Rebuilding Ireland home loan

bebehong · 04-02-2020 9:35pm

car_radio19834 wrote: »

What banks are the quickest and easiest to get rejection letters from?

mortgage calculator from their website will do. There was no easy way to get rejection letter. atleast 40minutes of phone interview with |AIB and 40 minutes visit with PTSB, then after 3-5 days they will issue the refusal letter.

car_radio19834 · 04-02-2020 11:14pm

bebehong wrote: »

mortgage calculator from their website will do. There was no easy way to get rejection letter. atleast 40minutes of phone interview with |AIB and 40 minutes visit with PTSB, then after 3-5 days they will issue the refusal letter.

Cheers.

Was thinking of just coming straight out to UB and saying I just want a rejection letter.

bebehong · 05-02-2020 9:52am

car_radio19834 wrote: »

Cheers.

Was thinking of just coming straight out to UB and saying I just want a rejection letter.

From my experience, on my first visit with PTSB, I got one straight away from PTSB. I let the man discuss their mortgage loan and he showed me what estimate they can approve, then I asked for a higher amount and find my way around telling him can he issue a rejection letter so he did eventually realised that I was there for his rejection letter.

optogirl · 05-02-2020 10:13am

bebehong wrote: »

Hi All,

got approved by both county and city councils after first refusal. I made sure I answered all refusal reasons from the first application.

Do you mind me asking what kind of refusal reasons you were met with? (I understand if you don't want to elaborate)

bebehong · 05-02-2020 10:22am

optogirl wrote: »

Do you mind me asking what kind of refusal reasons you were met with? (I understand if you don't want to elaborate)

Hi @optogirl, that's no problem. See below refusal reasons.

CITY COUNCIL
1. Unsatisfactory Savings Record/Source of Equity
2. Long term rights of residence not demonstrated for second earner

COUNTY COUNCIL
1. Net Income Ration Outside Policy
2. Outside Credit Policy
3. Unsatisfactory Savings Record/Source of Equity
4. Long Term residency of 2nd applicant

When I submitted my 2nd application, I attached a cover letter answering all the reasons.

beanyb · 05-02-2020 11:59am

AdmiringWig wrote: »

Has anyone been approved by DCC recently? Just wondering what the turnaround times are like at the moment. We applied 10 weeks ago but I'm guessing it could take a lot longer to hear back from them.

I called yesterday prompted by your post and was told I was going to the credit committee in the afternoon. Called this morning and was told I was approved and would get letter in the next few days! I am delighted.

I applied on 3rd January so it was almost exactly a month.

Hudur · 05-02-2020 12:27pm

You don't need rejection letter from banks. Just need to get letter showing max they can offer. When that is much less than anything in the area, that is technically "rejection".

PSTB for example just needed less 20min visit and they gave initial mortgage offer.

AdmiringWig · 05-02-2020 3:49pm

beanyb wrote: »

I called yesterday prompted by your post and was told I was going to the credit committee in the afternoon. Called this morning and was told I was approved and would get letter in the next few days! I am delighted.

I applied on 3rd January so it was almost exactly a month.

That's great, congratulations!
You've prompted me to call them now. Fingers crossed!

AdmiringWig · 05-02-2020 4:07pm

beanyb wrote: »

I called yesterday prompted by your post and was told I was going to the credit committee in the afternoon. Called this morning and was told I was approved and would get letter in the next few days! I am delighted.

I applied on 3rd January so it was almost exactly a month.

I can't believe it! We've been approved too. So delighted! Our applications must have been in the same batch because the guy on the phone said we'd get our letter in a few days too!

beanyb · 05-02-2020 10:19pm

AdmiringWig wrote: »

I can't believe it! We've been approved too. So delighted! Our applications must have been in the same batch because the guy on the phone said we'd get our letter in a few days too!

Brilliant! Congratulations!

BeansBeans · 06-02-2020 3:10am

cudsy1 wrote: »

thanks to above posters, this info was invaluable as I am also dealing with cork city co (unfortunately) - i sought clarification, the council will require a specific costing on what it will take to get the proposed property up to scratch before the application can proceed. this is once you have gone sale agreed and got engineers reports etc done.

Ya we just went through the process, they are so slow, the vendor is getting very impatient. We went sale agreed before Christmas. Sent in drains report, engineers survey, independent valuation etc.
They only got back to us last week looking for costing of renovation.
In fairness to them though, the person I spoke to was very reasonable and nice. She seemed satisfied with the quotations.

So hopefully we are almost sorted.

optogirl · 06-02-2020 10:02am

Hi all - I've just realised that the checklist states that any supporting documents need to be dated within 4 weeks of you submitting your application. How is this possible? Waiting over a week for bank statements, revenue letter and already have bank offer & salary certificate. There's no way all documents are going to be within 4 weeks of each other

Laurazal · 06-02-2020 10:39am

optogirl wrote: »

Hi all - I've just realised that the checklist states that any supporting documents need to be dated within 4 weeks of you submitting your application. How is this possible? Waiting over a week for bank statements, revenue letter and already have bank offer & salary certificate. There's no way all documents are going to be within 4 weeks of each other

From my application experience: I printed bank statements from my online bank account, got revenue form stamped by physically going to Revenue office and got salary certificate. All within three days.

optogirl · 06-02-2020 10:45am

Laurazal wrote: »

From my application experience: I printed bank statements from my online bank account, got revenue form stamped by physically going to Revenue office and got salary certificate. All within three days.

I thought bank statements had to be official printed ones? If not that's great news.

Thanks

car_radio19834 · 06-02-2020 10:45am

The salary requirements, do they check payments into your account or salary confirmation by company?

Tumbleweed2 · 06-02-2020 11:32am

car_radio19834 wrote: »

The salary requirements, do they check payments into your account or salary confirmation by company?

Your company will fill out a salary cert and stamp it. Realistically your payslips and accounts should show amounts in line with this figure

car_radio19834 · 06-02-2020 11:37am

Tumbleweed2 wrote: »

Your company will fill out a salary cert and stamp it. Realistically your payslips and accounts should show amounts in line with this figure

Thanks,

But bonus and expenses wouldn't be in the salary cert. If they count bonuses or expenses I'd be above 50k I think.

Tumbleweed2 · 06-02-2020 11:50am

car_radio19834 wrote: »

Thanks,

But bonus and expenses wouldn't be in the salary cert. If they count bonuses or expenses I'd be above 50k I think.

There is a bonus section i think, although this is only for guaranteed bonus, or a bonus you have received for the last 3 consecutive year.

If its not guaranteed then your employer must put zero - may keep you under the cut off.

car_radio19834 · 06-02-2020 11:53am

Tumbleweed2 wrote: »

There is a bonus section i think, although this is only for guaranteed bonus, or a bonus you have received for the last 3 consecutive year.

If its not guaranteed then your employer must put zero - may keep you under the cut off.

Sweet!

I thought they looked at all income, I thought I remembered the issue with people who would have been over the 50k because of bonuses but those bonuses don't get included in mortgage applications so those people would be in limbo.

Tumbleweed2 · 06-02-2020 12:09pm

car_radio19834 wrote: »

Sweet!

I thought they looked at all income, I thought I remembered the issue with people who would have been over the 50k because of bonuses but those bonuses don't get included in mortgage applications so those people would be in limbo.

My brother and sister in law got approved with Wicklow, she earns 50k with a not guaranteed performance based bonus, year previous earnings were close to €70k. Maybe its dependant on the council.

Jafin · 07-02-2020 11:40am

Tumbleweed2 wrote: »

My brother and sister in law got approved with Wicklow, she earns 50k with a not guaranteed performance based bonus, year previous earnings were close to €70k. Maybe its dependant on the council.

When you fill in the bonus/overtime section it has three boxes beside each option saying Guaranteed, Regular or Irregular and one them has to be ticked if you put a figure in. I'm not sure how they weigh up each one in the decision making process though to be honest.

Slightly unrelated but may be helpful to someone, I queried the bonus thing with a member of the council before filling mine out because I get my bonus in the form of a prepaid debit card every year. She said the bonus only counts if it's paid directly into your bank account, so I just put in 0 for my bonus.

clearview99 · 07-02-2020 6:36pm

Hi all - just wondering if anyone had any luck with getting the council to approve a property above the threshold amount? I've been approved by Wexford County Council but the max. Property price allowed is 250k. I'm from and therefore looking for a property in Gorey but with the new M11 and gorey's new found status as a commuter town, property prices are much higher than other parts of the county. Any ideas?

clearview99 · 07-02-2020 7:55pm

kbman wrote: »

We submitted the Help to buy this week and it's been claimed for by the builders.
The legal pack has been issued and we signed it but not sure if it's been sent back to the Council.
We're also going through Wicklow, we bought in Meadow Gate, and our house isnt' ready until I'm guessing June at this stage, although MArch/april was intiial timeline. I asked about extension and she said that we just need to give time for that, we'll have to ask again soon enough.

So, we'll probably apply for an extension after christmas, builders should have accurate timelines by then.

Hi, just wondering if the purchase price of the house in meadow gate was below the 320k threshold for Wicklow????

kbman · 07-02-2020 8:36pm

clearview99 wrote: »

Hi, just wondering if the purchase price of the house in meadow gate was below the 320k threshold for Wicklow????

It was exactly 320k and this has been accepted by wicklow, are you buying in wicklow also?

clearview99 · 07-02-2020 10:15pm

kbman wrote: »

It was exactly 320k and this has been accepted by wicklow, are you buying in wicklow also?

No I'm looking in Gorey and house prices are expensive - many that would suit my situation are above the 250k threshold so unsure what my options are!

Tumbleweed2 · 11-02-2020 10:59am

clearview99 wrote: »

No I'm looking in Gorey and house prices are expensive - many that would suit my situation are above the 250k threshold so unsure what my options are!

I was approved by wexford, bought in Gorey and currently living there. Any questions I am happy to answer.

In terms of threshold - €250k is the absolute max house value, so may you can get is 90% of that. (€225k). If you are buying a new build check out HELP TO BUY Scheme, might help you bridge the gap.

woodpecker1234 · 11-02-2020 3:33pm

Hi everyone! First of all, thanks for all of the info you put up here. Learnt a lot in the last 2-3 weeks about this scheme. Sorry for my English, moved to Ireland 15 years ago. Long story short: Working full time, 27.5k/year plus some overtime. 2 small kids at home with my wife. (No family around to help out with them. Childcare would be around 700 euros/week for the 2 of them.) So banks told me I could not get any mortgage. Would like to apply for this scheme. My wife inherited a part of a house abroad with her brothers. So I'd like to apply as single applicant. Is this possible in my case in your opinion? I live in West-Cork and would like to buy something here. Thanks for your reply in advance.

KH1591 · 11-02-2020 3:54pm

Hi everyone,
Quick question if anyone can help. We are in the process of completeing our application, we are eligible for this scheme, meet all the criteria etc.. Basically a friend of a friend applied as a single applicant, also met the criteria but because the banks are not actually refusing people, they are offering something but not enough, they were told they can't avail of this scheme.
Has anyone had this issue? The banks are offering us something but its a lot less than what we need so I don't want to be refused based on that!
As I mentioned above, the banks are making is so difficult to obtain a refusal letter and are offering something so its not an actual refusal
Any help would be great

KH1591 · 11-02-2020 4:16pm

Hi, yes I think you would be eligible. There is a webchat option on the Rebuilding Ireland website where you can ask them directly yourself. But yes I think you would be eligible

Tumbleweed2 · 11-02-2020 6:34pm

KH1591 wrote: »

Hi everyone,
Quick question if anyone can help. We are in the process of completeing our application, we are eligible for this scheme, meet all the criteria etc.. Basically a friend of a friend applied as a single applicant, also met the criteria but because the banks are not actually refusing people, they are offering something but not enough, they were told they can't avail of this scheme.
Has anyone had this issue? The banks are offering us something but its a lot less than what we need so I don't want to be refused based on that!
As I mentioned above, the banks are making is so difficult to obtain a refusal letter and are offering something so its not an actual refusal
Any help would be great

Hi,

Realistically go on AIB website. Apply online, applying for less than what you want from RI and you'll get an instant sanction in principle letter that you can print off straight away.
I also rang Ulster bank, said I want to apply for this amount, knowing I wouldn't get it they said they cant proceed with an application so I requested written confirmation they cannot offer me the amount sought.

The requirement is 2 decline letters or offers of a lesser amount.
I did the above and I got approve and have drawndown since.

Tumbleweed2 · 11-02-2020 6:38pm

woodpecker1234 wrote: »

Hi everyone! First of all, thanks for all of the info you put up here. Learnt a lot in the last 2-3 weeks about this scheme. Sorry for my English, moved to Ireland 15 years ago. Long story short: Working full time, 27.5k/year plus some overtime. 2 small kids at home with my wife. (No family around to help out with them. Childcare would be around 700 euros/week for the 2 of them.) So banks told me I could not get any mortgage. Would like to apply for this scheme. My wife inherited a part of a house abroad with her brothers. So I'd like to apply as single applicant. Is this possible in my case in your opinion? I live in West-Cork and would like to buy something here. Thanks for your reply in advance.

Of course you can apply. Although you would be better off speaking to someone prior to applying as it is a lengthy process and you dont want to waste time just for failure.
I dont even know if you wife's house will play a part in the application,<SNIP>

car_radio19834 · 11-02-2020 11:28pm

Anyone think there may be some changes to this program with a new government?

Hudur · 12-02-2020 12:15am

Someone mentioned here before that married people can't apply as single. Of course this might depend on county so better ask.

cudsy1 · 12-02-2020 12:24am

car_radio19834 wrote: »

Anyone think there may be some changes to this program with a new government?

Was wondering same...a freeze in the short term for example?

scheister · 12-02-2020 9:57am

cudsy1 wrote: »

Was wondering same...a freeze in the short term for example?

It is hard to say think FF/FG and SF all want it to stay. my only worried is with SF is would they have the money for this if the focus to too much on building social housing and affordable rent. I know they want affordable purchase as well but would RBI help that or are they trying to push housing into the range that we could use a bank?

Tumbleweed2 · 12-02-2020 2:55pm

scheister wrote: »

It is hard to say think FF/FG and SF all want it to stay. my only worried is with SF is would they have the money for this if the focus to too much on building social housing and affordable rent. I know they want affordable purchase as well but would RBI help that or are they trying to push housing into the range that we could use a bank?

I think short term nothing will happen to this, I imagine if things are to change it'd have to be phased out.
I also agree and share a similar concern that SF primary focus in terms of housing will be social housing and affordable rent moreso than an increase in homeowners.

Purplejess27 · 12-02-2020 8:06pm

Hi All. Just want to say found this forum a great source of help and torment &#55358;&#56611; over the past few months. For those of you embarking on the journey it's a really long process but hang in there, it's worth it! We applied to Wexford Co Co in August last year. Went sale agreed 1st November 2019 and finally getting keys on Friday. Have to add that found Wex Co Co really great to deal with. Everything happened when they said it would.

clearview99 · 12-02-2020 9:53pm

Tumbleweed2 wrote: »

I was approved by wexford, bought in Gorey and currently living there. Any questions I am happy to answer.

In terms of threshold - €250k is the absolute max house value, so may you can get is 90% of that. (€225k). If you are buying a new build check out HELP TO BUY Scheme, might help you bridge the gap.

Thanks for the response - I'm looking at a house that's a little over the 250k limit - I can make the difference with savings (just about) but unsure if the council will approve it as it's over the rebuilding Ireland limit. Gorey prices are far higher than other parts of the county - it has commuter town status so why wouldn't they! This house ticks all the boxes for me and tbh if the bank had of stretched on the mortgage I wouldn't need to go down the RI route. House prices in Arklow are in line if not below Gorey prices yet it benefits from a 320k limit!

Purplejess27 · 12-02-2020 10:03pm

clearview99 wrote: »

Thanks for the response - I'm looking at a house that's a little over the 250k limit - I can make the difference with savings (just about) but unsure if the council will approve it as it's over the rebuilding Ireland limit. Gorey prices are far higher than other parts of the county - it has commuter town status so why wouldn't they! This house ticks all the boxes for me and tbh if the bank had of stretched on the mortgage I wouldn't need to go down the RI route. House prices in Arklow are in line if not below Gorey prices yet it benefits from a 320k limit!

Hi Clearview99
As far as I know they are strict with price and size of house. HTH

clearview99 · 12-02-2020 10:14pm

Purplejess27 wrote: »

Hi Clearview99
As far as I know they are strict with price and size of house. HTH

Yeah I'd say that - still, not that clear cut in reality - it's worth noting that Gorey is the only designated rent pressure zone in Co. Wexford - there must be a reason behind that!!!! The RI criteria should look more at specific towns/areas as opposed to just county by county. Gorey is home to two 1000+ secondary schools (one of which is the biggest in the country) and both are full to capacity. The population of the town is growing rapidly and this is driving up house prices given that demand is exceeding supply

Tumbleweed2 · 13-02-2020 12:07pm

clearview99 wrote: »

Thanks for the response - I'm looking at a house that's a little over the 250k limit - I can make the difference with savings (just about) but unsure if the council will approve it as it's over the rebuilding Ireland limit. Gorey prices are far higher than other parts of the county - it has commuter town status so why wouldn't they! This house ticks all the boxes for me and tbh if the bank had of stretched on the mortgage I wouldn't need to go down the RI route. House prices in Arklow are in line if not below Gorey prices yet it benefits from a 320k limit!

Yeah it's a little unfair but unfortunately it's set in stone.
If you are buying new build you can have a chat with the developer. I know someone that got approved in Wicklow for a house costing €327k and they paid the €7k under the table.

Jafin · 13-02-2020 12:49pm

Submitted my application yesterday and included a letter from AIB with approval in principle that I got by applying online, that was fine. Also included the output sheet from Permanent TSB's online calculator and got an email this morning saying that they can't accept the calculator output sheet. I've looked on the RIHL website and it says that what I gave them is perfectly fine. Is there any way I can go about telling them that it should be fine according to the official guidelines, or asking if they can double check, and that multiple other councils have accepted this as evidence without me sounding like a complete so-and-so?

My salary cert in my application will expire in 10 days and I work Monday to Friday 9:30 to 6pm in a job where it can be difficult for me to get someone to cover me if I need to do something during that time, so I don't even know if I can get an appointment with PTSB in time to get a proper letter of refusal before the salary cert expires.

optogirl · 13-02-2020 2:21pm

Jafin wrote: »

Submitted my application yesterday and included a letter from AIB with approval in principle that I got by applying online, that was fine. Also included the output sheet from Permanent TSB's online calculator and got an email this morning saying that they can't accept the calculator output sheet. I've looked on the RIHL website and it says that what I gave them is perfectly fine. Is there any way I can go about telling them that it should be fine according to the official guidelines, or asking if they can double check, and that multiple other councils have accepted this as evidence without me sounding like a complete so-and-so?

My salary cert in my application will expire in 10 days and I work Monday to Friday 9:30 to 6pm in a job where it can be difficult for me to get someone to cover me if I need to do something during that time, so I don't even know if I can get an appointment with PTSB in time to get a proper letter of refusal before the salary cert expires.

This really annoys me - they have it on their own FAQ section as acceptable. Why are they making it as difficult as possible. It's not as if different banks have wildly different lending criteria.

Tumbleweed2 · 13-02-2020 2:46pm

Jafin wrote: »

Submitted my application yesterday and included a letter from AIB with approval in principle that I got by applying online, that was fine. Also included the output sheet from Permanent TSB's online calculator and got an email this morning saying that they can't accept the calculator output sheet. I've looked on the RIHL website and it says that what I gave them is perfectly fine. Is there any way I can go about telling them that it should be fine according to the official guidelines, or asking if they can double check, and that multiple other councils have accepted this as evidence without me sounding like a complete so-and-so?

My salary cert in my application will expire in 10 days and I work Monday to Friday 9:30 to 6pm in a job where it can be difficult for me to get someone to cover me if I need to do something during that time, so I don't even know if I can get an appointment with PTSB in time to get a proper letter of refusal before the salary cert expires.

I literally rang Ulster bank direct mortgages told them want I wanted, they said no, I asked for a decline letter to be issued with me in confirming same and they emailed it to me same day. If you dont want confrontation and want to seem accommodating give them a go.

Jafin · 13-02-2020 3:48pm

Tumbleweed2 wrote: »

I literally rang Ulster bank direct mortgages told them want I wanted, they said no, I asked for a decline letter to be issued with me in confirming same and they emailed it to me same day. If you dont want confrontation and want to seem accommodating give them a go.

Oh it's not even that I'm afraid there will be confrontation or anything, I just don't want myself to come across as a d**k. Regardless I've emailed them back asking politely if they wouldn't mind double checking because the website for RIHL says that what I gave them is acceptable evidence. If not I'll just have to try my best to get something else in time. Thanks for the tip on Ulster Bank, I'll keep them in mind should I need to go that route.

Jafin · 14-02-2020 11:21am

Tumbleweed2 wrote: »

I literally rang Ulster bank direct mortgages told them want I wanted, they said no, I asked for a decline letter to be issued with me in confirming same and they emailed it to me same day. If you dont want confrontation and want to seem accommodating give them a go.

Sorry to quote you again. I was just wondering do you have a number for ringing Ulster Bank about it? I looked all over the website and all I can find is a button to request a call back, no direct number that I can actually call myself. Or is it your local branch that you phoned? Thanks

Edit: Nevermind, I eventually found the phone number. Even better is that they're open until 8pm tonight, so I can ring them after I get home from work.

Whodanoob · 14-02-2020 2:35pm

Do you think RI might be scrapped since Fianna Fail are quite critical of it? I think there would be uproar if that happened.

rqc1i3ovl5uxt6 · 14-02-2020 9:25pm

Submitted my application this afternoon to my local authority. Fingers crossed! No questions were asked, my envelope was just stamped! Maybe it was an opportunity to ask questions, but i was just happy to get it in! Needed to apply for a mortgage with KBC in order to get an insufficient offer letter so that took some time. Bank of Ireland were more straight forward, i was emailed an insufficient offer letter a few days after a meeting with a mortgage advisor. Anyone doing / done a 175sqm self build?

xxsammyxx085 · 15-02-2020 12:01pm

Hi guys, wondering if anyone here might be able to clarify something for me.... we have our mortgage approved. We were looking at a self build as house prices here for what we need are extortionate for really old, cold houses.... we were wondering if the council will let us build.... but only get it to a builders finish on the money we have... or will they make us have everything kitted out in the mortgage amount?? Any advice appreciated

BKWDR · 15-02-2020 12:02pm

xxsammyxx085 wrote: »

Hi guys, wondering if anyone here might be able to clarify something for me.... we have our mortgage approved. We were looking at a self build as house prices here for what we need are extortionate for really old, cold houses.... we were wondering if the council will let us build.... but only get it to a builders finish on the money we have... or will they make us have everything kitted out in the mortgage amount?? Any advice appreciated

Define 'kitted out'

Rebuilding Ireland home loan

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