Rebuilding Ireland home loan

lauraITT wrote: »

3 weeks ago I was told valuation and engineers report were approved and that my solicitor would receive a loan pack in 'due course'. I got my solicitor to ring kcc legal department and they said nothing had been sent to them. She kindly looked into it and says that it is still awaiting 'sign off' which 'may' happen early next week.

Has anyone else dealt with that, it has been 3 weeks and still not even with legal. I keep ringing and emailing and nobody will take ownership and are constantly out of the office. I am at boiling point, feel like maybe I should go to the council and sit there till someone actually does something.

I feel the same, sick of it at this stage

Met Council today re RIHL. They told me I needed life insurance. I have twice applied for life insurance but been denied. Ulster Bank will accept the refusal from life insurers but will not give us the amount we need (few grand short and way higher interest rate). AIB and BOI would not accept my Invalidity Pension payment as income. We have the means to make repayments and a deposit on a house. Gutted.

Milenauno wrote: »

I would suggest to apply for RIHL adding all supporting proofs of savings, regular savings, ability to repay. We have been refused for 2 years from all banks and now we are nearly there with RIFL, signed sales contracts on Wednesday and waiting to close.

It’s on the medical side of things that we are likely to fail. My consultants all tell me that in their medical opinion my illness will not get the better of me but they won’t put that in writing. Insurers won’t give me life insurance without confirmation from a Consultant and even if they did it would most likely result in a highly weighted premium. I have a physical disability and must live in a bungalow, meaning higher house price. No win situation.

It’s a real pain. My consultants express their confidence to me that this illness (benign growth) will not comeback and I have had no reoccurrence in ten years, it is effectively dead but still present. If I had had cancer and been clear for the same length of time I am lead to believe that I would be able to obtain insurance.

I think that if you don’t have life insurance when applying for RIHL you have to use their insurer, cannot remember the name of the insurer the Council mentioned.

I had a deposit on a house 15 years ago and applied through Permanent TSB, was refused life insurance but they accepted the refusal. Sale didn’t go through in the end so didn’t draw down mortgage.

Niallfarrell11 wrote: »

Has anyone had an issue with offering extra on the purchase over €320,000? As in offering an extra €5,000 for contents?

Is this a second hand house for 325k where you're trying to split the costs in 2 so it meets the criteria?
Or a new build of 320k where you'll an need an extra 5k for flooring etc?

Shanvp wrote: »

We did this, not had a problem as of yet. As long as the house value (when you get your house valuation done) doesn't exceed 320,000. We just asked the estate agent to invoice us seperately for the extra €5,000, they didn't have a problem with this.

Did you buy newly built house? Were you able to sort everything out within the 6 month mortgage approval term?

Shanvp wrote: »

Yes it's a new build, we are now in the closing stage, just been told by Fingal Co. Council that they need a 3 week notice period before drawdown, which is crazy. But to answer your question, as long as you go sale agreed within the 6 month period, you don't need to worry about getting the keys within that time frame.

Thank you. That's re-assuring. 6 months is a very short time to buy a house. I was worried if buying a new built that has not been finished yet is feasible with RI mortgage.

Shanvp wrote: »

Yes it's a new build, we are now in the closing stage, just been told by Fingal Co. Council that they need a 3 week notice period before drawdown, which is crazy. But to answer your question, as long as you go sale agreed within the 6 month period, you don't need to worry about getting the keys within that time frame.

Wow, i'm in the same position and was expecting we'd have to request an extension to something like 9 months. Already went sale agreed and haven't got the approval in Wicklow CC. And it's a new build too like yourself

How long did it take to get your approval in Fingal out of curiousity?

I presume you mean 175 sq metres and not 175 square foot.


I see this was asked in Dec 2018 and then same user asked why it was limited:
Have a search of the thread and you'll find the below conversation and more by brianmax88, i'd maybe contact him by PM if you can't see the answers.

brianmax88 wrote: »

Any one know why they are limiting the size of the house to 175m2? Like if a bigger house can be bought or built for less than 250000 what difference does it make?

Graham wrote: »

My guess, the scheme is designed to help people that otherwise wouldn't be able to afford a home. It's not designed to subsidise those that would prefer a larger home than they could otherwise afford/finance.

Hi all! Has anyone recently applied to kildare cc for this? Ours in in nearly a month now we've only received our reference number. The back log seems to be quite big for kildare. But was told on the phone thay they were using approved in principle funds that were not drawn down to work through the backlog while awaiting more funding.

Hopefully once the fresh funding is in it speeds it up

Ant_87 wrote: »

Hi all! Has anyone recently applied to kildare cc for this? Ours in in nearly a month now we've only received our reference number. The back log seems to be quite big for kildare. But was told on the phone thay they were using approved in principle funds that were not drawn down to work through the backlog while awaiting more funding.

Hopefully once the fresh funding is in it speeds it up

It took Wicklow CC a month to process ours, but this was due to a change of staff in May so slightly different story i believe.

I'm hoping it speeds up too Best of luck!

Davorell,

We applied to 2 CC's.
Every CC treats you differently. In DLR CC, they wanted us to make an appointment and were very flexible but they also have a bigger team to support this.

In Wicklow, they said we could make an appointment but it'll be a few weeks before we'll get seen.
We had a few questions to clear up, but in the end we left the application there without an appointment.
Application came back to us when she reviewed it by post and I drove down again to deliver it with what I thought was the best way to answer it, my confusion was exactly the figures as to eligible amount.

We didn't trust the post as a method of delivery, we preferred to deliver it into their hands directly.

Davorell wrote: »

Can I ask, did you guys - kbman, Ant_87 or anybody else,
Did you wait for an appointment, to make the submission or did you just make the submission through post or other means?

We just dropped the application into kcc. Like the others have said. Didn't want a postal delay to add to the delay there already is!

Ant_87 wrote: »

We are the same, we received notice also but to make things worse we were told by the council not to apply in feb as we would need to reapply when funding was available,

Turns out that that was false and the applications received are in a cue ordered by date.

Got offered little apologies from them either.

Thanks Guys,
I guess we better just get it dropped in asap. So only 2 weeks wasted..
its amazing how badly these government backed schemes are implemented in reality from the media blurb they present on TV etc...

kbman wrote: »

Anyone applied to Wicklow recently?
Looking for updates by email and phone.
It looks the Loan Officer has changed there recently, as I got a different voice on answering machine this time.

Anyone know what's going on?
Maybe i'm jumping the gun but I can only presume this will cause additional delays depending on what's happening.

Edit:
So I found out that they were short staffed and increasing staff there to look after RIHL and other areas. Bigger team to take care of the backlog, was how is was described to me

Well that's good news I suppose, hope all CCS do the same

Hi I think I found this information on here before but I can't find it now. Can anyone tell me what is the largest % deposit you can put towards a house with this loan? I have it in my head that it is 30% but I'm not sure? Thanks

Hi all, for those of you who are uncertain about the funding abilities of RIHL please see below quoted letter I received from the Department of Housing threw my Local TD.


Letter dated: 19th September 2019.

“When the Rebuilding Ireland Home Loan (RIHL) scheme was initially being developed, it was estimated that the drawdown of loans would be approximately 200 million over three years. However, the RIHL proved to be more successful than initially anticipated. Officials in this Department began engaging with the Department of Public Expenditure and Reform in October 2018 when higher lending and drawdown volumes were beginning to materialise.

The Minister then informed the Dáil on 29 January 2019 of the scheme's success and of the need for additional funding and indicated that his Department was in discussions with the Department of Public Expenditure and Reform and the Department of Finance with regard to the allocation for 2019.

Following positive engagement with the Minister for Public Expenditure and Reform, the Department received correspondence in July conveying sanction to increase the funding for the scheme by €363 million for the remainder of 2019, bringing the total scheme funding to €563 million.

The Department of Housing, Planning and Local Government wrote to all 31 local authorities on 15 August 2019, advising of their revised allocations for the RIHL, thereby giving them certainty regarding the amount they have available for mortgage lending.”


I hope this information finds you well.
Matt.

Can anyone recommend a good solicitor in Clare thats been through the purchase of a house using the RIHL? Any DMs would be great. TIA

Got rejected in Cork based on insufficient income and savings. Provided over 15 months of savings from both of us accounting to well over mortgage amount and bills. We also earn way less than 75k combined. We had this looked over professionally too

Local TD told me they are rejecting way more now as they gave way too much money at the start of the scheme.

Good luck everyone. Its immigration for us. The scheme was meant to help those who are in the grey area and its clearly failed in our case.

scabo33 wrote: »

Got rejected in Cork based on insufficient income and savings. Provided over 15 months of savings from both of us accounting to well over mortgage amount and bills. We also earn way less than 75k combined. We had this looked over professionally too

Local TD told me they are rejecting way more now as they gave way too much money at the start of the scheme.

Good luck everyone. Its immigration for us. The scheme was meant to help those who are in the grey area and its clearly failed in our case.

Hi scabo33 do you mind me asking what exactly you were refused on? Deposit amount, saving pattern ect.
Seems to be alot refused lately. Ours is in a few weeks now and am waiting Impatiently for word.

Laurazal wrote: »

Congratulations!!! Very happy for you!
Can I ask you if you bought second-hand or a new built and how long was the process from sale agreed to getting the keys?
Thanks!

Hi!! Thank you. I bought a second-hand house. I went sale agreed on the 15 of August, I got the keys on the 28 of September. All three solicitors operated very efficiently. I still can't believe the hassle is over now. All the best with the house purchase to you too!!

DianeMc2018 wrote: »

Hi All. Anyone who has put their application into Kildare CoCo might be interested in this email I received from them this week

"When we met our budget in October 2018 we were instructed by the department the scheme is still open and applications are to be accepted. This in turn has left us with a large back log as we did not process applications for nearly 10 months as funding was not available. We are assessing application up to the end of 2018 at the moment. We do hope to move into 2019 before the end of the year funding providing. I can not say how much funding or how long it will take to get around to your application. "

So basically there is a backlog of 10 months and they are working their way through all the 2018 applications now. Haven't even gotten around to looking at any submitted in 2019 yet. Long wait....

Eesh, that's not good.
The wait time in general is quite slow I find.
And the councils themselves don't seem to be able to provide much information, seems like your application goes into a backlog with Housing Agency and they have no information on where it is in the queue until it's back to them.
This is an impression i have from my dealings with councils and pushing them for information. Anyone else the same?

Hi,

Can someone help me with below:

1) Are people being offered similar amounts to what the online calculator offers them

2) When is the best time to apply for the loan
- When you see property on daft
- Do you bid on a house & go sale agreed
- Do you apply and see amount offered