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Rebuilding Ireland home loan

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    #2612
    BeansBeans
    Registered Users Posts: 584 ✭✭✭BeansBeans


    Cork City Council - The nightmare continues/intensifies

    So we went sale agreed 6 months ago. Still jumping through hoops for the CCC. We signed the contracts on the house finally two weeks ago. The CCC legal dept rang my solicitor and verbally confirmed our employment was unaffected.
    Monday just gone we receive an email saying they need us to sign a declaration of unchanged circumstances. Fine ok, but, they also want payslips and statements yet again! This must be the fourth or fifth time we have sent them statements and payslips. Unfortunately it will probably take me 5 days to get the banks statements to my door.

    It's impossible to contact anyone inside City Hall too. It seems to be a rarity that the person dealing with our case is not on leave or just out of office.

    The whole process has been a nightmare and I'd say it will be 7 months or close before we actually get the keys from sale agreed.
    I imagine Estate Agents in Cork will run away screaming if they hear Rebuilding Ireland.


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    #2613
    Q101
    Registered Users Posts: 3 ✭Q101


    Hi,
    We are looking into a rebuilding Ireland Loan can anyone tell me as a self employed person, Is it just your profit on your yearly accounts or do they add wage, profit and drawing.


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    #2614
    Homedream
    Registered Users Posts: 24 ✭Homedream


    BeansBeans wrote: »
    Cork City Council - The nightmare continues/intensifies

    So we went sale agreed 6 months ago. Still jumping through hoops for the CCC. We signed the contracts on the house finally two weeks ago. The CCC legal dept rang my solicitor and verbally confirmed our employment was unaffected.
    Monday just gone we receive an email saying they need us to sign a declaration of unchanged circumstances. Fine ok, but, they also want payslips and statements yet again! This must be the fourth or fifth time we have sent them statements and payslips. Unfortunately it will probably take me 5 days to get the banks statements to my door.

    It's impossible to contact anyone inside City Hall too. It seems to be a rarity that the person dealing with our case is not on leave or just out of office.

    The whole process has been a nightmare and I'd say it will be 7 months or close before we actually get the keys from sale agreed.
    I imagine Estate Agents in Cork will run away screaming if they hear Rebuilding Ireland.



    I feel your pain im so fit to give up such a hard long process and they dont seem to care at all.i dont no how they can do this to people


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    #2615
    Noelo5
    Registered Users Posts: 9 ✭Noelo5


    Myself and my are back to work on 29th of june and like half the country we will be on wage subsidy scheme. Our contacts and deposits where signed before the lockdown and we where just waiting to get back to work and now where worried we wont get to drawdown mortgage because of the hotel getting help from goverment scheme anyone one else in same boat.


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    #2616
    Noelo5
    Registered Users Posts: 9 ✭Noelo5


    Myself and my are back to work on 29th of june and like half the country we will be on wage subsidy scheme. Our contacts and deposits where signed before the lockdown and we where just waiting to get back to work and now where worried we wont get to drawdown mortgage because of the hotel getting help from goverment scheme anyone one else in same boat.


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    #2617
    kbman
    Registered Users Posts: 119 ✭✭kbman


    Homedream wrote: »
    I feel your pain im so fit to give up such a hard long process and they dont seem to care at all.i dont no how they can do this to people

    Agreed, unfortunately this is our situation as in many councils there's only one person receiving the applications, and when they're gone your questions answers in many cases end up waiting until they return which could end up taking quite a while, even longer with this covid situation potentially.

    This is the difficulty and what makes it so painful for us all awaiting decisions or feedback on our applications and process.

    I'm hopeful that it'll come through for you, good luck


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    #2618
    Len_007
    Registered Users Posts: 568 ✭✭✭Len_007


    BeansBeans wrote: »
    Cork City Council - The nightmare continues/intensifies

    So we went sale agreed 6 months ago. Still jumping through hoops for the CCC. We signed the contracts on the house finally two weeks ago. The CCC legal dept rang my solicitor and verbally confirmed our employment was unaffected.
    Monday just gone we receive an email saying they need us to sign a declaration of unchanged circumstances. Fine ok, but, they also want payslips and statements yet again! This must be the fourth or fifth time we have sent them statements and payslips. Unfortunately it will probably take me 5 days to get the banks statements to my door.

    It's impossible to contact anyone inside City Hall too. It seems to be a rarity that the person dealing with our case is not on leave or just out of office.

    The whole process has been a nightmare and I'd say it will be 7 months or close before we actually get the keys from sale agreed.
    I imagine Estate Agents in Cork will run away screaming if they hear Rebuilding Ireland.

    I feel your pain. I really hope for your sake things won't be dragged along for much longer.

    I'm in a similar spot myself, the co co have come back to me a 2nd time asking for proof that Covid won't affect my salary, and they're looking for another salary statement. However the house I've deposited on is a new build still under construction, so the pressure is less than yours.

    You'll get there!


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    #2619
    Homedream
    Registered Users Posts: 24 ✭Homedream


    Has anyone been approved without much issues?? Either through covid or even before??


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    #2620
    jill_valentine
    Registered Users Posts: 7,090 ✭✭✭jill_valentine


    beanyb wrote: »
    Gifts can be used as part of the the deposit, but you have to be able to show that you have saved at least 30% of your overall deposit.

    This is from the FAQs on the website:

    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.


    Greatly appreciated, thank you, I couldn't find this for the life of me.


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    #2621
    deedee26
    Registered Users Posts: 48 ✭deedee26


    Homedream wrote: »
    Has anyone been approved without much issues?? Either through covid or even before??

    I signed 25th March, as solicitor had received cheque a few days before. With the social distancing it was all done by registered post. I was very lucky, can't imagine the stress of needing lots of paperwork all over again.


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    #2622
    Sulli83
    Registered Users Posts: 15 ✭Sulli83


    gnr vr fan wrote: »
    Thanks Sulli83,

    Could you let me know please how you get on when you submit the payslips please. And also if there is an indication on your payslip if part of your wages include the government wage subsidy scheme.

    On my payslip the letters "GOVC-19SUBN" reference the wage subsidy scheme.

    My wages are not equating to the same before the pandemic as my employer is not topping up my wages to the same before the pandemic.
    Only 85% top up which means I am down approximately €30 per week.
    I am not concerned with this really for now as they will go back up to 100%.
    I am concerned and worried with what the council will say if they see that the employer is availing of the wage subsidy scheme.

    Also I've read this;
    https://www.irishexaminer.com/breakingnews/ireland/families-reveal-how-mortgage-draw-downs-being-refused-if-in-receipt-of-covid-19-wage-subsidy-1000314.html

    Thanks you Sulli and all for yer info at the moment.

    Sorry i haven't been on here in a number of weeks.

    We received an e-mail today stating that being in receipt of the wage subsidy and your employer availing scheme does in fact classify you as having a change of circumstances. As of tomorrow i will have been off the scheme 4 weeks, back onto full salary and my partner is in similar situation. We went Sale Agreed on a property yesterday morning before we received the updated information from our CC. Grossly unfair and illogical if they determine you to be ineligible due to your workplace being forced to temporarily shut down or operate on a limited basis during government restrictions. My net income changed minimally for a period of around 6 weeks while i was on the wage subsidy.

    The mail stated the CC were awaiting further instructions from the Department Of Finance regarding applicants.


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    #2623
    danois
    Registered Users Posts: 1,396 ✭✭✭danois


    Sorry in advance this is a long post!

    I was chatting to a guy in the rebuilding Ireland office last year sometime, just asking general questions. He mentioned to me the possibility of being able to get approval even if you don’t have deposit saved.

    My circumstances are that I want to apply for the mortgage to buy the council house I’m currently renting. He explained it to me that some councils use the rent you currently pay as proof you can pay.

    Also the fact that you get the house at a reduced rate means it’s possible to borrow the full mortgage amount. I haven’t valued the house yet but for arguments sake say it’s valued at €300000 as I’m a current tenant I will get the house with 40% discount so cost price would be €180000. As I wouldn’t need to borrow the full value of the house I might be approved for the full €180000. I hope I’m explaining that properly.

    Has anyone else been in a similar situation and applied? Myself and partner both work full time. Have about €12000 saved. Also have debt of almost €14000 was wondering should we use the savings to pay of the debt and they apply for the mortgage or would it be a complete waste of time?


    Sorry for the rambling post. Thanks for taking the time to read it and I hope it makes sense.


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    #2624
    deedee26
    Registered Users Posts: 48 ✭deedee26


    danois wrote: »
    Sorry in advance this is a long post!

    I was chatting to a guy in the rebuilding Ireland office last year sometime, just asking general questions. He mentioned to me the possibility of being able to get approval even if you don’t have deposit saved.

    My circumstances are that I want to apply for the mortgage to buy the council house I’m currently renting. He explained it to me that some councils use the rent you currently pay as proof you can pay.

    Also the fact that you get the house at a reduced rate means it’s possible to borrow the full mortgage amount. I haven’t valued the house yet but for arguments sake say it’s valued at €300000 as I’m a current tenant I will get the house with 40% discount so cost price would be €180000. As I wouldn’t need to borrow the full value of the house I might be approved for the full €180000. I hope I’m explaining that properly.

    Has anyone else been in a similar situation and applied? Myself and partner both work full time. Have about €12000 saved. Also have debt of almost €14000 was wondering should we use the savings to pay of the debt and they apply for the mortgage or would it be a complete waste of time?


    Sorry for the rambling post. Thanks for taking the time to read it and I hope it makes sense.

    When applying to rebuilding Ireland for my mortgage, I didn't have my full deposit saved as I decided to reduce the term. They looked at my 12 months bank statements and seen I was making the same amount of weekly savings to my savings account and were happy enough to give me approval in principle.

    When I was signing to accept the mortgage, I had to provide bank statements again, this time I needed to have the full deposit in my account.

    Have you used the online calculator with entering your existing monthly commitment on the 14,000 loan you have. Then do it again without it. Since you don't require a deposit you may be better to pay off your existing loan.

    They really look at your bank statements, and ask whats this whats that. So glad I wasn't one for tapping my card all the time.


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    #2625
    Dankarl
    Registered Users Posts: 38 ✭Dankarl


    So like most men I like to have an owl flutter on Paddy Power once or twice a year. I use my revolut card so no trace back on my bank account.

    Has anyone been asked to produce revolut statements ?


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    #2626
    Haloumi2020
    Registered Users Posts: 4 ✭Haloumi2020


    Sulli83 wrote: »
    Sorry i haven't been on here in a number of weeks.

    We received an e-mail today stating that being in receipt of the wage subsidy and your employer availing scheme does in fact classify you as having a change of circumstances. As of tomorrow i will have been off the scheme 4 weeks, back onto full salary and my partner is in similar situation. We went Sale Agreed on a property yesterday morning before we received the updated information from our CC. Grossly unfair and illogical if they determine you to be ineligible due to your workplace being forced to temporarily shut down or operate on a limited basis during government restrictions. My net income changed minimally for a period of around 6 weeks while i was on the wage subsidy.

    The mail stated the CC were awaiting further instructions from the Department Of Finance regarding applicants.

    Did they really say you are ineligible? I got a letter from my CC and they said not to progress anything but guidance is needed from the Dept of Finance.

    These loans are financed by the Govt not the CC. It's the Govt controlling everything so maybe give the staff a bit of slack. Our admin was close to tears on phone WFH.


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    #2627
    Sulli83
    Registered Users Posts: 15 ✭Sulli83


    Haloumi2020 wrote: »
    Did they really say you are ineligible? I got a letter from my CC and they said not to progress anything but guidance is needed from the Dept of Finance.

    These loans are financed by the Govt not the CC. It's the Govt controlling everything so maybe give the staff a bit of slack. Our admin was close to tears on phone WFH.

    There was an error on my final submitted payslip which indicated my employers was still availing of the Wage Subsidy Scheme, this hasn't been the case for the past 4 weeks. They are now looking for further clarification which will be brought to the credit committee on Wednesday. Hopefully it's a positive outcome. The entire process has been absolutely pain staking although it will be worth it if we eventually get our home.


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    #2628
    mummy5
    Registered Users Posts: 21 ✭mummy5


    Hi we are hoping to apply for this soon. Can I ask anyone who has experienced if standing order for rent is enough or do they need a copy of tenancy agreement when renting privately?


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    #2629
    Lwoods90
    Registered Users Posts: 31 ✭Lwoods90


    mummy5 wrote: »
    Hi we are hoping to apply for this soon. Can I ask anyone who has experienced if standing order for rent is enough or do they need a copy of tenancy agreement when renting privately?


    Our application was rejected even though our rent is 14% higher then monthly repayments.

    I wrote them a letter using the quote on the RBH website, so gone for appeal


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    #2630
    Maz2016
    Registered Users Posts: 1,103 ✭✭✭Maz2016


    Can I ask about savings? I didnt realise the RBHL want 12 months of bank statements? I try saved €1000 a month. Some months I only saved €750 and the following month I might save €1,250. Would this be an issue? Do they take an average over the 12 months?


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    #2631
    mummy5
    Registered Users Posts: 21 ✭mummy5


    Lwoods90 wrote: »
    Our application was rejected even though our rent is 14% higher then monthly repayments.

    I wrote them a letter using the quote on the RBH website, so gone for appeal

    I have seen previously in this thread most who appealed a decision had a positive overturn. Hoping it turns out in your favour!

    Did you provide a tenancy agreement or was your bank statement enough?


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    #2632
    deedee26
    Registered Users Posts: 48 ✭deedee26


    Maz2016 wrote: »
    Can I ask about savings? I didnt realise the RBHL want 12 months of bank statements? I try saved €1000 a month. Some months I only saved €750 and the following month I might save €1,250. Would this be an issue? Do they take an average over the 12 months?

    12 months of all bank statements, credit card and credit union.


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    #2633
    Maz2016
    Registered Users Posts: 1,103 ✭✭✭Maz2016


    deedee26 wrote: »
    12 months of all bank statements, credit card and credit union.

    Thanks deedee26 , that was a good read. Helped a lot. Still not sure about the savings. Do they need to see my monthly savings higher than than the loan repayments?


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    #2634
    Salanky
    Registered Users Posts: 86 ✭✭Salanky


    Maz2016 wrote: »
    Thanks deedee26 , that was a good read. Helped a lot. Still not sure about the savings. Do they need to see my monthly savings higher than than the loan repayments?

    You have to be able to cover the repayments each month with your savings. I got refused the first time I applied because I was only saving 400 or so a month and it didn't cover the payment even though there was plenty in my current account to cover it. It doesn't state anywhere that there's a certain amount to be saved but when I put my savings up to 650 and put a standing order in place for money to my parents(still living with them) they gave me approval 4 weeks after sending the application in. My time ran out in april but with covid I couldnt view anything. The woman in the council told me to apply for an extension which might get me to july/august so thats up infront of the council next week.


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    #2635
    Maz2016
    Registered Users Posts: 1,103 ✭✭✭Maz2016


    Salanky wrote: »
    You have to be able to cover the repayments each month with your savings. I got refused the first time I applied because I was only saving 400 or so a month and it didn't cover the payment even though there was plenty in my current account to cover it. It doesn't state anywhere that there's a certain amount to be saved but when I put my savings up to 650 and put a standing order in place for money to my parents(still living with them) they gave me approval 4 weeks after sending the application in. My time ran out in april but with covid I couldnt view anything. The woman in the council told me to apply for an extension which might get me to july/august so thats up infront of the council next week.

    Thank best of luck. I’m worried as my repayments would be about €775 but some months I only saved. €750


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    #2636
    SarahKK1987
    Registered Users Posts: 13 ✭SarahKK1987


    Has anyone actually been approved since the whole covid situation. Council engineer approved property Friday. So nervous after getting this far they will now say no as partner was on pandemic payment for 8 weeks 😓 the solicitor advised being able to close in 6 weeks but I'm not feeling confident.


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    #2637
    Cheesepuffs
    Registered Users Posts: 32 ✭Cheesepuffs


    I strongly feel it’s one step forward 10 steps back with this process

    Told 2 weeks ago our application received back from housing agency going to credit committee

    Now 2 weeks down the line they requesting information regarding a housing agency query


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    #2638
    raineas1
    Registered Users Posts: 8 ✭raineas1


    I went through the process with RIHL and have been in my house for just over a year now. I still follow this thread and can completely understand the frustrations with the process (even more so now with hold ups with covid). Just wanted to post and say to anyone in the middle of it, stick with it...it is so worth it in the end.


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    #2639
    Cheesepuffs
    Registered Users Posts: 32 ✭Cheesepuffs


    Dankarl wrote: »
    So like most men I like to have an owl flutter on Paddy Power once or twice a year. I use my revolut card so no trace back on my bank account.

    Has anyone been asked to produce revolut statements ?


    Anyone any idea on this ?


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    #2640
    dawidnowak2005
    Registered Users Posts: 253 ✭✭dawidnowak2005


    Hi guys long time lurker but now applied for it to, does anyone was in situation wher bank approved mortgage of 167k and I have it valid for 12 months but can’t find anything so cheap in area where we live, so my question is if I have mortgage approved for 12 months I can still apply for council mortgage? Or it’s no hope for us because of bank mortgage which we didn’t draw because it’s not enough to buy anything? Thanks for any info


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    #2641
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    The eligibility checklist states:
    • provide evidence of insufficient offers of finance from two banks or building societies

    It sounds like your offer is insufficient.


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