Rebuilding Ireland home loan

coolio83 · 20-12-2019 5:57pm

stryker mcqueen wrote: »

We have applied to Dublin city council , fingal and South Dublin , DCC and fingal were an absolute pleasure to deal with , South Dublin made it difficult to even apply but we got there in the end.....

Application to SDCC went in 5 weeks ago and we have just received a letter of rejection , they claim this went to external underwriters but I am highly doubtful as our other applications went in 3 weeks earlier and we've heard nothing so far .

Reasons given

1. 2 years self employed audited accounts incomplete (my wife is 3 weeks short but is now into year 3 of being self employed)

2. Business revenue details not signed on application form (this makes no sense to either of us)

3. Original Bank statement must be supplied , internet statements cannot be accepted (I bank with online bank N26 so this is not possible )

A bit dejected but I am hopeful that this is more down to this particular council and their backwards system rather than our application , the above rejection reasons seem ridiculous so I refuse to believe the application ever went to external underwriters and this was an internal decision.

Of course we rang them and they told us they have no input , there is a serious Gap in communication with this scheme unfortunately.

Anyway haven't heard from Dublin city yet but now 8 weeks since applying so hopefully hearing something in the next couple of weeks.

Apologies for the rant , just a little pissed off

Hi, just wondering how you got on? We are hoping to apply soon and both of us are self employed. Would love to get any feedback or advice?

Scr88 · 27-12-2019 11:00pm

I applied last year and was successful however the house I wanted was not ready so have to reapply this month. I was wondering does anyone know if you withdraw money from savings account does this effect application? I was hoping to put deposits on furniture during January sales but don't want to jeopardise my application. I have more than the required deposit amount saved. Many thanks

rqc1i3ovl5uxt6 · 29-12-2019 8:47pm

DanyTargaryen wrote: »

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.

'DanyTargaryen', may I ask if you got the funding you wanted / applied for? If so, how much? I am hoping to submit an application in early 2020 to my county council with the hope of getting the full amount; 90% of €320,000. I am also unsure whether to build or buy, therefore I am hoping to leave the property details blank...

Tumbleweed2 · 02-01-2020 11:16am

Jagger Salty Prism wrote: »

'DanyTargaryen', may I ask if you got the funding you wanted / applied for? If so, how much? I am hoping to submit an application in early 2020 to my county council with the hope of getting the full amount; 90% of €320,000. I am also unsure whether to build or buy, therefore I am hoping to leave the property details blank...

I got approved and just put on the property details "TBC".

In terms of funding amount, if you are applying on sole name, and earning the maximum amount to be eligible for this (€50k), max you will get approved for in Dublin anyways is €249k. The full 288k (90% of €320,000) seem to be reserved for joint applicants that can be earning up to €60k to €75k.

Good luck with your application.

GooglePlus · 02-01-2020 11:57am

Myself and 3 other siblings inherited a family home, which has been sold for 300k, leaving us with 50k each after fees and bank payments.

I see that under the criteria, you can't have owned a property previously and i'm just wondering if this would apply to myself?

The property would have eventually fallen under my name for a month or so and I've a feeling this will deem me ineligable.

Tumbleweed2 · 02-01-2020 1:25pm

GooglePlus wrote: »

Myself and 3 other siblings inherited a family home, which has been sold for 300k, leaving us with 50k each after fees and bank payments.

I see that under the criteria, you can't have owned a property previously and i'm just wondering if this would apply to myself?

The property would have eventually fallen under my name for a month or so and I've a feeling this will deem me ineligable.

Best bet would be to get onto RI or council. Realistically from my own perspective, if you inherited a house that when through probate and was sold fairly sharpish after probate I wouldn't think this would make you ineligible.

But defo ask the question but you look to start the long drawn out process.
RI have a handy instant messaging service on their site for queries like this.
Hit them up.

rqc1i3ovl5uxt6 · 02-01-2020 5:38pm

Tumbleweed2 wrote: »

I got approved and just put on the property details "TBC".

In terms of funding amount, if you are applying on sole name, and earning the maximum amount to be eligible for this (€50k), max you will get approved for in Dublin anyways is €249k. The full 288k (90% of €320,000) seem to be reserved for joint applicants that can be earning up to €60k to €75k.

Good luck with your application.

'Tumbleweed2' thank you very much for your reply!

- Has anyone used the Rebuilding Ireland Homeloan for a new 175sqm selfbuild?

- If so, did you apply for planning permission and receive quotations for construction drawings & specification before applying for the Rebuilding Ireland Home Loan?

- If not, how long was your home loan approval valid for (Just thinking of the time needed to secure planning permission for a new house during the period the loan is valid is for)?

Thanks in advance!

klub44 · 03-01-2020 12:52am

GooglePlus wrote: »

Myself and 3 other siblings inherited a family home, which has been sold for 300k, leaving us with 50k each after fees and bank payments.

I see that under the criteria, you can't have owned a property previously and i'm just wondering if this would apply to myself?

The property would have eventually fallen under my name for a month or so and I've a feeling this will deem me ineligable.

One of the form you have to provide when applying (I cant remember the name of it) is the one from revenue which states that you weren't paying any property tax before. If you can get this that's mean you are first time buyer.

mirabella1 · 03-01-2020 12:05pm

Hello everybody. I just wondering if anyone know if there any brooker who can help about this house loan? Thanks

Tumbleweed2 · 07-01-2020 10:43am

mirabella1 wrote: »

Hello everybody. I just wondering if anyone know if there any brooker who can help about this house loan? Thanks

I am not aware of any brokers working with RI.
Your best best is speak to RI directly or the council that you are looking to apply to.

Tasfasdf · 07-01-2020 11:26am

Did anyone get the RIHL by not getting enough from the banks. E.g wanting to borrow 250,000 but only being offered 220,000. They told me(on chat) that I would have to contact two banks and not be offered what I want. How do I show them what I was offered less and prove what I actually want. Basically how can they prove I want 250,000 but only being offered 220,000

beanyb · 07-01-2020 11:38am

Tasfasdf wrote: »

Did anyone get the RIHL by not getting enough from the banks. E.g wanting to borrow 250,000 but only being offered 220,000. They told me(on chat) that I would have to contact two banks and not be offered what I want. How do I show them what I was offered less and prove what I actually want. Basically how can they prove I want 250,000 but only being offered 220,000

They will accept two print outs from the bank's online calculators showing you would qualify for less with them than what you qualify for from RI (which you can roughly estimate using the RI online calculator). I was in with DCC last week and they barely glanced at this part of my application tbh.

Tasfasdf · 07-01-2020 11:41am

beanyb wrote: »

They will accept two print outs from the bank's online calculators showing you would qualify for less with them than what you qualify for from RI (which you can roughly estimate using the RI online calculator). I was in with DCC last week and they barely glanced at this part of my application tbh.

That's brilliant, just using the quick online calculator, didn't think they would accept that.

Jafin · 07-01-2020 12:44pm

beanyb wrote: »

They will accept two print outs from the bank's online calculators showing you would qualify for less with them than what you qualify for from RI (which you can roughly estimate using the RI online calculator). I was in with DCC last week and they barely glanced at this part of my application tbh.

Quick question if you don't mind. Do they accept just a screenshot of the calculator? I went through all the calculators I could find last night (although it's possible I missed some) and the only one that gave an option to download a summary of my results was Permanent TSB.

DanyTargaryen · 07-01-2020 12:48pm

Jagger Salty Prism wrote: »

'DanyTargaryen', may I ask if you got the funding you wanted / applied for? If so, how much? I am hoping to submit an application in early 2020 to my county council with the hope of getting the full amount; 90% of €320,000. I am also unsure whether to build or buy, therefore I am hoping to leave the property details blank...

Yes, I applied for a loan of 200k and got approved for that. The online calculator will tell you the max you're eligible for based on your income etc. In my case, it was right on the ball, I put down what the calculator gave me and that's what I got approved for.

you can leave the property details blank, if approved you get a 6 month window to buy any property in the council district.

beanyb · 07-01-2020 3:36pm

Jafin wrote: »

Quick question if you don't mind. Do they accept just a screenshot of the calculator? I went through all the calculators I could find last night (although it's possible I missed some) and the only one that gave an option to download a summary of my results was Permanent TSB.

They did for me anyway. I used PTSB because I could download it and Ulster Bank which was just a print out of the calculator results.

Scr88 · 08-01-2020 2:15pm

beanyb wrote: »

They did for me anyway. I used PTSB because I could download it and Ulster Bank which was just a print out of the calculator results.

AIB do an approval in principle online which you can print off

kbman · 10-01-2020 9:19am

Scr88 wrote: »

AIB do an approval in principle online which you can print off

That's good, that wasn't available when I started out on the process.
For me I organised call/meeting with ptsb and boi advisor and they give the approval in principle within couple of hours by email for the phone appointment whereas was immediate with in bank meeting. Sounds like more options available now, great for everyone

kbman · 10-01-2020 9:26am

DanyTargaryen wrote: »

Yes, I applied for a loan of 200k and got approved for that. The online calculator will tell you the max you're eligible for based on your income etc. In my case, it was right on the ball, I put down what the calculator gave me and that's what I got approved for.

you can leave the property details blank, if approved you get a 6 month window to buy any property in the council district.

Not sure about this 6 month period. I git 2 approvals, one was 6 months, the 2nd one was 1 month. I was pushing for the 2nd though as we had a booking deposit down and wanted to sign at that stage so it was fine, can't say for sure though if it's generally 6 months though.

DanyTargaryen · 10-01-2020 5:39pm

kbman wrote: »

Not sure about this 6 month period. I git 2 approvals, one was 6 months, the 2nd one was 1 month. I was pushing for the 2nd though as we had a booking deposit down and wanted to sign at that stage so it was fine, can't say for sure though if it's generally 6 months though.

I think the different councils have different rules. I applied to SDCC, they sent me a letter stating my approval was valid from mid July 2019 to mid January 2020. I went sale agreed in the first week of November. I have since submitted my mortgage protection form and the property and solicitor details, the loans dept have approved it and sent it the legal dept and they will talk to my solicitor. So I'm not at the end of the process yet but if I had waited too long to go sale agreed then they would have already told me by now.

So yeah, SDCC will give you the whole 6 months to get to sale agreed but other councils may differ.

kbman · 11-01-2020 1:42pm

Sounds good, we signed legal pack sometime before Christmas.
Our house isn't ready till August by the looks of things from news builders giving us. Next steps for us is to figure out about extending our loan due to expire start 0f April. Hoping we don't have to reapply as this process is long enough already. Anyone else in similar situation with off plan housing?

kbman · 12-01-2020 12:32pm

Tumbleweed2 wrote: »

My brother is going to buy there too, nice area. Exact same position as you, seeking extension. I'll have a chat with him and see where he is at with it over xmas and post an update if he's even got that far, he only got approved on appeal this month after waiting 6 months, being declined, appealing with no additional information, waiting 2 months and then getting approval. Don't know what is going on in that wicklow office.

So few days ago I sent a mail to builders and fiind out we're looking at end of july, which puts us one 2-3 months out from the initial loan expiry of 4th april. As I recall you thought would put me in reapplication territory. So Now, to talk with the council and find out where we stand and what timelines are for reapplication if that's the case. Just a pain if we have to gather all the documents again after spending so long getting them organised last year.

Fingers crossed it won't be as painful as i suspect.

beanyb · 12-01-2020 1:38pm

When I was in with DCC last week the guy said that they will generally extend the approval for a further 3 months if things are in progress but not complete after the 6, but that after that, you would have to reapply. Hopefully that'll work for you kbman

Jaro Lew · 12-01-2020 11:54pm

Hi. I have a qestion about conditions of loan as few different council says different story.

I have seen in dec 2019 on website that you need to have a 12 month saving history (banks need only 6 months)

Now this 12 month saving histoey dissapeared from their website. Thats mean we need just 6 months saving history or still they will ask for a 12 months?

We are saving already over 7 months (2000€/month) have 30k income + 17k income + 2 kids (2+7)

Monitor1985 · 13-01-2020 12:16am

Anyone here deal with Waterford county council when applying for the loan?I'm applying with my partner at the end of March and just wondering what they were like to deal with?

kbman · 13-01-2020 8:56am

Jaro Lew wrote: »

Hi. I have a qestion about conditions of loan as few different council says different story.

I have seen in dec 2019 on website that you need to have a 12 month saving history (banks need only 6 months)

Now this 12 month saving histoey dissapeared from their website. Thats mean we need just 6 months saving history or still they will ask for a 12 months?

We are saving already over 7 months (2000€/month) have 30k income + 17k income + 2 kids (2+7)

Jaro,
I would suggest looking at the PDF of the application form, this is indicating 12 months period of account history. I attached this here for ease of visibility
Hope this helps.

xxsammyxx085 · 13-01-2020 3:56pm

Hi, my file came back from the underwriters last Friday and the lady in the council said they were recommending a decline due to being outside the credit limit.... but that it still had to go to the council's credit committee.... does anyone have any idea what outside the credit limit means???

rqc1i3ovl5uxt6 · 14-01-2020 11:03am

Anyone dealing with off-plan housing? I have my eye on a new housing estate at the moment, the first raft foundation is nearing completion. However, these houses have yet to be advertised / put on market - therefore I am trying to time it between putting in my Rebuilding Ireland Homeloan application form. Also, I am unsure of the price of these new houses; can anyone advise?

kbman · 14-01-2020 11:39am

Jagger Salty Prism wrote: »

Anyone dealing with off-plan housing? I have my eye on a new housing estate at the moment, the first raft foundation is nearing completion. However, these houses have yet to be advertised / put on market - therefore I am trying to time it between putting in my Rebuilding Ireland Homeloan application form. Also, I am unsure of the price of these new houses; can anyone advise?

I'm one of these Leinad, i see a few others are also, have a search through the thread and you'll see.
I've paid deposit and signed contracts and now being told end of July / Start August.
I'm buying in Wicklow Town in 2nd phase of a new development.
It'll depend on the council how quick you get approval, but I wouldn't expect sooner than 8-10 weeks.
I'd make sure that you know the boundaries if it's on the boundary of 2 councils, unless you get approval from both.

It's hard to know whether these houses will fall into your price bracket, without knowing more details about your area. in the meantime you may be better to contact the builders involved to get a better idea.

Good luck,
Killian

Karl12byrne · 14-01-2020 3:07pm

DanyTargaryen wrote: »

I think the different councils have different rules. I applied to SDCC, they sent me a letter stating my approval was valid from mid July 2019 to mid January 2020. I went sale agreed in the first week of November. I have since submitted my mortgage protection form and the property and solicitor details, the loans dept have approved it and sent it the legal dept and they will talk to my solicitor. So I'm not at the end of the process yet but if I had waited too long to go sale agreed then they would have already told me by now.

So yeah, SDCC will give you the whole 6 months to get to sale agreed but other councils may differ.

Hi Dany I see you said you got your approval in July how long did it take from the application submitted to getting your approval.

I submitted an application in November 2019 and I have recently received an email requiring more info sent it back but just waiting now 😬I also spied to SDCC and was just wondering have you any tips or advise for the process thanks in advance

Karl Byrne

Tumbleweed2 · 14-01-2020 4:39pm

Karl12byrne wrote: »

Hi Dany I see you said you got your approval in July how long did it take from the application submitted to getting your approval.

I submitted an application in November 2019 and I have recently received an email requiring more info sent it back but just waiting now 😬I also spied to SDCC and was just wondering have you any tips or advise for the process thanks in advance

Karl Byrne

Hi,

I applied through Wexford, and it was 6 weeks to the day. approved mid July based on property to be confirmed, submitted property details in August, and had full approval, letter of offer in September. September to Dec was admin, moving money and solicitor time. Moved into my new house the week before Christmas.
My brother on the other hand applied to Wicklow, he was 13 weeks, declined, appealed with no new information and was approved after a further 5 weeks.
Depends on the council. They are currently going throw the solicitor, moving money and admin phase.

BKWDR · 14-01-2020 4:48pm

Anyone thinking of applying to this scheme. As of midnight tonight the rates are going up to
25 yrs 2.745%
30 yrs 2.995%
Anyone who already has a form in as of today is at the old rate

kbman · 14-01-2020 5:21pm

BKWDR wrote: »

Anyone thinking of applying to this scheme. As of midnight tonight the rates are going up to
25 yrs 2.745%
30 yrs 2.995%
Anyone who already has a form in as of today is at the old rate

Wow, that's huge.
But reading on the rebuildinig ireland website.
* Rates are subject to change. Mortgage rates are set on the date of drawdown of your loan.

So that would seem to indicate, it'll be set when you drawdown unless Councils are handling these rules differently.
If that's also true it would potentially start to push more people out of qualification for the loan.

BKWDR · 14-01-2020 5:33pm

kbman wrote: »

Wow, that's huge.
But reading on the rebuildinig ireland website.
* Rates are subject to change. Mortgage rates are set on the date of drawdown of your loan.

So that would seem to indicate, it'll be set when you drawdown unless Councils are handling these rules differently.
If that's also true it would potentially start to push more people out of qualification for the loan.

Rates subject to change is just to cover bases incase it had changed sooner.
What I outlined is the fact;
interest rate increase will apply to any loans issued on foot of RIHL applications received by local authorities on or after 15 January 2020.

AlmightyCushion · 14-01-2020 5:34pm

That is a big increase. I was looking at going for this later this year but probably not happening now given the rate increase.

Scr88 · 14-01-2020 7:41pm

Where did you hear this? &#55357;&#56881;

Monitor1985 · 14-01-2020 7:47pm

Interest rates have already been changed on the website, adds an extra €55 to mine, plus takes away €14000 of the max they could loan me, this is a kick in the teeth, any explanation as to why the increase?

BKWDR · 14-01-2020 7:56pm

Monitor1985 wrote: »

Interest rates have already been changed on the website, adds an extra €55 to mine, plus takes away €14000 of the max they could loan me, this is a kick in the teeth, any explanation as to why the increase?

They had to reborrow the funds. It was always going to be a new rate once the initial fund was exhausted.

Monitor1985 · 14-01-2020 8:06pm

BKWDR wrote: »

They had to reborrow the funds. It was always going to be a new rate once the initial fund was exhausted.

Well isn't that just dandy, I suppose it will go up again once these funds are exhausted.

Hudur · 14-01-2020 8:07pm

Huh, luckily got applications on two councils going on since November. Couldn't afford anything with new rates.

Whodanoob · 14-01-2020 8:56pm

BKWDR wrote: »

They had to reborrow the funds. It was always going to be a new rate once the initial fund was exhausted.

Does that mean that the rate might go down again? Or is it likely to stay where it is?

BKWDR · 14-01-2020 9:07pm

Whodanoob wrote: »

Does that mean that the rate might go down again? Or is it likely to stay where it is?

Doubtful. They didn't bank on the scheme being so popular so the initial 200m for 3 years in effect only lasted 1 year.
210m will future proof it for a couple years. But in effect by increasing the rate it could make it less affordable as the instalment could be more in line with what people are paying in rent, 1500e pm

Salanky · 14-01-2020 10:16pm

The rate going up essentially means I won't be able to buy anything. I wouldnt mind but I'm not even looking to buy in dublin. Iv got approved until april but if they decode the interest rates when you draw down I wont be able to buy. Its a 14000 difference which would drop my money to 127k from 141k. Still more than the banks but not gonna be enough to get anything. Guess I may continue saving for another few years and see what scheme is going then.

Sd2011 · 14-01-2020 11:04pm

Has anyone got approved with sending in bank account with only 6 months savings?

Shivvs · 14-01-2020 11:22pm

Just looking at some of the banks mortgage calculators, if I could get an LTI exemption, I would now get the same amount from the banks at a lower interest rate.

Adding in the additional cost of RBI mortgage protection plan, This “affordable” home loan scheme is now a joke.

Well done FG, just in time for an election too.

Tumbleweed2 · 15-01-2020 10:17am

Shivvs wrote: »

Just looking at some of the banks mortgage calculators, if I could get an LTI exemption, I would now get the same amount from the banks at a lower interest rate.

Adding in the additional cost of RBI mortgage protection plan, This “affordable” home loan scheme is now a joke.

Well done FG, just in time for an election too.

This may be true, but unfortunately it is an "if" situation.
Banks get a certain discretion with exceptions and they are not guaranteed.
If you don't want to avail of it apply this month, they only got their allocation and wont be maxed out yet. I applied April last year prior to RBI, and was advised they met their maximum allocation for exceptions to LTI policy and they only had exceptions for second time buyers on the 80% equity rule.

Scr88 · 15-01-2020 11:36am

According to the rebuilding Ireland home loan online helpline desk this morning "you should be fine if your application was submitted before the 15th of January". This is in respect of the new interest rates. So they are unsure themselves who these new rates apply to. Very frustrating.

BKWDR · 15-01-2020 11:53am

Scr88 wrote: »

According to the rebuilding Ireland home loan online helpline desk this morning "you should be fine if your application was submitted before the 15th of January". This is in respect of the new interest rates. So they are unsure themselves who these new rates apply to. Very frustrating.

That's correct, you will be fine if you had your application lodged before the 15th. The wording on the site is standard lingo for variable rate mortgages but you will probably find them remove it or re-word it.

If your application was lodged prior to th 15th the calculator your LA did for you was on the old rate and thats what would have been sent to the Underwriter for assessment.

DanyTargaryen · 15-01-2020 4:31pm

Karl12byrne wrote: »

Hi Dany I see you said you got your approval in July how long did it take from the application submitted to getting your approval.

I submitted an application in November 2019 and I have recently received an email requiring more info sent it back but just waiting now 😬I also spied to SDCC and was just wondering have you any tips or advise for the process thanks in advance

Karl Byrne

I applied in mid Febuary 2019 and then got my approval letter in July 2019. This was in the midst of all the news articles about the funding running out. When I initially applied they said 4-6 weeks, but then a week or two later the news broke. I wrote to my local TD to try and speed things up. I got a reply back but I can't tell if it really made a difference at all, the letter could have arrived in mid July anyway.

rqc1i3ovl5uxt6 · 16-01-2020 9:48am

The new rates are a real kick in the teeth!

Anyone apply to Galway City Council or Galway County Council?

How long did it take to get approval for your application(s)?

Rebuilding Ireland home loan

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