Rebuilding Ireland home loan

Jafin wrote: »

Oh yeah I've no doubt I'll be approved again, it's just the waiting game at this stage. Just very annoying and stressful but sure look, it is what it is.

Fingers crossed it'll all work out for you anyway. Best of luck!

Thanks so much! You too!
I'll keep you posted!

M65378 wrote: »

Hello All. I hope you're well and safe.
I am new here and at the beginning of the process.
We paid a booking deposit for the house that should be ready by December but wont get enough funds from the banks. We got two AIPs from the banks today and will be applying for Rebuilding Ireland. I am terrified and don't really know where to start . Was anyone feeling the same before applying?

We were the same! Its a longer process than the banks but stick with it, go through the motions and I'm sure you'll have a great outcome!

extrafluff wrote: »

Hey all.

Does anyone know how long it takes for final loan approval with SDCC?
We were told it was signed off last week & they'd contact our solicitor but he can't get in touch with anyone in the Council.

Vendors are looking for an update.

Getting a bit scared that they'll pull out because of the delay.

Thank you.

It goes through a couple of stages before they pass it to their legal team.
valuation is returned from whoever does this on their behalf then they have to prepare a file for final approval once the final approval is signed off they send it their legal dept. Seems to take a few weeks.

M65378 wrote: »

Thank you for replying. I hope it will all go well .

Guys, how long did you wait for HTB to be approved?

We applied 2 weeks ago and it is still under review... I called yesterday to see are they missing anything from us but the man told me they have everything and that there is a huge back log. I hope we will get this sorted soon.

I applied 7 weeks ago and haven’t heard back apart from letting me know they have got everything they need

Hi there. Anyone knows what's happening after you send the final valuation report (new build house) for the council?
Thank you

M65378 wrote: »

That's bad, I thought it would be a few working days.
We have to wait so...

Up to 12 weeks i heard

deise121 wrote: »

what council was this? we're sending everything offf to waterford council this week ourselves

I meant Revenue's Help to Buy scheme, that I thought would take days not months...

deise121 wrote: »

Hi lads quick question here while going over the application form. Do you have to send in a “clear rent book” if you are renting in private accommodation? If I ask for one from my landlord I just know it’ll give him an excuse to either raise the rent or put the house up for rent. Our banking history clearly shows we pay our rent in full on the same day every month

We just had to show the payment on our bank statements

M65378 wrote: »

I meant Revenue's Help to Buy scheme, that I thought would take days not months...

Oh sorry i was talking about RBI. But i did get on to Revenue to see how much I could get with HTB. Took a few weeks to get back to me. And when they did get back to me they said i owe tax from 2018 and can’t get anything till its paid

M65378 wrote: »

Oh, good news so. I got so worried I wont be able to apply for RI before July and then it would be too late for the house we have booked.

Hopefully Revenue will approve our Help to Buy soon, I have all papers ready and just waiting for Revenue...

I’m sure they will. They did say if you are good to go now just call them and they will sort it. So give them a buzz in the morning

My Back Pages wrote: »

Just trying this again here, anyone had any experience with this?

I have been searching frantically but the only semi-encouraging reference I can kind is housing minister's answer here (https://www.oireachtas.ie/en/debates/question/2020-11-03/598/#pq-answers-595_597_598_600_635):

"...There are exceptions to this approach. In the case of a joint application where only one party is on TWSS or EWSS, the application can also proceed to drawdown if repayment capacity can be assured based on the other person’s income."

So it might be ok if the amount from the party on EWSS was only contributing a v small amount to overall income.

This whole EWSS issue is very frustrating, especially for childcare where the business does not even need to have shown 30% reduction in turnover to qualify. So the argument that EWSS shows the business is not solid/viable doesn't seem to me to hold up

Have you contacted DCC and asked them directly? If you're not having any luck asking here that might be the next best thing to do.

deise121 wrote: »

Has anyone used the tsb online mortgage calculator? My council stated they would accept it, but every time I try to use it I get the following error "Please fill in all the relevant details above and calculate again to view your results." I have everything filled out on the screen, really can't see where I'm going wrong. A lot of the fields have zeros in them as I don't receive a bonus or commission and my partner does not work.

Try go into the boxes that you are leaving as 0. When I try it, it auto formats to 0.00 or just change each of them to that format & it should work.

Jack00f wrote: »

I'm unsure of which county I'd like to buy in, do you have to apply for the RIHL through each different County Council?

With a bank I would only qualify for 110k as a single person and according to the calculator I could receive 147k with this scheme and the repayments would be €620 is there any hidden extras you have to pay each month?

You need to apply for each county, depends where do you want to buy. Also on top of repayment you will have the mortgage protection fees as well.

Mortgage protection fees are laid out in one of the documents you receive. It's a certain percentage of the outstanding balance on the mortgage, and is reduced every year accordingly since the amount you owe is reduced. I think it's 0.5% but I don't have the documents at hand at the moment so I'm not completely sure. Assuming the 0.5% number is correct then the way it works is at the start of each year they calculate how much there is left on your mortgage (minus the interest), get 0.5% of that and then divide it by 12 for the monthly MPI payment.

For example if you were to get a mortgage of €115,000 then the MPI in the first year would be €575, which you then divide by 12 to get a monthly payment of €47.92.