Rebuilding Ireland home loan

ABCD_1234 · 29-03-2021 10:37pm

3283winnie wrote: »

Oh brilliant il give it a few days then email once I know they have it il be a little happier can I ask how long you waited

I waited about 6 months, it’s a long wait but hopefully it will all be worth it. SDCC and Kildare Coco seen to take the longest, you could apply fo a couple of other Dublin CoCo’s while you wait on SDCC just to keep your options open

Lauren52 · 04-04-2021 10:56am

Hey, can anyone who got approved an extension tell me the process. Our Approval runs out May 18th, our house isnt likely to be finished (wont know our date till restrictions are lifted) should I be applying now ? When we do what is the process? TIA

LaurenMcHugh · 04-04-2021 11:15am

I know I seen a timeline of how things go on this site but I can’t for the life of me find it. Can anybody link me to it please ? Thanks

thegreatescape · 06-04-2021 3:00pm

Hi everyone, just looking for some advice with regard to applying. I have a permanent job with good savings history, however, I bought a new car from savings in November 2020. I still have a good amount of savings despite this, however, I have been rejected AIP from a bank because of this purchase. I was wondering if there was any point in applying for Rebuilding Ireland or should I just wait and apply in November 2021 when the purchase will be gone from my 12 months bank statements? Any advice greatly appreciated.

Batattackrat · 06-04-2021 3:01pm

thegreatescape wrote: »

Hi everyone, just looking for some advice with regard to applying. I have a permanent job with good savings history, however, I bought a new car from savings in November 2020. I still have a good amount of savings despite this, however, I have been rejected AIP from a bank because of this purchase. I was wondering if there was any point in applying for Rebuilding Ireland or should I just wait and apply in November 2021 when the purchase will be gone from my 12 months bank statements? Any advice greatly appreciated.

If you put any sort of loan on the calculator it greatly reduces the amount offered particularly for a single person

thegreatescape · 06-04-2021 3:04pm

Batattackrat wrote: »

If you put any sort of loan on the calculator it greatly reduces the amount offered particularly for a single person

I don't have a loan, I bought the car outright with savings. My post is about whether this will affect my chances of being approved.

diceyreilly · 06-04-2021 9:27pm

thegreatescape wrote: »

I don't have a loan, I bought the car outright with savings. My post is about whether this will affect my chances of being approved.

Why would you wait. Apply. Worst that will happen you’ll get knocked back. And then apply again at a later stage.

thegreatescape · 06-04-2021 10:31pm

diceyreilly wrote: »

Why would you wait. Apply. Worst that will happen you’ll get knocked back. And then apply again at a later stage.

Thanks, I think I will. All they can do is say no! I'll let you know how I get on.

HollyG17 · 06-04-2021 11:25pm

Hi there. Am trying to secure loan for house renovation. Am planning on purchasing old house from family at low price but it needs alot of work. Does anyone know if this is possible under this scheme or has anyone had any success going down this road. Banks will not touch me. Single parent working PT with very little options.

Batattackrat · 06-04-2021 11:46pm

Do you need to give a solicitors details and valuator when applying? I was just going to put max allowed for the loan amount as have no property in mind as of yet.

Also one section it asks "Have you ever had a loan or made a previous
application to any other lending agency? If yes please give details"
Do i have to put things like old car loans here. I'm not entirely sure what they need here.

RmIre90 · 07-04-2021 8:32am

Batattackrat wrote: »

Do you need to give a solicitors details and valuator when applying? I was just going to put max allowed for the loan amount as have no property in mind as of yet.

Also one section it asks "Have you ever had a loan or made a previous
application to any other lending agency? If yes please give details"
Do i have to put things like old car loans here. I'm not entirely sure what they need here.

I was told by my council you can put "To be confirmed" for solicitor,valuator details .For the loan amount I was told to put "maximum amount" .
The question regarding previous loan details,I thought they are asking about previous housing loans ? .But correct me I am wrong.

RmIre90 · 07-04-2021 8:38am

I was told by my council for insufficient loan offers ,the online calculators from banks are enough. Do I still have to fill in Appendix 3 of the application which is asking for bank address,contact details etc ?

3283winnie · 07-04-2021 9:28am

Batattackrat wrote: »

Do you need to give a solicitors details and valuator when applying? I was just going to put max allowed for the loan amount as have no property in mind as of yet.

Also one section it asks "Have you ever had a loan or made a previous
application to any other lending agency? If yes please give details"
Do i have to put things like old car loans here. I'm not entirely sure what they need here.

I recently applied to sdcc and put maximum amount for the loan they sent my pack back out and told me I had to use the online calculator and put a figure in the box some people were ok putting maximum but of course mine was arkward .

mtoutlemonde · 07-04-2021 4:02pm

Hi there, for those of you not accepted to the Utmost MPI scheme - where did you source your insurance?

Auld Jim Halpin · 07-04-2021 5:27pm

Hello All,

I believe that after 5 years you have the option of selling the property that you purchased.

I don't see myself having to do this, however can anyone confirm this and provide a link or say where/what document this fact is stated for reference please?

Many Thanks,
Jim

diceyreilly · 07-04-2021 8:49pm

RmIre90 wrote: »

I was told by my council for insufficient loan offers ,the online calculators from banks are enough. Do I still have to fill in Appendix 3 of the application which is asking for bank address,contact details etc ?

No just attach the online calculation

08-04-2021 2:44am

Hi everyone!
Great three, I actually read it from the start too so congrats to all of you who managed to get through it all!
I have a question since I’m thinking on applying for a self build. Does anyone know if I can include the site purchase in the loan amount? It’d be much handier to do mortgage+deposit+HTB for new build in the one lot and be done with it.
Also, re shift allowances, bonuses etc, does it go solely by the p60 from say 2020 or does it go by the salary cert?
Any info would be greatly appreciated!

3283winnie · 08-04-2021 9:31am

[Deleted User] wrote: »

Hi everyone!
Great three, I actually read it from the start too so congrats to all of you who managed to get through it all!
I have a question since I’m thinking on applying for a self build. Does anyone know if I can include the site purchase in the loan amount? It’d be much handier to do mortgage+deposit+HTB for new build in the one lot and be done with it.
Also, re shift allowances, bonuses etc, does it go solely by the p60 from say 2020 or does it go by the salary cert?
Any info would be greatly appreciated!

From what I was told it goes on salary cert and bonuses and shift allowances are giving a certain % onto there calculations well that's what sdcc have told me when I asked about overtime hope this helps with that part sorry I can't help about the self build side as I'm not doing self build best of luck

rob316 · 08-04-2021 9:35am

Does anyone know if they take social welfare into account for income, in particular carers allowance?

08-04-2021 12:19pm

3283winnie wrote: »

From what I was told it goes on salary cert and bonuses and shift allowances are giving a certain % onto there calculations well that's what sdcc have told me when I asked about overtime hope this helps with that part sorry I can't help about the self build side as I'm not doing self build best of luck

Thank you for this! Maybe I will get lucky and a self builder will come along too.

android1 · 08-04-2021 12:40pm

Unfortunately they don't take carers allowance into account.

rob316 wrote: »

Does anyone know if they take social welfare into account for income, in particular carers allowance?

pearsebhoy wrote: »

We have a very large deposit sorted anyway, so I don’t see it being an issue without us getting a gift. The issue I do see is they don’t accept carers allowance, which is a long term social welfare payment even though they say it’s not, so we’ll only be going off my salary. I’ve used to calculator on their website and it comes to €132k. That’s using my base salary without overtime. That’s best case scenario as well, which is not enough to purchase a house in our area. Not even close.

rob316 · 08-04-2021 5:35pm

^

That really is a pile of bollox, most banks will accept carers. It's a long term payment that my partner will be getting for atleast 6 more years, its more secure than any salary job!

newboard · 11-04-2021 12:55pm

Hi all, I have a couple of questions it'd be great to get help with;

First question;

I'm self employed, and was talking to an advisor from PTSB who told me that;

a) they look at 2 years worth of accounts, I had thought banks looked at 3 years.

and

b) If you own 100% of the company, which I do, then they consider the business's annual profit as available salary. This was a brilliant surprise as I did not think this was the case at all.

I pay myself 50k/year so just on the line for the scheme. Do my profits push me beyond that, and if so can I qualify for Rebuilding Ireland at a higher mortgage amount if PTSB are allowing me to use the profits as part of my total earnings? e.g if the profits were 10k and salary 50k, and PTSB will assess my earnings as 60k.

Second question;

At what point is it better to earn more and rule yourself out of the scheme? If I had the opportunity to earn 55k for example, am I better off keeping the salary lower so that I can qualify or should I just go ahead and look at the HTB instead?

Thanks very much

nice1guy · 11-04-2021 9:43pm

I have recently seen a comment in another thread claiming that you have to pay legal fees for the council's solicitor. Does anyone know if this is true, as we are in the final stage of purchasing a house and have not been informed of this by our council?

Mbourke91 · 11-04-2021 9:58pm

nice1guy wrote: »

I have recently seen a comment in another thread claiming that you have to pay legal fees for the council's solicitor. Does anyone know if this is true, as we are in the final stage of purchasing a house and have not been informed of this by our council?

I read this too and checked with Meath co co and they confirmed I do have to pay for their solicitors fees. I think it depends on the council though.

123VOTF500 · 12-04-2021 10:13pm

Hi Everyone

Just looking for some guidance on our mortgage journey

Myself and my fiancé have a large deposit saved (over 10% roughly) but stupidly only recently decided to open a savings account (the savings are in our current account).

Will we have to have 12 months of savings in our savings account, or would 6 months suffice? I read something about having to have 3% in savings, which would be about 6 months for us.

We will also be gifted a sum of money, kindly. Again I read that gifts can be around 7%. Anyone had any experience of this? I know its best to declare this and have paper work to say it's a gift.

Finally, both myself and my partner work in public sector jobs. He has passed his probation period and is permanent. I have recently accepted a permanent job but will be on probation for a year. I have 2-3 years work experience in the public sector in a temporary capacity but work in a very employable area at present. I imagine this will still be an issue?

Any advice appreciated.

rob316 · 13-04-2021 11:26am

123VOTF500 wrote: »

Hi Everyone

Just looking for some guidance on our mortgage journey

Myself and my fiancé have a large deposit saved (over 10% roughly) but stupidly only recently decided to open a savings account (the savings are in our current account).

Will we have to have 12 months of savings in our savings account, or would 6 months suffice? I read something about having to have 3% in savings, which would be about 6 months for us.

We will also be gifted a sum of money, kindly. Again I read that gifts can be around 7%. Anyone had any experience of this? I know its best to declare this and have paper work to say it's a gift.

Finally, both myself and my partner work in public sector jobs. He has passed his probation period and is permanent. I have recently accepted a permanent job but will be on probation for a year. I have 2-3 years work experience in the public sector in a temporary capacity but work in a very employable area at present. I imagine this will still be an issue?

Any advice appreciated.

Friend of mine was on a probation for 9 months in a new job, he and his partner applied about 4 months in and he was shot down, as soon as it was over he got approved. I don't think you'll be successful in a probation period.

Antho12 · 13-04-2021 12:32pm

123VOTF500 wrote: »

Hi Everyone

Just looking for some guidance on our mortgage journey

Myself and my fiancé have a large deposit saved (over 10% roughly) but stupidly only recently decided to open a savings account (the savings are in our current account).

Will we have to have 12 months of savings in our savings account, or would 6 months suffice? I read something about having to have 3% in savings, which would be about 6 months for us.

We will also be gifted a sum of money, kindly. Again I read that gifts can be around 7%. Anyone had any experience of this? I know its best to declare this and have paper work to say it's a gift.

Finally, both myself and my partner work in public sector jobs. He has passed his probation period and is permanent. I have recently accepted a permanent job but will be on probation for a year. I have 2-3 years work experience in the public sector in a temporary capacity but work in a very employable area at present. I imagine this will still be an issue?

Any advice appreciated.

It might be best to wait for your probation to be over since you’ll have your savings account for about a year by that time. The gift amount I used towards my property was over 7% and it wasn’t an issue, you have to provide gift letters though, I used the template from the AIB site. I’m with DCC but things might be different depending on where you apply, that’s why it’s always best to check with your council beforehand. Good luck

My Back Pages · 13-04-2021 1:19pm

Hi all,

Just wondering if anyone has tried to draw down or drawn down with Dublin City Council and had issues with EWSS? With the council looking for confirmation that your employer is not on it or anything like that?

We have AIP from DCC but my wife works in childcare and so we're worried about this coming up as a final (crushing) blow if/when we get to the last step

My Back Pages · 13-04-2021 1:26pm

nice1guy wrote: »

I have recently seen a comment in another thread claiming that you have to pay legal fees for the council's solicitor. Does anyone know if this is true, as we are in the final stage of purchasing a house and have not been informed of this by our council?

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?

Mbourke91 wrote: »

I read this too and checked with Meath co co and they confirmed I do have to pay for their solicitors fees. I think it depends on the council though.

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

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.

Rebuilding Ireland home loan

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