Rebuilding Ireland home loan

DonnieCorko · 08-06-2021 9:40pm

Ace2007 wrote: »

You need to be able to show that 30% of your deposit comes from regular savings, so if someone isn't saving regularly you can see how they would say no.

As for buying shares every month - well shares by their natures are risky.

Hmm thanks for that. So for example, I apply for a mortgage of 180k, I need to have 10% deposit which is 18k. I need 30% of that 18k in regular savings. This is fine.

However, if I want to buy a place that costs more than 198k (180k mortgage + 18k deposit), does it matter that the other money is not coming from regular savings? For example, the apartment costs 250k. 180k from mortgage, 10k from savings, 50k from investment, and 20k from parents gift. Do they actual check to make sure you have 30% of the deposit (70k in above case) from savings when drawing down the mortgage, or is it 30% of the min deposit amount?

Cheers!

Lauren52 · 08-06-2021 9:56pm

DonnieCorko wrote: »

Can you explain what you mean here. They give 225k and he can make up the rest with deposit to hit 320k. If he wanted to buy a house for 325, he isnt eligible for the scheme (even though he has a big % of the cost).

Hey, depending on the area, I'm kildare so the max price of the house is 320k , so yes if it was 325 you cant get a mortgage on it no matter how much money you have yourself.

DonnieCorko · 08-06-2021 10:00pm

Lauren52 wrote: »

Hey, depending on the area, I'm kildare so the max price of the house is 320k , so yes if it was 325 you cant get a mortgage on it no matter how much money you have yourself.

Got ya, thanks Lauren!

Ace2007 · 08-06-2021 10:28pm

DonnieCorko wrote: »

Hmm thanks for that. So for example, I apply for a mortgage of 180k, I need to have 10% deposit which is 18k. I need 30% of that 18k in regular savings. This is fine.

However, if I want to buy a place that costs more than 198k (180k mortgage + 18k deposit), does it matter that the other money is not coming from regular savings? For example, the apartment costs 250k. 180k from mortgage, 10k from savings, 50k from investment, and 20k from parents gift. Do they actual check to make sure you have 30% of the deposit (70k in above case) from savings when drawing down the mortgage, or is it 30% of the min deposit amount?

Cheers!

So, my understanding (which is patchy), is that they will give you 90% value of the house up to the max amount (320k Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and 250k elsewhere)

So let's say the house you want to buy is 200k, you will deposit of 20k, of which 30% or 6k needs to come from regular savings.

http://rebuildingirelandhomeloan.ie/borrowing/

DonnieCorko · 08-06-2021 11:02pm

Ace2007 wrote: »

So, my understanding (which is patchy), is that they will give you 90% value of the house up to the max amount (320k Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and 250k elsewhere)

So let's say the house you want to buy is 200k, you will deposit of 20k, of which 30% or 6k needs to come from regular savings.

http://rebuildingirelandhomeloan.ie/borrowing/

Thanks for the reply. So if the house is 250k, and I am getting a mortgage of 180k, then I need 70k deposit, and that needs to be 30% savings? Bit ****ty tbh as I have a larger % of the house paid off already than if the house was 200k and I only had the 20k deposit.

Ace2007 · 09-06-2021 8:54am

DonnieCorko wrote: »

Thanks for the reply. So if the house is 250k, and I am getting a mortgage of 180k, then I need 70k deposit, and that needs to be 30% savings? Bit ****ty tbh as I have a larger % of the house paid off already than if the house was 200k and I only had the 20k deposit.

Not sure how it works when your not getting the max mortgage - maybe others know?

Jafin · 09-06-2021 10:14am

DonnieCorko wrote: »

For example, I apply for loan of 180k. I have 7/8k in savings and 50k in risky investments that I have sitting in my investment account (non-bank) cashed out but not in my bank account. Will this go against me does anyone know?

Sorry to interject, but just wanted to make sure so you don't get any nasty surprises down the road - if you have money you've cashed out from investments have you made sure to put aside whatever amount you will owe for Capitals Gains Tax at the end of the year on the profit you made?

DonnieCorko · 09-06-2021 9:31pm

Jafin wrote: »

Sorry to interject, but just wanted to make sure so you don't get any nasty surprises down the road - if you have money you've cashed out from investments have you made sure to put aside whatever amount you will owe for Capitals Gains Tax at the end of the year on the profit you made?

I have. Thanks for the suggestion though!

Jennyod31 · 09-06-2021 11:02pm

Any idea how often the councils hold their credit committee meetings

clio_16v · 10-06-2021 9:11am

Ace2007 wrote: »

As for buying shares every month - well shares by their natures are risky.

With my company you buy at the Lowest price minus 15% discount so there is no real risk

Ace2007 · 10-06-2021 9:59am

clio_16v wrote: »

With my company you buy at the Lowest price minus 15% discount so there is no real risk

Is that deal done every month? or once a year?

There is still a risk - companies have and can go bust very easily.

Antho12 · 10-06-2021 4:31pm

Ace2007 wrote: »

Is that deal done every month? or once a year?

There is still a risk - companies have and can go bust very easily.

I‘ve been buying my company’s stock with a similar discount and I’ve been selling a few shares here and there when I needed extra money. That wasn’t an issue when I applied for Rebuilding Ireland.

deise121 · 10-06-2021 5:48pm

Jennyod31 wrote: »

Any idea how often the councils hold their credit committee meetings

From my understanding most, if not all, meet once a month

LaurenMcHugh · 10-06-2021 6:08pm

Jennyod31 wrote: »

Any idea how often the councils hold their credit committee meetings

Wicklow meet every week

Jennyod31 · 10-06-2021 10:37pm

deise121 wrote: »

From my understanding most, if not all, meet once a month

Waiting on Waterford council in with a few weeks

Jennyod31 · 10-06-2021 10:38pm

LaurenMcHugh wrote: »

Wicklow meet every week

Waiting on Waterford council

11-06-2021 5:28pm

Folks, for self employed, i was under the impression that they used your gross income as the amount to work off? But the application form (going through it with a friend) only seems to ask for net profit.

Do they actually take gross into account at all? or is it just net?

deise121 · 12-06-2021 8:20pm

Jennyod31 wrote: »

Waiting on Waterford council in with a few weeks

Same here. Best of luck to you. You looking in the city or out in the county?

Auld Jim Halpin · 12-06-2021 11:10pm

If, for example, a RIHL buyer enters a Sale Agreed scenario and they are 3 months into their approval, and after 1 month the sale falls apart, does the buyer still have 2 months left of approval to house hunt?

deise121 · 13-06-2021 8:32am

Auld Jim Halpin wrote: »

If, for example, a RIHL buyer enters a Sale Agreed scenario and they are 3 months into their approval, and after 1 month the sale falls apart, does the buyer still have 2 months left of approval to house hunt?

Yeah, that’s how it works. Doesn’t matter if sales fall through. 6 months to buy a home from approval

13-06-2021 12:23pm

deise121 wrote: »

Yeah, that’s how it works. Doesn’t matter if sales fall through. 6 months to buy a home from approval

At what point have you "bought a home"? Is it when you officially go sale agreed with the estate agent? Do you just ring up the Council then and tell them, and the clock stops and such?

Or is it a case that you have 6 months.. but really you only have 3 months because you have to have contracts signed and such before the 6 months elapses?

deise121 · 13-06-2021 7:05pm

Deleted User wrote: »

At what point have you "bought a home"? Is it when you officially go sale agreed with the estate agent? Do you just ring up the Council then and tell them, and the clock stops and such?

Or is it a case that you have 6 months.. but really you only have 3 months because you have to have contracts signed and such before the 6 months elapses?

once you're sale agreed i believe it the clock stops so to speak

Lauren52 · 14-06-2021 7:59am

deise121 wrote: »

once you're sale agreed i believe it the clock stops so to speak

This is not the case.

It's from date of AIP.

Then if you go over and have already found a place you can apply for a 3mt extension.

Jafin · 14-06-2021 10:14am

Lauren52 wrote: »

This is not the case.

It's from date of AIP.

Then if you go over and have already found a place you can apply for a 3mt extension.

That's not what I was told. My council told me that once I've found the property and gone sale agreed the clock essentially stops. Obviously this is within reason and they're not gonna hang around for two years or anything, but you definitely don't have to go from AIP to being in the house all in the same 6 month period. Nobody ever mentioned a 3 month extension to me. Then again all the councils operate differently.

LaurenMcHugh · 14-06-2021 4:39pm

Wondering if anyone could advise to which MPI outside of coco they went with after refusal. I had bad smear results last year and got treatment and am currently awaiting results on follow up smear. My wife also takes medication for anxiety , we’re waiting to see if she has been refused or not. Thanks

Lauren52 · 14-06-2021 9:48pm

We are just moving into our house, we were AIP on 18th of Nov, signed contracts in January, had to apply for extension the week before 18th of May even though we were closing sale the week after.

We are Kildare

15-06-2021 1:19pm

I just sent my application into Louth County Council this morning. Chatted to one of the women from the Council on the phone yesterday.

I've had many, many run ins with Louth County Council, and would regard them as being quite possibly the single biggest waste of space and resources known to this island. Their housing section, and general budget management, is farcically bad.

However, this woman who works there in respect of the Rebuilding Ireland loan (I'm sure she does other stuff, too, so I'm not sure what her actual title would be), was such a breath of fresh air. She rang me back almost immediately after missing my call to her, she answered loads of questions, gave lots of info, and on top of that, much to my shock (especially after hearing how badly Meath CoCo are managing the RI scheme) she informed me that they accept RI applications by post, once you've spoke to someone, and they give you an AIP amount in about 6-8 weeks.

(Whereas Meath, on the other hand, a stones throw away, make you apply in-person, and the next available dates, just to actually apply, are in December!).

So if Louth CoCo can get an AIP to me in 6-8 weeks, I'll be very, very impressed.

(You'd want to see my application though.. it was like a long, boring, book going into them. Must have been about 100 pages).

DonnieCorko · 15-06-2021 1:34pm

Was anyone able to successfully apply for a RI mortgage with less than 1 year continuous savings?

rob316 · 15-06-2021 5:44pm

I was talking to someone randomly about mortgages and they were telling me one developer wouldn't accept them for a new build as they said RI loan takes too long from AIP to drawdown. Anyone else hear something like that?

optogirl · 16-06-2021 9:51am

rob316 wrote: »

I was talking to someone randomly about mortgages and they were telling me one developer wouldn't accept them for a new build as they said RI loan takes too long from AIP to drawdown. Anyone else hear something like that?

yes - one vendor didn't want to go with us because DCC takes too long

Rebuilding Ireland home loan

Comments