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Rebuilding Ireland home loan

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    #182
    LK1988
    Registered Users Posts: 29 ✭LK1988


    Omg thats ****. We applied about 2 weeks ago and I rang them to triple check that they accepted online bank statements and they said they did. We applied with a mixture of both online and original.

    Hopefully you have better luck with DCC or Fingal...


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    #183
    Laney835
    Registered Users Posts: 9 ✭Laney835


    stryker mcqueen wrote: »
    We have applied to Dublin city council , fingal and South Dublin , DCC and fingal were an absolute pleasure to deal with , South Dublin made it difficult to even apply but we got there in the end.....


    Application to SDCC went in 5 weeks ago and we have just received a letter of rejection , they claim this went to external underwriters but I am highly doubtful as our other applications went in 3 weeks earlier and we've heard nothing so far .


    Reasons given


    1. 2 years self employed audited accounts incomplete (my wife is 3 weeks short but is now into year 3 of being self employed)


    2. Business revenue details not signed on application form (this makes no sense to either of us)


    3. Original Bank statement must be supplied , internet statements cannot be accepted (I bank with online bank N26 so this is not possible )


    A bit dejected but I am hopeful that this is more down to this particular council and their backwards system rather than our application , the above rejection reasons seem ridiculous so I refuse to believe the application ever went to external underwriters and this was an internal decision.


    Of course we rang them and they told us they have no input , there is a serious Gap in communication with this scheme unfortunately.


    Anyway haven't heard from Dublin city yet but now 8 weeks since applying so hopefully hearing something in the next couple of weeks.


    Apologies for the rant , just a little pissed off

    Thanks for your reply and reasons. I don't blame you bring pissed off. We can only apply to Wexford COCo so hopefully it's the answer we want. Is your wife a sole trader? If she trades under her own her name surelly the revenue form you supplied is enough! I'm self employed too I supplied two years tax assessments as well as accounts do you think they will be enough?? It's highly possible I'll be refused on that too.

    Very frustrating it's ridiculous the hoops we are being made jump through with clear credit, money in the bank and employment!


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    #184
    grainuaile
    Registered Users Posts: 73 ✭✭grainuaile


    Oh God now I'm nervous. I haven't even my application complete yet I'd better get a move on. Anybody deal with Mayo CoCo?


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    #185
    Underground
    Registered Users Posts: 2,472 ✭✭✭Underground


    stryker mcqueen wrote: »
    We have applied to Dublin city council , fingal and South Dublin , DCC and fingal were an absolute pleasure to deal with , South Dublin made it difficult to even apply but we got there in the end.....


    Application to SDCC went in 5 weeks ago and we have just received a letter of rejection , they claim this went to external underwriters but I am highly doubtful as our other applications went in 3 weeks earlier and we've heard nothing so far .


    Reasons given


    1. 2 years self employed audited accounts incomplete (my wife is 3 weeks short but is now into year 3 of being self employed)


    2. Business revenue details not signed on application form (this makes no sense to either of us)


    3. Original Bank statement must be supplied , internet statements cannot be accepted (I bank with online bank N26 so this is not possible )


    A bit dejected but I am hopeful that this is more down to this particular council and their backwards system rather than our application , the above rejection reasons seem ridiculous so I refuse to believe the application ever went to external underwriters and this was an internal decision.


    Of course we rang them and they told us they have no input , there is a serious Gap in communication with this scheme unfortunately.


    Anyway haven't heard from Dublin city yet but now 8 weeks since applying so hopefully hearing something in the next couple of weeks.


    Apologies for the rant , just a little pissed off

    The insistence on "original" Bank statements is incredibly backwards seeing as the banks themselves have actively pushed their customers towards e-statements in the last few years.

    Speaking from experience, if you get e-statements but go into a bank and ask them to print you out a statement for your current account anyway,they won't do it for you. This requirement for "original" statements therefore makes absolutely no sense.


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    #186
    stryker mcqueen
    Registered Users Posts: 1,284 ✭✭✭stryker mcqueen


    In fairness I wouldn't worry , South Dublin council just seem completely incompetent regarding this scheme so I am maintaining high spirits , now if Dublin city reject us I could be on the six one news with a can of petrol in hand !!!!!


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    #187
    stryker mcqueen
    Registered Users Posts: 1,284 ✭✭✭stryker mcqueen


    Underground wrote:
    The insistence on "original" Bank statements is incredibly backwards seeing as the banks themselves have actively pushed their customers towards e-statements in the last few years.

    Underground wrote:
    Speaking from experience, if you get e-statements but go into a bank and ask them to print you out a statement for your current account anyway,they won't do it for you. This requirement for "original" statements therefore makes absolutely no sense.

    Yea this seems like a complete kop out !!!


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    #188
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    I am applying as a single applicant,earning just under €30k annually permanent job for 11 years. Paying €550 rent pm. No other loans. I save regularly into both the credit union+into my own bank however I regularly withdraw the lot to go on holidays so im often starting from scratch and have gone into my overdraft a few times,so because ive no deposit to offer,id easily get the 2 bank refusals thats required. However ill be receiving a large cheque in the coming weeks+by the time im able to apply for the government loan,ill have €100,000 deposit for a house(Limerick area so no more than €250k). I see alot of people on here getting refusals. I thought the €100k deposit would guarantee it for me but now im 2nd guessing it reading these threads. Has anyone else with a large deposit been refused?Thanks.


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    #189
    Laney835
    Registered Users Posts: 9 ✭Laney835


    bubbles46 wrote: »
    I am applying as a single applicant,earning just under €30k annually permanent job for 11 years. Paying €550 rent pm. No other loans. I save regularly into both the credit union+into my own bank however I regularly withdraw the lot to go on holidays so im often starting from scratch and have gone into my overdraft a few times,so because ive no deposit to offer,id easily get the 2 bank refusals thats required. However ill be receiving a large cheque in the coming weeks+by the time im able to apply for the government loan,ill have €100,000 deposit for a house(Limerick area so no more than €250k). I see alot of people on here getting refusals. I thought the €100k deposit would guarantee it for me but now im 2nd guessing it reading these threads. Has anyone else with a large deposit been refused?Thanks.


    You must have 3% out of the 10% saved off your own savings that would be 9000 of a 25000 deposit must be yours that you saved so they can see a saving pattern. If you are only looking for 150000 you must have 4000 that isn't from a large deposit or gift


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    #190
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    So basically, you have no deposit saved up, but going to receive a large lump sum and your going to use it as a deposit?

    I'll be quite frank here. Not gonna get approved.


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    #191
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    Laney835 wrote: »
    You must have 3% out of the 10% saved off your own savings that would be 9000 of a 25000 deposit must be yours that you saved so they can see a saving pattern. If you are only looking for 150000 you must have 4000 that isn't from a large deposit or gift
    Thanks. Some places say that showing you can pay rent every month counts as 'savings',is this right?


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    #192
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,046 Mod ✭✭✭✭AlmightyCushion


    bubbles46 wrote: »
    Thanks. Some places say that showing you can pay rent every month counts as 'savings',is this right?

    It doesn't count as savings but it counts towards your repayment capacity. You still need savings.


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    #193
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    AlmightyCushion wrote: »
    It doesn't count as savings but it counts towards your repayment capacity. You still need savings.
    Ok thanks.


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    #194
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    foodiewarrior wrote: »
    So basically, you have no deposit saved up, but going to receive a large lump sum and your going to use it as a deposit?

    I'll be quite frank here. Not gonna get approved.
    Yip thats what im saying. I regularly save but i thought having quite a large deposit would cover me.


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    #195
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    Laney835 wrote: »
    You must have 3% out of the 10% saved off your own savings that would be 9000 of a 25000 deposit must be yours that you saved so they can see a saving pattern. If you are only looking for 150000 you must have 4000 that isn't from a large deposit or gift
    If i start saving regularly saving now to get €4000,id be afraid the bank wouldnt refuse me 😂


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    #196
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    I have alot of questions about this scheme,is it my local council id need to make an appointment with to discuss?


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    #197
    unclejoe89
    Registered Users Posts: 15 ✭unclejoe89


    Do you need to prove a repayment capacity eg: monthly Saving/rent equivalent to the mortgage repayments.

    If so how many months, 6 or 12?


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    #198
    stryker mcqueen
    Registered Users Posts: 1,284 ✭✭✭stryker mcqueen


    unclejoe89 wrote:
    Do you need to prove a repayment capacity eg: monthly Saving/rent equivalent to the mortgage repayments.

    unclejoe89 wrote:
    If so how many months, 6 or 12?

    Checklist of what's needed on the rebuilding Ireland website


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    #199
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Hi everyone im just wondering can someone shed some light for me ... iv gotten my two insufficient offers from banks however they are so low its even putting me off applying to the council in case i am just laughed at i am looking for the max or near enough but the banks are even only offering us half had anyone gotten a much better offer or am i being so unrealistic and never going to own a home😭 im sick of renting i do have two children and yes i have a cu loan i thought nearly the whole country did no ? 😂


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    #200
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Lee3b wrote: »
    Hi everyone im just wondering can someone shed some light for me ... iv gotten my two insufficient offers from banks however they are so low its even putting me off applying to the council in case i am just laughed at i am looking for the max or near enough but the banks are even only offering us half had anyone gotten a much better offer or am i being so unrealistic and never going to own a home😭 im sick of renting i do have two children and yes i have a cu loan i thought nearly the whole country did no ? 😂

    Put your income and loan details into the calculator on www.rebuildingirelandhomeloan.ie for a rough idea of how much of a mortgage you could apply for.

    The loan will reduce how much you can borrow, and it's generally not to your advantage to have one when you're applying for a mortgage. Mortgages generally require a bit of preparation, i.e. saving money and clearing loans.


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    #201
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    The loan will reduce how much you can borrow, and it's generally not to your advantage to have one when you're applying for a mortgage. Mortgages generally require a bit of preparation, i.e. saving money and clearing loans.[/quote]


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    #202
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    yeah I have put in our incomes and our outgoings and it is giving us en estimate im very happy with however I still have doubts in my mind. im well able to rent and save for deposit at the same time because I have done so. I just feel like giving up


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    #203
    stryker mcqueen
    Registered Users Posts: 1,284 ✭✭✭stryker mcqueen


    Lee3b wrote: »
    yeah I have put in our incomes and our outgoings and it is giving us en estimate im very happy with however I still have doubts in my mind. im well able to rent and save for deposit at the same time because I have done so. I just feel like giving up

    When you go into the council to have your meeting they will give you a figure which will take everything into account and including the MPI


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    #204
    Cazzums
    Registered Users Posts: 48 ✭Cazzums


    Lee3b wrote: »
    Hi everyone im just wondering can someone shed some light for me ... iv gotten my two insufficient offers from banks however they are so low its even putting me off applying to the council in case i am just laughed at i am looking for the max or near enough but the banks are even only offering us half had anyone gotten a much better offer or am i being so unrealistic and never going to own a home😭 im sick of renting i do have two children and yes i have a cu loan i thought nearly the whole country did no ? 😂

    One of my insufficient loan offers was for €70k. What one could possible buy for 70k I have no idea or where they even got that figure. Anyway I got approved from the council for over €200k so huge difference!!


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    #205
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    On my god really ?? Well i did get one for 148 so heres hoping im in the higher area also of Dublin im going to apply for the 320 but hoping to but for 295 it would be great you have shed some light for me


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    #206
    rachieqtpie
    Registered Users Posts: 86 ✭✭rachieqtpie


    Lee3b wrote: »
    On my god really ?? Well i did get one for 148 so heres hoping im in the higher area also of Dublin im going to apply for the 320 but hoping to but for 295 it would be great you have shed some light for me

    Do you mean buy a house for 320/295? The max loan is 288! Our refusals were quite low from back and we got near max from council


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    #207
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Yeah sorry so the house prices are that i didnt explain properly... yeah just waiting on aip from the banks in writing and i will send the application in my nerves are gone... we are not earning near 75k so hoping


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    #208
    Cazzums
    Registered Users Posts: 48 ✭Cazzums


    Lee3b wrote: »
    Yeah sorry so the house prices are that i didnt explain properly... yeah just waiting on aip from the banks in writing and i will send the application in my nerves are gone... we are not earning near 75k so hoping

    The council advised me to write in “the maximum amount available to me” instead of an exact amount as you may be refused the amount you request and not given a lower offer then you would have to reapply for a lower amount. You should meet with your council before they send off your application. They will tell you the maximum you will be given. Mortgage protection is added to your repayments too which is around €100 per month so the online calculator isn’t accurate! I did a single application and have kids so I was happy with my offer! Much better than the banks and totally affordable! Have gone sale agreed so waiting on the next step off the council now!


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    #209
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    I will do that apply for the highest... delighted you have been given approval and sale agrees best of luck with it all i love to hear when someone gets what they deserve... i have a very cheeky question did you get near the highest offer with yours i only ask as i want to get an idea of what we face . Even the highest loan amount you haveto pay back is cheaper than our rent


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    #210
    Laney835
    Registered Users Posts: 9 ✭Laney835


    bubbles46 wrote: »
    If i start saving regularly saving now to get €4000,id be afraid the bank wouldnt refuse me 😂

    You would need 4000 in savings your rent just shows capacity to repay but it's not your actual savings so you will need some of your own that you have built up. With 30000 a year salary the highest mortgage the bank will offer you is 105000 so if you are looking for 150000 the banks will refuse you even with savings. Yep your local County council will answer any questions you might have and set you up on the right path. It takes a bit of organisation to get your finances in order so give yourself the right start by finding out all the information you need. Even though you are looking at a large deposit they are still accessing a 150000 mortgage and the deposit is only a small part of it. Every single person refused this scheme has had a deposit in place so it's not a guarantee.


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    #211
    Cazzums
    Registered Users Posts: 48 ✭Cazzums


    Lee3b wrote: »
    I will do that apply for the highest... delighted you have been given approval and sale agrees best of luck with it all i love to hear when someone gets what they deserve... i have a very cheeky question did you get near the highest offer with yours i only ask as i want to get an idea of what we face . Even the highest loan amount you haveto pay back is cheaper than our rent

    No I got 210k which was the most they would give me. I did ask for the possibility of 240 and at my meeting with the council they said 215 would be the highest I would be offered when they put it in their calculator but my official offer that came back was 210. The repayments are well below what I pay on rent also so I don’t think they take your rent record into account but I’m happy out anyway! I hope it all goes well for you!! It’s soul destroying trying to get sorted! Iv been told now it could take another 12 weeks or so to draw down. I refuse to get excited until I literally have the keys in my hand!


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