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Rebuilding Ireland home loan

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    #3932
    Jafin
    Registered Users Posts: 769 ✭✭✭Jafin


    pearsebhoy wrote: »
    Hi guys, in everyone’s experience how strict are the councils on making sure that a certain % of your deposit has been saved within the past 12 months?

    I...don't think that's a thing. You do need to show that you have been saving regularly over the past 12 months, but not to the extent that it has to be a certain percentage of your deposit.


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    #3933
    ABCD_1234
    Registered Users Posts: 56 ✭✭ABCD_1234


    pearsebhoy wrote: »
    Hi guys, in everyone’s experience how strict are the councils on making sure that a certain % of your deposit has been saved within the past 12 months?

    I think once you have had consistent savings over the 12 months prior to applying that’s fine. It’s all to do with the repayment capacity. I had to have the full deposit before applying (SDCC) at least 7% of your deposit amount needs to be made up of your own savings. This may differ between county councils.


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    #3934
    donfers
    Banned (with Prison Access) Posts: 4,006 ✭✭✭donfers


    Technically you are supposed to have saved 3% of the house value yourself over 12 months and while a few councils are sticklers to every single little technicality, in my opinion most allow a little wiggle room around this or are not bothered by it


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    #3935
    pearsebhoy
    Banned (with Prison Access) Posts: 31 ✭pearsebhoy


    donfers wrote: »
    Technically you are supposed to have saved 3% of the house value yourself over 12 months and while a few councils are sticklers to every single little technicality, in my opinion most allow a little wiggle room around this or are not bothered by it
    Thanks lad


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    #3936
    pearsebhoy
    Banned (with Prison Access) Posts: 31 ✭pearsebhoy


    donfers wrote: »
    Technically you are supposed to have saved 3% of the house value yourself over 12 months and while a few councils are sticklers to every single little technicality, in my opinion most allow a little wiggle room around this or are not bothered by it

    Is every single transaction in your banking and savings scrutinised do you know? In addition to my proper full time job sometimes I take on little IT jobs such as repair or consulting and would have the odd transfer in. No more than maybe 1 or 2 a month, if I had any that month at all.


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    #3937
    roisinc94
    Registered Users Posts: 1 ✭roisinc94


    doug44 wrote: »
    Hi there, I've found this thread really helpful throughout my RI process, and I'm wondering if someone could help me with a query.

    I'm at the final hurdle - everything is ready to go, I'm just waiting on the loan cheque to be issue by Cork County Council. It was requested over a month ago, and my solicitor was told it would be sorted in a couple of days.

    There's still no sign of the cheque, my emails to the council are going unanswered, and my solicitor has simply been told that there is a massive delay in issuing loan cheques right now. It is beyond frustrating, and the lack of communication from the Council worker handling my case has only made things worse.

    Now, my loan offer expires on April 6th. My question is: if I haven't drawn down by this date, even though all contracts have been signed and the cheque has been requested (I'm also insured on the house), could this fall through? Would I have to re-apply for the mortgage?

    Thanks in advance for any help. Like I said, I'm getting radio silence from the council, and my solicitor is not faring any better.

    I've also been trying to follow up on my application with Cork County Council. It's not the same issue but my emails are also going unanswered.


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    #3938
    donfers
    Banned (with Prison Access) Posts: 4,006 ✭✭✭donfers


    pearsebhoy wrote: »
    Is every single transaction in your banking and savings scrutinised do you know? In addition to my proper full time job sometimes I take on little IT jobs such as repair or consulting and would have the odd transfer in. No more than maybe 1 or 2 a month, if I had any that month at all.

    From what I hear they only really askn questions about transactions of more than 500 eur or even 1000, although it all depends on how much of a bureaucrat you are dealing with. Some councils want the bare minimum but then you get the odd story of councils with people being very fussy and asking for all sorts of stuff


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    #3939
    BaguMka
    Registered Users Posts: 131 ✭✭BaguMka


    donfers wrote: »
    From what I hear they only really askn questions about transactions of more than 500 eur or even 1000, although it all depends on how much of a bureaucrat you are dealing with. Some councils want the bare minimum but then you get the odd story of councils with people being very fussy and asking for all sorts of stuff

    I've been dealing with KildareCoCo and they have been very meticulous. I was asked about small credits like 100euro etc..


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    #3940
    pearsebhoy
    Banned (with Prison Access) Posts: 31 ✭pearsebhoy


    BaguMka wrote: »
    I've been dealing with KildareCoCo and they have been very meticulous. I was asked about small credits like 100euro etc..

    Jesus that’s mad. Thought it was only the bank that would do that to be honest


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    #3941
    ABCD_1234
    Registered Users Posts: 56 ✭✭ABCD_1234


    Hi, a question for anyone that has made it through the RIHL process. When you have finally successfully secured a property and go sale agreed what happens next? Do you get your own surveyor out and send that to the CC, they review same and then instruct their own surveyor? The property is noted as BER C but looks like it needs new doors and windows? Will this be an issue for the CC? It’s a bank owned property, water and electricity has been turend off, will this be an issue? Thank you for your help


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    #3942
    Jafin
    Registered Users Posts: 769 ✭✭✭Jafin


    ABCD_1234 wrote: »
    Hi, a question for anyone that has made it through the RIHL process. When you have finally successfully secured a property and go sale agreed what happens next? Do you get your own surveyor out and send that to the CC, they review same and then instruct their own surveyor? The property is noted as BER C but looks like it needs new doors and windows? Will this be an issue for the CC? It’s a bank owned property, water and electricity has been turend off, will this be an issue? Thank you for your help

    I went sale agreed on a property last October and had to get a surveyor out myself and had to get the property valued by an estate agent that wasn't the one selling it. My surveyor found some issues, such as not enough ventilation and the doors not being up to building regs because they weren't fire rated (this was an apartment, I don't think fire doors are as important in actual houses). So once you have those two things done you send them back to the council. Whoever you're dealing with should tell you all this anyway once you inform them you've gone sale agreed.


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    #3943
    Antho12
    Registered Users Posts: 33 ✭Antho12


    ABCD_1234 wrote: »
    Hi, a question for anyone that has made it through the RIHL process. When you have finally successfully secured a property and go sale agreed what happens next? Do you get your own surveyor out and send that to the CC, they review same and then instruct their own surveyor? The property is noted as BER C but looks like it needs new doors and windows? Will this be an issue for the CC? It’s a bank owned property, water and electricity has been turend off, will this be an issue? Thank you for your help


    Some people on here said some councils send their own surveyor to the property, that was not the case for me with DCC, I had to hire a surveyor myself and send the report to them. So I guess you’ll have to ask your council. Some surveyors can carry out survey + valuation at the same time, which is handy.
    Good luck


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    #3944
    problemnext
    Registered Users Posts: 46 ✭problemnext


    Hi,

    Recently came across the Rebuilding Ireland Loan and have a few questions.
    Im 24, moved out of Dublin in October last year and still getting dublin salary so using Covid to try and save as much as possible.
    We have no long term wfh policy yet, but the consensus is that we will be 3/4 days at home at least, so looking to buy a place in west of Ireland. Either Leitrim/Roscommon near the N4.
    Just wondering will my age disadvantage me for this.

    Also wondering when can i apply as:
    I am not 2 years with my company until this July
    I wont have deposit saved fully until September/October

    Thanks


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    #3945
    pearsebhoy
    Banned (with Prison Access) Posts: 31 ✭pearsebhoy


    problemnext wrote: »
    Hi,

    Recently came across the Rebuilding Ireland Loan and have a few questions.
    Im 24, moved out of Dublin in October last year and still getting dublin salary so using Covid to try and save as much as possible.
    We have no long term wfh policy yet, but the consensus is that we will be 3/4 days at home at least, so looking to buy a place in west of Ireland. Either Leitrim/Roscommon near the N4.
    Just wondering will my age disadvantage me for this.

    Also wondering when can i apply as:
    I am not 2 years with my company until this July
    I wont have deposit saved fully until September/October

    Thanks

    Sorry, what exactly is a “Dublin” salary? You can apply after you are in permanent employment for 2 years. If you were previously working full time, didn’t have a gap between moving positions, and aren’t currently on probation in your job, I believe you can apply.


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    #3946
    MariaJekiou
    Registered Users Posts: 11 ✭MariaJekiou


    Hi,

    Has anyone recently applied to Wexford coco?

    Thanks


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    #3947
    Jafin
    Registered Users Posts: 769 ✭✭✭Jafin


    Spoke to a mortgage manager from BOI today trying to get one of the AIPs I need for reapplying to RIHL. Turns out they're not even offering AIP unless they know that my employer is not availing of any subsidy schemes, regardless of the fact that I myself am not personally on any subsidy or PUP scheme. I have to find out if my employer is availing of anything (which I'm pretty sure they are) before I can get AIP. Another eye watering blister in the application process.


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    #3948
    3283winnie
    Registered Users Posts: 82 ✭✭3283winnie


    Jafin wrote: »
    Spoke to a mortgage manager from BOI today trying to get one of the AIPs I need for reapplying to RIHL. Turns out they're not even offering AIP unless they know that my employer is not availing of any subsidy schemes, regardless of the fact that I myself am not personally on any subsidy or PUP scheme. I have to find out if my employer is availing of anything (which I'm pretty sure they are) before I can get AIP. Another eye watering blister in the application process.


    From reading a few comments I have heard to get one from aib online immediately and permanent tsb are allowing aip. Does it have to be bank of ireland because you are reapplying. I'm hoping to put all my documents in the end of this month so I'm hoping I can get the aip letters myself please God you can get it sorted


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    #3949
    Lauren52
    Registered Users Posts: 144 ✭✭Lauren52


    Jafin wrote: »
    Spoke to a mortgage manager from BOI today trying to get one of the AIPs I need for reapplying to RIHL. Turns out they're not even offering AIP unless they know that my employer is not availing of any subsidy schemes, regardless of the fact that I myself am not personally on any subsidy or PUP scheme. I have to find out if my employer is availing of anything (which I'm pretty sure they are) before I can get AIP. Another eye watering blister in the application process.

    Why does it need to be from BOI ?
    You can just get from KBC and TSB , the online print outs will be fine if reapplying. We applied to KCC and because there was such a backlog when it came to our application we had to submit practically everything again , 1st time around I had the letters from TSB and EBS 2nd time around I just printed what both were willing to offer online and send them in it was fine.


  • Options
    #3950
    pearsebhoy
    Banned (with Prison Access) Posts: 31 ✭pearsebhoy


    Jafin wrote: »
    Spoke to a mortgage manager from BOI today trying to get one of the AIPs I need for reapplying to RIHL. Turns out they're not even offering AIP unless they know that my employer is not availing of any subsidy schemes, regardless of the fact that I myself am not personally on any subsidy or PUP scheme. I have to find out if my employer is availing of anything (which I'm pretty sure they are) before I can get AIP. Another eye watering blister in the application process.

    Typical tactics from the scumbag banking sector


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    #3951
    Mbourke91
    Registered Users Posts: 19 ✭Mbourke91


    Does anyone know what the process is? I sent in my application 2 weeks ago and the council have advised me that it has been sent to underwriters. Is there many steps after this? Does it usually take long with underwriters? Thanks :)


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    #3952
    diceyreilly
    Registered Users Posts: 1,131 ✭✭✭diceyreilly


    Got a call from them today. Only sent the pack off on Thursday saying i never sent in one form. I thought i did but he accepted it by email so that’s sorted now.
    However he’s saying the max i will be offered is 127k.
    Earn close to 50 k. Say 60% salary and 35 per cent overtime and rest allowances.
    Said can’t take the 40% in to account because the HR department marked it as an irregular payment.
    I was happy for them to do so, because although i do overtime every week the hours aren’t regular. Like some weeks can do 5 hours and some weeks can do 25 hours.
    Asked HR can mark it as regular because looking back at all my payslips there hasn’t been one week with no overtime on it. She saying shes not sure.
    Don’t know what to do now. Was genuinely my last hope of ever buying a house.


  • Options
    #3953
    dawidnowak2005
    Registered Users Posts: 253 ✭✭dawidnowak2005


    Can anyone explain me how it’s work if for example my approval is valid till let’s say end of august and let’s say middle of July I will go sale agreed on property, the process until actually signing final contracts may take a while, so it’s mean I have to apply for extension or I’m good at moment when I go sale agreed ? Thanks in advance for any info


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    #3954
    Lauren52
    Registered Users Posts: 144 ✭✭Lauren52


    Mbourke91 wrote: »
    Does anyone know what the process is? I sent in my application 2 weeks ago and the council have advised me that it has been sent to underwriters. Is there many steps after this? Does it usually take long with underwriters? Thanks :)

    That's extremely quick , every council is different. If done right it will take about 2 weeks with underwriters (we were longer KCC slowest of the lot) then it goes to the next credit comittee then You will have Your answer. If they were that quick processing your application then You shouldnt have to long of a wait.


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    #3955
    Lauren52
    Registered Users Posts: 144 ✭✭Lauren52


    dawidnowak2005 wrote: »
    Can anyone explain me how it’s work if for example my approval is valid till let’s say end of august and let’s say middle of July I will go sale agreed on property, the process until actually signing final contracts may take a while, so it’s mean I have to apply for extension or I’m good at moment when I go sale agreed ? Thanks in advance for any info

    We are sale agreed since Jan, loan offer runs out in May , house wont be ready we will have to apply for extension, decision made by credit comittee, we were told it will be fine as we have money down on the house etc assuming it's more if a tick the box and so they know how much money they are approving etc


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    #3956
    Jafin
    Registered Users Posts: 769 ✭✭✭Jafin


    3283winnie wrote: »
    From reading a few comments I have heard to get one from aib online immediately and permanent tsb are allowing aip. Does it have to be bank of ireland because you are reapplying. I'm hoping to put all my documents in the end of this month so I'm hoping I can get the aip letters myself please God you can get it sorted

    It doesn't have to be BOI, I was just giving my experience with them. I got AIP from AIB last year and it doesn't seem like you can do that a second time. The one I got originally ran out last month and there's no option to renew it or anything online. I managed to get one online this evening from Ulster Bank after three days of trying, and I have a meeting on Thursday with PTSB so I should be able to get one easily enough from there.


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    #3957
    Jafin
    Registered Users Posts: 769 ✭✭✭Jafin


    Lauren52 wrote: »
    Why does it need to be from BOI ?
    You can just get from KBC and TSB , the online print outs will be fine if reapplying. We applied to KCC and because there was such a backlog when it came to our application we had to submit practically everything again , 1st time around I had the letters from TSB and EBS 2nd time around I just printed what both were willing to offer online and send them in it was fine.

    It doesn't need to be from BOI, was just giving the experience I had with them today in particular. A few hours after I made the post I managed to get AIP online from Ulster Bank, which I had been trying to do since Sunday. I have a meeting with PTSB on Thursday so hopefully that one will be easy enough. I got one from them at the end of 2019 and it was very quick and easy, so hopefully it'll be the same this time. KBC isn't an option for me because they won't give you the time of day if you earn less than 30k a year.


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    #3958
    Lauren52
    Registered Users Posts: 144 ✭✭Lauren52


    diceyreilly wrote: »
    Got a call from them today. Only sent the pack off on Thursday saying i never sent in one form. I thought i did but he accepted it by email so that’s sorted now.
    However he’s saying the max i will be offered is 127k.
    Earn close to 50 k. Say 60% salary and 35 per cent overtime and rest allowances.
    Said can’t take the 40% in to account because the HR department marked it as an irregular payment.
    I was happy for them to do so, because although i do overtime every week the hours aren’t regular. Like some weeks can do 5 hours and some weeks can do 25 hours.
    Asked HR can mark it as regular because looking back at all my payslips there hasn’t been one week with no overtime on it. She saying shes not sure.
    Don’t know what to do now. Was genuinely my last hope of ever buying a house.

    They did not take any of my overtime into account even though it was guaranteed and they take no allowence's / non taxable income a bank would not take this either.

    Can You submit another salary cert and base it on an average and have that guaranteed.
    My contracted hours are 3days however averaged it is 4 so my salary cert was based on 4 days even though I could work 3/4/5 days. This was fine and they accepted this. Also it matched my previous p21/p60 for previous 3 years.

    I have guaranteed expenses of 7000 a year this cant be taken into account and I had guaranteed overtime and they would not take a % of this either - whereas a bank would take a % of guaranteed overtime.


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    #3959
    Lauren52
    Registered Users Posts: 144 ✭✭Lauren52


    Jafin wrote: »
    It doesn't need to be from BOI, was just giving the experience I had with them today in particular. A few hours after I made the post I managed to get AIP online from Ulster Bank, which I had been trying to do since Sunday. I have a meeting with PTSB on Thursday so hopefully that one will be easy enough. I got one from them at the end of 2019 and it was very quick and easy, so hopefully it'll be the same this time. KBC isn't an option for me because they won't give you the time of day if you earn less than 30k a year.

    Hey, You dont need to speak or meet with them. You literally need to input all your details online and print what they are offering that will be enough.


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    #3960
    Jafin
    Registered Users Posts: 769 ✭✭✭Jafin


    Lauren52 wrote: »
    Hey, You dont need to speak or meet with them. You literally need to input all your details online and print what they are offering that will be enough.

    Do you mean the online calculator? I tried that the first time I applied last year, my council doesn't accept them. It has to be a letter of approval in principle. Every council seems to have their own rules on what they will or won't accept unfortunately.


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    #3961
    Lauren52
    Registered Users Posts: 144 ✭✭Lauren52


    Aw thats so annoying. We had pur letters for first application but could then use the online calculator when updating application as was 10mts after we applied they got to us.
    Glad ya got sorted with ulster bank, tsb was 10 mins in and out when we done it 1st time around.


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