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Rebuilding Ireland home loan

1545557596099

Comments

  • Registered Users Posts: 776 ✭✭✭Jafin


    extrafluff wrote: »
    Hi all.
    We submitted our application the other day, fingers crossed it's not too long but is there a maximum deposit amount that we can have? We have €35k saved and will have another €9k or so if we're waiting another 5 or 6 months. Based on our salaries and the calculator, the maximum mortgage we'd get would be €270k.
    Thank you.

    Nope, no maximum deposit. Anything extra is a bonus. The way a mortgage works is that the maximum you can receive is 90% of the price of the property you're buying. Let's say for example you were buying a property for €100k (just using that because it's a nice clean number) and you had saved up €25k. You would get a mortgage of €90k, add your deposit of €10k and you'd have €15k left over for expenses, furniture etc.


  • Registered Users Posts: 10 Bobmo123


    Hi Ninja.

    There are a few differences. This is for people who have been refused a mortgage with 2 or more lenders. It is a fixed rate for the duration of the mortgage.

    How much you can borrow depends on a lot of thing. Fill this out: http://rebuildingirelandhomeloan.ie/calculator/ and it will tell you.

    The council will take into consideration Disability Allowance. I think a few bank do also like Ulster Bank.

    Im not sure if they do friends mortgages but if you are married then it has to be a joint application.


  • Registered Users Posts: 131 ✭✭BaguMka


    Can someone explain me why when on RIHL site I calculate how much money I can borrow using their calculator a single applicant gets 5k less than joint applicants(one income) but still with one income. Doesn't make much sense to me


  • Registered Users, Registered Users 2 Posts: 2,996 ✭✭✭optogirl


    Hi guys - with regards to sending payslips, how do you do that? Print & scan isn't really an option when Working From Home but payslips are password protected.


  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,100 Mod ✭✭✭✭AlmightyCushion


    optogirl wrote: »
    Hi guys - with regards to sending payslips, how do you do that? Print & scan isn't really an option when Working From Home but payslips are password protected.

    Print it to a PDF in your browser. That will save it without the password.


  • Registered Users, Registered Users 2 Posts: 1,028 ✭✭✭MacronvFrugals


    Hi folks,

    Could anyone give me an idea on whether this situation would hamper me, i'm assuming it would.

    So last June i took out a loan of 30,000 with AIB(surgery cost)

    Some months i payed the standard repayment (640) but other months (3000) the loan will be cleared by September so 15 payments in total averaging 2000 a month, the term originally set was 60 months so that might be an issue im not sure i think clearing early is not great.

    My deposit went back into my account by way of a 50% refund from my health insurance provider, so on paper it wasn't actually saved each month.

    From reading this thread it seems this will hurt my chances considering they want to see regular savings of the mortgage amount.

    Is my best option once the loan is cleared to get 6 months of 1000+ savings under my belt.

    Are these things somewhat discretionary in the sense that its easy to see the i'll be comfortable with a mortgage of 800-1000 a month or are they strict in stone bullet point rules.

    Just to add i would like apply as soon as the loan is finished in September and not before its cleared.

    Thanks folks


  • Registered Users Posts: 776 ✭✭✭Jafin


    Hi folks,

    Could anyone give me an idea on whether this situation would hamper me, i'm assuming it would.

    So last June i took out a loan of 30,000 with AIB(surgery cost)

    Some months i payed the standard repayment (640) but other months (3000) the loan will be cleared by September so 15 payments in total averaging 2000 a month, the term originally set was 60 months so that might be an issue im not sure i think clearing early is not great.

    My deposit went back into my account by way of a 50% refund from my health insurance provider, so on paper it wasn't actually saved each month.

    From reading this thread it seems this will hurt my chances considering they want to see regular savings of the mortgage amount.

    Is my best option once the loan is cleared to get 6 months of 1000+ savings under my belt.

    Are these things somewhat discretionary in the sense that its easy to see the i'll be comfortable with a mortgage of 800-1000 a month or are they strict in stone bullet point rules.

    Just to add i would like apply as soon as the loan is finished in September and not before its cleared.

    Thanks folks

    I can't give you an answer on your situation but what I will tell you is that I needed 12 months evidence of regular saving when I was applying, so I'm not sure if they'll accept 6 months from you. It does specifically state on the RIHL website that 12 months is the minimum, but it doesn't hurt to double check. Your best bet would be to contact your local county council to get clarification.


  • Registered Users, Registered Users 2 Posts: 1,028 ✭✭✭MacronvFrugals


    Jafin wrote: »
    I can't give you an answer on your situation but what I will tell you is that I needed 12 months evidence of regular saving when I was applying, so I'm not sure if they'll accept 6 months from you. It does specifically state on the RIHL website that 12 months is the minimum, but it doesn't hurt to double check. Your best bet would be to contact your local county council to get clarification.

    Thank you very much for the advice.

    I'll give them a bell.


  • Registered Users, Registered Users 2 Posts: 1,113 ✭✭✭Maz2016


    I was in a slightly similar situation - I didn't have such a big outlay to pay but I did reduce my savings for 2-3 months while I had surgery last August/September. I was advised when I handed in my application to withdraw the application and wait until October this year (a full yer of savings) so they do seem to be strict on it.


  • Registered Users, Registered Users 2 Posts: 1,028 ✭✭✭MacronvFrugals


    Maz2016 wrote: »
    I was in a slightly similar situation - I didn't have such a big outlay to pay but I did reduce my savings for 2-3 months while I had surgery last August/September. I was advised when I handed in my application to withdraw the application and wait until October this year (a full yer of savings) so they do seem to be strict on it.

    Wow i didnt think they were that strict.

    Probably best to set my sights on September 2021.

    Do you know if banks require this also, i'm guessing AIB wouldn't accept me clearing the loan with 2k a month as any different to just paying the standard rate, i'm thinking doing this and not saving was a mistake although in the end i'll save 12k on interest.

    Hope the surgery went well btw :)


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  • Registered Users Posts: 776 ✭✭✭Jafin


    Wow i didnt think they were that strict.

    Probably best to set my sights on September 2021.

    Do you know if banks require this also, i'm guessing AIB wouldn't accept me clearing the loan with 2k a month as any different to just paying the standard rate, i'm thinking doing this and not saving was a mistake although in the end i'll save 12k on interest.

    Hope the surgery went well btw :)

    Not sure about the loan parts but they're less strict about savings. 6 months of regular savings is generally what they need. To be honest with you banks are much faster to get mortgages from. I went into Permanent TSB last November because my mam told me they were having an information day about mortgages. I literally just went in for information about how it all worked. I walked out 30 minutes later with approval in principle. Now I will note that I do my banking with them so they had the record of my savings and stuff already, so I didn't have to go and gather it for them or anything.


  • Registered Users, Registered Users 2 Posts: 1,028 ✭✭✭MacronvFrugals


    Jafin wrote: »
    Not sure about the loan parts but they're less strict about savings. 6 months of regular savings is generally what they need. To be honest with you banks are much faster to get mortgages from. I went into Permanent TSB last November because my mam told me they were having an information day about mortgages. I literally just went in for information about how it all worked. I walked out 30 minutes later with approval in principle. Now I will note that I do my banking with them so they had the record of my savings and stuff already, so I didn't have to go and gather it for them or anything.

    Nice one! Bet you weren't expecting that lol :)

    Ideally i would rather go with the bank tbh for 2 reasons variable rate (can lash off the capital and not worry about fees if i clear it early and the speed.

    The only thing thats killing me with AIB is they wont accept any of my 9k/year guaranteed overtime because i haven't been receiving it 3 years(1 year on payslips currently), half thinking off asking my job to add it into my salary instead. All i would need is them to accept 3500/year and it would bring me into the bracket i need.


  • Registered Users, Registered Users 2 Posts: 1,113 ✭✭✭Maz2016


    Wow i didnt think they were that strict.

    Probably best to set my sights on September 2021.

    Do you know if banks require this also, i'm guessing AIB wouldn't accept me clearing the loan with 2k a month as any different to just paying the standard rate, i'm thinking doing this and not saving was a mistake although in the end i'll save 12k on interest.

    Hope the surgery went well btw :)

    Thanks, surgery went well thankfully. Hope yours did too. I know banks aren’t as strict. Like previous poster, I went into ptsb, I’ve no account with them but I did have a print out of my savings. I got AIP for 3.5 times my salary but I’m below the threshold for what I need.Rebuilding Ireland seems the way for me but I’ve 2 issues. First being I know I’ll be refused their mortgage protection due to the surgery I had. If I can get a replacement that will work in my favour as it would be a lot cheaper so could be a blessing in disguise. Second I don’t fancy taking a loan over 25 years. I wish they made the penalties for paying early clear


  • Registered Users, Registered Users 2 Posts: 1,028 ✭✭✭MacronvFrugals


    Maz2016 wrote: »
    Thanks, surgery went well thankfully. Hope yours did too. I know banks aren’t as strict. Like previous poster, I went into ptsb, I’ve no account with them but I did have a print out of my savings. I got AIP for 3.5 times my salary but I’m below the threshold for what I need.Rebuilding Ireland seems the way for me but I’ve 2 issues. First being I know I’ll be refused their mortgage protection due to the surgery I had. If I can get a replacement that will work in my favour as it would be a lot cheaper so could be a blessing in disguise. Second I don’t fancy taking a loan over 25 years. I wish they made the penalties for paying early clear

    Thank you, it did thank god :)

    Regarding the insurance, my consultant specifically said to me in his memo recording thing that i have no issues with insurance as the surgery and recovery were 100% successful not sure but maybe you could look into getting something like this.

    Although that would mean your stuck with the CC MPI which is robbery


  • Registered Users, Registered Users 2 Posts: 1,113 ✭✭✭Maz2016


    Thank you, it did thank god :)

    Regarding the insurance, my consultant specifically said to me in his memo recording thing that i have no issues with insurance as the surgery and recovery were 100% successful not sure but maybe you could look into getting something like this.

    Although that would mean your stuck with the CC MPI which is robbery

    It is robbery. I have a life long condition. Which does not affect me day to day but I know of people that have been refused the councils mortgage protection because of it. The surgeon said he would give me a letter to say I’m healthy as the next person on the street but the surgery was indirectly connected to the heart and that makes insurance companies run for the hills


  • Registered Users, Registered Users 2 Posts: 1,028 ✭✭✭MacronvFrugals


    Maz2016 wrote: »
    It is robbery. I have a life long condition. Which does not affect me day to day but I know of people that have been refused the councils mortgage protection because of it. The surgeon said he would give me a letter to say I’m healthy as the next person on the street but the surgery was indirectly connected to the heart and that makes insurance companies run for the hills

    It seems your stuck between a rock and a hard place here, not eligible for CC MPI and left to the whim of a cartel like insurance industry.

    Have any insurance companies have you quotes?


  • Registered Users Posts: 15 Sulli83


    gnr vr fan wrote: »
    Hey Sulli,

    Sorry I haven't been on this i a while. 2 whole months to be off the TWSS. Thats mental.

    Who stated that was it the credit committee?

    I sent in 3 months of payslips. Only one (the most recent payslip) to SDCC at the time. And the credit committee approved the submitted application. And now its gone to the legal department who will issue the loanpack/loan offer.

    Thanking You.

    Good stuff, congratulations.

    Our application has also been transferred to the legal department. Our 2 months in limbo finished up last week. Pretty hopeful for the loan offer over the next few weeks as I'd imagine the vendor is getting impatient at this stage.


  • Registered Users, Registered Users 2 Posts: 1,113 ✭✭✭Maz2016


    It seems your stuck between a rock and a hard place here, not eligible for CC MPI and left to the whim of a cartel like insurance industry.

    Have any insurance companies have you quotes?

    Can you apply for quotes with the insurance companies if you have no property for I wonder?


  • Registered Users Posts: 64 ✭✭xxsammyxx085


    Hi guys I'm wondering if somebody might be able to help me.... excuse me in advance if this has been covered as I cant find the information.

    Iv just gone sale agreed on a house. My husband is on the wage subsidy scheme... will we be able to draw down while he is on it??

    My second question is.... the house was being refurbished but wasn't finished... there is about 20k of work left to do on it.... if I have the 20k myself to finish it after I pay my deposit... will that be aloud?? I know the rebuilding Ireland scheme will only pay the price of the house... was unsure if I would be aloud to finish it from my own savings.


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  • Registered Users Posts: 253 ✭✭dawidnowak2005


    We just got message from Kildare coco , they still deal with backlog from 2019 and we are 29 on the waiting list for 2020, slim chances for loan in this year:-(


  • Registered Users Posts: 13 SarahKK1987


    Unfortunately the guidance is 2 months off the subsidy scheme before you will be allowed to draw down the money. Also a council engineer will assess the property and it must be deemed liveable to be able to buy it.if the renovations are just cosmetics you should be ok but it needs to have the basics in already like bathrooms kitchen etc.the best thing to do would be to contact the council you have applied to and explain your situation. They will advise you on their own regulations and guidelines.i can only say my own experience and we haven't even got the keys yet. Been sale agreed since March 7th but obviously major hold ups with covid
    Hi guys I'm wondering if somebody might be able to help me.... excuse me in advance if this has been covered as I cant find the information.

    Iv just gone sale agreed on a house. My husband is on the wage subsidy scheme... will we be able to draw down while he is on it??

    My second question is.... the house was being refurbished but wasn't finished... there is about 20k of work left to do on it.... if I have the 20k myself to finish it after I pay my deposit... will that be aloud?? I know the rebuilding Ireland scheme will only pay the price of the house... was unsure if I would be aloud to finish it from my own savings.


  • Registered Users Posts: 131 ✭✭BaguMka


    We just got message from Kildare coco , they still deal with backlog from 2019 and we are 29 on the waiting list for 2020, slim chances for loan in this year:-(

    Hi. May I ask you when did you apply for RIHL?


  • Registered Users, Registered Users 2 Posts: 2,175 ✭✭✭BKWDR


    Unfortunately the guidance is 2 months off the subsidy scheme before you will be allowed to draw down the money. Also a council engineer will assess the property and it must be deemed liveable to be able to buy it.if the renovations are just cosmetics you should be ok but it needs to have the basics in already like bathrooms kitchen etc.the best thing to do would be to contact the council you have applied to and explain your situation. They will advise you on their own regulations and guidelines.i can only say my own experience and we haven't even got the keys yet. Been sale agreed since March 7th but obviously major hold ups with covid

    Just on that, it's actually a period of three continuos months off TWSS.


  • Registered Users Posts: 253 ✭✭dawidnowak2005


    BaguMka wrote: »
    Hi. May I ask you when did you apply for RIHL?

    2 months ago


  • Registered Users Posts: 22 NM2020


    Hi,

    New to this thread. And sorry if this qn has already been asked :)

    i am hoping to apply for RIHL in the next couple of week. i have everything ready to go.
    just from reading on here they seem to be quite strict with savings.

    is there a minimum amount the expect saved each month? and how much do they take paying rent into consideration? i have a good chunk saved but the amounts vary on some months ie christmas and holidays and im worried my application will be rejected becase of this.
    thank you.


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  • Registered Users Posts: 131 ✭✭BaguMka


    2 months ago

    Thanks. I dropped my application today in CoCo.Kildare. I wonder how long does it take to hear from them. Do they contact you or you have to get in touch with them to see what stage your application at?


  • Registered Users Posts: 776 ✭✭✭Jafin


    NM2020 wrote: »
    Hi,

    New to this thread. And sorry if this qn has already been asked :)

    i am hoping to apply for RIHL in the next couple of week. i have everything ready to go.
    just from reading on here they seem to be quite strict with savings.

    is there a minimum amount the expect saved each month? and how much do they take paying rent into consideration? i have a good chunk saved but the amounts vary on some months ie christmas and holidays and im worried my application will be rejected becase of this.
    thank you.

    The amounts varying shouldn't be too much of an issue as long as it's not a huge discrepancy each month, it's more about you saving consistenly, i.e. putting something away every week, every 2 weeks, every months etc. Rent will be taken into consideration. Basically what they want to see is that you'll be able to afford the repayments and also be able to, y'know, feed yourself. What you should do is check out the mortgage calculator on the RIHL website and see what the monthly repayments would be. If the amount you save + how much your rent costs covers that amount then you're in a good starting position.

    Alternatively it would be a good idea to get in contact with your local county council and just ask them for clarification, as they may be able to give you more specific numbers.


  • Registered Users Posts: 28 Benci


    BKWDR wrote: »
    Just on that, it's actually a period of three continuos months off TWSS.

    This guidance is somewhere written down? Thanks.


  • Registered Users Posts: 253 ✭✭dawidnowak2005


    BaguMka wrote: »
    Thanks. I dropped my application today in CoCo.Kildare. I wonder how long does it take to hear from them. Do they contact you or you have to get in touch with them to see what stage your application at?

    You will receive latter in few days, it will state that they got yours application and you are now on waiting list , after that nothing, I just email them and they told me status of it, no future eta or anything, just long waiting now


  • Registered Users Posts: 64 ✭✭xxsammyxx085


    Does anybody know if I get my own engineer to survey the house or does the council do it.. or both??


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  • Registered Users Posts: 1,151 ✭✭✭beanyb


    Does anybody know if I get my own engineer to survey the house or does the council do it.. or both??

    I had to get my own engineer (Dublin City Council) but I think it might vary from council to council.


  • Registered Users Posts: 13 SarahKK1987


    We have both with Kilkenny council. The survey they do isbt a very in depth one. The one we paid for was very detailed and went through everything. Howeverthe council never actually looked for the private one or or off we had done it so might be up to yourself

    Does anybody know if I get my own engineer to survey the house or does the council do it.. or both??


  • Registered Users Posts: 22 NM2020


    thank you for replying :) Ok i feel a lot better about applying now. I'm prepared to be waiting a long time and for a decline so will keep my accounts and savings tidy while im waiting just in case. Wish they didnt make as hard as it's a lot of peoples only option to but a house.


  • Registered Users, Registered Users 2 Posts: 580 ✭✭✭Len_007


    NM2020 wrote: »
    thank you for replying :) Ok i feel a lot better about applying now. I'm prepared to be waiting a long time and for a decline so will keep my accounts and savings tidy while im waiting just in case. Wish they didnt make as hard as it's a lot of peoples only option to but a house.
    It is a long, long road, but hang in there. I applied well over a year ago. In my case I'm waiting on a new build to be finished, I've a fools hope to turn key before the end of the year


  • Registered Users Posts: 22 NM2020


    yep, i am prepared for a long wait :) from reading this thread , it's clear its a long and stressful process! oh, fingers crossed for you!! would like to think you will be in after waiting so so long!


  • Registered Users Posts: 38 Dankarl


    Hi,

    We had to get our own engineers report.

    He came back with an issue due to the boundary. Approx 1/2 a foot even less of an issue.

    Does anyone know how to get original maps of the area and if they will allow us to purchase?

    Dankarl


  • Registered Users Posts: 44 ComputerLab


    Hi all,
    a king of urgent question:
    does anyone know if the additional child is born and the house address changed, do these changes of circumstances affect the provisional approval - will the council reject it and require to start from the scratch?
    Many thanks!!!


  • Registered Users, Registered Users 2 Posts: 2,175 ✭✭✭BKWDR


    Hi all,
    a king of urgent question:
    does anyone know if the additional child is born and the house address changed, do these changes of circumstances affect the provisional approval - will the council reject it and require to start from the scratch?
    Many thanks!!!


    Firstly i assume you mean that your postal address where you live has changed?

    I would be letting them know immnediately about your house address change as they may be sending you information in the post.

    Once you have AIP these two things wont change it. But let them know about change of address


  • Registered Users Posts: 64 ✭✭Jess2019


    Hi all, we had had to pull out of a house as my partner is on the PUP as he has been temporarily laid off since May. This meant could not drawn down. This was with PTSB.
    We are now going to apply to rebuilding Ireland. I rang the council and they said to put in an application and said it could be based off my income only. I’m the first applicant as I earn more than him.
    Has anyone had success with one income and a joint application?
    To make things more confusing my partners job filled out his salary cert and said they expect him stay employed with them (even though he has no return to work date).
    Any advice is much appreciated!


  • Registered Users Posts: 44 ComputerLab


    BKWDR wrote: »
    Firstly i assume you mean that your postal address where you live has changed?

    I would be letting them know immnediately about your house address change as they may be sending you information in the post.

    Once you have AIP these two things wont change it. But let them know about change of address

    Thanks a lot for the answer! I also asked this council and they said this does not change circumstances.
    Thanks for advice too.


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  • Registered Users Posts: 5 MaddogMC


    If you fill in the loan amount on the application form as what the RIHL calculator states you are eligible for & get approved. Then find a house cheaper is this ok or does it make a mess of the application?
    Apologies if this is already covered


  • Registered Users, Registered Users 2 Posts: 7,090 ✭✭✭jill_valentine


    Don't supppose anyone knows if DCC are accepting apps by post at the moment, and if so what address?


  • Registered Users Posts: 5 MaddogMC


    Don't supppose anyone knows if DCC are accepting apps by post at the moment, and if so what address?

    I plan on sending mine to the housing loans section in wood quay by registered post. I called in and all offices are closed


  • Registered Users, Registered Users 2 Posts: 7,090 ✭✭✭jill_valentine


    MaddogMC wrote: »
    I plan on sending mine to the housing loans section in wood quay by registered post. I called in and all offices are closed

    That's my thinking, yeah, the only postal address I could find for it was on old documents though so I was a bit nervy -

    Dublin City Council,
    House Purchase Loan Section,
    Block 2, Floor 2,
    Civic Offices,
    Wood Quay,
    Dublin 8


  • Registered Users Posts: 86 ✭✭Salanky


    MaddogMC wrote: »
    If you fill in the loan amount on the application form as what the RIHL calculator states you are eligible for & get approved. Then find a house cheaper is this ok or does it make a mess of the application?
    Apologies if this is already covered

    They will give you 90% of the purchase price or the amount you were approved for whichever is the lower. If you get approved for 180k and buy somewhere for 150k they will only give you 135k where if you buy for 250k they will give the full 180k.


  • Registered Users Posts: 1,151 ✭✭✭beanyb


    That's my thinking, yeah, the only postal address I could find for it was on old documents though so I was a bit nervy -

    Dublin City Council,
    House Purchase Loan Section,
    Block 2, Floor 2,
    Civic Offices,
    Wood Quay,
    Dublin 8

    This is the correct address - I've sent documents into them recently. I put Rebuilding Ireland Home Loan Section, Housing Department as the addressee and it got to them no problem.


  • Registered Users Posts: 32 Cheesepuffs


    Hi,

    Does anyone know what this means ‘Your application has now been sent to the county solicitors’

    I don’t want to keep annoying the poor girl in housing.

    Cheese puffs


  • Registered Users, Registered Users 2 Posts: 584 ✭✭✭BeansBeans


    Hi,

    Does anyone know what this means ‘Your application has now been sent to the county solicitors’

    I don’t want to keep annoying the poor girl in housing.

    Cheese puffs

    When we went through this they sent it to the legal department before releasing the funds, so hopefully you are around that stage of the process


  • Registered Users Posts: 86 ✭✭Salanky


    Sending back the acceptance letter for the loan offer today along with the dreaded mpi form. Fingers crossed it goes without a hitch.


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  • Registered Users Posts: 64 ✭✭xxsammyxx085


    Does anybody know roughly how long after sale agreed the council will send the engineer???


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