Rebuilding Ireland home loan

autumnbelle wrote: »

We have, no I dont think so we had to produce planning and conditions etc. But maybe your county is different

When did you recieve the stage payments? Did they look for receipts for material and labour?

Hi all,

I'm hoping to apply for the Rebuilding Ireland home loan as a single applicant. As part of the application, you have to include letters of insufficient finance from 2 banks/building societies i.e. to get say a 250,000 loan from rebuilding ireland, you need to show that you wouldn't get a 250,00 loan from other traditional mortgage providers.

It makes sense except I'm having trouble obtaining proof from the banks. I contacted BOI and the woman on the phone said "Oh do you just need a decline letter?" when I mentioned Rebuilding ireland and sent it out to me. So I have one.

I'm struggling to get a second. KBC and Ulster bank both said that they couldn't do that without going through the whole application process. I did the initial 15 minute phone call with both of them but that wasn't enough. Kbc said I'd have to fill in other forms and send them back to them and spent a large portion of the call trying to sell me other products (I'm not with them for my day to day banking).

Does anyone else know which places are the best to get these letters of decline quickly?

Thanks.

swarmberg wrote: »

Hi All,

Planning on applying for this scheme soon. I will be applying alongside my partner. Have the 10% deposit saved when combined with HTB plus the extra for stamp duty and legal fees.

The problem is my that I have saved all the deposit myself and my partner has no savings. I have consistent savings and have been paying rent as well. The rent plus the amount I'm saving is more than the mortgage repayments we are looking for?

Will the fact he has zero savings be a massive problem? I would apply alone but need their smaller income as part of the multiple of income allowed. We are looking for approx 4x income. Anyone else encounter similar?

Thanks

Just apply. I have a low income but save regularly. My partner has a higher income but doesn't save a penny. As a joint application I don't think they cared who had the deposit. In this case it was me. Bank statements showed we paid rent and had no gambling tendancies for example. They are much more lenient than the banks thankfully! We are nearly through the other side. Went sale agreed November and expecting to have the keys in the next 2 or 3 weeks 🀞

Screenshots of online mortgage calculators of insufficient funds will suffice with Fingal and Dub Coco.

Hi I’m applying to DCC. My application went in first week of January and I got confirmation of it being approved by underwriter and now I’m waiting for it to be reviewed by Council Committee. I was told that can take 2-6 weeks so I’m hanging in there hoping for a decision sooner rather than later.

coolio83 wrote: »

Hi, do the online calculators results count as a refusal? TIA

Screenshots of online mortgage calculators of insufficient funds will suffice with Fingal and Dub Coco.

cruizer101 wrote: »

Why don't you apply to the banks and see what they say they may approve you?

It seems like you are trying to go direct to Rebuilding Ireland which is meant for when you have exhausted all other options which you havn't.
Is there some reason you think the banks won't approve you for a mortgage.

Thanks for the reply. I can understand where you're coming from. I could get approved by a bank but the highest I'd get is 140,000 based on the central bank lending rules and I live in Dublin.

So, I've already checked the online calculators and have an idea of what I'd get approved for and personally, I don't feel like it's wrong to rely on RIHL. The first bank I applied to went through the application process with me and said I'd still qualify for 140,000 even after taking note of any personal details and salary,pensions etc.

The requirement for 2 refusal letters seems odd to me because it's obvious based on your salary and savings etc. what you would qualify for with a bank and all this info is enclosed in your RIHL application. This application also requires you to have a good credit rating and takes loans, existing financial commitments into account.

So if a bank won't lend to you because you have loans/not enough savings/bad credit etc than neither will RIHL, therefore my understanding of the scheme is that it is a way for middle income people to get a decent loan amount which isn't possible with the banks rather than for people who literally can't get approved for anything from a bank. Surely the requirement to enclose two refusals and have a good credit rating and the whole deposit saved up is contradictory?

I just don't understand why they're making people go through the application process purely for the sake of getting refused, it's a waste of my time and the bank's. The results of an online calculator would make a lot more sense.

Sorry for the rant! It's just a very unclear process.

AIB will give approval in principal online without going through the whole application process. A letter is generated that you can print off which will show the max the bank will lend you. This should do alongside your other letter.

BrownFinger wrote: »

cruizer101 wrote: »

It seems like you are trying to go direct to Rebuilding Ireland which is meant for when you have exhausted all other options which you havn't.
Is there some reason you think the banks won't approve you for a mortgage.

Why not go straight to them ?
They set the rules and if you qualify then you are just as entitled as anybody else to get the loan.
If I could borrow 280 from the bank at 3.5% or 288k at 2% from RI then why not get RI if you're eligible ?

Because that's not how the scheme is meant to work, it's meant to let people who can't get a mortgage with a bank buy a house, it's not meant to be about shopping for rates

BrownFinger wrote: »

Lucky you,
Kildare CoCo has stopped processing applications .
Despite them being granted extra funding .
According to RI they are the only CoCo not lending.

That is ridiculous. Hopefully its just due to a backlog and they will open up again for new applications.

Lee3b wrote: »

Hi everyone I have ranted on here plenty of times .... Just had to inform all of the process we applied in June and our mortgage was drawn down yesterday the 18th .... It's a long process very stressful ... buy without it I would never buy a home with having 2 children the banks would never have looked at us for what we needed. So this is a bit of good feedback for a change

When you say the banks would never have looked at ye because ye have 2 children.. Do you mean they penalise those that have dependants or do you mean you were looking for an amount way over your income? We have 5 children, so I’m a little fearful that we won’t get a mortgage now.. So this scheme may very well be our life saver too..!

Hi,
I am currently in the process of buying a house and am doing so through DCC. I got sale agreed before Christmas after receiving loan approval at the end of November. PTSB were able to supply me with a letter but I had to go into the bank and pretend to apply. Based on my income, they offered me €112,000. The letter does not state any figures, merely that I do not meet the criteria required to purchase a property based on the figures I supplied. Feel free to DM me if you have any further questions. I'm a few steps ahead of you and hope to have keys in the next 8 weeks (that's what they said to me anyway!)

jesso22 wrote:

I'm at the house insurance stage. Question is, how do I find out the rebuild cost? Or even the square footage of the house. Would the estate agent have that info?

Do you not just have to insure to the value of the mortgage?