Rebuilding Ireland home loan

beanyb · 22-10-2020 2:47pm

gandalfio wrote: »

No, the quote is from the RBI people themselves. Via their contact us by email. From my understanding, it's the % of your net monthly income, so after tax, prsi, pensions and any debts.
We are definitely below the 35%, but only just. So maybe the local authorities have their own ratios which are below 35.
Yes, it's very frustrating that they make you apply again instead of just approving people for the maximum amount they are eligible for. I have since been told that we should have written 'maximum allowable' instead of a specific figure.

I can't find it in the credit policy (which is available here - http://rebuildingirelandhomeloan.ie/uploads/files/RIHL%20Redacted%20Credit%20Policy%20-%20Final.pdf) but I am pretty sure the income ratio for this scheme is 30%.

gandalfio · 22-10-2020 4:07pm

beanyb wrote: »

I can't find it in the credit policy (which is available here - http://rebuildingirelandhomeloan.ie/uploads/files/RIHL%20Redacted%20Credit%20Policy%20-%20Final.pdf) but I am pretty sure the income ratio for this scheme is 30%.

It's redacted in the policy for some reason. But RBI themselves have said clearly that it's 35%.
We've challenged it anyway along with one other issue they definitely made a mistake on. And they've agreed to send it back to the underwriters for a full review. Saving us the hassle of appealing or reapplying.

Lauren52 · 22-10-2020 5:10pm

gandalfio wrote: »

It's redacted in the policy for some reason. But RBI themselves have said clearly that it's 35%.
We've challenged it anyway along with one other issue they definitely made a mistake on. And they've agreed to send it back to the underwriters for a full review. Saving us the hassle of appealing or reapplying.

Best Of Luck , Ours went back aswel , Council said it was underwriters mistake so it is back now and waiting to go credit committee, so fingers crossed for both.

ABCD_1234 · 22-10-2020 5:18pm

Lauren52 wrote: »

Best Of Luck , Ours went back aswel , Council said it was underwriters mistake so it is back now and waiting to go credit committee, so fingers crossed for both.

Did you have to wait on the application to be reviewed by the credit committee before the application was declined and sent back to the Underwriters? I’m not sure how the process works I’m still waiting on the credit committee but would have thought if there was anything unclear they would come back to you before waiting months on the credit committee.

laoise6 · 22-10-2020 6:30pm

Does anyone know how long it takes at the underwriters?

And does anyone have a non-redacted copy of the credit policy?

I never thought it would be this stressful and this ambiguous

gandalfio · 22-10-2020 7:03pm

Lauren52 wrote: »

Best Of Luck , Ours went back aswel , Council said it was underwriters mistake so it is back now and waiting to go credit committee, so fingers crossed for both.

Good luck to you too.

gandalfio · 22-10-2020 7:09pm

laoise6 wrote: »

Does anyone know how long it takes at the underwriters?

And does anyone have a non-redacted copy of the credit policy?

I never thought it would be this stressful and this ambiguous

Ours was 8 weeks.
We were sent the redacted policy by RBI themselves.
Yes it's very ambiguous. They've made a few mistakes with ours from the beginning. Misinterpreting and misreading very basic facts and figures. The back and forth is frustrating.

Lauren52 · 22-10-2020 8:18pm

labyrne22 wrote: »

Did you have to wait on the application to be reviewed by the credit committee before the application was declined and sent back to the Underwriters? I’m not sure how the process works I’m still waiting on the credit committee but would have thought if there was anything unclear they would come back to you before waiting months on the credit committee.

No it had not gone to credit committee, we got an email to say it had been sent to underwriters. About 8 weeks later I rang and was told it had come back declined. My husband had a pay Increase so I sent in a new salary cert and also payslips to show I was off wage subsidy scheme and they sent it back 4weeks ago. I think it is back (still not 100%) the lady In the council who has been getting back to me said she was trying to organise a credit comittee meeting (this was Tuesday after anouncement of lockdown) but she was unsure if they would be deemed essential this time around as they were not essential the last time but she seemed hopeful. However still not heard back.

Lauren52 · 22-10-2020 8:19pm

gandalfio wrote: »

Ours was 8 weeks.
We were sent the redacted policy by RBI themselves.
Yes it's very ambiguous. They've made a few mistakes with ours from the beginning. Misinterpreting and misreading very basic facts and figures. The back and forth is frustrating.

Oh that is so frustrating, we are 4 weeks waiting since it went back , was 8 weeks prior for the first time.

Lauren52 · 22-10-2020 8:22pm

Can I ask, has everyone had a meeting either in person / by phone to go through application before it was sent to underwriters?

Or have some put application in and had nothing untill notified of decision?

ABCD_1234 · 22-10-2020 8:33pm

Lauren52 wrote: »

Can I ask, has everyone had a meeting either in person / by phone to go through application before it was sent to underwriters?

Or have some put application in and had nothing untill notified of decision?

I emailed the application back in June, I had no contact at all up until yesterday when they called for clarification regarding my savings.. Before Covid you could make an appointment with your local authority, they would review and ensure you had all the relevant documentation. I was told in June that they are no longer doing this.

Cheesepuffs · 22-10-2020 8:49pm

Hi,

Does anyone know how long it takes for the council to get the cheque from the day they requested it

Cheesepuffs

Salanky · 22-10-2020 9:40pm

Cheesepuffs wrote: »

Hi,

Does anyone know how long it takes for the council to get the cheque from the day they requested it

Cheesepuffs

Mine is down to be issued next Thursday so I'm assuming its the standard 5 working days for it to clear. I imagine my funds will be in my solicitors account by the 5th or 6th of November. Dont have a closing date yet though I have informed the estate agent the cheque is being issued.

navan21 · 23-10-2020 11:56am

Hi just at the very start of the process of saving. My partner is the only one earning. I am at home with he children. If we save every month into my credit union does it matter? Or does his name need to be on the saving account that we are saving into?thanks

Lauren52 · 23-10-2020 12:11pm

navan21 wrote: »

Hi just at the very start of the process of saving. My partner is the only one earning. I am at home with he children. If we save every month into my credit union does it matter? Or does his name need to be on the saving account that we are saving into?thanks

If you are applying as a joint application it does not matter. My husband earns more than me and all savings goes into my savings account.

navan21 · 23-10-2020 12:17pm

Lauren52 wrote: »

If you are applying as a joint application it does not matter. My husband earns more than me and all savings goes into my savings account.

Ye we are applying as a joint application. I have no earnings though so wonder would it still be ok!thanks for the quick reply

Mbourke91 · 23-10-2020 2:11pm

Hello, I’m just starting the process and applying with 2 applicants and was just wondering if anyone has gotten approved with one person on a 1 year fixed term contract? I have a permanent position but my partner has a 1 year fixed contract- which should be renewed. We are going with SDCC. Thank you!

Lauren52 · 23-10-2020 10:24pm

navan21 wrote: »

Ye we are applying as a joint application. I have no earnings though so wonder would it still be ok!thanks for the quick reply

I cant see how it would be an issue ? If he transfers from his bank into the savings account. You will have to show 12 mts of all accounts. So if it's coming from his name into an account with your name I cant see where there would be an issue.

ABCD_1234 · 24-10-2020 9:26am

Hi,

Can anyone help. As far as I remember, I had to put a house value on the RIHL application form. The problem is, house prices have since increased in my area.
I asked for the maximum possible but will they just offer 90% of the house value which I provided?

I hope this makes sense.

Thank you

BKWDR · 24-10-2020 10:43am

ABCD_1234 wrote: »

Hi,

Can anyone help. As far as I remember, I had to put a house value on the RIHL application form. The problem is, house prices have since increased in my area.
I asked for the maximum possible but will they just offer 90% of the house value which I provided?

I hope this makes sense.

Thank you

How much you can borrow depends on your earnings, current debt and age

The 90% relates only to the maximum they can lend relative to the house price and central bank regulations

You can leave house value blank

ABCD_1234 · 24-10-2020 10:51am

BKWDR wrote: »

How much you can borrow depends on your earnings, current debt and age

The 90% relates only to the maximum they can lend relative to the house price and central bank regulations

You can leave house value blank

I filled it out about 5 months ago and put a house value down although now prices have increased hy about €20k-€30k. Didn’t realise I could have left it blank

BKWDR · 24-10-2020 10:59am

ABCD_1234 wrote: »

I filled it out about 5 months ago and put a house value down although now prices have increased hy about €20k-€30k. Didn’t realise I could have left it blank

You are not committed to the house you put on the form. You are only tied to the loan amount.

You get loan approval in principle first. Then when you have found a house within the price range of the loan amount and your deposit,you go sale agreed.

You have to pay 10% of this property price yourself by way of deposit. The max that can be funded by the loan is 90%,by law.

Whatever the max loan amount you get, that represents the 90%

Ie. You get approved for 100,000e.

You find a property for 100,000e

You have to pay 10,000e deposit out of your savings

The remaining 90,000e is funded by way of the loan

You will also have to pay for legal fees 2k approx and pay for survey report

ABCD_1234 · 24-10-2020 11:09am

BKWDR wrote: »

You are not committed to the house you put on the form. You are only tied to the loan amount.

You get loan approval in principle first. Then when you have found a house within the price range of the loan amount and your deposit,you go sale agreed.

You have to pay 10% of this property price yourself by way of deposit. The max that can be funded by the loan is 90%,by law.

Whatever the max loan amount you get, that represents the 90%

Ie. You get approved for 100,000e.

You find a property for 100,000e

You have to pay 10,000e deposit out of your savings

The remaining 90,000e is funded by way of the loan

You will also have to pay for legal fees 2k approx and pay for survey report

Thank you for that! That’s great. Once I’m not held to the house value noted on the application form i’ll be happy! Deposit and legal fees all sorted just need the loan now.

Gael23 · 24-10-2020 4:53pm

Are bonus payments or even part of them counted?

Salanky · 24-10-2020 4:58pm

ABCD_1234 wrote: »

Thank you for that! That’s great. Once I’m not held to the house value noted on the application form i’ll be happy! Deposit and legal fees all sorted just need the loan now.

I had originally applied with a value of about 150k with the hope of getting 141k as my loan amount so I could go a bit over the 150k. I got approved for the 141k but am now buying for 175k. The difference is being made up by my savings. They don't mind you adding to the mortgage amount as long as you can show where the extra money is coming from and that the sale price doesnt exceed the county limit.

ABCD_1234 · 24-10-2020 5:58pm

Salanky wrote: »

I had originally applied with a value of about 150k with the hope of getting 141k as my loan amount so I could go a bit over the 150k. I got approved for the 141k but am now buying for 175k. The difference is being made up by my savings. They don't mind you adding to the mortgage amount as long as you can show where the extra money is coming from and that the sale price doesnt exceed the county limit.

I had put a house value of €220k on the form and looked for €200k loan but no the house prices have increased i’m wondering if they’ll hold me to the original €220k.. hopefully not ðŸ™ˆ

ABCD_1234 · 24-10-2020 5:59pm

Gael23 wrote: »

Are bonus payments or even part of them counted?

Once they are guaranteed they will be counted (that’s what I was told)

snams · 24-10-2020 7:02pm

Sorry, wrong thread! ðŸ™ˆ

Salanky · 24-10-2020 7:18pm

ABCD_1234 wrote: »

I had put a house value of €220k on the form and looked for €200k loan but no the house prices have increased i’m wondering if they’ll hold me to the original €220k.. hopefully not ðŸ™ˆ

What does the calculator say you can get? Mine worked out at 141800 on the calculator and I got 141300. Different councils seem to do it different too.

Salanky · 24-10-2020 8:18pm

ABCD_1234 wrote: »

It was €204k, it’s with the credit committee at the moment. Do they give you the loan amount or do they just let you know whether you’ve been approved or not and pass it onto the next department? Sorry for all the questions ðŸ˜…

You will be told its approved for x amount for 6 months from the date on the letter/email.

Rebuilding Ireland home loan

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