Rebuilding Ireland home loan

brianmax88 · 07-02-2019 11:28am

I handed in my application last week. The lady said would take up to six weeks. Just wondering what is the next step if i am approved so can maybe be getting things organised. I assume ill need proof of planning permision and drawings and all that.

07-02-2019 11:55am

bubbles46 wrote: »

[/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

I had to arrange for the property valuation myself. Got a local company who spoke with the estate agent, and they arranged it amongst themselves really. Cost €150. And again, same thing with the engineer. The engineer organised with the estate agent, and then i got my report and paid him. Easy enough

RosyRose · 07-02-2019 12:39pm

bubbles46 wrote: »

Also the MPI form,do I also get that from the CoCo?Thanks.

We got separate letter a week after the letter with offer. In this letter we had the MPI form and valuation form as well. You just have to fill the MPI form and send it back to the council. The form is available online on Soth Dublin coco’s website as well. This is what happened with Kildare CoCo, you can call your coco to ask if the process is different there.

Jmk725 · 07-02-2019 12:58pm

bubbles46 wrote: »

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.

I'm with Monaghan County Council and they have their own agent they use to value the property but I have to pay the fee.
With the Structural Report I have to get that done myself.
The MPI Form was included when I was approved.
Just went sale agreed yesterday

sarah88 · 07-02-2019 2:36pm

Hi, has anyone experienced their single application being unsuccessful when cohabitating (unmarried), due to "potential future issues around rights of ownership if only one name is on the mortgage"?
It's very disappointing, if anyone has any advice it would be much appreciated.

Jmk725 · 07-02-2019 2:41pm

sarah88 wrote: »

Hi, has anyone experienced their single application being unsuccessful when cohabitating (unmarried), due to "potential future issues around rights of ownership if only one name is on the mortgage"?
It's very disappointing, if anyone has any advice it would be much appreciated.

I'm a single applicant myself but engaged to be married and living with my partner and her parents and I had no issue.
It's only my name going on the mortgage too.

sarah88 · 07-02-2019 3:11pm

The inconsistencies between councils is so frustrating. Do you mind me asking what council you applied to?

Jmk725 · 07-02-2019 3:14pm

sarah88 wrote: »

The inconsistencies between councils is so frustrating. Do you mind me asking what council you applied to?

I applied to Monaghan County Council.
Yes, the inconsistencies are so annoying, even the net income rates are different between them.

givyjoe · 07-02-2019 4:57pm

Jmk725 wrote: »

I'm a single applicant myself but engaged to be married and living with my partner and her parents and I had no issue.
It's only my name going on the mortgage too.

How will that work for the future? Can you get her name added to the deeds at some point? Could potentially find myself in same position, applying as single applicant but might end up engaged etc after applying/buying.

Jmk725 · 07-02-2019 5:14pm

givyjoe wrote: »

How will that work for the future? Can you get her name added to the deeds at some point? Could potentially find myself in same position, applying as single applicant but might end up engaged etc after applying/buying.

I imagine I can get her name added to it and their to not be a problem.
The County Council maintains a charge over the property until the mortgage is paid back anyway.

Slavi Pavlov · 07-02-2019 7:23pm

bubbles46 wrote: »

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.

Hi, Valuation Report and Structural snag list/ report are two different reports. In our case we’ve been asked to do both and send it back to the CoCo.
Valuation Report can not be made from your estate agent or builder, need to be independent person and that Report is giving you a basic details of your property as location, type of the build, type of development, demensions, rooms, essential services also rebuild cost and value on completation...etc this report cost us €150 and were only two pages.
Structural Snag is made to check if the property is build by standards, most of the companies you’ll hire out there will send an engineer who will carry the work for you and he will check everything from exterior to interior and give you Report with all major or minor issues.
That report you also send to CoCo and copy to your estate agent or builder and ask them to resolve those issues before you actually buy the property.
We called PropertyHealthCheck and we were very happy with the quality and the knowledge of the engeneer who done our report. It cost us around €450 and I’d say the price cover the value of information you’ll get out of this. The report we’ve got were 30 pages very detailed.
MPI you’ll get from the CoCo usually but you can printed yourself from here.
https://www.sdcc.ie/en/services/housing/buying-your-home/applying-for-a-local-authority-loan/local-authority-mortgage-protection-insurance-booklet.pdf

Evenstevens · 08-02-2019 10:11pm

Just wondering if anyone can clarify a question. the quote below is from the website.

"The maximum loan amount under the Rebuilding Ireland Home Loan is limited to 90% of the market value of the property or, in the case of self-build properties, 90% of the total build costs. This means you must raise 10% from your own resources.
Example:
For a property with a market value of €200,000 you will need a deposit of at least €20,000."

So what I'm wondering is if you are told you are awarded a loan of a maximum of 200000 and you find a house for 240000 would you be ok to buy that house if you can provide the 40k yourself if that makes sense?

jesso22 · 08-02-2019 10:26pm

bubbles46 wrote: »

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.

When your offer on a house is accepted, you get a valuation report done yourself. Usually by an estate agent, but not the same one that's selling the house. Then you send this into the council and state you want to buy. Meanwhile, notify your solicitor of your intent to buy.
The council will arrange someone to give the house a once over, then request for you to get an engineer's report/ structural survey (same thing) done by a chartered surveyor. So research this part now, who is available in your area

Ps. Further down the line the council will send you out details of MPI. Our solicitor asked to see this, and witnessed our signatures, before we sent it back to the council.

jesso22 · 08-02-2019 10:40pm

Evenstevens wrote: »

Just wondering if anyone can clarify a question. the quote below is from the website.

"The maximum loan amount under the Rebuilding Ireland Home Loan is limited to 90% of the market value of the property or, in the case of self-build properties, 90% of the total build costs. This means you must raise 10% from your own resources.
Example:
For a property with a market value of €200,000 you will need a deposit of at least €20,000."

So what I'm wondering is if you are told you are awarded a loan of a maximum of 200000 and you find a house for 240000 would you be ok to buy that house if you can provide the 40k yourself if that makes sense?

Yes, as long as you have proof of having the money, and where it came from, they will have no problem.

Just from our own experience, we were offered a loan of 160,000. That's the amount we applied for, as we didn't believe the council would give us even that much looking at how little the bank offered us. We took that to mean a house worth 160,000. But when we went sale agreed for 165, they said the loan would cover it, as we would pay 16,500 and they would pay €148,500. So it turns out, we could have gone for a house up to the value of €177,777 providing we had the deposit and enough to cover the legal fees.

Evenstevens · 08-02-2019 10:53pm

jesso22 wrote: »

Yes, as long as you have proof of having the money, and where it came from, they will have no problem.

Just from our own experience, we were offered a loan of 160,000. That's the amount we applied for, as we didn't believe the council would give us even that much looking at how little the bank offered us. We took that to mean a house worth 160,000. But when we went sale agreed for 165, they said the loan would cover it, as we would pay 16,500 and they would pay €148,500. So it turns out, we could have gone for a house up to the value of €177,777 providing we had the deposit and enough to cover the legal fees.

Great. Thanks for the quick reply. Off to yet another viewing tomorrow so just wanted to check.

delkel38 · 10-02-2019 9:15pm

Any self builders able to draw down anything yet? I'm still waiting for the loan pack to be sent to our solicitor. Council keep telling me I'm the only self builder and they are only learning as they go. I applied with offaly last may .

steveyod · 11-02-2019 3:16pm

Hi, I have an existing loan of just over €6000 will this affect my application, mine is a single application.

upinsmoke · 11-02-2019 3:18pm

steveyod wrote: »

Hi, I have an existing loan of just over €6000 will this affect my application, mine is a single application.

Yes

Jmk725 · 11-02-2019 3:19pm

steveyod wrote: »

Hi, I have an existing loan of just over €6000 will this affect my application, mine is a single application.

I advise you to enter the details in on the repayment website http://rebuildingirelandhomeloan.ie/calculator/. that will give you an idea as to what you can get based on your income and loan repayments.

trudy2222 · 11-02-2019 7:23pm

Do I need to include solicitor details on the application or can you look for one after you get approval? I don’t have one yet but if it’s necessary at this early stage I will find one.

Evenstevens · 11-02-2019 9:14pm

trudy2222 wrote: »

Do I need to include solicitor details on the application or can you look for one after you get approval? I don’t have one yet but if it’s necessary at this early stage I will find one.

I applied succesfully and didn't have a solicitor. I think I just wrote on it that I didn't have one.

Jmk725 · 12-02-2019 11:00am

trudy2222 wrote: »

Do I need to include solicitor details on the application or can you look for one after you get approval? I don’t have one yet but if it’s necessary at this early stage I will find one.

No need to include it on application.
Can be added on when gone sale agreed.

Pussyhands · 12-02-2019 1:11pm

How do I get rejection letter from banks? Do I have to do a full mortgage application?

Pussyhands · 12-02-2019 5:20pm

Can someone explain how one would qualify for this?

On the calculator on the site it says I'd be eligible for a 159k loan. Is this the max they would give or is it dependent on deposit, saving rate etc?

Second, I'm applying to banks.

Do I have to use the same deposit for the rebuilding ireland as I note on the mortgage application to a bank?

i.e If RI gave me 160k loan I'd use 70k of my own money for a 230k house.

But what if I put down a deposit of 50k on bank application, meaning I'd want 180k and they refuse? Can I then go to RI and apply for the 160k mortgage?

Jmk725 · 12-02-2019 5:27pm

Pussyhands wrote: »

How do I get rejection letter from banks? Do I have to do a full mortgage application?

Some councils will accept the online calculator.
Meaning, put in your details and they will show you the max you could get.

Check with your council and see if they will accept this or not though first.

Jmk725 · 12-02-2019 5:30pm

Pussyhands wrote: »

Can someone explain how one would qualify for this?

On the calculator on the site it says I'd be eligible for a 159k loan. Is this the max they would give or is it dependent on deposit, saving rate etc?

Second, I'm applying to banks.

Do I have to use the same deposit for the rebuilding ireland as I note on the mortgage application to a bank?

i.e If RI gave me 160k loan I'd use 70k of my own money for a 230k house.

But what if I put down a deposit of 50k on bank application, meaning I'd want 180k and they refuse? Can I then go to RI and apply for the 160k mortgage?

Thats the max they would give you provided you meet their criteria of min 10% deposit and repayment capacity.

Banks will normally tell you the max they would give you, at least the AIB calculator online will, normally only need a 10% deposit.

Not sure about the different deposits on applications.

Pussyhands · 12-02-2019 5:34pm

Jmk725 wrote: »

Thats the max they would give you provided you meet their criteria of min 10% deposit and repayment capacity.

Banks will normally tell you the max they would give you, at least the AIB calculator online will, normally only need a 10% deposit.

Not sure about the different deposits on applications.

I've just applied for a 180k loan with 50k deposit online with a bank.

With the online calculator for this bank they just ask for wage and property value etc. and they said max loan would be 160k

Jmk725 · 12-02-2019 5:40pm

Pussyhands wrote: »

I've just applied for a 180k loan with 50k deposit online with a bank.

With the online calculator for this bank they just ask for wage and property value etc. and they said max loan would be 160k

The Council will need to be happy that you could not buy a house with a loan of €160k, that you need more from them.

If you only need €160k then they will not give you the loan as thats what you can get from the bank.

In my case I had a letter from a broker showing that I was denied a loan for €140k from 2 banks and the council accepted that letter.

Pussyhands · 12-02-2019 5:44pm

Jmk725 wrote: »

The Council will need to be happy that you could not buy a house with a loan of €160k, that you need more from them.

If you only need €160k then they will not give you the loan as thats what you can get from the bank.

In my case I had a letter from a broker showing that I was denied a loan for €140k from 2 banks and the council accepted that letter.

So I have just done the online calculator for BOI and AIB.

BOI says 160k (same as RI) and AIB says 140k. So I think I'll also apply to AIB and hopefully get an official offer of max 140k.

Anyone know any other banks that would be strict?

Jmk725 · 12-02-2019 5:47pm

Pussyhands wrote: »

So I have just done the online calculator for BOI and AIB.

BOI says 160k (same as RI) and AIB says 140k. So I think I'll also apply to AIB and hopefully get an official offer of max 140k.

Anyone know any other banks that would be strict?

Rebuilding Ireland should show more than the banks.
In my experience the banks are 2-3.5 times your income and Rebuilding Ireland should be closer to 5 times your income.

Rebuilding Ireland home loan

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