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Rebuilding Ireland home loan

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Comments

  • Registered Users Posts: 27 JessC1987


    Wexford goes the same, no need to accept the offer. I don't really see the point tbh.

    Thank you! I know same here. There is a couple of other things in the pack I'm unsure of so I'm gonna call them up tomorrow and get those answered to be sure and hopefully go find us a house!!


  • Registered Users Posts: 15 BelleO


    Stekell wrote: »
    Hi,... Sorry to butt in but just wondering, if you have been approved recently, how long did it take?! We have our application in two months now and are really itching to get moving ��

    Hi, no bother at all. We submitted our application back in October and we didn’t get our approval until mid January. I think the Christmas holidays may have delayed things for us. It seems that some councils are quicker than others. It’s no harm calling them and just asking what stage they are at. Fingal’s credit committee only meet once a month & think that’s the same for most of the councils which seems to be the most lengthy part of the application process.
    Best of luck with your application.


  • Registered Users Posts: 106 ✭✭alane20


    Hi folks, im looking to apply for this, i work for a semi state have solid job 13 years and its semi state pension, im 38, separated with 3 kids from previous marriage, my ex and i did not own property,

    So im trying to move forward with my life, my basic wage is 50k per year, now my p60 for last year is 63K, obviously im working loads of overtime to get the deposit together,

    The house im looking at well 2 houses first one is 145k and preferred option is house number two 160K

    By my logic I am over the income threshold this is a ridiculous scenario that you can earn too much for this house loan yes too little for a bank

    With my salary cert which would say my income is 50k per year would they possibly discount the overtime and take it on my guaranteed earnings


  • Registered Users Posts: 4 Jamesiekel


    For anyone waiting to hear back from SDCC it might take a while, the Credit committee hasn't met at all in 2019. I can imagine the back log being ridiculous.


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  • Registered Users Posts: 103 ✭✭swarmberg


    Applied to Fingal in Feb and got the letter of approval in principal at the end of May. Was shocked at how quickly it was before credit committee etc. Every council seems so different in terms of timings.


  • Registered Users Posts: 4 IrinaO85


    Anyone knows anything about Wicklow County Council. I applied in the midMarch, still no answer, I know that I have been approved by Housing Agency, now it is with Credit Committee. Anyone been approved recently in Wicklow?


  • Registered Users Posts: 83 ✭✭Dave087


    Applied in January to SDCC, still waiting. Is it a good sign if your application is with the credit committee? How many stages is there before/after the credit committee. Appreciate any replies


  • Registered Users Posts: 29 valarmorghulis


    Hi there,

    I would be very appreciative if anyone could share some advice as regards the current situation with the scheme.I have not submitted my application yet. My max loan amount would be around 170k as per RIHL calculator.I would be a single applicant, looking at 1bed apartments in D1, D7, D8, around 170-200k.I will be rejected per the bank’s calculators.I am a first timer buyer, under the income thresholds, & meet the edibility criteria for the scheme, however I am wondering being a single applicant & the fact I am looking at 1 beds will mean I have to meet a higher threshold, e.g. a 20% deposit.

    Obviously a 2 bed would be a safer bet,with safety net of renting extra room,however, prices would be in the 240-250 range,out of my budget.I’m 31,renting in Dublin for 13 years so just trying to stop throwing away dead money & 1bed starter apt with RIHL looking like my best option,close to hundreds of relevant jobs within walking distance(no car expenses,travel etc).

    I also had seen 2 years in continuous employment as a requirement, I was also checking as long as I was full time employment current with 12 months of payslips/salary cert & no probation, would this suffice ?

    Any advice would be greatly appreciated.


  • Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Hi there,

    I would be very appreciative if anyone could share some advice as regards the current situation with the scheme.I have not submitted my application yet. My max loan amount would be around 170k as per RIHL calculator.I would be a single applicant, looking at 1bed apartments in D1, D7, D8, around 170-200k.I will be rejected per the bank’s calculators.I am a first timer buyer, under the income thresholds, & meet the edibility criteria for the scheme, however I am wondering being a single applicant & the fact I am looking at 1 beds will mean I have to meet a higher threshold, e.g. a 20% deposit.

    Obviously a 2 bed would be a safer bet,with safety net of renting extra room,however, prices would be in the 240-250 range,out of my budget.I’m 31,renting in Dublin for 13 years so just trying to stop throwing away dead money & 1bed starter apt with RIHL looking like my best option,close to hundreds of relevant jobs within walking distance(no car expenses,travel etc).

    I also had seen 2 years in continuous employment as a requirement, I was also checking as long as I was full time employment current with 12 months of payslips/salary cert & no probation, would this suffice ?

    Any advice would be greatly appreciated.

    There is no requirement in the credit policy for a 20% deposit for anyone, regardless of circumstance. I don't think the property will make a massive difference to your application - your personal finances are always the critical factor. Renting an extra room isn't at all what RIHL is aimed towards. Slight speculation on my part - but it's basically aimed at the people who won't qualify for HAP but still need housing supports (who are still an acceptable loan risk as per the guidance for the Central Bank etc.).

    2 Years continuous employment (as per the definition of this scheme) is a requirement for approval. The acceptable break in employment to still qualify as continuous is 4 weeks, based on the FAQs on the RIHL website.


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  • Registered Users Posts: 105 ✭✭Shamboo1801


    IrinaO85 wrote:
    Anyone knows anything about Wicklow County Council. I applied in the midMarch, still no answer, I know that I have been approved by Housing Agency, now it is with Credit Committee. Anyone been approved recently in Wicklow?


    We applied in August last year, went sale agreed in September and had our keys in December. Found them to be very quick and helpful.


  • Registered Users Posts: 4 IrinaO85


    We applied in August last year, went sale agreed in September and had our keys in December. Found them to be very quick and helpful.

    I do not know. I hear from them just automatic reply: I will be in touch, I will be in touch


  • Registered Users Posts: 36 Laurazal


    Hi Guys, quick question: after submitting the initial application and all the supporting documents, do they check your bank statements at a later stage again? I mean, after submitting 1 years bank account statements, can I “relax” a little bit with my finances? I mean, nothing fancy - just thinking of a well-overdue mini holiday break but feeling guilty and not sure if creditors will treat this as “lavish” spending at a later stage…


  • Registered Users Posts: 3,125 ✭✭✭mistersifter


    ^^ submitted an application last week and got a letter today stating that they would need up to date financial info when they get around to decision time.


  • Registered Users Posts: 196 ✭✭Evenstevens


    Laurazal wrote: »
    Hi Guys, quick question: after submitting the initial application and all the supporting documents, do they check your bank statements at a later stage again? I mean, after submitting 1 years bank account statements, can I “relax” a little bit with my finances? I mean, nothing fancy - just thinking of a well-overdue mini holiday break but feeling guilty and not sure if creditors will treat this as “lavish” spending at a later stage…

    I went sale agreed and had to submit statements from the time I made the original application to present so I’d go easy if I were you. I just kept saving as I had been while house hunting


  • Registered Users Posts: 14 Dave_Geoghegan


    Hi there,
    Just wondering if anyone who has been through the process can help. Is overtime that is not guaranteed taken into account? And anyone that receives country money from employer (also not guaranteed) included? Submitting our application and just want an idea if we will be over budget or not.
    Thanks for reading.


  • Registered Users Posts: 40 Shadow2019


    Has anyone successfully received a RI Loan with a mark on credit rating? When I spoke to the helpline they said ICB is the only one checked but I’d imagine the CCR is checked also? I have some credit issues from the past (all fully paid) but am in a much healthier financial position the last 3 years and can show substantial savings. Looking to apply to south dublin CC Thanks!


  • Registered Users Posts: 7,771 ✭✭✭Mark Hamill


    Just wondering out of those who have drawn down, did you have to pay the council's legal fees too?
    I've just received my letter of loan and in the T&C they say I've to pay all the costs for the lender too. Totally blindsided by this, first it has been mentioned. Where do I even find out how much this is? Because I haven't even allowed for this in my budget!

    I bought my house through this scheme last year (went sale agreed nearly a year ago, moved in in November) and I was billed both the councils solicitor's costs and labour fees. I disputed the labour fees but had to pay it at the time as I couldn't wait and I have been trying to recover it for nearly a year now. Multiple emails to housing.gov.ie pointing out that the legislation on this loan (Sec 10(1)(e and f))and the consumer credit act say that I shouldn't have been billed and they say they are still waiting for legal advice on the matter.

    Be nice to here if anyone else was charged this but got their money back? I bought in Meath CoCo.


  • Registered Users Posts: 4 IrinaO85


    Does anyone know if being approved by Housing Agency is a good sign, or it doesn’t mean anything and County council can reject my application?


  • Registered Users Posts: 36 Laurazal


    I bought my house through this scheme last year (went sale agreed nearly a year ago, moved in in November) and I was billed both the councils solicitor's costs and labour fees. I disputed the labour fees but had to pay it at the time as I couldn't wait and I have been trying to recover it for nearly a year now. Multiple emails to housing.gov.ie pointing out that the legislation on this loan (Sec 10(1)(e and f))and the consumer credit act say that I shouldn't have been billed and they say they are still waiting for legal advice on the matter.

    Be nice to here if anyone else was charged this but got their money back? I bought in Meath CoCo.


    Hi mark, how long did it take for Meath CoCo. to process your application, approve it etc.? I am bringing my application to them next week and curious how slow/quick they are...


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  • Registered Users Posts: 7,771 ✭✭✭Mark Hamill


    Laurazal wrote: »
    Hi mark, how long did it take for Meath CoCo. to process your application, approve it etc.? I am bringing my application to them next week and curious how slow/quick they are...

    I applied right when these loans were new, February or March 2018 and it took about a month at the time.


  • Registered Users Posts: 33 mirabella1


    Hello. Could anybody help me. I would like apply for that rebuilding loan scheme. There is that I need to letter of insufficient from two banks. Anybody know how that letters looks like?


  • Registered Users Posts: 36 Laurazal


    mirabella1 wrote: »
    Hello. Could anybody help me. I would like apply for that rebuilding loan scheme. There is that I need to letter of insufficient from two banks. Anybody know how that letters looks like?
    I believe these are letters saying that you do not qualify for the loan or insufficient offers from the banks. I am going to Coco tomorrow. I have two letters: one is from EBS stating that we do not qualify for the loan (they were very kind and provided the letter without application process); the other letter I got from AIB - I starter an electronic mortgage application process and received an email with approval in principle for the amount lesser than the one I will be applying to Coco.
    Hopefully these will be sufficient.


  • Registered Users Posts: 36 Laurazal


    Just wondering if printed out electronic statements from the bank (AIB) will be accepted by Coco or do they still require them in colour? :confused:


  • Registered Users Posts: 95 ✭✭Jmk725


    Laurazal wrote: »
    Just wondering if printed out electronic statements from the bank (AIB) will be accepted by Coco or do they still require them in colour? :confused:

    That will depend on the Co. Council, some do and some don't.
    Contact your council and see what they say, get it in writing though.


  • Registered Users Posts: 33 mirabella1


    Laurazal wrote: »
    I believe these are letters saying that you do not qualify for the loan or insufficient offers from the banks. I am going to Coco tomorrow. I have two letters: one is from EBS stating that we do not qualify for the loan (they were very kind and provided the letter without application process); the other letter I got from AIB - I starter an electronic mortgage application process and received an email with approval in principle for the amount lesser than the one I will be applying to Coco.
    Hopefully these will be sufficient.

    Thank you. Yes I have the same principle letter from Bank of Ireland and then I applied in Aib, she said she will do for me that decline letter.
    I think you can use online calculator and do screen shots aswell.


  • Registered Users Posts: 33 mirabella1


    Hello I have one more question. My husband has full time job, so all paperworks is based on that, but he should have now good chance to change job(i know it's not good timing).
    My question is, is it problem if he will have different job, because on application form they saying you have to be in continuous employment , but he will have job just different, straight away go from one job to another job. I hope it's understanding. Thank you.


  • Registered Users Posts: 95 ✭✭Jmk725


    mirabella1 wrote: »
    Hello I have one more question. My husband has full time job, so all paperworks is based on that, but he should have now good chance to change job(i know it's not good timing).
    My question is, is it problem if he will have different job, because on application form they saying you have to be in continuous employment , but he will have job just different, straight away go from one job to another job. I hope it's understanding. Thank you.

    Their can be a 4 week gap in employment, you will be okay.


  • Registered Users Posts: 125 ✭✭elizunia87


    My Husband probation ends in September. I rang to the South Council and he said it is okey, do not see any issue to apply now, that but he sounded not 100%sure. He mentioned as well if we rwfuswd on this grounds we can apply again.

    Can someone advise me or maybe has experience with probation period? I am worried they Will stop taking applications soon


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  • Registered Users Posts: 31 Stekell


    We have just been accepted today by the DCC for 288,000, now for the next phase. Just a quick question does anyone know if we only need for example 250,000 could we still take the 288,000 to go towards refurbishments?


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