Rebuilding Ireland home loan

TaDa · 10-12-2020 2:59pm

jill_valentine wrote: »

Fingal County Council called me today, 10/12/20, to say all was okay with my application and it's heading off to the Underwriters. I don't expect to hear back re Approval etc until Feb/March.

I will warn, Fingal's expected offer is about 8k lower than DCC's.

Do you mind me asking if there was a need to provide a letter from your employer at this stage?

I have a few hurdles to jump still until I get to the drawdown stage

jill_valentine · 10-12-2020 4:00pm

TaDa wrote: »

Do you mind me asking if there was a need to provide a letter from your employer at this stage?

I have a few hurdles to jump still until I get to the drawdown stage

There wasn't, I did provide a Salary Cert though. I'm guessing they'll request it before issuing the AIP in March/Feb though.

irishgal23 · 10-12-2020 6:10pm

Hey everyone I am looking for some small advice. I am hoping to buy in 2021. My salary is €31,000, if applying for a mortgage through a bank its roughly €110,000 i would be able to get. If applying through the rebuilding Ireland loan I would roughly get €140,000. I know the application you must produce 2 refusal letters from a bank, would anyone be able to recommend a bank which I would get one? The majority seem to be if you've a salary of over €30,000 that you can be approved. Thanks

jill_valentine · 10-12-2020 7:33pm

irishgal23 wrote: »

Hey everyone I am looking for some small advice. I am hoping to buy in 2021. My salary is €31,000, if applying for a mortgage through a bank its roughly €110,000 i would be able to get. If applying through the rebuilding Ireland loan I would roughly get €140,000. I know the application you must produce 2 refusal letters from a bank, would anyone be able to recommend a bank which I would get one? The majority seem to be if you've a salary of over €30,000 that you can be approved. Thanks

Both DCC and Fingal councils will accept screenshots of mortgage calculators from websites (don't know about others but have heard SDCC will not)

AFAIK Ulster Bank and PTSB both have calculators on their sites.

Jafin · 10-12-2020 10:46pm

irishgal23 wrote: »

Hey everyone I am looking for some small advice. I am hoping to buy in 2021. My salary is €31,000, if applying for a mortgage through a bank its roughly €110,000 i would be able to get. If applying through the rebuilding Ireland loan I would roughly get €140,000. I know the application you must produce 2 refusal letters from a bank, would anyone be able to recommend a bank which I would get one? The majority seem to be if you've a salary of over €30,000 that you can be approved. Thanks

It doesn't have to be a refusal letter where they say they're not giving you any money. The language with all of it is a bit confusing. Before I applied I thought banks literally had to say no to you also. What you actually need are two letters of insufficient offer. What that means is that if you're looking for €140,000 but banks are only willing to lend you €110,000 then you just need two letters offering you €110,000.

irishgal23 · 10-12-2020 10:58pm

Jafin wrote: »

It doesn't have to be a refusal letter where they say they're not giving you any money. The language with all of it is a bit confusing. Before I applied I thought banks literally had to say no to you also. What you actually need are two letters of insufficient offer. What that means is that if you're looking for €140,000 but banks are only willing to lend you €110,000 then you just need two letters offering you €110,000.

Oh I see thank you so much for explaining!

Jafin · 10-12-2020 11:03pm

irishgal23 wrote: »

Oh I see thank you so much for explaining!

No problem. For the longest time I genuinely thought I would not qualify for the scheme because I couldn't figure out how to get a bank to not offer me any money.

mtoutlemonde · 10-12-2020 11:22pm

BKWDR wrote: »

How much is it over 175sqm?
regardless of the neighbours houses, (they wont check that) if its over its over and you will be running a gauntlet , it will be a gamble.

I would imagine to change the aspect or design of a house would require planning permission , but ring your LA

Thanks for the reply. What I meant about neighbouring houses - I'm self building so have planning permission granted - when I was doing it, the architect advised to build in size and shape of neighbouring houses as it would streamline planning which it did. It's a good bit over but the banks won't give me what I need and RIHL is the best and only option for me at present.

Graham · 10-12-2020 11:25pm

mtoutlemonde wrote: »

RIHL is the best and only option for me at present.

I don't see how it is an option if you're over the size limit.

Lisad10 · 11-12-2020 2:46pm

Hi just to give everyone a bit of hope I got to keys to my new home last Friday through SDCC. I'm a single applicant and I originally applied in Sept 2019, got AIP in June 2020, went sale agreed on the 23rd of August and got the keys on the 4th of Dec. It was a long process but worth it all in the end.

beanyb · 11-12-2020 6:30pm

My 9 month long saga continues with now the latest update being that instead of being able to progress this week as I was told we would, there will now be another 28 day wait until the certificate we need to proceed can issue.

DCC have been on looking for an update, and now my fear is that I may need to reapply all over again and in the process, lose the old interest rates and not be able to borrow as much as I have agreed to pay for the place. Hopefully it won't come to that but it is a stress I don't need.

My solicitor continues to be next to useless.

Maybe I'll finally get keys sometime in 2025.

Benci · 11-12-2020 8:45pm

Need some advice. Our loan offer extension has been declined with RIHL, second applicant on subsidy. Contact has been signed and paid 10 percent deposit.
There is any way to appeal the decision?
Any advice welcome.
Thanks in advance.

mirabella1 · 11-12-2020 10:01pm

Hello. How much guys you have to earn as a couple if you ask at least for 240.000?

Len_007 · 11-12-2020 11:57pm

Len_007 wrote: »

I delivered my own forms in to my local council (DLR) a week ago today.

After handing in the application forms way back in April 2019, we closed on the house and received the keys today.
Both myself and my wife are delighted.
With a single income, getting a mortgage on the high street for somewhere near my place of work is impossible. So I'm very grateful for the RIHL initiative.

I encourage anyone engaged in the process to not give up, it may be a long road, but you'll get there in the end!

Take that 2020!

kbman · 12-12-2020 9:47am

Len_007 wrote: »

After handing in the application forms way back in April 2019, we closed on the house and received the keys today.
Both myself and my wife are delighted.
With a single income, getting a mortgage on the high street for somewhere near my place of work is impossible. So I'm very grateful for the RIHL initiative.

I encourage anyone engaged in the process to not give up, it may be a long road, but you'll get there in the end!

Take that 2020!

Fantastic news, we're not far behind.
Looking like Monday/Tuesday at this stage to close and get keys.

It was a long road starting in October last year when we signed building and loan contracts.

Extensions held up just fine with original loan rates which was a concern whole way through.

We're in exact sane situation and getting a loan from the bank wouldn't be near enough to have the same options, likewise we're also grateful to have RIHL.

It is a long road but gets you there

Gael23 · 12-12-2020 10:53am

I have a medical issue and have been refused MPI.
Where does that leave things?

Maz2016 · 13-12-2020 1:49pm

Gael23 wrote: »

I have a medical issue and have been refused MPI.
Where does that leave things?

You don’t have to go with the mpi through the council. You can source your own (but only if you have been refused through rihl). Sourcing your own is cheaper too. Royal London, Irish life etc

BKWDR · 13-12-2020 3:12pm

Maz2016 wrote: »

You don’t have to go with the mpi through the council. You can source your own (but only if you have been refused through rihl). Sourcing your own is cheaper too. Royal London, Irish life etc

A scan of this thread will throw up people who have failed to get the council mpi who didn't get the loan.
It's part of the scheme that you have to be on the group scheme otherwise they can not advance the loan.

I would be careful in suggesting otherwise

Maz2016 · 13-12-2020 8:38pm

BKWDR wrote: »

A scan of this thread will throw up people who have failed to get the council mpi who didn't get the loan.
It's part of the scheme that you have to be on the group scheme otherwise they can not advance the loan.

I would be careful in suggesting otherwise

No not necessarily. Further back on the thread people got exempt from it so I looked into it. Firstly I spoke on the chat feature on their website - see attached. They gave me a phone number for the housing dept in my local co co. I rang them. If/when I will be turned down for their mpi she said I could source my own but they need to approve it. Royal London were happy to proceed but I had an issue with my savings last December (paid off a loan and saved little) so my savings were not consistent for 12 months so I’m waiting until January.

dave98 · 13-12-2020 9:07pm

BKWDR wrote: »

A scan of this thread will throw up people who have failed to get the council mpi who didn't get the loan.
It's part of the scheme that you have to be on the group scheme otherwise they can not advance the loan.

I would be careful in suggesting otherwise

Not true - It is possible to get the mortgage protection insurance separately. I was turned down by the council - didn’t come as a shock to be fair . I went to Zed insurance. Mine is €28.88 per month. I was dealing with a lovely lady Helena. I sent her what rebuilding Ireland wanted. She asked me a load of questions and contacted my GP. About a month later I was offered cover. I sent this to the county council and they were happy with it. All in all it delayed everything by around 2 months though so yes, it is possible and don’t loose the faith

Gael23 · 13-12-2020 9:35pm

I had not had an unplanned admission to hospital for 2 years but that doesn’t seem good enough

dave98 · 13-12-2020 9:46pm

Gael23 wrote: »

I had not had an unplanned admission to hospital for 2 years but that doesn’t seem good enough

What stage are you at? Did you get refused from council and the 6 insurance companies that offer it?

Gael23 · 13-12-2020 10:09pm

dave98 wrote: »

What stage are you at? Did you get refused from council and the 6 insurance companies that offer it?

No haven’t applied yet but I’ve been refused by high street insurers going through ordinary banks

Maz2016 · 13-12-2020 10:23pm

Give Nick McGowan in lion.ie a shout. He specializes in this sort of thing. Also join a Facebook group called First Time Buyers Ireland. Amazing help on those. Not sure if I am allowed post those....Also, could the banks not exempt you from mpi, you will see lots of people have on that facebook group

BKWDR · 13-12-2020 10:28pm

Maz2016 wrote: »

No not necessarily. Further back on the thread people got exempt from it so I looked into it. Firstly I spoke on the chat feature on their website - see attached. They gave me a phone number for the housing dept in my local co co. I rang them. If/when I will be turned down for their mpi she said I could source my own but they need to approve it. Royal London were happy to proceed but I had an issue with my savings last December (paid off a loan and saved little) so my savings were not consistent for 12 months so I’m waiting until January.

Yeah the council need to approve it though. I would be careful in that context.
Either here or on the mortgage forum someone said they gave their cover to council and it wasn't accepted because it wasn't equivalent to the cover that they offer
Doesnt it say in the credit policy? I can't find the link for it here

Is it works it works. But I would be careful about thinking its as straight forward as that and I would take the rihl chat person with a pinch of salt tbh

Maz2016 · 13-12-2020 11:36pm

BKWDR wrote: »

Yeah the council need to approve it though. I would be careful in that context.
Either here or on the mortgage forum someone said they gave their cover to council and it wasn't accepted because it wasn't equivalent to the cover that they offer
Doesnt it say in the credit policy? I can't find the link for it here

Is it works it works. But I would be careful about thinking its as straight forward as that and I would take the rihl chat person with a pinch of salt tbh

Oh its definitely not straightforward but all I am saying is it is possible.

Gael23 · 15-12-2020 3:54pm

Is a larger deposit required under this scheme for 1 bed apartments?

unclejoe89 · 15-12-2020 10:29pm

Hi,

I currently have a rebuild Ireland Home Loan for the past 2 years.

I would now like to Rent the house out and move to a different house.
Is there a requirement that I have to live in the house?

Will the council allow me to rent the house out?

Thanks

beanyb · 16-12-2020 6:08pm

beanyb wrote: »

My 9 month long saga continues with now the latest update being that instead of being able to progress this week as I was told we would, there will now be another 28 day wait until the certificate we need to proceed can issue.

DCC have been on looking for an update, and now my fear is that I may need to reapply all over again and in the process, lose the old interest rates and not be able to borrow as much as I have agreed to pay for the place. Hopefully it won't come to that but it is a stress I don't need.

My solicitor continues to be next to useless.

Maybe I'll finally get keys sometime in 2025.

Contracts and loan pack are finally signed on on the way back to DCC. We can't close until the 28 days elapses for this certificate, but we should be good to go in mid-January. Hopefully no more drama from this point on. Old interest rates have held for me thank god.

Cazzums · 16-12-2020 8:50pm

Hello has anyone taken a payment break with rebuild Ireland? I’m long for information on taking one for maternity leave.

Dankarl · 16-12-2020 11:59pm

Hi Guys,

We will be leaving this forum after completing the process with Cork County Council. If anyone has any questions, please mail me and I can try to help you.

DK

TaDa · 18-12-2020 12:11pm

beanyb wrote: »

Contracts and loan pack are finally signed on on the way back to DCC. We can't close until the 28 days elapses for this certificate, but we should be good to go in mid-January. Hopefully no more drama from this point on. Old interest rates have held for me thank god.

I am at the stage of Loan offer. Having received this is it a case of completing and sending back relevant info to solicitor/council.

Just wondering what happens next?

BaguMka · 18-12-2020 2:25pm

Hi everyone. Ive just received mortgage approval from Kildare council. Could you help me with details on mortgage solicitor you have used

Thank you

beanyb · 18-12-2020 2:55pm

TaDa wrote: »

I am at the stage of Loan offer. Having received this is it a case of completing and sending back relevant info to solicitor/council.

Just wondering what happens next?

Have you found a property? I think it varies from council to council but the basic steps from my experience are this:

1) apply
2) approval
3) find property
4) give details of property to council
5) council issue loan pack to your solicitor
6) sign loan pack and contracts (pay full deposit)
7) solicitor sends back loan pack to council
8) get house insurance
9) council issue cheque to your solicitor
10) funds transferred to seller
11) get keys

There can be days, weeks or months between each step, depending on each individual case. For me step 5 happened in May, but we only got to step 6 this week!

jill_valentine · 18-12-2020 10:41pm

SDCC sent me back my app with a laundry list of stuff they want done differently. It's exactly the same app that was already approved by DCC and I've been told was "perfect" and will be approved by Fingal.

So, a word of warning. Looking through this makes them look like a bit of a nightmare and it makes me think they're looking for reasons not to accept applications.

Lauren52 · 19-12-2020 2:02pm

Hi All, how long does it usually take for the council to issue the loan pack once sent ?

ABCD_1234 · 19-12-2020 2:45pm

Hi,

Has done a self build with RIHL and if so how did you get on? I’m hoping to buy land and build as the house prices in my area have increased I’m no longer hopeful that I can afford a second hand home.

Thank you.

janandbren · 19-12-2020 11:48pm

Does anyone think you will be able to avail of the RIHL and the new shared equity scheme announced together? One public sector salary and one part time salary with three children doesn't leave us much options in Cork atm!

Gael23 · 20-12-2020 10:46am

janandbren wrote: »

Does anyone think you will be able to avail of the RIHL and the new shared equity scheme announced together? One public sector salary and one part time salary with three children doesn't leave us much options in Cork atm!

The shared equity scheme will only increase house prices and cause more problems than it creates.

smellyoldboot · 20-12-2020 10:55am

janandbren wrote: »

Does anyone think you will be able to avail of the RIHL and the new shared equity scheme announced together? One public sector salary and one part time salary with three children doesn't leave us much options in Cork atm!

I'd be hoping you could combine Shared Equity, RI & HTB together. Not joking either the last 2 can be used together, hopefully the other one can too.

Ola Heff · 21-12-2020 4:39pm

Hi All,

Can anyone help? we submitted our application 5 weeks ago and got an email that it's back from housing agency and waiting on a date for meeting but wasn't advised what the housing agency concluded. Does this mean the housing agency advised we can go ahead or was it declined?

BKWDR · 21-12-2020 8:02pm

Ola Heff wrote: »

Hi All,

Can anyone help? we submitted our application 5 weeks ago and got an email that it's back from housing agency and waiting on a date for meeting but wasn't advised what the housing agency concluded. Does this mean the housing agency advised we can go ahead or was it declined?

It can mean either. Whether it's an approval or a decline, the underwriters decision is then up to the credit committee to confirm

TaDa · 22-12-2020 12:40am

beanyb wrote: »

Have you found a property? I think it varies from council to council but the basic steps from my experience are this:

1) apply
2) approval
3) find property
4) give details of property to council
5) council issue loan pack to your solicitor
6) sign loan pack and contracts (pay full deposit)
7) solicitor sends back loan pack to council
8) get house insurance
9) council issue cheque to your solicitor
10) funds transferred to seller
11) get keys

There can be days, weeks or months between each step, depending on each individual case. For me step 5 happened in May, but we only got to step 6 this week!

Thanks, I think you’re pretty spot on with the schedule there. Nicely laid out.

I’d imagine there’s a step for them asking about wage/bank statements given the Covid scheme in place

Have you had any hiccups with that along the process yet? Have not yet been asked about it so just want to know if it is in fact needed so I can have it ready

kbman · 22-12-2020 9:22am

TaDa wrote: »

Thanks, I think you’re pretty spot on with the schedule there. Nicely laid out.

I’d imagine there’s a step for them asking about wage/bank statements given the Covid scheme in place

Have you had any hiccups with that along the process yet? Have not yet been asked about it so just want to know if it is in fact needed so I can have it ready

The only times I got requested for this was when I asked for extensions and when we were ready to close

Be ready with last 3 months of payslip and bank statements(length of these can vary depending on when you request an extension etc... first time was nearly a year of statements). Took a while for me to get some of my payslips.

Ola Heff · 22-12-2020 10:19am

BKWDR wrote: »

It can mean either. Whether it's an approval or a decline, the underwriters decision is then up to the credit committee to confirm

Thanks for your response.

beanyb · 22-12-2020 11:34am

TaDa wrote: »

Thanks, I think you’re pretty spot on with the schedule there. Nicely laid out.

I’d imagine there’s a step for them asking about wage/bank statements given the Covid scheme in place

Have you had any hiccups with that along the process yet? Have not yet been asked about it so just want to know if it is in fact needed so I can have it ready

Yeah you will be asked for updated payslips and bank statements at various stages of the process. I didn't include those in the stages because it depends how long things take how many times you might be asked. As standard I would expect to do that at least on application, when you submit details about the property and at drawdown.

I was asked for a letter from my employer in July (so during my long wait between stages 5 and 6) saying my job and wages were unaffected by covid. This wasn't a problem for me as my job is unaffected and still paid directly by the organisation. I expect when I go to draw down in the next few weeks I will be asked for pay slips and possibly another letter confirming things remain the same, which thankfully they do.

Lauren52 · 22-12-2020 12:09pm

Hi, we are submiting our form 2. They have asked to include house insurance can we do this without having moved into the house? House is a new build not ready till May?

Very confused

H8GHOTI · 22-12-2020 12:35pm

That list from few days ago, couple of additions:

1) apply
1a. wait
1b. wait some more
2) approval
3) find property
4) give details of property to council
4a. wait & wait & wait
4b. contact them for an update
4c. wait
5) council issue loan pack to your solicitor
6) sign loan pack and contracts (pay full deposit)
7) solicitor sends back loan pack to council
8) get house insurance
8a. wait..................................................
8b. provide documents that you already provided
8c. more waiting
9) council issue cheque to your solicitor
10) funds transferred to seller
11) get keys

kbman · 22-12-2020 7:51pm

Lauren52 wrote: »

Hi, we are submiting our form 2. They have asked to include house insurance can we do this without having moved into the house? House is a new build not ready till May?

Very confused

I'm just about to move to a new build, same story as yourself, we signed form 2 in October 2019 and only got house insurance nearly 2 weeks ago now.

You can't get house insurance until you have a valuation on the house and in your case Most likely won't be at that stage until May.

Id talk to your council about the situation, Wicklow were quite happy with me when I told them I can't give them what they were asking for so early on in the process

Cheesemccarthy · 22-12-2020 9:44pm

Maz2016 wrote: »

You don’t have to go with the mpi through the council. You can source your own (but only if you have been refused through rihl). Sourcing your own is cheaper too. Royal London, Irish life etc

Hi there I was in the same boat as you, MPI wouldn’t cover me, however, they would cover my partner. I had to get my own health and life insurance.

Rebuilding Ireland home loan

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