Rebuilding Ireland home loan

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.

raheny red · 12-02-2019 5:48pm

Hoping to get the keys Friday :eek::)

Jmk725 · 12-02-2019 5:51pm

raheny red wrote: »

Hoping to get the keys Friday :eek::)

Congrats

Went sale agreed last week myself, how long did your council take to release the funds? If you don't mind me asking.

Pussyhands · 12-02-2019 5:51pm

Jmk725 wrote: »

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.

It does for the fixed but not for the variable.

Jmk725 · 12-02-2019 5:52pm

Pussyhands wrote: »

It does for the fixed but not for the variable.

Ah right, I went for the fixed as it was too low for the variable.

Pussyhands · 12-02-2019 5:56pm

Jmk725 wrote: »

Ah right, I went for the fixed as it was too low for the variable.

You can't pay off lump sum with the fixed?

Jmk725 · 12-02-2019 5:59pm

Pussyhands wrote: »

You can't pay off lump sum with the fixed?

You can pay it off but their may be a charge depending on how interest rates at the time.
I needed the greater amount that the fixed gave me over the variable.

Iknowbynow · 12-02-2019 6:27pm

If you get approved after applying, how long do you have to accept the offer? Nearly sure I read 6 months a while back on here but then saw someone else say 1 month.

For people that completed the process - in general how was it? Is the worst part getting all the required docs or?

Jmk725 · 12-02-2019 6:31pm

Iknowbynow wrote: »

If you get approved after applying, how long do you have to accept the offer? Nearly sure I read 6 months a while back on here but then saw someone else say 1 month.

For people that completed the process - in general how was it? Is the worst part getting all the required docs or?

Monaghan County Council, the offer was good was 6 months.
I didn't have to accept it within a month. I accepted it 3 months after received offer. Only good for further 3 months though.

Tough getting all docs in and waiting on response.

raheny red · 12-02-2019 7:00pm

Jmk725 wrote: »

Congrats
Went sale agreed last week myself, how long did your council take to release the funds? If you don't mind me asking.

We went sale agreed in August but were delayed due to Probate. Waiting about 2 weeks to drawdown with Fingal.

raineas1 · 13-02-2019 10:21am

Would be interested in this also, were you able to get any figures?

delboy08 · 13-02-2019 11:36am

Hi all. This is just a bit of advice for people looking to apply. MAKE SURE YOU HAVE EVERYTHING there asking for on the list. DCC wont accept anything missing. I had to go back because my salary cert was not dated my start date on it. (i was just two years with my employer) So they do check all that. Iv my application gone in a week. DCC told me it will take 8 weeks to hear anything back. just wondering was anyone waiting 8 weeks (or longer) with DCC?

raineas1 · 13-02-2019 1:58pm

Iknowbynow wrote: »

I've worked out how much of a difference I'd save by using this rather than a normal bank (if they would give me the same amount of course!). Would be interested to see the differences other people are getting. As in monthly payments / total interest paid. It's on my other pc but I'll try to update it here.

Would be interested in this also, were you able to get any figures?

upinsmoke · 13-02-2019 2:28pm

Can you claim the 5% back for your deposit from taxes using the help to buy scheme using this?

brianmax88 · 13-02-2019 2:38pm

Any one know why they are limiting the size of the house to 175m2? Like if a bigger house can be bought or built for less than 250000 what difference does it make?

13-02-2019 11:54pm

raheny red wrote: »

We went sale agreed in August but were delayed due to Probate. Waiting about 2 weeks to drawdown with Fingal.

Because you went sale agreed last August, did you have to reapply again to your Coco if your mortgage approval went out of date?

raheny red · 14-02-2019 12:08am

92841 wrote: »

Because you went sale agreed last August, did you have to reapply again to your Coco if your mortgage approval went out of date?

Nope, the 6 months started around November when it moved over to solicitors.

Jmk725 · 14-02-2019 10:54am

raheny red wrote: »

Nope, the 6 months started around November when it moved over to solicitors.

The 6 months for me started when I get approved and got the loan offer.

Graham · 14-02-2019 11:19am

brianmax88 wrote: »

Any one know why they are limiting the size of the house to 175m2? Like if a bigger house can be bought or built for less than 250000 what difference does it make?

My guess, the scheme is designed to help people that otherwise wouldn't be able to afford a home. It's not designed to subsidise those that would prefer a larger home than they could otherwise afford/finance.

steve1099 · 14-02-2019 4:47pm

Hi All,
Just thought I would inform everyone that Kildare Council have no funds left to grant. We applied to three councils at the end of October, heard back from Wicklow and South Dublin with approval after about 10 weeks, but nothing from Kildare. A couple of weeks ago we received a letter from them advising that the allocated funds have been used up for all rebuilding Ireland loans

Sorry to be the bearer of bad news, but just thought I would put it out there to help anyone thinking of applying to them.

Pussyhands · 14-02-2019 4:52pm

steve1099 wrote: »

Hi All,
Just thought I would inform everyone that Kildare Council have no funds left to grant. We applied to three councils at the end of October, heard back from Wicklow and South Dublin with approval after about 10 weeks, but nothing from Kildare. A couple of weeks ago we received a letter from them advising that the allocated funds have been used up for all rebuilding Ireland loans

Sorry to be the bearer of bad news, but just thought I would put it out there to help anyone thinking of applying to them.

For ever?

steve1099 · 14-02-2019 4:58pm

The wording in the letter sounded very much like those were the final funds used up.
I'm not sure if they will get new funding but you never know.
I'll post the exact wording on this thread later today. You think they would post a message on their site to inform everyone, but obviously they would rather have folks wasting vast amounts of time and not to mention paper print outs then provide us with a simple update!

navan21 · 16-02-2019 9:56am

Hi all. Totally new to this and apologise my questions are silly!!
I really hope someone can help Me!
Has anyone gotten approved for a this loan for self build? I would love if you could answer a few questions or pm me of you prefer please.

Also just in general...
Does anyone know if FIS (Working family payment now) is taken into account in earnings?

With the help to buy... we have half our deposit saved. Can we apply on the presumption that we would get the other half through help to buy?I'm really confused on how you that works?

As regards saving each month is there a certain amount youd need to be saving per month that they look for?

Regards the self build can you apply without planning permission? Can site be used as part of deposit?

Thank you very much, really appreciate any replies.

delkel38 · 16-02-2019 10:07am

navan21 wrote: »

Hi all. Totally new to this and apologise my questions are silly!!
I really hope someone can help Me!
Has anyone gotten approved for a this loan for self build? I would love if you could answer a few questions or pm me of you prefer please.

Also just in general...
Does anyone know if FIS (Working family payment now) is taken into account in earnings?

With the help to buy... we have half our deposit saved. Can we apply on the presumption that we would get the other half through help to buy?I'm really confused on how you that works?

As regards saving each month is there a certain amount youd need to be saving per month that they look for?

Regards the self build can you apply without planning permission? Can site be used as part of deposit?

Thank you very much, really appreciate any replies.

I've been approved for a self build by offaly coco. Still waiting for the slow wheels to turn there and give me the contract to sign. Too much to say if you search this thread it's all there. I'm not going to repost all I said.

raheny red · 17-02-2019 9:33am

We got our keys on Friday

- Fingal were great to deal with. The only negative being issued a cheque for the drawdown instead of a bank transfer.

Just a small bit of advice. Have everything in order for when you're applying. When you have applied put the application to the back of your mind. 10/12 weeks isn't a long time but you can make it feel like a lifetime by worrying about it everyday. While you're waiting start looking where you want to buy. Also, get the ball rolling on your solicitor and surveyor. This will save you time after you've being accepted.

Best of luck folks.

Quinnciara · 17-02-2019 6:34pm

raheny red wrote: »

We got our keys on Friday - Fingal were great to deal with. The only negative being issued a cheque for the drawdown instead of a bank transfer.

Just a small bit of advice. Have everything in order for when you're applying. When you have applied put the application to the back of your mind. 10/12 weeks isn't a long time but you can make it feel like a lifetime by worrying about it everyday. While you're waiting start looking where you want to buy. Also, get the ball rolling on your solicitor and surveyor. This will save you time after you've being accepted.

Best of luck folks.

Congrats, what a relief you must feel. I've just gone sale agreed and have my survey and valuation this week coming hoping to have every thing handed over back to the council within 2 weeks. Can I ask how long from the time you handed back in your documents before you drew down?

raheny red · 17-02-2019 9:59pm

Quinnciara wrote: »

Congrats, what a relief you must feel. I've just gone sale agreed and have my survey and valuation this week coming hoping to have every thing handed over back to the council within 2 weeks. Can I ask how long from the time you handed back in your documents before you drew down?

Thanks, yeah a massive relief all right. Happy days, you're flying along. The final stages for us are a bit skewed because the seller had to go through probate so that delayed us.

The Red Lantern · 18-02-2019 8:19pm

Can anyone tell me if you have to apply for an extension to the loan if in the process of buying the house? Our solicitor has been sent the pack and the loan doesn't expire until April but we're wondering if we have to apply for an extension if the process isn't complete

Theodora78 · 18-02-2019 9:23pm

Hello , could someone tell me if the first applicant was on jobseekers benefit for 4 months in the last 2 years is still entitled to apply for rebuilding ireland? Thanks a lot!

Darkglasses · 18-02-2019 9:28pm

The Red Lantern wrote: »

Can anyone tell me if you have to apply for an extension to the loan if in the process of buying the house? Our solicitor has been sent the pack and the loan doesn't expire until April but we're wondering if we have to apply for an extension if the process isn't complete

Sounds like something that would be up to the Council's own department.

Theodora78 wrote: »

Hello , could someone tell me if the first applicant was on jobseekers benefit for 4 months in the last 2 years is still entitled to apply for rebuilding ireland? Thanks a lot!

The first applicant needs to be working continuously for the last two years.

trudy2222 · 18-02-2019 10:45pm

Just sent off our application today, such a relief! I know we have a long journey ahead but it nice to get the ball rolling.

Rebuilding Ireland home loan

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