Rebuilding Ireland home loan

mirabella1 wrote: »

Hello, after submitted application they sent me this one could anybody help me what to do know, what they exactly want.

I believe you were not approved because:
- -Your income falls outside the required scale (more than €75000)
- -Possibly, your bank statements do not show your regular savings (monthly standing order to savings account, rent payments).
df When I was applying, I had my rent and savings clearly stated in my bank statements.

mirabella1 wrote: »

Hello, after submitted application they sent me this one could anybody help me what to do know, what they exactly want.

From my understanding of it they wont approve you for anything more than 70% of your net pay as in if the mortgage repayments on the amount you have asked for come to more than that they wont approve it.

The repayment capacity is that your savings are not enough to cover the costing of the mortgage repayments for the amount you have requested.

The unsatisfactory savings is likely that you havnt got at least 12 months of regular weekly/monthly savings of the same amount each time.

When I applied and was turned down it was because of the repayment capacity because I wasnt saving enough money to cover the cost of the mortgage repayment for the amount I asked for. I rang them when I got the letter to say no and they fully explained it to me and how to fix it to reapply. Id give them a ring and ask them to explain it and and see if there is ways you can fix it. It may just mean you have to change things around a bit and then wait another while and reapply.

Has anybody going through DCC know if they carry out the Valuation report? We have just gone sale agreed and are sorting the surveyor but the bank would usually sort the valuation report, so do DCC cover this report?

charlietheminxx wrote: »

No, you need to have a deposit saved up too, and you need to be adding to it monthly. Do you have a deposit saved?

I have deposit 10% in other account

mirabella1 wrote: »

Thank you very much . I hope we can do something and they will helpful.
Anyway if we are able to pay rent 1300 it's not enough as savings? I know they counting in this scheme rent as repayment capacity.

mirabella1 wrote: »

Hello, after submitted application they sent me this one could anybody help me what to do know, what they exactly want.

Hi,

Download the Rebuild Ireland Credit Policy 2018 this will help explain some of the refusal reasons you have.

Net income ratio outside policy - the required monthly repayment should be atleast 30% of your net monthly income (e.g net income of €2500 can pay a monthly a TOTAL monthly repayment of €750 (Monthly loan repayment + MPI), so €750 less MPI should be your actual loan repayment)

Repayment Capacity not demonstrated - because your monthly repayment exceeds the max of 30% of your Net income, hence this reason. You dont have the capacity to make the monthly repayment required for the requested loan.

Unsatisfactory savings records/source of equity - you can see this on the credit policy. You have to make sure that you continuously saved a consistent monthly amount for the last 12 months prior to your application. (e.g €800 every month). It would also help that no history of money withdrawn from this bank account for you to give them assurance that you can save this every month consistently.

Sufficiently committed - not sure on this part but I think because of the amount of your monthly commitments (eg gas/electricity/internet) you are not in a position to make sufficient monthly loan repayment on your requested loan amount.

I hope these explanations answers your questions.

PS. I too got declined and go two out of your four refusal reason. I am now preparing my new application with response to their refusal on my previous application and had created an excel to compute the possible accepted loan amount that will meet thei credit policy. If you send me details I can give you the figures that they might approved.

bebehong wrote: »

Hi,

Download the Rebuild Ireland Credit Policy 2018 this will help explain some of the refusal reasons you have.

Net income ratio outside policy - the required monthly repayment should be atleast 30% of your net monthly income (e.g net income of €2500 can pay a monthly a TOTAL monthly repayment of €750 (Monthly loan repayment + MPI), so €750 less MPI should be your actual loan repayment)

Repayment Capacity not demonstrated - because your monthly repayment exceeds the max of 30% of your Net income, hence this reason. You dont have the capacity to make the monthly repayment required for the requested loan.

Unsatisfactory savings records/source of equity - you can see this on the credit policy. You have to make sure that you continuously saved a consistent monthly amount for the last 12 months prior to your application. (e.g €800 every month). It would also help that no history of money withdrawn from this bank account for you to give them assurance that you can save this every month consistently.

Sufficiently committed - not sure on this part but I think because of the amount of your monthly commitments (eg gas/electricity/internet) you are not in a position to make sufficient monthly loan repayment on your requested loan amount.

I hope these explanations helped.

PS. I too got declined and go two out of your four refusal reason. I am now preparing my new application with response to their refusal on my previous application and had created an excel to compute the possible accepted loan amount that will meet thei credit policy. If you send me details I can give you the figures that they might approved.

Thank you for that but anyway I don't understand we have together 40.000 for year, then we are able to pay high rent 1300 .
How you could help me? What do I need to send you what details? Please

Hi there, just wondering on form 3 docs one of the requirenents is letter from employer no sick leave, my employer has a sick leave discretionary policy so cannot provide this. Had you this issue?

Thanks

Hi there,

Does anyone know how long it takes to get your keys once you submit everything to DCC?

Hi all, to my suprise, I got approved!I got my approval letter at the end of July, I'm not sure how that happened as they seemed to be freezing applications due to lack of funding. I do want to call them and just check that there will be no issue.

Has anyone bought a newly built house with RI mortgage?
My question is, does council extend mortgage offer if you buy off plans and all legal buying processes go over the set 6 month term.

Has anybody been refused cover from the underwriters for MPI? If so, what do you need to source yourself? Is it just life insurance or do you also need serious illness cover?

Thanks.