Rebuilding Ireland home loan

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 can't find it in the credit policy (which is available here - http://rebuildingirelandhomeloan.ie/uploads/files/RIHL%20Redacted%20Credit%20Policy%20-%20Final.pdf) but I am pretty sure the income ratio for this scheme is 30%.

gandalfio wrote: »

It's redacted in the policy for some reason. But RBI themselves have said clearly that it's 35%.
We've challenged it anyway along with one other issue they definitely made a mistake on. And they've agreed to send it back to the underwriters for a full review. Saving us the hassle of appealing or reapplying.

Best Of Luck , Ours went back aswel , Council said it was underwriters mistake so it is back now and waiting to go credit committee, so fingers crossed for both.

Does anyone know how long it takes at the underwriters?

And does anyone have a non-redacted copy of the credit policy?

I never thought it would be this stressful and this ambiguous

gandalfio wrote: »

Ours was 8 weeks.
We were sent the redacted policy by RBI themselves.
Yes it's very ambiguous. They've made a few mistakes with ours from the beginning. Misinterpreting and misreading very basic facts and figures. The back and forth is frustrating.

Oh that is so frustrating, we are 4 weeks waiting since it went back , was 8 weeks prior for the first time.

Lauren52 wrote: »

Can I ask, has everyone had a meeting either in person / by phone to go through application before it was sent to underwriters?

Or have some put application in and had nothing untill notified of decision?

I emailed the application back in June, I had no contact at all up until yesterday when they called for clarification regarding my savings.. Before Covid you could make an appointment with your local authority, they would review and ensure you had all the relevant documentation. I was told in June that they are no longer doing this.

Cheesepuffs wrote: »

Hi,

Does anyone know how long it takes for the council to get the cheque from the day they requested it

Cheesepuffs

Mine is down to be issued next Thursday so I'm assuming its the standard 5 working days for it to clear. I imagine my funds will be in my solicitors account by the 5th or 6th of November. Dont have a closing date yet though I have informed the estate agent the cheque is being issued.

navan21 wrote: »

Hi just at the very start of the process of saving. My partner is the only one earning. I am at home with he children. If we save every month into my credit union does it matter? Or does his name need to be on the saving account that we are saving into?thanks

If you are applying as a joint application it does not matter. My husband earns more than me and all savings goes into my savings account.

Hello, I’m just starting the process and applying with 2 applicants and was just wondering if anyone has gotten approved with one person on a 1 year fixed term contract? I have a permanent position but my partner has a 1 year fixed contract- which should be renewed. We are going with SDCC. Thank you!

Hi,

Can anyone help. As far as I remember, I had to put a house value on the RIHL application form. The problem is, house prices have since increased in my area.
I asked for the maximum possible but will they just offer 90% of the house value which I provided?

I hope this makes sense.

Thank you

BKWDR wrote: »

How much you can borrow depends on your earnings, current debt and age

The 90% relates only to the maximum they can lend relative to the house price and central bank regulations

You can leave house value blank

I filled it out about 5 months ago and put a house value down although now prices have increased hy about €20k-€30k. Didn’t realise I could have left it blank

BKWDR wrote: »

You are not committed to the house you put on the form. You are only tied to the loan amount.

You get loan approval in principle first. Then when you have found a house within the price range of the loan amount and your deposit,you go sale agreed.

You have to pay 10% of this property price yourself by way of deposit. The max that can be funded by the loan is 90%,by law.

Whatever the max loan amount you get, that represents the 90%

Ie. You get approved for 100,000e.

You find a property for 100,000e

You have to pay 10,000e deposit out of your savings

The remaining 90,000e is funded by way of the loan

You will also have to pay for legal fees 2k approx and pay for survey report

Thank you for that! That’s great. Once I’m not held to the house value noted on the application form i’ll be happy! Deposit and legal fees all sorted just need the loan now.

ABCD_1234 wrote: »

Thank you for that! That’s great. Once I’m not held to the house value noted on the application form i’ll be happy! Deposit and legal fees all sorted just need the loan now.

I had originally applied with a value of about 150k with the hope of getting 141k as my loan amount so I could go a bit over the 150k. I got approved for the 141k but am now buying for 175k. The difference is being made up by my savings. They don't mind you adding to the mortgage amount as long as you can show where the extra money is coming from and that the sale price doesnt exceed the county limit.

Gael23 wrote: »

Are bonus payments or even part of them counted?

Once they are guaranteed they will be counted (that’s what I was told)

ABCD_1234 wrote: »

I had put a house value of €220k on the form and looked for €200k loan but no the house prices have increased i’m wondering if they’ll hold me to the original €220k.. hopefully not 🙈

What does the calculator say you can get? Mine worked out at 141800 on the calculator and I got 141300. Different councils seem to do it different too.

Hey guys, waiting for approval at the mo, I believe my application came back from the underwriters and is waiting to go to the credit committee. They asked me for a couple of extra documents, which I've now provided (namely proof of full deposit funding showing in my account - before I had submitted a gift letter, but they wanted to see the money actually in my account), which I've now sent off. They said they don't need anything else from me at this stage, so I'm just waiting to hear back after whenever the credit committee meeting is (DCC).

Question is, does this bode well for my application? I don't want to get my hopes up, but I'm hoping the fact I wasn't rejected by the underwriters is a good sign. What do the credit committee look for, and is it common to get rejected at that stage?

Another question I have is about the 6 month time limit, if I get approved - is that 6 months to draw down or 6 months to sale agreed? I'm concerned that doesn't give a lot of time for house hunting and solicitors etc if it's 6 months to draw down, especially with Christmas in the mix.

Also, do they ask for any additional documentation etc at the draw down stage or is all the assessment done at the approval stage?

Thanks!

jessimirish wrote: »

Hey guys, waiting for approval at the mo, I believe my application came back from the underwriters and is waiting to go to the credit committee. They asked me for a couple of extra documents, which I've now provided (namely proof of full deposit funding showing in my account - before I had submitted a gift letter, but they wanted to see the money actually in my account), which I've now sent off. They said they don't need anything else from me at this stage, so I'm just waiting to hear back after whenever the credit committee meeting is (DCC).

Question is, does this bode well for my application? I don't want to get my hopes up, but I'm hoping the fact I wasn't rejected by the underwriters is a good sign. What do the credit committee look for, and is it common to get rejected at that stage?

Another question I have is about the 6 month time limit, if I get approved - is that 6 months to draw down or 6 months to sale agreed? I'm concerned that doesn't give a lot of time for house hunting and solicitors etc if it's 6 months to draw down, especially with Christmas in the mix.

Also, do they ask for any additional documentation etc at the draw down stage or is all the assessment done at the approval stage?

Thanks!

I got an extension at the end of my 6 months because of covid but once I went sale agreed the clock essentially stopped. As long as drawn down isnt months and months away they wont stick to the six months. Some people are able to buy new houses with this scheme and they could be waiting a year or more for it to be built.

jessimirish wrote: »

Hey guys, waiting for approval at the mo, I believe my application came back from the underwriters and is waiting to go to the credit committee. They asked me for a couple of extra documents, which I've now provided (namely proof of full deposit funding showing in my account - before I had submitted a gift letter, but they wanted to see the money actually in my account), which I've now sent off. They said they don't need anything else from me at this stage, so I'm just waiting to hear back after whenever the credit committee meeting is (DCC).

Question is, does this bode well for my application? I don't want to get my hopes up, but I'm hoping the fact I wasn't rejected by the underwriters is a good sign. What do the credit committee look for, and is it common to get rejected at that stage?

Another question I have is about the 6 month time limit, if I get approved - is that 6 months to draw down or 6 months to sale agreed? I'm concerned that doesn't give a lot of time for house hunting and solicitors etc if it's 6 months to draw down, especially with Christmas in the mix.

Also, do they ask for any additional documentation etc at the draw down stage or is all the assessment done at the approval stage?

Thanks!

Thats amazing! When you say they asked for proof of full deposit, was that not in the statements you sent originally? Just asking as our deposit is in the statements we sent.
Also which extra documents did they ask for?
I would say now its gone to the credit committee it looks positive!

Hi Im just filling the application form now, it asks for details of the house to be mortgaged. Is this not going in reverse order? i.e i submit the details of a house i like by the time i get a approval that house could be long gone. Am I misunderstanding here?

Bitconfused wrote: »

Hi Im just filling the application form now, it asks for details of the house to be mortgaged. Is this not going in reverse order? i.e i submit the details of a house i like by the time i get a approval that house could be long gone. Am I misunderstanding here?

I was told to just put in the general area you are looking in, for me it was south Louth as I hadnt picked a particular part.

jill_valentine wrote: »

They've been very odd about this in a way that makes me think it comes down to the individual guy looking at my app. I phoned when they first requested this and confirmed with a lady over the phone Salary Cert would serve the purpose. Had to phone again for follow up when I received no docs to enquire, and was told by the chap I'm mostly dealing with I'd need this specific letter to say I'd never be in receipt of the Covid subsidy. HR, being the HR, don't commit to anything in perpetuity even though there's no chance at all I will be, so getting anything to that effect on paper was a massive song and dance.

Have forwarded them the mails I got from HR, if that's no good I'll do as you suggest, that's a good idea. His issue is that it looks to him like the sig has been copy and pasted I think, but that's just the format of our HR stuff because the body of the letter is digital with a scan of an analog signature. I'd be very surprised if they haven't seen that before?

Sorry to hear this, sounds like a nightmare! I've worked for big companies in the past so know how hard it can be to get anything non-standard. I'd also advise getting them to call.

Can I ask, at what stage did they ask for this? Was it after your application went to the credit committee, or before? I'm concerned the same thing might happen to me so might start preparing just in case.

jill_valentine wrote: »

This is after the app came back from the Credit Committee, I've already been told by mail I've been approved, but they won't actually send out my documents until they're happy with this. I'm worried this is running down the clock on how long I'll have Approval for, too, but I don't know.

Forwarded him my HR's contact details and asked him to get in touch to verify, he just came back repeating the question about why it's not signed.

That’s infuriating! Can you ask him to call you and actually talk to him? And if you get nowhere ask for him manager!! Good luck.

Jafin wrote: »

Question about structural surveys for anyone who has gone through all this already. I got my structural survey report last Friday and sent it off to the council. I've looked through it myself and there is a system of three colours: Green for no repairs needed, Amber for defects needing repair or replacement but not considered urgent and Red for defects which should be addressed to avoid degradation of the property. Almost everything was Green, a few Amber and no Red thankfully. Off the top of my head two of the Amber ones were that there was poor ventilation in some areas and that the engineer recommended to replace some of the doors with fire doors as the ones there currently do not meet building regulations.

My question is will the council force any of these things to be done before letting me draw down the money? I'm sure I'm worrying for nothing, but I'm so close to getting everything finished I'm just panicking about anything that might cause a delay.

Our solicitor said the report was just for ourselves. We won’t be getting half of the items done