Rebuilding Ireland home loan

Hey guys,

Has anyone ever applied for this and been approved twice? I was approved for RIHL roughly this time last year with DCC and Fingal, but decided to wait, move home to my parents and save some more on my deposit before buying - I also got a payrise in the meantime that pushed me over the €50k salary threshold for this loan.

Now I am reapplying, now that the upper limit for a single applicant has gone up to €65k it means I am now eligible again. My original approval expired, and I resubmitted my application to DCC (not going with Fingal this time as I really want DCC area). I delivered the application in person to the DCC office on October 19, so it's a waiting game now. I was asked for a couple of extra documents but I sent them all in and I think the DCC office were satisfied with them, so time will tell. Hope my having been approved before doesn't go against me and it's not a one time only thing!

Has anyone got experience with a second application? Hoping it goes well for me - my one concern is that I don't have the record of paying rent this time as I've been home since January, though rent payments are visible from my account from Oct-Dec last year. I've stayed in the same company/job and been promoted in the meantime so hope that bodes well (4 years+ in the same company).

Also, anyone know roughly what the loan:income ratio is for the approval? Hard to figure out potential loan amount and monthly cost etc as the RIHL website calculator is out of date and doesn't factor in the new interest rate/MPI inclusion.

Sorry Winnie, I forgot to come back to you - I'm afraid I'm no help to you on this, I had to bow out and give up on Rebuilding Ireland in the end.

My experience with SDCC was that they wanted everything all the time though, so I daresay they'll want the new cert and all, yeah. It would be worth ringing them up though because they're very particular and seem to do things a bit differently to everyone else.

Ok good to know! Thanks a mil :)

Thanks for your reply. There are so many costs that we did not expect. My thought is what if we already paid evaluation report fee, then structural survey and seller decides not to sell it at the end? Also how long it took for you to get approval from Rebuilding Ireland for your evaluation report? We sent ours two weeks ago and they said they still need more time to review it.

I would assume thats fine as long as the total purchase price inclusive the gift is less than the limit set out by RBI (not sure but think its 320k for Dublin)

Yes it's fine to submit the gift letter after being approved. When I first got approved and found a property I liked my mother gifted me a sum of money towards it to make up the shortfall so I just sent the council a letter signed by her stating it was a gift that didn't need to be repaid and they said that was fine.

(I didn't end up going with the Rebuilding Ireland loan in the end as the property fell through, but that's unrelated to the gift letter)

No I was never asked for any kind of bank statement from my mother to be submitted or anything like that. All they want to know is who the money came from, which would be on your own bank statement, and to know that it is a gift that doesn't have to be repaid. As long as you note the date the money was transferred they'll know it was them. Basically they just want to make sure that the money is legal, i.e. not laundered, and that the person/people the money came from has/have no legal entitlement to the property.

Best of luck!

So I can leave the DETAILS OF PROPERTY TO BE MORTGAGED & MORTGAGE DETAILS blank in the application? Why don't they state that? So strange?

Hi, could someone share some insight into this...

A single applicant is limited to 50k gross earnings to be eligible which over the 30 years is an indicative loan of 232,777 euro.

Standard rule is 3.5 times for banks to lend - 232,777 euro would require salary of over the limit at 66.5k

Max house price limit is 320k in Dublin. The purchaser would make up the difference plus deposit for RBIL... Commercial Banks would lend 288k for this assuming 10% deposit and require salary using the rule of thumb approx. 82k.

How? What? Are those my feet?

So if you below the earning limit one can get a loan equivalent to 66.5k salary but someone on that is not eligible?

The RBIL earning limit is obviously 2 low for market prices in Dublin.

This is a big thread so apologies if this has been answered before and I missed it...

Almost a year to the day from the date of application we finally received word from our Solicitor that she has formally drawn down our mortgage and she should have the cheque in her office tomorrow for us to sign over to her so our sale can finally close.

It was a very long road, 3 months waiting on approval, went sale agreed in May with an expected closing end of July which has been pushed out so many times now finally happening on the 8th of December. A complete roller coaster. Anyone who is still going through the process, it will come to an end soon. Even if it means you're missing more hair and have a few extra pounds on. Just hoping there are no last minute delays.

Hi everyone, do you have to have a solicitor and surveyor appointed at application stage? It requests their details in the form. Could i just put "to be confirmed" in those sections? Im a bit hesitant of ringing atound and then perhaps having my application declined

Congrats to you! What was the cause of all the delays after going sale agreed? Was it down to the seller, or council, etc?

I am absolutely fuming. I have been rejected (DCC) on three grounds - one is that I am over the income limit. My salary is over €50k but under €65k, and I was told by the council that the increased limit was already in place, but it turns out it isn't in place til January so it was a waste of time. Having to go through the rigmarole of applying again because the council told me the wrong thing would be one thing, but I'm totally baffled by the other two grounds for rejection.

I was also rejected on "capacity to repay not proven/evident" and "inconsistent savings record". This makes absolutely no sense.

I moved home this year and have been saving, when you average it out across the year, €1900/month, which is about double what the mortgage repayments would be! There were two months I didn't save that (one month I paid my car insurance in full - €1300 - because I didn't want to take on instalments cos I thought it would harm my mortgage application so only saved 500 that month, and another I saved €1000 cos I was away for work) - but there were also two months where I saved €2500 so surely that would balance out.

I have also been in a permanent job for 4+ years with a good salary.

Having saved €23,000 this year with a permanent job, I have absolutely no idea how I could be rejected for "capacity to repay" and "inconsistent savings". I have no other debts so I really am at a loss as to how I could have been rejected on this basis.

I want to reapply once the new income limit comes in but if I can't figure out what the issues with my original application were, I could be setting myself up for rejection again. When I called the council to ask about it, they couldn't figure out what the issue was, and even suggested the underwriters may not have read my application properly! They even suggested I use a highlighter to show the savings going from my bank into my savings - you would think they would be capable of reading the 12 months of statements from all accounts they requested rather than just rejecting people cos they weren't bothered looking?

I am really confused by this. The worst part is I was accepted last year, when my salary was lower and I was saving much less because I was renting. Has anyone else had a bizarre experience like this?

We were rejected by KCC for inconsistent savings despite paying 1,200 in rent every month for 6 years. In the end I gave up. Its a joke of a scheme and to be honest the price of houses in greater dublin have long passed the maximum amount that you can borrow.

Ah it's a joke. I ended up writing to my TDs about it... I honestly think they can't be bothered reading the applications properly because the reasons make absolutely no sense with the documents I sent in.