterford and Louth show around half of applicants have been approved so far.

However, some local authorities have reported a significantly lower approval rate. In Cork city only one in five applicants to the scheme have been approved while Dún Laoghaire-Rathdown has approved just 20 loans out of a total of 99 applications.

Dublin City Council is the local authority with the highest rate of acceptance to the scheme. In 2018 it approved 357 loans, a rate of 82%.

rte.ie/news/2019/0128/1025947-rebuilding-ireland-mortgages/

CarlK90 · 30-01-2019 3:03pm

Does anyone know what you need to send back after your valuation is done? (I think it will be on the letter of loan offer) Do you need to send back updated bank statements/payslips etc? Meath Coco.

GaGa21 · 30-01-2019 5:46pm

CarlK90 wrote:

Does anyone know what you need to send back after your valuation is done? (I think it will be on the letter of loan offer) Do you need to send back updated bank statements/payslips etc? Meath Coco.

Yes both payslips and bank statements.

Brian201888 · 30-01-2019 7:35pm

Given they appear to be using 30% of net income as the criteria does anyone know if they've enough sense to ignore voluntary deductions from gross such as tax saver commuter tickets and pension contributions or would it actually be more sensible to cancel tax saver ticket and reduce pension contribution while applying

VW08 · 31-01-2019 12:03am

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?

AIB stamped mine not a bother. Just had them date stamped by them. All accepted with the council. I printed them off in the bank too.

Jmk725 · 31-01-2019 10:17am

Brian201888 wrote: »

Given they appear to be using 30% of net income as the criteria does anyone know if they've enough sense to ignore voluntary deductions from gross such as tax saver commuter tickets and pension contributions or would it actually be more sensible to cancel tax saver ticket and reduce pension contribution while applying

I would like to say they have enough sense but in my experience that is not the case.
You would be best to contact them and ask them first before cancelling the tax saver ticket and pension contribution.

sarah88 · 31-01-2019 10:40am

I was told by Waterford council that they are taking 34% net income to determine affordability. Does it vary from County to county I wonder?

Jmk725 · 31-01-2019 10:44am

sarah88 wrote: »

I was told by Waterford council that they are taking 34% net income to determine affordability. Does it vary from County to county I wonder?

Sarah, I would say that this does vary from County to County.
The Minister himself said 35% but it appears to be up to the individual county as to what % they use.
Monaghan is 30% from my experience.

sarah88 · 31-01-2019 10:57am

Thanks for that Jmk725.

CarlK90 · 31-01-2019 10:58am

GaGa21 wrote: »

Yes both payslips and bank statements.

Do you know how many previous months payslips and bank statements they request?

Jmk725 · 31-01-2019 11:04am

CarlK90 wrote: »

Do you know how many previous months payslips and bank statements they request?

When making the application they require the last 12months of all bank statements and normally last 4 payslips.

Before drawing down the loan they require all bank statements from date of application and your most recent payslip for each applicant.

I hope this answers your query.

Pussyhands · 31-01-2019 11:57am

What banks can I get official rejection letters from through online???

AIB need to call to branch or ring up...

trudy2222 · 31-01-2019 11:59am

Has anyone applied to multiple county councils? I’m worried about sending photocopies obviously I can only send original copies with one application.

GaGa21 · 31-01-2019 12:35pm

trudy2222 wrote:

Has anyone applied to multiple county councils? Iâ€™m worried about sending photocopies obviously I can only send original copies with one application.

There is no problem with photocopies as long as they are stamped by bank. So you can apply to multiple COCO's.

trudy2222 · 31-01-2019 1:20pm

I work for a small business we don’t have a seal or stamp for the salary certificate, has anyone else been in a similar position?

ldxo15wus6fpgm · 31-01-2019 2:04pm

Jmk725 wrote: »

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.

This is valuable info, thanks for sharing it. A lot more confident after reading this

embeeie · 31-01-2019 5:38pm

I managed to get the second letter with PTSB so chance them. It's best if you can make an appointment and have someone sit down with you. In terms of the rest of the paper work, try to make sure that everthing is as close to the date you apply as possible. i.e. do your bank statements last and make sure that you have absolutely everything that they require. No point in going in with a missing piece of the puzzle. I photocopied everything and they accepted it all. I made sure it was all labelled with post its so that there was no confusion. Give me a shout if you have any other questions.

3283winnie · 31-01-2019 5:45pm

Perfect thanks so much for your advice and help😁 can i ask do you know anything about having some betting transactions on the bank sratement i do a weekly lotto on 365 which is 15 euro i heard a girl say that this can effect your application 🤔🤔 thanks again for your advice really appreciate it x

L1011 · 31-01-2019 6:35pm

trudy2222 wrote: »

I work for a small business we don’t have a seal or stamp for the salary certificate, has anyone else been in a similar position?

Are company 'seals' (stamps) not a legal requirement for any form of registered company?

trudy2222 · 31-01-2019 6:38pm

L1011 wrote: »

Are company 'seals' (stamps) not a legal requirement for any form of registered company?

I wouldn’t have a clue about that but we’re a child minding service so I wouldn’t imagine we do.

Jmk725 · 01-02-2019 10:29am

trudy2222 wrote: »

I wouldn’t have a clue about that but we’re a child minding service so I wouldn’t imagine we do.

You should be able to get away without having it stamped.
Just write no stamp over the stamp area.
Every company does get a stamp when it is set up though.
If they come back to you then just ask them to contact your employer.

trudy2222 · 01-02-2019 11:33am

Jmk725 wrote: »

You should be able to get away without having it stamped.
Just write no stamp over the stamp area.
Every company does get a stamp when it is set up though.
If they come back to you then just ask them to contact your employer.

I contacted RBI about it, we have a letter from Tusla with our registration number etc. on it so I just need to get my boss to sign that and it should be ok. Fingers crossed!

bubbles46 · 02-02-2019 12:44pm

Hi,I have just gone sale agreed(Limerick Coco),so will soon start the next process. Does anyone know how far back the Coco will require my bank statements and payslips again or once again,does it differ per county?

Rebuilding Ireland home loan

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