Rebuilding Ireland home loan

KH1591 · 11-10-2020 8:16pm

Sineead wrote: »

I have asked and their response was your employer must not be recieving a government subsidy for 3 continuous months before it was possible to draw down the mortgage. She said it was a new directive from their department. Just wondering if anyone was in the same boat.

Are the just asking for a letter from your employer stating this? Maybe your place of work could give you a letter to cover you! Everyone is on some sort of scheme so that's ridiculous

BKWDR · 11-10-2020 9:57pm

KH1591 wrote: »

Ok perfect, we wont need to draw down until next year so I'll have to ask my employment ahead of time

Just check incase you will have to reapply to the scheme depending on how long you have been approved in principle or have final approval

KH1591 · 11-10-2020 10:10pm

BKWDR wrote: »

Just check incase you will have to reapply to the scheme depending on how long you have been approved in principle or have final approval

I will thank you, have you been approved yet?

Jafin · 12-10-2020 10:29am

valarmorghulis wrote: »

Hi all,

Does anyone have any idea if the new scheme to be introduced will be in anyway related to the RBI loan.

I have to say I find it unfair ,anyone who got the loan Jan 18-Dec 19 gets 2% and anyone from Jan 20 on has to pay 2.75%, meaning thousands extra in interest.

Currently AIB & KBC have 2.3% loans, so can anyone clarify what the benefit of this scheme anymore, e.g. is it just 4.5 times salary vs 3.5 times.

Obviously the MPI is extortionate compared to other providers so in a way its like a tax for covering the almost certain incidence of people who will default on this loan, and would never have been approved by the banks.

I also see that people were able to avail of a 9 month break with no interest charged during the break. (Currently paying €1,000 a month in rent, must say I cant wait to get the loan, if thats the case)

"The mortgage payment break has since been extended twice for people continuing to face difficulties, allowing you to take up to 3 payment breaks totalling 9 months. You can apply for a payment break up until the 31 December 2020.

The original home loan balance will not be affected by the payment break, as interest will not be charged during the break. The term of the loan will also remain unchanged."

https://www.citizensinformation.ie/en/housing/owning_a_home/help_with_buying_a_home/local_authority_mortgages.html

I would be interested to know what people think of the current state of the RBI loan.

The main benefit of this scheme is that you can get more than a bank will give you and the interest rates are fixed for the entire duration of the mortgage, so you basically know up front exactly how much you will be paying every month until you have paid off the mortgage.

Those AIB and KBC mortgage rates of 2.3% - are they for life or for a fixed number of years? I would imaging they're for a fixed number of years and then you move on to a variable rate. I haven't seen any banks offering a fixed rate for the entire term of the mortgage before (but that being said I haven't looked at any bank rates since last year). If they are only for a fixed number of years then you would likely be better off on the RIHL scheme overall if you can get more money, if you need it.

estabon · 12-10-2020 7:13pm

On the application form it says all documents must be submitted dated within 4 weeks. Does anyone know if they are strict on this timeline as I've one of the bank letters dated Sept and will just get the rest of the docs sorted maybe at the end of this month hopefully things taking longer due to covid.

aidan364 · 13-10-2020 9:10am

Hi All,

Myself and and my partner are about to go through the process. Like many of you the offer of credit from other mortgage lenders is just not adequate enough to purchase a home without an outrageously large cash deposit to back it up. between us we earn 60k and the online calculators on many banks websites suggest they will lend us up to a maximum of 217k (which i believe is an acceptable form of proof for insufficient funding offer, has anyone else used this as proof?).

While I know everyone will have a different experience with the scheme, and what a local authority is willing to offer you is based on many different factors, what was the ball park figure you were offered for a loan? I am not expecting to receive an offer of the full 288k but would like an idea of what other people on similar salaries were offered. Just to give us a bit of hope.

I hope everyone going through the process at the minute gets what they need from it.

Cheers

jill_valentine · 13-10-2020 9:52am

Aidan - I used the online calculators for applying through the Dublin City Council, I've heard other councils can be a bit more finicky though, you might want to check with them.

Folks, I've been asked for "Confirmation of Continuation of Employment" from my employer, does anyone know if an up to date Salary Cert would be accepted for this? My managers are all working from home so it's not easy to get anything more specific.

KH1591 · 13-10-2020 10:05am

aidan364 wrote: »

Hi All,

Myself and and my partner are about to go through the process. Like many of you the offer of credit from other mortgage lenders is just not adequate enough to purchase a home without an outrageously large cash deposit to back it up. between us we earn 60k and the online calculators on many banks websites suggest they will lend us up to a maximum of 217k (which i believe is an acceptable form of proof for insufficient funding offer, has anyone else used this as proof?).

While I know everyone will have a different experience with the scheme, and what a local authority is willing to offer you is based on many different factors, what was the ball park figure you were offered for a loan? I am not expecting to receive an offer of the full 288k but would like an idea of what other people on similar salaries were offered. Just to give us a bit of hope.

I hope everyone going through the process at the minute gets what they need from it.

Cheers

Hi, we were told a screenshot of the mortgage calculators will be proof enough as the banks are making it difficult to get a proper refusal letter

I've also been told the mortgage calculator on the Rebuilding Ireland website is meant to be quite accurate but everyone is different.
Best of luck with your application!

BKWDR · 13-10-2020 10:51am

aidan364 wrote: »

Hi All,

Myself and and my partner are about to go through the process. Like many of you the offer of credit from other mortgage lenders is just not adequate enough to purchase a home without an outrageously large cash deposit to back it up. between us we earn 60k and the online calculators on many banks websites suggest they will lend us up to a maximum of 217k (which i believe is an acceptable form of proof for insufficient funding offer, has anyone else used this as proof?).

While I know everyone will have a different experience with the scheme, and what a local authority is willing to offer you is based on many different factors, what was the ball park figure you were offered for a loan? I am not expecting to receive an offer of the full 288k but would like an idea of what other people on similar salaries were offered. Just to give us a bit of hope.

I hope everyone going through the process at the minute gets what they need from it.

Cheers

Use the calculator onthe RIHL site. That is the true guide. Outside of that, it comes down to a few things, how your 60k is made up. Is it base salary? is it overtime? is it commision? These are all factored differently and are not represented on the RIHL calc.
Have you loans or credit card debt? This will alter your borrowing amount.
Your age can affect the amount, by altering the affordability etc.

These are the only ways the calculator can change in what you can borrow

ABCD_1234 · 13-10-2020 12:28pm

Does anyone happen to know how ofter the SDCC credit committee sit? Thank you.

Lauren52 · 13-10-2020 1:26pm

Hi Aidan364

When we applied first in Sept 2019 we had refusal letters from 2 banks , In June of this year they looked for an updated application as they were only getting to our Application then. At this point I just put in print outs from both TSB and EBS you can download them after inputting details. They then went ahead in September to underwriters so I would say this will be ok for You. (We applied for Kildare)

As for the online Calculator for RIHL , what the council have calculated based on our earnings is a lot more than what the online Calculator stated, however , we have not got approval on this yet so the council could be wrong in their calculations. (I HOPE NOT AS IF ITS A NO AFTER 14MTS WE WILL BE DEVASTATED)

Lauren52 · 13-10-2020 1:28pm

Hi Does anyone know what date Kildare Credit committee meet each month?

KH1591 · 13-10-2020 2:07pm

Lauren52 wrote: »

Hi Does anyone know what date Kildare Credit committee meet each month?

We've been told they meet when necessary! Its not once a month on the dot they told me

laoise6 · 13-10-2020 2:32pm

jill_valentine wrote: »

Aidan - I used the online calculators for applying through the Dublin City Council, I've heard other councils can be a bit more finicky though, you might want to check with them.

Folks, I've been asked for "Confirmation of Continuation of Employment" from my employer, does anyone know if an up to date Salary Cert would be accepted for this? My managers are all working from home so it's not easy to get anything more specific.

Could you send them your most recent payslips?

laoise6 · 13-10-2020 2:33pm

KH1591 wrote: »

We've been told they meet when necessary! Its not once a month on the dot they told me

Do you think this is the same with all councils?

Do all the applications go to the same underwriters?

BKWDR · 13-10-2020 3:16pm

laoise6 wrote: »

Do you think this is the same with all councils?

Do all the applications go to the same underwriters?

Would depend on the level of business they put through on how frequent they sit.

All applications go to the Housing Agency Underwriters in Dublin

NM2020 · 13-10-2020 3:17pm

Just got my letter of approval in principle from Fingal coco. Took about 8 weeks rather than 12 like they said

is anyone else in this position?
Do I just start viewing places now?

Also, I was offered 5k more than the calculator... just an FYI for anyone wondering about amounts.

laoise6 · 13-10-2020 3:19pm

NM2020 wrote: »

Just got my letter of approval in principle from Fingal coco. Took about 8 weeks rather than 12 like they said is anyone else in this position?
Do i just start viewing places now?

Congratulations, that’s great news!!

Can I ask was that 8 weeks since applying? Or 8 weeks with the underwriters?

Happy house hunting ðŸ˜ŠðŸ˜Š

NM2020 · 13-10-2020 3:37pm

thank you, it's a big relief

it was 8 weeks from when they received my application. I sent it in to them mid Aug and got my letter today.

Thanks lol i think the house hunting will be hardest part as there's not a lot out there are anything that is is in a biding war!

KH1591 · 13-10-2020 3:37pm

NM2020 wrote: »

Just got my letter of approval in principle from Fingal coco. Took about 8 weeks rather than 12 like they said is anyone else in this position?
Do I just start viewing places now?

Also, I was offered 5k more than the calculator... just an FYI for anyone wondering about amounts.

Congratulations! When did you apply?

NM2020 · 13-10-2020 3:46pm

Thanks, I applied in mid august. as in posted my application so took 8 weeks in total.

Jafin · 13-10-2020 3:49pm

NM2020 wrote: »

thank you, it's a big relief it was 8 weeks from when they received my application. I sent it in to them mid Aug and got my letter today.

Thanks lol i think the house hunting will be hardest part as there's not a lot out there are anything that is is in a biding war!

Only advice I can give for house hunting is to keep the optimism up! I was approved mid July and by the start of September I was feeling very woeful because there was next to nothing coming up. I had resigned myself to possibly having to look further afield than I wanted to and then bam, straight out of nowhere a place came up in the exact small development that I had been hoping for (last time a property was sold there was January 2019) and now I am happily sale agreed in my dream location.

(hoping I didn't just jinx myself :P)

gandalfio · 13-10-2020 6:21pm

Hi,

Is anyone aware of what the maximum net monthly income to monthly mortgage payment ratio is?

estabon · 13-10-2020 8:11pm

Anyone ever apply whilst on maternity benefit? Is it an issue? My wife will be off til Feb but were applying now soon due to necessity.

kenhan2015 · 13-10-2020 9:19pm

dcchouse2020 wrote: »

Hi Everyone,

Long time looking in this thread. Just to say I got my approval in principle letter today from Fingal CC.

Applied mid July 2020, so took about 12 weeks.

Lessons learned,
-Follow the checklist on the application
-Include in your application Employment Summary and P21
- Include Revolut statements
- Council committee meets once a month to sign off on applications that the underwriter has approved

Did they have to come back and ask your for them things after you submitted application? Do you think it would have been quicker than 12 weeks if u had of included them in the first place?

Our 12 months savings will be done in December so going to apply in January.

kenhan2015 · 13-10-2020 9:37pm

NM2020 wrote: »

Just got my letter of approval in principle from Fingal coco. Took about 8 weeks rather than 12 like they said is anyone else in this position?
Do I just start viewing places now?

Also, I was offered 5k more than the calculator... just an FYI for anyone wondering about amounts.

Extra 5k that's amazing! Our current budget projection so far (still saving) factors what the calculator says so to hear you got offered 5k extra over the calculator is brilliant. Congrats!

Lauren52 · 13-10-2020 10:08pm

BKWDR wrote: »

Use the calculator onthe RIHL site. That is the true guide. Outside of that, it comes down to a few things, how your 60k is made up. Is it base salary? is it overtime? is it commision? These are all factored differently and are not represented on the RIHL calc.
Have you loans or credit card debt? This will alter your borrowing amount.
Your age can affect the amount, by altering the affordability etc.

These are the only ways the calculator can change in what you can borrow

Hi,

When we put our income in on the online calculator its coming in at 242.000. When I phoned the council to get an update (it had been with underwriters for 5+weeks) they told me it came back declined *fell outside credit policy* the lady I was speaking to said it only did as they calculated a different salary for me but on their (councils) calculation we should get 260.000. This is an 18000 jump which scares me as when we originally put the application in we did not look for that amount the council calculated it as the maximum we could borrow. If they are correct then it would be a significant amount more than the online calculator. If they were incorrect in their calculations I am going to freak as I requested they look for less than the 260 but was told I cant as that would be a new application and unlike other councils Kildare are taking over a year to approve.

KH1591 · 13-10-2020 11:17pm

Has anyone in Kildare had any luck with their applications yet? Ive heard some have been approved yet others are very delayed. Im sure lockdown has added to the backlog but just wondered how others are getting on

NM2020 · 14-10-2020 9:34am

Jafin wrote: »

Only advice I can give for house hunting is to keep the optimism up! I was approved mid July and by the start of September I was feeling very woeful because there was next to nothing coming up. I had resigned myself to possibly having to look further afield than I wanted to and then bam, straight out of nowhere a place came up in the exact small development that I had been hoping for (last time a property was sold there was January 2019) and now I am happily sale agreed in my dream location.

(hoping I didn't just jinx myself :P)

ah that is great

so nice to hear things like that! Best of luck with it all!

jill_valentine · 14-10-2020 9:39am

laoise6 wrote: »

Could you send them your most recent payslips?

What threw me a bit was that they asked for this proof of Continuous Employment in *addition* to payslips.

I got through to them over the phone though and they advised a Salary Cert or payslips *would* be sufficient for this purpose, so I think we're all good.

Rebuilding Ireland home loan

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