Rebuilding Ireland home loan

Mbourke91 · 13-04-2021 1:36pm

My Back Pages wrote: »

I saw a single reference to this in a Facebook group and thought it sounded crazy.
We have AIP from DCC and in the pack, for legal fees they state that you must cover your own, no mention of theirs. Do you mind me asking what council you are applying through?

So you had to ask them specifically about this, it wasn't made known up front?

Yes I saw it on a thread and asked about it. They hadn’t mentioned it

3283winnie · 13-04-2021 2:16pm

Can I ask anyone know we're I can get an AIP online I did ulster bank but wasn't accepted as that only gives one name on the letter aib gave me one which was perfect just need a second one as quick as possible any help please

nice1guy · 13-04-2021 8:45pm

My Back Pages wrote: »

I saw a single reference to this in a Facebook group and thought it sounded crazy.
We have AIP from DCC and in the pack, for legal fees they state that you must cover your own, no mention of theirs. Do you mind me asking what council you are applying through?

DCC also. Yes the comment from the Facebook group was the first I have ever heard of it so was very surprised. Hoping it's not the case for DCC.

Antho12 · 13-04-2021 9:54pm

nice1guy wrote: »

DCC also. Yes the comment from the Facebook group was the first I have ever heard of it so was very surprised. Hoping it's not the case for DCC.

I can confirm it’s not the case for DCC

Lauren52 · 13-04-2021 11:13pm

My Back Pages wrote: »

I saw a single reference to this in a Facebook group and thought it sounded crazy.
We have AIP from DCC and in the pack, for legal fees they state that you must cover your own, no mention of theirs. Do you mind me asking what council you are applying through?

So you had to ask them specifically about this, it wasn't made known up front?

We are with Kildare no mention of this . Why on earth would we pay their fees. That's seems ludacris to me.

helldesign · 14-04-2021 12:11am

Hey guys! Just found this thread.

I would really appreciate if someone can clear a bit for me if I have any chance to get approved for this program.

First, here are some facts about myself:
- My yearly salary is around 20k

- My employer is using the EWSS scheme since the beginning of the pandemic. Probably because of that, my last year's Employment Detail Summary doesn't look good at all. I personally haven't applied for Covid payments and always been paid through the payroll of the company.
- I have kid, he is living with his mother and he is not in Ireland. I don't have a maintenance order.
- I have 15k saved.
- 40k would come from my parents as a gift.
- I'm employed permanently for the last 7 years.
- I live in the same apartment for the past 4.5 years.
- My rent currently is 1170.
- Rent payments are done through my bank account and are trackable.

Given the above points and my low income, do I have a chance to qualify for the loan?

Also how long it takes roughly to get an approval or rejection after applying?

Thanks!

jenpenjelly · 14-04-2021 9:13am

I'm more than 6 months waiting for SDCC now, about 3 weeks ago they said our application had been viewed and was back from the credit committee and they were currently processing the decision. They won't tell me the decision that's been made. Has anyone else had this happen? I didn't think I'd still be waiting more the 3 weeks after a decision was made for an answer.... It's incredibly frustrating.

Lauren52 · 14-04-2021 2:37pm

helldesign wrote: »

Hey guys! Just found this thread.

I would really appreciate if someone can clear a bit for me if I have any chance to get approved for this program.

First, here are some facts about myself:
- My yearly salary is around 20k
- My employer is using the EWSS scheme since the beginning of the pandemic. Probably because of that, my last year's Employment Detail Summary doesn't look good at all. I personally haven't applied for Covid payments and always been paid through the payroll of the company.
- I have kid, he is living with his mother and he is not in Ireland. I don't have a maintenance order.
- I have 15k saved.
- 40k would come from my parents as a gift.
- I'm employed permanently for the last 7 years.
- I live in the same apartment for the past 4.5 years.
- My rent currently is 1170.
- Rent payments are done through my bank account and are trackable.

Given the above points and my low income, do I have a chance to qualify for the loan?

Also how long it takes roughly to get an approval or rejection after applying?

Thanks!

You can apply but have to be off subsidy for 3 mts before drawdown.

20k will prob get you AIP for about 90k

helldesign · 14-04-2021 5:55pm

Lauren52 wrote: »

You can apply but have to be off subsidy for 3 mts before drawdown.

20k will prob get you AIP for about 90k

Thanks for answering!

I went to a bank already for consultation and they told me, after examining my finances, that the bank could lend me 70k max. But that was just a conversation.

Do I have to go through the whole process of applying and actually getting a mortgage, knowing that it's not enough to cover a purchase (and then repeat that with two other banks), in order to apply for the "Rebuilding Ireland" loan?

Jafin · 14-04-2021 8:45pm

helldesign wrote: »

Thanks for answering!

I went to a bank already for consultation and they told me, after examining my finances, that the bank could lend me 70k max. But that was just a conversation.

Do I have to go through the whole process of applying and actually getting a mortgage, knowing that it's not enough to cover a purchase (and then repeat that with two other banks), in order to apply for the "Rebuilding Ireland" loan?

AIB and Ulster Bank both offer online approval in principle, so you can just apply with them and get the letters. You never have to talk to anyone. They're the only two that do AiP online as far as I'm aware.

Lauren52 · 14-04-2021 10:00pm

helldesign wrote: »

Thanks for answering!

I went to a bank already for consultation and they told me, after examining my finances, that the bank could lend me 70k max. But that was just a conversation.

Do I have to go through the whole process of applying and actually getting a mortgage, knowing that it's not enough to cover a purchase (and then repeat that with two other banks), in order to apply for the "Rebuilding Ireland" loan?

No problem at all, that's good from the bank you could get a bit more than the 90 from RI then.

Nope, you can jst do it online, I done one with TSB and then KBC I think, you just fill in all the info and print what they offer - which would be less than RI. Some ppl have said they needed the refusal letters. I didnt. But then I was updating mine. So A year previous Both EBS and TSB gave me refusal letter as they couldnt offer us enough.

Depends on the council what will be accepted but from reading here most allow the online ones.

Batattackrat · 15-04-2021 12:09am

Are you allowed to pay off extra each month?

From the calculator i could manage an extra 300 a month.

helldesign · 15-04-2021 6:27am

So as I understand it, if there's no need to go to banks in person, I just have to wait 3 months after the end of the EWSS scheme before I apply for this loan.

Thank you @Jafin and @Lauren52

diceyreilly · 15-04-2021 6:47am

Batattackrat wrote: »

Are you allowed to pay off extra each month?

From the calculator i could manage an extra 300 a month.

You will be hit by fees if you pay it off early. Noy sure how much but probably still save in the long run.

( the interest is lowish and if you are going to be hit by fees for paying it off early you’d be much better off sticking that €300 into a tax free pension imo )

3283winnie · 15-04-2021 12:11pm

jenpenjelly wrote: »

I'm more than 6 months waiting for SDCC now, about 3 weeks ago they said our application had been viewed and was back from the credit committee and they were currently processing the decision. They won't tell me the decision that's been made. Has anyone else had this happen? I didn't think I'd still be waiting more the 3 weeks after a decision was made for an answer.... It's incredibly frustrating.

Wow that's a long time waiting can I ask what way your process was I sent off my full application last week got it sent back needed to add more payslips and salary cert wasn't dated silly things on my behalf so I sent it all back through email and got an email from them yesterday saying the file is being sent up to the housing agency. I'm also with sdcc didn't think I'd be 6 months waiting I'd say you are super fustrated but surley you must be at the final hurdal now. How many sections does my file go to please God you hear something very soon. Thanks

thegreatescape · 15-04-2021 4:47pm

Hi everyone, when it says original current and saving accounts statements, does this mean I have to get them signed by a bank official or is a print out from my online banking sufficient?

3283winnie · 15-04-2021 4:50pm

thegreatescape wrote: »

Hi everyone, when it says original current and saving accounts statements, does this mean I have to get them signed by a bank official or is a print out from my online banking sufficient?

Print out is fine that's what I sent in.

thegreatescape · 15-04-2021 4:52pm

3283winnie wrote: »

Print out is fine that's what I sent in.

That's great, thanks so much.

jenpenjelly · 15-04-2021 8:13pm

3283winnie wrote: »

Wow that's a long time waiting can I ask what way your process was I sent off my full application last week got it sent back needed to add more payslips and salary cert wasn't dated silly things on my behalf so I sent it all back through email and got an email from them yesterday saying the file is being sent up to the housing agency. I'm also with sdcc didn't think I'd be 6 months waiting I'd say you are super fustrated but surley you must be at the final hurdal now. How many sections does my file go to please God you hear something very soon. Thanks

We're almost at 7 months now sdcc seem to be one of the slowest councils unfortunately. Your application would have been sent to the underwriters there usually very quick ours was back after 2 weeks, then it has to be viewed by the credit committee for final approval. This is were it slows down, they seem to have a heavy backlog. They don't really tell you any information, anytime I asked I was just told our application was in the queue for review but they won't give a timeline. I'd keep in touch with them
because once they have all your information it's radio silence from them unless you get in touch. Hopefully it will be quicker for you.

Lauren52 · 15-04-2021 10:28pm

helldesign wrote: »

So as I understand it, if there's no need to go to banks in person, I just have to wait 3 months after the end of the EWSS scheme before I apply for this loan.

Thank you @Jafin and @Lauren52

If You know you are coming off it, or when you know you will be off it soon You can apply. It's just for drawdown stage. I was on it when we were approved, but it stated I would have to be off it 3 mts before drawdown. I was lucky we didnt go on it after xmas just about to drawdown. Good luck , happy to ans any questions.

3283winnie · 16-04-2021 7:05am

jenpenjelly wrote: »

We're almost at 7 months now sdcc seem to be one of the slowest councils unfortunately. Your application would have been sent to the underwriters there usually very quick ours was back after 2 weeks, then it has to be viewed by the credit committee for final approval. This is were it slows down, they seem to have a heavy backlog. They don't really tell you any information, anytime I asked I was just told our application was in the queue for review but they won't give a timeline. I'd keep in touch with them
because once they have all your information it's radio silence from them unless you get in touch. Hopefully it will be quicker for you.

Brilliant thank you il be on annoying them please God yours is back soon best of luck

optogirl · 19-04-2021 11:41am

does anyone understand the rationale behind the cap on how much you can offer on a house? We are getting outbid by a few thousand here, there & everywhere despite having more money at our disposal to up the bid....the scheme wont allow it though. Why?

rob316 · 19-04-2021 11:45am

optogirl wrote: »

does anyone understand the rationale behind the cap on how much you can offer on a house? We are getting outbid by a few thousand here, there & everywhere despite having more money at our disposal to up the bid....the scheme wont allow it though. Why?

The cap was fine back when the scheme was created but 320k now is the bare minimum you'll pay. Needs to be increased to match the market.

ABCD_1234 · 19-04-2021 6:41pm

jenpenjelly wrote: »

I'm more than 6 months waiting for SDCC now, about 3 weeks ago they said our application had been viewed and was back from the credit committee and they were currently processing the decision. They won't tell me the decision that's been made. Has anyone else had this happen? I didn't think I'd still be waiting more the 3 weeks after a decision was made for an answer.... It's incredibly frustrating.

I was in the same position, as far as I’m aware, they have to wait until outstanding loan offers expire in order to free up funds before they issue the next batch of loan offers.

KH1591 · 19-04-2021 7:35pm

Hello all,
Haven't posted here in a while.
Just curious if anyone has had to apply for an extension due to the lockdown?
Apparently you can get an extension if you have a house and deposit paid but wondered if anyone has had to apply for one yet.
Thanks

Jafin · 20-04-2021 10:03am

KH1591 wrote: »

Hello all,
Haven't posted here in a while.
Just curious if anyone has had to apply for an extension due to the lockdown?
Apparently you can get an extension if you have a house and deposit paid but wondered if anyone has had to apply for one yet.
Thanks

I asked for an extension in March as my offer was due to expire, but was refused and told I had to re-apply from scratch. I wasn't sale agreed on a property or anything though.

KH1591 · 20-04-2021 10:40am

Jafin wrote: »

I asked for an extension in March as my offer was due to expire, but was refused and told I had to re-apply from scratch. I wasn't sale agreed on a property or anything though.

That must have been frustrating. Were you approved the second time?
We are sale agreed and the lockdown will push us a few days over, they have told us under these circumstances we will be fine but just wondered if anyone else has done it yet.
This lockdown really has caused such stress!

Jafin · 20-04-2021 10:48am

KH1591 wrote: »

That must have been frustrating. Were you approved the second time?
We are sale agreed and the lockdown will push us a few days over, they have told us under these circumstances we will be fine but just wondered if anyone else has done it yet.
This lockdown really has caused such stress!

I haven't gotten a decision yet. It took a lot longer this time for me to get the two letters of insufficient offers from banks so I only actually submitted the application about three weeks ago.

Yeah I think for people that are sale agreed the clock essentially stops and there isn't a hard time limit on when you have to get everything finished. Well, unless it's something ridiculously long like a year or something. Don't even get me started on the lockdown. If this hadn't happened I probably would have moved into a house by last summer. :P

KH1591 · 20-04-2021 11:10am

Jafin wrote: »

I haven't gotten a decision yet. It took a lot longer this time for me to get the two letters of insufficient offers from banks so I only actually submitted the application about three weeks ago.

Yeah I think for people that are sale agreed the clock essentially stops and there isn't a hard time limit on when you have to get everything finished. Well, unless it's something ridiculously long like a year or something. Don't even get me started on the lockdown. If this hadn't happened I probably would have moved into a house by last summer. :P

Its such a nightmare isnt it? We were delighted when the sites opened back up last week! It really has delayed everyone and caused so much hassle!
I'm sure if you were approved before, you'll be approved again!

Thats good to know about the extension, we have to pay for additional stuff for the house this week and slightly worried about doing it but they've told us we should be fine as its only going over by a short amount of time! We can't apply for it until a few weeks from the deadline so its a bit up in the air but im sure we will be ok!

Jafin · 20-04-2021 11:23am

KH1591 wrote: »

Its such a nightmare isnt it? We were delighted when the sites opened back up last week! It really has delayed everyone and caused so much hassle!
I'm sure if you were approved before, you'll be approved again!

Thats good to know about the extension, we have to pay for additional stuff for the house this week and slightly worried about doing it but they've told us we should be fine as its only going over by a short amount of time! We can't apply for it until a few weeks from the deadline so its a bit up in the air but im sure we will be ok!

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!

Rebuilding Ireland home loan

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