Rebuilding Ireland Home Loan: what constitutes an "insufficient offer"?

Wanderer2010 · 24-07-2023 04:57PM #1

The 6th condition of the Rebuilding Ireland Home Loan states that you need to "provide evidence of insufficient offers of finance from two banks or building societies". It also states on the website that applicants must have first been rejected by two commercial banks or building societies for lending.

What about a situation where you asked for a mortgage from 2 banks but the most they would offer you, after considering your circumstances, is 50k which amounts to nothing in todays market, even with a lot of savings.

If you tick all the boxes but essentially get two offers which are so low that it would be impossible to get a house with, do those offers count as unsuitable? The word rejected implies the bank refused to offer you a mortgage. It seems to me a grey area where you could argue the offer is unsuitable and still meet criteria

Anyone got any experience with a successful Rebuilding Ireland Home Loan application?

Citrus_8 · 24-07-2023 07:09PM

https://www.boards.ie/discussion/2058306261/rebuilding-ireland-home-loan-what-constitutes-an-insufficient-offer

Insufficient offer is an offer from bank of the amount less than you've requested. Hence it's called insufficient offer.

shawki · 24-07-2023 09:14PM

AIB and Bank of Ireland are easy enough to get AIP.

DonnieCorko · 13-08-2023 09:40PM

"A letter of insufficient mortgage offer from two regulated financial providers showing the amount requested, or

On this point, they will just show the amount offered, not the amount requested no? As you cant say how much you want in the application?

Thanks

Rebuilding Ireland Home Loan: what constitutes an "insufficient offer"?

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