Boards.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more x
Post Reply  
 
 
Thread Tools Search this Thread
11-02-2019, 14:19   #991
Jmk725
Registered User
 
Join Date: Aug 2013
Posts: 27
Quote:
Originally Posted by steveyod View Post
Hi, I have an existing loan of just over €6000 will this affect my application, mine is a single application.
I advise you to enter the details in on the repayment website http://rebuildingirelandhomeloan.ie/calculator/. that will give you an idea as to what you can get based on your income and loan repayments.
Jmk725 is offline  
Advertisement
11-02-2019, 18:23   #992
trudy2222
Registered User
 
trudy2222's Avatar
 
Join Date: Dec 2013
Posts: 47
Do I need to include solicitor details on the application or can you look for one after you get approval? I don’t have one yet but if it’s necessary at this early stage I will find one.
trudy2222 is offline  
11-02-2019, 20:14   #993
Evenstevens
Registered User
 
Join Date: Aug 2012
Posts: 119
Quote:
Originally Posted by trudy2222 View Post
Do I need to include solicitor details on the application or can you look for one after you get approval? I don’t have one yet but if it’s necessary at this early stage I will find one.
I applied succesfully and didn't have a solicitor. I think I just wrote on it that I didn't have one.
Evenstevens is offline  
Thanks from:
12-02-2019, 10:00   #994
Jmk725
Registered User
 
Join Date: Aug 2013
Posts: 27
Quote:
Originally Posted by trudy2222 View Post
Do I need to include solicitor details on the application or can you look for one after you get approval? I don’t have one yet but if it’s necessary at this early stage I will find one.
No need to include it on application.
Can be added on when gone sale agreed.
Jmk725 is offline  
12-02-2019, 12:11   #995
Pussyhands
Registered User
 
Pussyhands's Avatar
 
Join Date: Aug 2017
Posts: 1,132
How do I get rejection letter from banks? Do I have to do a full mortgage application?
Pussyhands is offline  
Advertisement
12-02-2019, 16:20   #996
Pussyhands
Registered User
 
Pussyhands's Avatar
 
Join Date: Aug 2017
Posts: 1,132
Can someone explain how one would qualify for this?

On the calculator on the site it says I'd be eligible for a 159k loan. Is this the max they would give or is it dependent on deposit, saving rate etc?

Second, I'm applying to banks.

Do I have to use the same deposit for the rebuilding ireland as I note on the mortgage application to a bank?

i.e If RI gave me 160k loan I'd use 70k of my own money for a 230k house.

But what if I put down a deposit of 50k on bank application, meaning I'd want 180k and they refuse? Can I then go to RI and apply for the 160k mortgage?
Pussyhands is offline  
12-02-2019, 16:27   #997
Jmk725
Registered User
 
Join Date: Aug 2013
Posts: 27
Quote:
Originally Posted by Pussyhands View Post
How do I get rejection letter from banks? Do I have to do a full mortgage application?
Some councils will accept the online calculator.
Meaning, put in your details and they will show you the max you could get.

Check with your council and see if they will accept this or not though first.
Jmk725 is offline  
12-02-2019, 16:30   #998
Jmk725
Registered User
 
Join Date: Aug 2013
Posts: 27
Quote:
Originally Posted by Pussyhands View Post
Can someone explain how one would qualify for this?

On the calculator on the site it says I'd be eligible for a 159k loan. Is this the max they would give or is it dependent on deposit, saving rate etc?

Second, I'm applying to banks.

Do I have to use the same deposit for the rebuilding ireland as I note on the mortgage application to a bank?

i.e If RI gave me 160k loan I'd use 70k of my own money for a 230k house.

But what if I put down a deposit of 50k on bank application, meaning I'd want 180k and they refuse? Can I then go to RI and apply for the 160k mortgage?
Thats the max they would give you provided you meet their criteria of min 10% deposit and repayment capacity.

Banks will normally tell you the max they would give you, at least the AIB calculator online will, normally only need a 10% deposit.

Not sure about the different deposits on applications.
Jmk725 is offline  
Thanks from:
12-02-2019, 16:34   #999
Pussyhands
Registered User
 
Pussyhands's Avatar
 
Join Date: Aug 2017
Posts: 1,132
Quote:
Originally Posted by Jmk725 View Post
Thats the max they would give you provided you meet their criteria of min 10% deposit and repayment capacity.

Banks will normally tell you the max they would give you, at least the AIB calculator online will, normally only need a 10% deposit.

Not sure about the different deposits on applications.
I've just applied for a 180k loan with 50k deposit online with a bank.

With the online calculator for this bank they just ask for wage and property value etc. and they said max loan would be 160k
Pussyhands is offline  
Advertisement
12-02-2019, 16:40   #1000
Jmk725
Registered User
 
Join Date: Aug 2013
Posts: 27
Quote:
Originally Posted by Pussyhands View Post
I've just applied for a 180k loan with 50k deposit online with a bank.

With the online calculator for this bank they just ask for wage and property value etc. and they said max loan would be 160k
The Council will need to be happy that you could not buy a house with a loan of €160k, that you need more from them.

If you only need €160k then they will not give you the loan as thats what you can get from the bank.

In my case I had a letter from a broker showing that I was denied a loan for €140k from 2 banks and the council accepted that letter.
Jmk725 is offline  
Thanks from:
12-02-2019, 16:44   #1001
Pussyhands
Registered User
 
Pussyhands's Avatar
 
Join Date: Aug 2017
Posts: 1,132
Quote:
Originally Posted by Jmk725 View Post
The Council will need to be happy that you could not buy a house with a loan of €160k, that you need more from them.

If you only need €160k then they will not give you the loan as thats what you can get from the bank.

In my case I had a letter from a broker showing that I was denied a loan for €140k from 2 banks and the council accepted that letter.
So I have just done the online calculator for BOI and AIB.

BOI says 160k (same as RI) and AIB says 140k. So I think I'll also apply to AIB and hopefully get an official offer of max 140k.

Anyone know any other banks that would be strict?
Pussyhands is offline  
12-02-2019, 16:47   #1002
Jmk725
Registered User
 
Join Date: Aug 2013
Posts: 27
Quote:
Originally Posted by Pussyhands View Post
So I have just done the online calculator for BOI and AIB.

BOI says 160k (same as RI) and AIB says 140k. So I think I'll also apply to AIB and hopefully get an official offer of max 140k.

Anyone know any other banks that would be strict?
Rebuilding Ireland should show more than the banks.
In my experience the banks are 2-3.5 times your income and Rebuilding Ireland should be closer to 5 times your income.
Jmk725 is offline  
12-02-2019, 16:48   #1003
raheny red
Registered User
 
raheny red's Avatar
 
Join Date: Dec 2005
Posts: 1,920
Hoping to get the keys Friday
raheny red is offline  
Thanks from:
12-02-2019, 16:51   #1004
Jmk725
Registered User
 
Join Date: Aug 2013
Posts: 27
Quote:
Originally Posted by raheny red View Post
Hoping to get the keys Friday
Congrats
Went sale agreed last week myself, how long did your council take to release the funds? If you don't mind me asking.
Jmk725 is offline  
Thanks from:
12-02-2019, 16:51   #1005
Pussyhands
Registered User
 
Pussyhands's Avatar
 
Join Date: Aug 2017
Posts: 1,132
Quote:
Originally Posted by Jmk725 View Post
Rebuilding Ireland should show more than the banks.
In my experience the banks are 2-3.5 times your income and Rebuilding Ireland should be closer to 5 times your income.
It does for the fixed but not for the variable.
Pussyhands is offline  
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet