Rebuilding Ireland home loan

Homedream · 15-06-2020 12:44am

raineas1 wrote: »

I went through the process with RIHL and have been in my house for just over a year now. I still follow this thread and can completely understand the frustrations with the process (even more so now with hold ups with covid). Just wanted to post and say to anyone in the middle of it, stick with it...it is so worth it in the end.

Thanks needed to hear this.

been such a difficult time i mean all our hopes are on this. I could have given up last week after application been in since last november and prov approved in january. To think this covid could just destoy it all.

BKWDR · 15-06-2020 9:47am

Homedream wrote: »

Anyone get mpi from outside council as we got refused when we get it is there any issues the council will bring up about it as everytime we give in documents they have issues.E.g wrong paper, heading paper, one word wrong in letter i mean the list goes on. They have also stopped the process of appication untill we sort mpi which the mpi brooker say is a joke as your are applying for mpi without any mortgage yet. The rules seems to be anything to slow it down for some reason

I think it was mentioned previously on the thread but the MPI is a real swinging point for the councils, it says in the credit policy that all applicants borrowers must be part of the group scheme in order to take out the loan and looking through posts from people here and elsewhere it seems to be the discretion of the council whether or not to accept the outside MPI cover. AFAIK you are required to have equivilant cover as that is supplied by the council or next best thing, and if you cant demonstrate that they can pull the loan offer.

KH1591 · 15-06-2020 12:55pm

Hi.
Just curious if anyone here has been affected by Covid but still approved for their mortgage with RI?
We're sending our application next week hopefully, everything is set and ready to go and we've just found out today my partners place of work could be closing down due to Covid. Our local council have told us to still apply and if he has a new job quite quickly we should be ok but its still a huge worry as it could set us back time wise (since many place like a long employment record)
Just wondering if anyone else is in a similar situation or maybe affected in a different way but still approved?
Thanks

SarahKK1987 · 15-06-2020 1:20pm

We're in the same situation at the moment we are actually at draw down stage but my other half is still on the pandemic payment as his place of work is bringing then back in stages. No sign of a return in the short term. The stress levels are through the roof to think we have gotten this far and this virus could whip it all out from under us. I'm hoping a letter to state he will return to work on the same basis as when we applied will suffice. Our rent is more than our mortgage will be (as is the case for most peoole) so commong sense would say it should be ok but I'm not so sure. Seems nothing is for sure anymore.

KH1591 · 15-06-2020 2:51pm

Everything is so uncertain. Our council have said if he losses his job but gets a new one quick enough we should be ok. I also spoke to the rebuilding ireland team and they said things are being put in place to those affected and not to worry. I'm sure they can't expect everyone to just get back to normal financially so they would have to put something in place.

BKWDR · 15-06-2020 3:53pm

Lenders and RIHL are no different in the sense they will need to see people's ability to pay the loan and if someone is either temporarily laid off or on TWSS, it's not a true reflection on how much that person is earning or what position their employer is in. If your job has been affected by covid then there's a massive chance that any lender will defer until you return to the position you were in when you were approved first. That makes sense from their side.
I would say they will make amendments in the credit policy to allow for 'continuous employment' periods so that if you found yourself unemployed as a result of Covid19, but you were back in full time employment with your original or another job, that you could reapply to the scheme even with a break in your employment, explained by covid. The big one would be if they let you keep your original interest rate you applied under, pre January 2020

Cheesepuffs · 15-06-2020 4:50pm

Hopefully looking for some good news to my question.

Today two weeks ago we were told our application was returned from the housing agency and being sent forward to credit committee.

Now we have got a call to say our application has a query from the housing agency.

Will our application go back to them or still go forward to credit committee?

Jafin · 15-06-2020 9:39pm

KH1591 wrote: »

Hi.
Just curious if anyone here has been affected by Covid but still approved for their mortgage with RI?
We're sending our application next week hopefully, everything is set and ready to go and we've just found out today my partners place of work could be closing down due to Covid. Our local council have told us to still apply and if he has a new job quite quickly we should be ok but its still a huge worry as it could set us back time wise (since many place like a long employment record)
Just wondering if anyone else is in a similar situation or maybe affected in a different way but still approved?
Thanks

As long as there isn't a significant gap between jobs then there shouldn't be an issue. It's not that they need to see you've been in the same job for X amount of time, just that you've been employed for X amount of time continuously. Of course the salary would have to be similar/higher too. If there was a big dip in salary when he got a new job then that wouldn't be looked on positively.

Maz2016 · 15-06-2020 10:08pm

I see on the proposed programme for government , they have - “Expand the Rebuilding Ireland Home Loan.” This is hopefully good news

page 55
https://static.rasset.ie/documents/news/2020/06/programmeforgovernment-june2020-final.pdf

Blackrock2018 · 16-06-2020 11:06am

Hi

I’m just wondering has anyone build a house under the rebuilding Ireland loan. Did ye stock to the 175sq metres or did ye go slightly bigger?

Graham · 16-06-2020 11:29am

I'm sure I recall a post where someone had an application declined for going over 175 sqm. Have a read back through the thread.

gandalfio · 16-06-2020 12:41pm

Hi. Will an application be accepted if you're using the Help to Buy tax relief to make up 60% of your deposit? Or does the deposit amount have to be already saved in your bank account at the time of your application?

Rafa 80 · 17-06-2020 9:06am

Hi,
Did someone have any answer in the last few weeks from Kildare County Council?
We can't get answer for our calls or emails.

Shellzer123 · 17-06-2020 9:47am

hairyprincess wrote: »

If I apply for a mortgage of say for example €100k and I put an offer on a house which gets accepted at €98k, do I just get the €98k or do I get the €100k?

No you will only get €88.2k. You have to have 10% of the purchase price yourself

Shellzer123 · 17-06-2020 10:09am

Dankarl wrote: »

So like most men I like to have an owl flutter on Paddy Power once or twice a year. I use my revolut card so no trace back on my bank account.

Has anyone been asked to produce revolut statements ?

Yes i had to, they ask for 12 months statements

Lwoods90 · 17-06-2020 4:57pm

How often are people emailing for a update ?

Is once a week too much ?

Salanky · 17-06-2020 5:08pm

Lwoods90 wrote: »

How often are people emailing for a update ?

Is once a week too much ?

Iv been told to wait a week or two for the council to get back to me. Only issue is if they will only give me a three month extension it will be out on the 4th of july so kinda pointless then. Hoping they give longer than usual with the whole covid thing. I think the woman in the council thinks they will give longer or she wouldn't have bothered saying it with such short time left. Still haven't heard back from the estate agent to view the place again but sure theres no surprise there.

Homedream · 17-06-2020 5:56pm

Declined mpi through council and now been declined royal london mpi, dont no what to do &#55357;&#56869;

Lwoods90 · 17-06-2020 6:56pm

Homedream wrote: »

Declined mpi through council and now been declined royal london mpi, dont no what to do ��

Why are people refused MPI?

Maz2016 · 17-06-2020 8:35pm

Lwoods90 wrote: »

Why are people refused MPI?

Usually for a medical condition or pre existing medical condition

Maz2016 · 17-06-2020 8:36pm

Homedream wrote: »

Declined mpi through council and now been declined royal london mpi, dont no what to do ��

So sorry to hear this. There is 5 other main insurance companies I believe. And pulse in the U.K. are meant to be good too. I’m going to be in the exact same situation

Homedream · 17-06-2020 9:52pm

Lwoods90 wrote: »

Why are people refused MPI?

Yes im afraid we have underline health conditions

Homedream · 17-06-2020 10:03pm

Maz2016 wrote: »

So sorry to hear this. There is 5 other main insurance companies I believe. And pulse in the U.K. are meant to be good too. I’m going to be in the exact same situation

Do you think they will take people from Ireland?? We will try everything to get it. Any other places you have heard of that might be worth trying??

Maz2016 · 17-06-2020 10:14pm

Homedream wrote: »

Do you think they will take people from Ireland?? We will try everything to get it. Any other places you have heard of that might be worth trying??

I know they take people from Ireland. I know people that got it. Other places you could try are Zurich, new Ireland, Irish life, friends first, Aviva I have sent you a pm

Salanky · 18-06-2020 2:50pm

Got an email today from Louth Coco giving me a 6 month extension on my loan offer due to covid. Luckily I got my offer in october so I still have the lower interest rate.

SarahKK1987 · 18-06-2020 4:04pm

Salanky wrote: »

Got an email today from Louth Coco giving me a 6 month extension on my loan offer due to covid. Luckily I got my offer in october so I still have the lower interest rate.

Did you have to Apply for this or did they give it to you automatically? Ours isbt up til 31st July but wondering incase we need to Apply for extension. Happy house hunting

Salanky · 18-06-2020 4:07pm

SarahKK1987 wrote: »

Did you have to Apply for this or did they give it to you automatically? Ours isbt up til 31st July but wondering incase we need to Apply for extension. Happy house hunting

I was actually in the process of reapplying and had to contact them about the hpl1 form. The woman from housing range and suggested an extension and said they are usually only given for 3 months if sales agreed but with covid it changed. I only looked for 3 or 4 months cause thats all I thought I might get but they gave me a full 6 months from the date it expired in april.

SarahKK1987 · 18-06-2020 4:39pm

Salanky wrote: »

I was actually in the process of reapplying and had to contact them about the hpl1 form. The woman from housing range and suggested an extension and said they are usually only given for 3 months if sales agreed but with covid it changed. I only looked for 3 or 4 months cause thats all I thought I might get but they gave me a full 6 months from the date it expired in april.

Oh great we actually are sale agreed but think things will be held up as my other half is only returning to work next week and figure they will need a certain amount of payslips etc before they will allow us to draw down. Great to know that's an option though and that they are being realistic about the time frame too considering things aren't back to normal yet. Thanks for the info.

Lwoods90 · 19-06-2020 9:55am

In terms of MPI, what do you need to show the council ?

Do you need to have a policy taken out or letter to show they will cover you.

Want to be one step ahead of them

Jafin · 19-06-2020 10:03am

Lwoods90 wrote: »

In terms of MPI, what do you need to show the council ?

Do you need to have a policy taken out or letter to show they will cover you.

Want to be one step ahead of them

Have you gotten to that stage with the application yet? You are required to take the MPI that the council offers you as far as I'm aware (although it does seem to vary from council to council). I think you can only look for your own MPI if you are refused the one offered by the council. I'm not at this stage yet though, this is just what I've gathered from what others have said in here, so if anybody is better informed than me please feel free to correct me.

2Mad2BeMad · 19-06-2020 10:46am

Jafin wrote: »

Have you gotten to that stage with the application yet? You are required to take the MPI that the council offers you as far as I'm aware (although it does seem to vary from council to council). I think you can only look for your own MPI if you are refused the one offered by the council. I'm not at this stage yet though, this is just what I've gathered from what others have said in here, so if anybody is better informed than me please feel free to correct me.

I also believe the price of there mpi is outrageously high compared to sourcing your own

Lwoods90 · 19-06-2020 10:49am

Jafin wrote: »

Have you gotten to that stage with the application yet? You are required to take the MPI that the council offers you as far as I'm aware (although it does seem to vary from council to council). I think you can only look for your own MPI if you are refused the one offered by the council. I'm not at this stage yet though, this is just what I've gathered from what others have said in here, so if anybody is better informed than me please feel free to correct me.

Told 2 weeks ago our application gone to credit committee. However every email & call goes unanswered now.

kbman · 19-06-2020 10:53am

Jafin wrote: »

Have you gotten to that stage with the application yet? You are required to take the MPI that the council offers you as far as I'm aware (although it does seem to vary from council to council). I think you can only look for your own MPI if you are refused the one offered by the council. I'm not at this stage yet though, this is just what I've gathered from what others have said in here, so if anybody is better informed than me please feel free to correct me.

This is true, you must take the council's MPI if they don't refuse you.
If you're refused, then you're free to look elsewhere, but as you can see, it isn't that easy to find a suitable alternative.

2Mad2BeMad wrote: »

I also believe the price of there mpi is outrageously high compared to sourcing your own

This is true, the cost of council mpi is huge.

Scr88 · 19-06-2020 12:00pm

Salanky wrote: »

I was actually in the process of reapplying and had to contact them about the hpl1 form. The woman from housing range and suggested an extension and said they are usually only given for 3 months if sales agreed but with covid it changed. I only looked for 3 or 4 months cause thats all I thought I might get but they gave me a full 6 months from the date it expired in april.

Hi I am just wondering what documents etc did you need to submit for an extension. My offer is due to expire in August but house now not ready till October. I also had the lower interest rates will they honour this? Thanks

kbman · 19-06-2020 1:08pm

Scr88 wrote: »

Hi I am just wondering what documents etc did you need to submit for an extension. My offer is due to expire in August but house now not ready till October. I also had the lower interest rates will they honour this? Thanks

I also needed an extension, I sent several requests over March and April.
I finally received an approval for an extension, but not clear how long the extension is valid for as the formal approval didn't include the dates. I'm opening it's October, which would be a 6 month extension also.

I recall chatting with admin person about this and being told i'd need payslips and bank statements confirming situation hasn't changed but as admin weren't in offices, it seems to have been handled differently

Based on all the information i've read here, i believe they'll honour the lower interest rates as you've got written confirmation that you're monthly payments are x monthly including mpi from the county council you've applied with.

I wasn't able to get this information to date, but the council is the only one who will be able to confirm this with you.

As a first off, i'd make sure extension request is submitted via email and formally written to them by snail mail.

If you can get through to them on the phone to discuss what's needed even better. I was too early and told to submit it about a month before you're approval is due to expire.

Salanky · 19-06-2020 4:54pm

Scr88 wrote: »

Hi I am just wondering what documents etc did you need to submit for an extension. My offer is due to expire in August but house now not ready till October. I also had the lower interest rates will they honour this? Thanks

I had to send in my bank statements, 4 payslips, a salary cert and sign a form to say my circumstances hadnt changed. I had actually gotten a raise since I got my approval but they said nothing about it. It was only a small one and I'm nowhere near the threshold so it won't have a huge effect. She said nothing about changing the interest rates as its an extension of the offer not a new offer it should be the same rates.

Haloumi2020 · 19-06-2020 9:03pm

I have been given an extension and now have my meeting with the council to move to drawing down the loan. I am so relieved.

It's been very hard being patient but there are only 3 members of staff working on the Rebuilding loans in my council and they are having to reassess or check every loan. So to the poster that mentioned emailing every week, I wouldn't. Can you imagine the work they have.

Fingers crossed we may nearly be there

Haloumi2020 · 19-06-2020 11:39pm

A good friend of mine that works in one of the CC's contacted me as they know I am applying. I haven't heard back but apparently some staff are very upset at being called incapable or incompetent by inference. They are contemplating legal issues with all these loans due to Covid so much more work than before and still in the pandemic

Len_007 · 22-06-2020 11:18am

Haloumi2020 wrote: »

I have been given an extension and now have my meeting with the council to move to drawing down the loan. I am so relieved.

It's been very hard being patient but there are only 3 members of staff working on the Rebuilding loans in my council and they are having to reassess or check every loan. So to the poster that mentioned emailing every week, I wouldn't. Can you imagine the work they have.

Fingers crossed we may nearly be there

I'm delighted you and others here are hearing back about time extensions on their offers. My initial offer was up back in April but I still haven't been given official grace yet. However I hope it is down to my Mortgage Protection Declaration forms being filled out incorrectly, I just had to send them off for the third time just now.

kbman · 22-06-2020 11:31am

Len_007 wrote: »

I'm delighted you and others here are hearing back about time extensions on their offers. My initial offer was up back in April but I still haven't been given official grace yet. However I hope it is down to my Mortgage Protection Declaration forms being filled out incorrectly, I just had to send them off for the third time just now.

Len, just to let you know, I spoke to Revenue in Wicklow and they were ok with us not filling those out until we have an idea we may be drawing in the next 3 months. I told them we weren't drawing down until August originally and now October as the new build wouldn't be ready by then.

I haven't heard back from Admin re extension there and have only got email that I've got an extension from April onwards, but not clear as to the length of it either, I'll be getting on to them this week regards that also, as we'll need to plan ahead if a new extension or new application is needed.

Hopefully this helps you, I'd be curious what the holdup is there, but admin person will be under some pressure when she comes back, can't begin to imagine the size of the mail box and post piling up there, likewise for other councils.

Len_007 · 22-06-2020 12:32pm

kbman wrote: »

Len, just to let you know, I spoke to Revenue in Wicklow and they were ok with us not filling those out until we have an idea we may be drawing in the next 3 months. I told them we weren't drawing down until August originally and now October as the new build wouldn't be ready by then.

I haven't heard back from Admin re extension there and have only got email that I've got an extension from April onwards, but not clear as to the length of it either, I'll be getting on to them this week regards that also, as we'll need to plan ahead if a new extension or new application is needed.

Hopefully this helps you, I'd be curious what the holdup is there, but admin person will be under some pressure when she comes back, can't begin to imagine the size of the mail box and post piling up there, likewise for other councils.

That's helpful thanks.
Would you believe in this morning's (An) post delivery which I have checked since my previous (boards) post there was written confirmation from Wicklow Co Co of my extension

I now have until October 18th. I wonder though will the build be ready by then, and if we're headed to the same estate

Jafin · 22-06-2020 2:03pm

Finally got all my updated bits and pieces sent into the council today and the woman I'm in contact with told me it will go to the credit committee when they next meet, but that she doesn't have a date yet for when the next meeting will be but that she will email me when she knows the date. I'm just glad it's all finally back in progress.

It's probably in the thread somewhere but there are...a lot of posts to read through so I'll be cheeky and ask - does anyone have a rough estimate of how long until you know the decision of the credit committee after the meeting has taken place?

Junadl · 22-06-2020 3:15pm

Hi, so we got approved for 230k.

I know we should be delighted but I'm cautious about this as the get out penalties are hard to understand. How can we guarantee we will live in one place for 30 years?

What if an opportunity arises abroad and we want to rent the house out for a couple of years?

Can anyone help understand the penalties on a house say 230k over 30 years at 2.995% interest rate, which is what we've been offered

Salanky · 22-06-2020 4:17pm

Jafin wrote: »

Finally got all my updated bits and pieces sent into the council today and the woman I'm in contact with told me it will go to the credit committee when they next meet, but that she doesn't have a date yet for when the next meeting will be but that she will email me when she knows the date. I'm just glad it's all finally back in progress.

It's probably in the thread somewhere but there are...a lot of posts to read through so I'll be cheeky and ask - does anyone have a rough estimate of how long until you know the decision of the credit committee after the meeting has taken place?

It all depends on the council themselves. Some people have been waiting months for replies where mine have all been within 3 to 4 weeks. My extension was granted 3 days after I got all the paperwork sent in though I was told each time it would take 6 to 8 weeks and I was told two weeks for the extension.

deedee26 · 22-06-2020 6:27pm

It's probably in the thread somewhere but there are...a lot of posts to read through so I'll be cheeky and ask - does anyone have a rough estimate of how long until you know the decision of the credit committee after the meeting has taken place?[/quote]

I was told what date the credit committee was meeting, and was told to ring the next day to find out decision. Received the letter a couple of days later.

gnr vr fan · 22-06-2020 10:33pm

Salanky wrote: »

I had to send in my bank statements, 4 payslips, a salary cert and sign a form to say my circumstances hadnt changed. I had actually gotten a raise since I got my approval but they said nothing about it. It was only a small one and I'm nowhere near the threshold so it won't have a huge effect. She said nothing about changing the interest rates as its an extension of the offer not a new offer it should be the same rates.

Hi Salanky.

Had your circumstances changed? Were you or your company ever on the government wage subsidy scheme?

gnr vr fan · 22-06-2020 10:40pm

Maz2016 wrote: »

I see on the proposed programme for government , they have - “Expand the Rebuilding Ireland Home Loan.” This is hopefully good news

page 55
https://static.rasset.ie/documents/news/2020/06/programmeforgovernment-june2020-final.pdf

That is literally all it says.

gnr vr fan · 22-06-2020 10:46pm

Sulli83 wrote: »

We've since had an update and we've to submit information from employers yet again and payslips since we both came off the TWSS. We are hoping for a positive result next week otherwise we will most likely miss out on the house we've gone Sale Agreed on. Frustrating times!!

How are you getting on re: this Sulli? Any progress?

Salanky · 23-06-2020 12:12am

gnr vr fan wrote: »

Hi Salanky.

Had your circumstances changed? Were you or your company ever on the government wage subsidy scheme?

It had changed in that I got a small raise in January but still miles under the threshold. I was on the subsidy for a time but it turned out it didn't apply to us because we actually got busier with covid (I work in veterinary and every second person bought a puppy) in the forms they ask for 4 recent payslips and though I was getting paid monthly with the whole covid thing the boss put us to weekly. At the time of applying I had 4 weeks of being off the subsidy with it being mentioned on the 5th week so they never saw it on my payslips and never questioned me going back to weekly pay on my statements as my wages stayed the same over the whole time.

Throwdown · 23-06-2020 7:19pm

Hi,

I've read through loads of pages and didn't see this mentioned at all, so sorry if it has.

Myself and my GF will hopefully be applying start of 2021. Fingers crossed it's still going.

My question is around the credit rating. Neither of us has ever had a credit card and fortunately neither of us has needed a loan.

Although that feels like a good thing to me, will this negatively affect us as we won't really have a credit history?

If so, would it be wise for us to get a credit card just for the odd little purchase so we can show we have some sort of credit history?

Any clarity on this if anyone's been in a similar situation would be much appreciated.

Rebuilding Ireland home loan

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