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Rebuilding Ireland home loan

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    #962
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    Also,I received my approval in principle from Limerick COCO in November and have just gone sale agreed on a house yesterday. Has anyone been refused after re-submitting their bank statements+payslips even though they were originally approved?Ive spent quite a bit since I first got approved, not realising id have to again submit everything, but have kept up my regular savings so Im just nervous that I will pay my booking deposit on my house and get refused by Coco after that..Would I get my deposit back?


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    #963
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    SNNUS wrote: »
    Not sure which form you are referring to, When I got approved I got a letter of approval and had to reply in writing to accept offer.

    My house is about a month off completion so have done a lot of the paperwork legwork already if you need any advice :)

    Im starting to panic now...I got my letter of approval(in principle)in November and Ive just gone sale agreed this week. However my letter didnt say I have one month to accept it from them..All it said was to complete and send back an attached form once I have found a house...Has everyone who got approval had to accept within a month??


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    #964
    92841
    Registered Users Posts: 9 ✭92841


    bubbles46 wrote: »
    Im starting to panic now...I got my letter of approval(in principle)in November and Ive just gone sale agreed this week. However my letter didnt say I have one month to accept it from them..All it said was to complete and send back an attached form once I have found a house...Has everyone who got approval had to accept within a month??

    I got a Draft Letter of Loan offer, and had one month from the date on this to accept the loan offer, either by email or in writing. I'm a different council though, so it may vary from council to council


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    #965
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    bubbles46 wrote: »
    Im starting to panic now...I got my letter of approval(in principle)in November and Ive just gone sale agreed this week. However my letter didnt say I have one month to accept it from them..All it said was to complete and send back an attached form once I have found a house...Has everyone who got approval had to accept within a month??

    If you have just gone sale agreed you have not got a loan offer on the exact property yet. This is the offer that has to be accepted within a month.


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    #966
    92841
    Registered Users Posts: 9 ✭92841


    SNNUS wrote: »
    If you have just gone sale agreed you have not got a loan offer on the exact property yet. This is the offer that has to be accepted within a month.

    My situation seems a bit different to this one. I got approved, then a few weeks later I got the draft loan offer in the post. I had 1 month from the date the draft loan offer was issued to accept it. I wasn't sale agreed at this point and didn't even have a property in mind. I was told I didn't need to be sale agreed for the draft loan offer to be issued, but I needed to accept it in writing or by email within one month, otherwise they'd take it as me declining the loan offer. The official loan offer that goes to the solicitor was issued when i went sale agreed and after i got my property valuation done. Again, this probably varies from coco to coco, but it's no harm to point out the different variations between councils.


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    #967
    dory
    Moderators, Recreation & Hobbies Moderators Posts: 4,481 Mod ✭✭✭✭dory


    I've read a lot of the thread but not all 64 pages.... Wondering if this has been asked.

    I have been given some land to build a house on. Earn less than €50k. I've no way of knowing what the house will be worth when it's built. Surely it's only worth what someone will pay? I've looked on Property price register and nothing has sold in last few years on my road.

    How does one know/make sure the house will be worth less than €320k when it's built? I'm thinking about building a small 2 bed bungalow and adding an upstairs later. Don't need an upstairs now anyway.


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    #968
    JuKen
    Registered Users Posts: 1 ✭JuKen


    Has anyone applied for rebuilding home loan with dependants and been accepted?? My husband works and I'm home with our 2 year old so that means he has 2 dependants. His salary is not high enough for a mortgage with the bank because of this and I'm wondering would anyone know how it affects the home loan. Thanks.


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    #969
    DanyTargaryen
    Registered Users Posts: 29 ✭DanyTargaryen


    3283winnie wrote: »
    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

    Thanks everyone for your replies! It can be hard to gauge what exactly is necessary. I hacve my first letter from BOI, I asked AIB and I had to do the phone interview with them, then they sent me out an application and I had to fill it in and return it along with one payslip. I could forgo rest of the documentation since I was only looking for a refusal letter. I posted that to them on Friday so i should hopefully get my second one this week.

    @3283winnie: I'm a bit worried about that too! I don't gamble or do the lotto but I travel a lot as I have a lot of family abroad and have a fair bit of discretionary spending. But I have always paid my direct debits on time, I've no loans or credit card debt and I save. Anyone who I've asked about has said that should be fine. They mainly want to know about your debts, loans saving and any missed payments, if any.


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    #970
    3283winnie
    Registered Users Posts: 82 ✭✭3283winnie


    Yes im the same have great savings and i have never missed direct debits and bank balance is always in credit so im hoping the lotto bets wont go agsinst me 🙏 ive only got bank of ireland refusual letter going to apply to aib get a letter from them then im ready to apply il be praying it all goes ok thanks for your reply its great to speak to people going through the same application always great to have all the tips before hand 🙏😁 x


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    #971
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    Sorry if I'm getting confused but is the whole point of you wishing to go with Rebuilding Ireland to obtain a higher loan amount that is available to bank customers, ie going beyond the salary multiples?

    I'd thought these schemes were about people in insecure employment or with a checkerd credit history being able to get a loan to the same value as the rest of us, not a means of breaching the salary multiple/exemptions?


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    #972
    SaltaMec24
    Registered Users Posts: 1 ✭SaltaMec24


    Is anyone on here dealing with south Dublin co co I am waiting over 3 months for a response. I have rang them to see what stage it is at and they keep telling me they are waiting on the credit committee to meet to decide but they don’t know when that will be, it has been at this stage for the last 4 weeks. Very frustrating


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    #973
    ptorres
    Registered Users Posts: 1 ✭ptorres


    Has anyone heard back from their application this year so far ? Applied early November, Fingal CoCo


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    #974
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    I posted this earlier but its disappeared ?

    It's official, Kildare CoCo have allocated their 15million ( Approx 4.5Mil drawn down). No more loans until they secure more funding. All paperwork must be submitted when/if they do start processing loans.


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    #975
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    BrownFinger wrote: »
    I posted this earlier but its disappeared ?

    It's official, Kildare CoCo have allocated their 15million ( Approx 4.5Mil drawn down). No more loans until they secure more funding. All paperwork must be submitted when/if they do start processing loans.

    Where did they say this officially? (not disbelieving you, just keen to see it myself)


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    #976
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    JuKen wrote: »
    Has anyone applied for rebuilding home loan with dependants and been accepted?? My husband works and I'm home with our 2 year old so that means he has 2 dependants. His salary is not high enough for a mortgage with the bank because of this and I'm wondering would anyone know how it affects the home loan. Thanks.

    Dependents aren't factored in for borrowing capacity on this scheme. One of the big advantages for people refused by banks.


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    #977
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    dory wrote: »
    I've read a lot of the thread but not all 64 pages.... Wondering if this has been asked.

    I have been given some land to build a house on. Earn less than €50k. I've no way of knowing what the house will be worth when it's built. Surely it's only worth what someone will pay? I've looked on Property price register and nothing has sold in last few years on my road.

    How does one know/make sure the house will be worth less than €320k when it's built? I'm thinking about building a small 2 bed bungalow and adding an upstairs later. Don't need an upstairs now anyway.

    You'd want to get an independent valuation by an estate agent to establish that.


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    #978
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    Darkglasses wrote: »
    Where did they say this officially? (not disbelieving you, just keen to see it myself)

    Got this letter,some digging got the other figures.


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    #979
    Jmk725
    Registered Users Posts: 95 ✭✭Jmk725


    BrownFinger wrote: »
    Got this letter,some digging got the other figures.

    €15m accounts for 52 applications at max value.
    According to https://kfmradio.com/news/30012019-1717/less-half-kildare-rebuilding-ireland-homeloan-applicants-sucessful they have had their 52.

    They should be able to take more though, their shouldn't be a limit on the amount of funding, sorry to hear about your case though.


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    #980
    GaGa21
    Registered Users Posts: 652 ✭✭✭GaGa21


    ptorres wrote:
    Has anyone heard back from their application this year so far ? Applied early November, Fingal CoCo


    Yes. We got our approval in January. I was told they hold their meetings every 2 weeks so decisions are being made now. The delay is the initial processing as far as I can tell. We were basically forgotten about for months before I said I would make a formal complaint...then it was done immediately.
    Keep calling and emailing them to make sure the paperwork has been done.


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    #981
    Iknowbynow
    Registered Users Posts: 4 ✭Iknowbynow


    I've worked out how much of a difference I'd save by using this rather than a normal bank (if they would give me the same amount of course!). Would be interested to see the differences other people are getting. As in monthly payments / total interest paid. It's on my other pc but I'll try to update it here.


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    #982
    RosyRose
    Registered Users Posts: 19 ✭RosyRose


    Jmk725 wrote: »
    €15m accounts for 52 applications at max value.
    According to https://kfmradio.com/news/30012019-1717/less-half-kildare-rebuilding-ireland-homeloan-applicants-sucessful they have had their 52.

    They should be able to take more though, their shouldn't be a limit on the amount of funding, sorry to hear about your case though.

    I don’t know where the figures in this article are coming from, but TD Catherine Murphy said the applications who were recommended for approval are 84. That will make 176-177k average per loan.

    It is really strange in this case how Dublin CoCo and Finglas CoCo are approving over 200 applications. I presume the average loan size is much smaller and they have bigger budget.

    Does anyone know if you are getting statement at the end of the year for the outstanding mortgage that you have? Also does anyone know if the MP is re- calculated on annual basis?


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    #983
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    RosyRose wrote:
    Does anyone know if you are getting statement at the end of the year for the outstanding mortgage that you have? Also does anyone know if the MP is re- calculated on annual basis?


    From what we were informed, you receive a statement at the end of each year with the outstanding amount shown on it. This will also include the MP of I think .55% of the outstanding balance, which you then amend on your standing order.


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    #984
    swarmberg
    Registered Users Posts: 103 ✭✭swarmberg


    Have everything ready to submit my application but waiting on the Help to Buy scheme. Revenue have a large backlog of claims and saying it could take 6 weeks to hear back. Has anyone else sent in their RBI form and sent the HTB in later?


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    #985
    NearlyForty
    Registered Users Posts: 113 ✭✭NearlyForty


    swarmberg wrote: »
    Have everything ready to submit my application but waiting on the Help to Buy scheme. Revenue have a large backlog of claims and saying it could take 6 weeks to hear back. Has anyone else sent in their RBI form and sent the HTB in later?

    Are people automatically applying for the help to buy scheme when sending in their application for the rebuilding Ireland loan? I know it’s only for new houses never before lived in etc but is it a better idea to apply for both then??


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    #986
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    swarmberg wrote: »
    Have everything ready to submit my application but waiting on the Help to Buy scheme. Revenue have a large backlog of claims and saying it could take 6 weeks to hear back. Has anyone else sent in their RBI form and sent the HTB in later?

    Apply without it and send it in later if required.


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    #987
    Nessavan
    Registered Users Posts: 1 ✭Nessavan


    Has anyone applied without showing savings for 12 months? Have heard that if you can show you paid higher rent than the mortgage repayments that might do instead of savings. Will be gifted the deposit


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    #988
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    Nessavan wrote: »
    Has anyone applied without showing savings for 12 months? Have heard that if you can show you paid higher rent than the mortgage repayments that might do instead of savings. Will be gifted the deposit

    In the FAQ on website.

    A proven savings history is required.


    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.


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    #989
    raheny red
    Registered Users Posts: 2,568 ✭✭✭raheny red


    Fingal Coco issuing a cheque is the 21st century :confused::rolleyes:


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    #990
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    Hi,Is a valuation report,engineers report and structural survey report all the same thing?? For anyone approved and waiting to close on a deal,does your Co.Council arrange for someone to do this report or must I arrange someone myself? Also the MPI form,do I also get that from the CoCo?Thanks.


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    #991
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    92841 wrote: »
    My situation seems a bit different to this one. I got approved, then a few weeks later I got the draft loan offer in the post. I had 1 month from the date the draft loan offer was issued to accept it. I wasn't sale agreed at this point and didn't even have a property in mind. I was told I didn't need to be sale agreed for the draft loan offer to be issued, but I needed to accept it in writing or by email within one month, otherwise they'd take it as me declining the loan offer. The official loan offer that goes to the solicitor was issued when i went sale agreed and after i got my property valuation done. Again, this probably varies from coco to coco, but it's no harm to point out the different variations between councils.[/QUOTe
    Thanks for your reply, did your CoCo arrange for your property valuation to be done or did you need to do that yourself? And did you have to get an engineers report seperately?
    Thanks


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