Rebuilding Ireland home loan

Hello everybody. I just have question. I had some savings on account in different country. What is the best way..to transfer money on my account in Ireland and then do I need to show them some paper...or how is working? Thank you

Hi,

Never realised how stressful this could get. Loosing sleep and sick over this.

Has anybody gone the distance in Cork County?

jessimirish wrote: »

Hi all,

Anyone know if there is likely to be delays with the new restrictions? My application is currently waiting to go to the credit committee (DCC) but not sure when that meeting will be.

There could be some delays but the housing team in DCC are essential workers and have been in the office throughout the restrictions, so they are definitely still working as normally as possible. Hopefully this won't make too much of a difference to them.

I know someone who got approved in March and went sale agreed on a property in August. The council came back with requests for extra documents etc... Loan was waiting to be presented to the Credit Control group for the last few weeks.

Just today they’ve found out that approval has been withdrawn because of the country moving to Level 5. Infuriating. So much time & effort & money put into it & for this to happen because of the council dragging their heals basically. If they met last week or the week before, everything could have been ok.

I don’t see the logic in the decision either. They work in non essential retail, so will be on a wage subsidy for the next 6 weeks. So what? The loan was for 30 years. The €350 a week (the employer might even give a bit more) is easily enough for the repayments which were less than €400 a month. They also have loads of savings. They were not let go from their job & will be back in full employment once lockdown ends. Short sighted decision. Spent over €1k on Engineer, drains & valuation. Not sure what happens with solicitor if sale falls through. All for nothing.

She can apply again 3 months after returning to work but I imagine it’ll have to be from scratch because this house will probably be gone. Chances of getting approval, finding a house, getting everything sorted and getting funds released before the next lockdown are very slim. Anyone in this position can probably kiss goodbye to this scheme until late next year.

Anyone else after getting refused due to Covid?

Got an email today to say the cheque is being released to the councils solicitor next Thursday. I think that means closing in about two weeks. Can't believe I'm nearly at the end of all of this.

laoise6 wrote: »

That’s amazing news - congratulations!! It must be such a huge relief

Its a huge relief. I got approved at the beginning of October 19 and got an extension in April this year but really thought it wasn't gonna happen. I'm sale agreed 13 weeks tomorrow so its actually gone through quite quickly compared to other people. Just can't wait to get my hands on the keys!

Hi folks,

I think some might find this useful. It's basically a simplified/updated version of the checklist you'll find in the form with some notes to clarify some points. I can't take any responsibility for typos or errors, and I might have missed some stuff outside my personal circumstances, but I think it's a lot more straightforward and less daunting than the official guidance, so it could give anybody just getting to work on this a good place to start.

jill_valentine wrote: »

Hi folks,

I think some might find this useful. It's basically a simplified/updated version of the checklist you'll find in the form with some notes to clarify some points. I can't take any responsibility for typos or errors, and I might have missed some stuff outside my personal circumstances, but I think it's a lot more straightforward and less daunting than the official guidance, so it could give anybody just getting to work on this a good place to start.

Thanks for sharing this. Can I just ask, the proof of lump sums, the cover letter and permission for the revenue form - did the council request this or the underwriters?

Has anyone else experienced this?

KH1591 wrote: »

Thats great! At the end where you mention you can apply to up to 4 local authorities, i thought you could just apply to the one county you live in?

Nope. You do need to apply to the local authority in the area you want to buy, so if you're approved in Dublin, you need to be buying in Dublin - but there's no requirement to live in the area already.

What that means is that somebody who wants to live within reach of Dublin eg for work could theoretically apply to DCC, Kildare, Meath and Wicklow, although they'd want to be gluttons for punishment... :pac:

One thing I will note is that from observing this thread, different councils have radically different characters when it comes to Rebuilding Ireland applications. Both Kildare and Cork seem to be consistently f*cking awful to deal with. By comparison I've found DCC brilliant.

laoise6 wrote: »

Thanks for sharing this. Can I just ask, the proof of lump sums, the cover letter and permission for the revenue form - did the council request this or the underwriters?

Has anyone else experienced this?

So, about the cover letter I mention here - I put together the checklist based on changes to the process that have cropped up since Covid and aren't reflected in the official checklist, so it's for the councils' benefit.

Think of it this way. Under normal circumstances you're meant to submit your application in person to the council, and one of their staff would go through it page by page with you and can get you to clarify, elaborate or tweak what needs to be tweaked as you go.

Obviously though, post Covid, that's not really a runner, and that can make things a substantially messier if they need to follow up on anything. Something which is a 2 second question face-to-face could mean a five day phone call/email/letter carousel when it's a posted application, and we want to avoid that at all costs.

The cover letter is not technically requested in the application, or by the council but because - thanks to Covid - we're not sitting down with whoever is doing the first pass on the app, we want to give them anything they might possibly ask for if we were, just in case. The goal with it is to head off any possible enquiries about your application paperwork before they happen. We want our application to leave them with absolutely no possible reason to query anything or cause any delays, so that includes anything else you can think of that might be relevant I've overlooked - err on the side of caution.

It doesn't have to be anything too formal, don't worry about that - it's just a means to get the information to whoever is going through your application.

In relation to your specific questions, I used my cover letter to cover a few bases here, so -

1) The permission for the revenue form - Under normal circumstances, you have to go to revenue offices to request they send you out a HPL1 form, and then post it in along with your application. This requirement is suspended currently due to Covid - instead, they require you to give them permission to get the information/the form themselves - https://rebuildingireland.ie/news/covid-19-notice-hpl1-form-temporary-process/

I just wrote a quick line in my letter saying I granted them permission to obtain any revenue information they needed in lieu of a HPL1, by whatever means.

2) The proof of lump sums - I can only really speak to my own experience on this one, and actually you've reminded me of something I'm kicking myself I forgot to include.

I had a lump sum going into my account very early on in my set of bank statements. It was a gift from my parents towards the deposit, but because it was comfortably below the 70% percent threshold it hadn't occurred to me they'd question it. They did - I got a phone call from the DCC the day they received my app in the post requesting an explanation. They had no problem with the explanation, but did need a gift letter from my parents relinquishing any claim on the money and any property bought with it. This was the only issue with my app when it went in - so as soon as I provided it, it got the Council's blessing to head on to the underwriters without any other follow up required.

I was very, very lucky because I was able to get this letter and email a scan of it in to them within the same day. I have a nasty feeling though that some of the messier councils would not be so accommodating or quick about coming back to me, so be warned.

Now to my annoying oversight -


Gift Letter - If a chunk of your deposit is coming from a gift, you need a signed letter from whoever gave it to you stating something like "This sum of money is a gift and will not be repayable at any time. We would also like to waive any interest in the property on foot of making the gift."

gandalfio wrote: »

We were rejected by Fingal on the grounds that our net income ratio is outside of the policy.
But have just received this in an email form RBI themselves.

'The Net Income Ratio is not a 'qualifier' for the scheme.

There is no set percentage for Net Income Ratio. An applicant's NDI ratio is calculated from the annual repayments on all loans, including the current application, and any maintenance payments, as a % of their Net Disposable Income. The maximum ratio permitted is 35%. This means that loan repayments in total cannot exceed 35% of a borrower's after-tax monthly income'.

I've calculated our ratio to be less than 35%. Can't understand why they came to this decision. We've no loans, never paid a cent in interest on the credit card, no maintenance etc.
Has anyone else experienced similar?

Hi ,

I have a feeling that we will be in the same boat as You. We looked for 225 when applying (1st application), when the council finally went to the underwriters (updated application - we asked for max for our income) they looked for 260 , we are awaiting decision, however, I am not positive as I think 260 is to much.

Salanky wrote: »

Got an email today to say the cheque is being released to the councils solicitor next Thursday. I think that means closing in about two weeks. Can't believe I'm nearly at the end of all of this.

Congrats

Heads up - after initially telling me a Salary Cert would be sufficient for "Proof of Continuation of Employment" to confirm my AIP, DCC just rang me to say otherwise, that I'll need a signed letter on headed paper from my company. I will update the above advice when I get home this evening.

gandalfio wrote: »

It's quite confusing as we applied for the 288, but have calculated that we are below the 35%. But maybe Fingal have their own % rate rule and it is below 35%.

The quote You put in your previous post - was that from the council?
If so they are saying 35%
Also that it is after tax , banks calculate it to be from gross not net. So the council are going off of net?

When I calculate ours using gross (basic) 35% is €1,312
Repayments on €260,000 is €1,100 + the insurance etc it should be ok. As they are going off net income could be an entirely different scenario , I'll be fuming if this is the case as we do not need the 260 but in order to ask for less we have to reapply 😥

I will post in if we are approved.
You should appeal as if you are below the 35% then the reason they are rejecting application is not right?

KH1591 wrote: »

Thanks for the heads up! I might request the same myself ahead of time

Yeah I'll come back with further advice on it when I have a bit more clarity myself.

I think the gist is mostly to confirm the applicant isn't on the Covid payment, so be mindful of dates if you're requesting ahead of time, it needs to be current.

gandalfio wrote: »

No, the quote is from the RBI people themselves. Via their contact us by email. From my understanding, it's the % of your net monthly income, so after tax, prsi, pensions and any debts.
We are definitely below the 35%, but only just. So maybe the local authorities have their own ratios which are below 35.
Yes, it's very frustrating that they make you apply again instead of just approving people for the maximum amount they are eligible for. I have since been told that we should have written 'maximum allowable' instead of a specific figure.

I would still query it. Ask them to send You their calculations for refusal as when You calculate You are under. I wouldnt just let it go. For us it is going on 15mts since we applied so applying again is not just 12 weeks wait.

I hope You get somewhere.