Rebuilding Ireland home loan

jenpenjelly

williaint wrote: »

I applied to Wicklow CoCo at the end of January (2021) and I received AIP today for the full amount as a single applicant...they were extremely quick to be fair! Just a pity there is very little on the market.

Amazing,, congratulations!!

That was so quick, I wish sdcc would take a leaf out of there book.

diceyreilly

Can anyone help.

Whats the HPL1 form.

jill_valentine

Irishgal - you don't need to know the solicitor stuff, and for the approximate value most councils will accept "TBC", but I recommend ringing them to make sure, some can be more pernickity than others.

Dicey - that form is not currently required, you just need to add a cover letter telling your council they have your permission to use the temporary process to access the relevant info themselves -

https://www.gov.ie/en/press-release/6aa8f-hpl1-form-temporary-process/

diceyreilly

jill_valentine wrote: »

Irishgal - you don't need to know the solicitor stuff, and for the approximate value most councils will accept "TBC", but I recommend ringing them to make sure, some can be more pernickity than others.

Dicey - that form is not currently required, you just need to add a cover letter telling your council they have your permission to use the temporary process to access the relevant info themselves -

https://www.gov.ie/en/press-release/6aa8f-hpl1-form-temporary-process/

Thanks Jill

akelly02

diceyreilly wrote: »

Can anyone help.

Whats the HPL1 form.

on revenue website

diceyreilly

Do they take a copy of your passport/drivers licence.
(Fingal)

jill_valentine

diceyreilly wrote: »

Do they take a copy of your passport/drivers licence.
(Fingal)

I got 4-5 colour copies done (it's good to have spares for other councils etc) and went to guard's station, the guard at the desk will look at your real passport and sign the back of the sheets to say they're legit true copies. All councils I've applied for, including Finglas, accepted it.

This attachment might be handy to you Dicey, it's a quick cheatsheet I put together based on my experience that could help you out.

Let me know if there's anything obvious it doesn't cover. Bonus points for every horrible Homer Simpsony typo you find

diceyreilly

Thanks a million.

The only thing i need from HR is that sheet? Is that correct.
Waiting on that and ill head to the Garda Station to get the copy stamped/signed.

Did you post the pack to Fingal or hand it in

diceyreilly

diceyreilly wrote: »

Thanks a million.

The only thing i need from HR is that sheet? Is that correct.
Waiting on that and ill head to the Garda Station to get the copy stamped/signed.

Did you post the pack to Fingal or hand it in

Oh and is it okay for bank Statements to be printed yourself.
PTSB charge €2.50 a page. I’d want a seperate mortgage for that 😂

jill_valentine

diceyreilly wrote: »

Oh and is it okay for bank Statements to be printed yourself.
PTSB charge €2.50 a page. I’d want a seperate mortgage for that ��

- I *think* I sent them ones I printed myself. I happened to get proper copies for 1 of the 3 councils I applied to, but I can't remember which one.

- i posted to Finglas.

- You need a salary cert and payslips, yes, as far as I remember that's all you need from HR for now. You might be asked for a letter to confirm nothing has changed right before they'll issue your official offer in principle, but that's a few months off.

diceyreilly

jill_valentine wrote: »

- I *think* I sent them ones I printed myself. I happened to get proper copies for 1 of the 3 councils I applied to, but I can't remember which one.

- i posted to Finglas.

- You need a salary cert and payslips, yes, as far as I remember that's all you need from HR for now. You might be asked for a letter to confirm nothing has changed right before they'll issue your official offer in principle, but that's a few months off.

Thanks a million. All going well ill have it posted off by this time next week.

Thanks for your help.

jill_valentine

diceyreilly wrote: »

Thanks a million. All going well ill have it posted off by this time next week.

Thanks for your help.

No bother, best of luck so!

jill_valentine

I've bashed together sample text for a cover letter that might be of use.

Note that I'm not a lawyer or anything, this is just a suggestion based on what worked for me so far, and you want to find out about the requirements for your council specifically if you can.

Let me know if there are any glaring omissions or errors.

RED highlighted text is to explain what each bit is for - just delete it.
PINK needs to be changed to your own details to suit you and your situation.
BLUE may not apply to you at all, if so just delete if it's nothing to do with you.

(your name)
(Address)
(Address)
(Address)
(your phone number)
(Your email address)
(the date)

To whom it may concern –

I would be very grateful if you could accept the enclosed Rebuilding Ireland Loan application.

(HPL1 FORM)

I understand you do not currently require HPL1 forms due to Covid 19 restrictions, but in case any permission is required for you to seek this information from other government departments yourselves, please accept this letter as authorisation to do so.

(DETAILS OF LOAN)

My priority is (to have the best buying power possible/ the shortest term/the best interest rate/ etc). I understand this means (whatever this might mean, eg the term might be longer/the offer might be lower etc)


(DCC will accept -
As I do not yet have the details of the property to be mortgaged, I have been advised to note “TBC” for these sections.)

(SDCC/FINGAL will accept -
As I do not yet have the details of the property to be mortgaged, I have been advised to request a specific figure “or maximum possible”, and to this end I have requested (figure from online calculator) "or maximum possible".)


(GIFT LETTER ONLY IF APPLICABLE)
Part of my deposit was gifted to me by x. This is visible on my bank statements as the amount of x which came into my account from (donor) on (date). I enclose a signed gift letter from that person waiving any claim on the gifted money or any property I might purchase from it.

(PROOF OF RENT IF USING BANK STATEMENTS – NB DCC AND FINGAL WILL ACCEPT STATEMENTS ALONE, SDCC INSIST YOU MUST HAVE RENT BOOK OR STATEMENT FROM YOUR LANDLORD)
I pay x amount of rent every month. This is represented on my bank statements as the total of x on the date x every month to my (landlord/letting agent) x. I have highlighted every instance of this visible on my statements.

Please contact me at my address, my email, or at (phone number) if I need to clarify or provide any additional documents.

Many thanks for reviewing my application,
(Name)

LaurenMcHugh

williaint wrote: »

I applied to Wicklow CoCo at the end of January (2021) and I received AIP today for the full amount as a single applicant...they were extremely quick to be fair! Just a pity there is very little on the market.

This is amazing to hear. We sent our application in the beginning of Feb (2021) and hoping to hear good news soon

Emma Glancy

If your application is approved is it only approved for the amount you applied for or what the calculators state? Think I've made a mistake putting a certain amount down

estabon

Anyone self building know if rbi calculate your site as a deposit for the loan? Or part of it?

williaint

Yea they were amazingly quick so fingers crossed! I actually applied for a loan amount over the 30 year term to maximise the amount I could borrow but I would actually now prefer the 25 year term and lower interest rate which goes with it. I presumed both would be outlined as they are with a bank when you receive AIP...so I have now gone back to them and requested a loan over 25 years. I hope this doesn't mean I have to start the application process all over again!

LaurenMcHugh wrote: »

This is amazing to hear. We sent our application in the begindning of Feb (2021) and hoping to hear good news soon

clio_16v

What are people's experiences with the amounts council's are offering? I am offered 235k on the online calculator, should I expect that to be relatively accurate?

jill_valentine

clio_16v wrote: »

What are people's experiences with the amounts council's are offering? I am offered 235k on the online calculator, should I expect that to be relatively accurate?

I was offered a good decent bit more, but I suspect my circumstances are unusual (no dependants, ton of overtime, no PUP, single applicant) so it may not be representative.

clio_16v

I have 2 dependants and this isn't asked in the online calculator. A tiny portion of my income is bonus / OT so that shouldn't be too big a deal

diceyreilly

jill_valentine wrote: »

I was offered a good decent bit more, but I suspect my circumstances are unusual (no dependants, ton of overtime, no PUP, single applicant) so it may not be representative.

My circumstances are identical to yours.
Only problem is i barely too any holidays last week so meant even more overtime and took me just over the 50k mark.
I said it to them before i bothered getting all my paper work in order and they said to send it in anyway.

donfers

Just gauging expectations around timeframes

Frustrating waiting for councils to get back to me to see if I am approved especially when I am seeing some houses I like within budget

Anyway would this be a fair assessment:

From time of sending in your application form to getting your keys I think that

0 - 6 months: faster than average
6 - 12 months: average
12 - 18 months: slower than average

janandbren

Does anyone have any advice for RIHL for fast tracking an app! We were waiting til I was off pup and in a new job to apply for more €€ however a house has just come up in our locality that we would love that we would get on my husband's wages alone. Thing is it's up for auction on march 31st so I don't think we could get AIP on time?? Its cork county council!

We have all other ducks in a row! Clear accounts for 12 months plus, deposit and legal fees, no credit issues etc..show affordability no prob, net income ratio fine...

ABCD_1234

clio_16v wrote: »

What are people's experiences with the amounts council's are offering? I am offered 235k on the online calculator, should I expect that to be relatively accurate?

I have one dependent, no childcare costs, no loans etc and was offered €10k less than the online calculator.

Mbourke91

Does anyone know how long Meath county council are taking to Come back at the moment?

Lauren52

janandbren wrote: »

Does anyone have any advice for RIHL for fast tracking an app! We were waiting til I was off pup and in a new job to apply for more €€ however a house has just come up in our locality that we would love that we would get on my husband's wages alone. Thing is it's up for auction on march 31st so I don't think we could get AIP on time?? Its cork county council!

We have all other ducks in a row! Clear accounts for 12 months plus, deposit and legal fees, no credit issues etc..show affordability no prob, net income ratio fine...

Highly unlikely, we tried to do this as the house we were renting was up for sale (we wanted to buy it) anyway it was over 16mts before we got our AIP (Kildare)

Also in between this time we applied to EBS , got Approval but it was very low compared to our AIP with RI. Long story short all we could afford was a house for Auction, we found one, Loved it and very cheap. Got a solicitor , she advised against. It's hard with a mortgage to get a house that's for auction, there was a few issues, so the 10% had to be paid upfront, if the lender didnt approve then the 10% is gone in our case this would have been 18,000. We got a valuation on this also and they said we would need proof of a minimum of 30,000 to repair. There was a list of other complicated things also, like fees if the previous owner had not paid property tax and a number of other things that we would be liable for once we purchased. Anyway we decided against it.

So in answer to your question I'm sorry but I highly doubt it with RI.

But if you could get an AIP with EBS or another lender similar on your husbands wages alone for the amount You could have a chance as they could have AIP in a week.

Lauren52

Lauren52 wrote: »

Highly unlikely, we tried to do this as the house we were renting was up for sale (we wanted to buy it) anyway it was over 16mts before we got our AIP (Kildare)

Also in between this time we applied to EBS , got Approval but it was very low compared to our AIP with RI. Long story short all we could afford was a house for Auction, we found one, Loved it and very cheap. Got a solicitor , she advised against. It's hard with a mortgage to get a house that's for auction, there was a few issues, so the 10% had to be paid upfront, if the lender didnt approve then the 10% is gone in our case this would have been 18,000. We got a valuation on this also and they said we would need proof of a minimum of 30,000 to repair. There was a list of other complicated things also, like fees if the previous owner had not paid property tax and a number of other things that we would be liable for once we purchased. Anyway we decided against it.

So in answer to your question I'm sorry but I highly doubt it with RI.

But if you could get an AIP with EBS or another lender similar on your husbands wages alone for the amount You could have a chance as they could have AIP in a week.

I'm finding some of the AIP stories on here hard to grasp. Is approval in principle not based solely on the numbers you give them verbally? In other words, "you sound like we'd give you money, so we'll give you AIP, but when you actually want the money, we'll look at you properly then".


I mean, I am not in an amazing financial situation in terms of getting a mortgage approved, but Bank of Ireland gave me AIP after 5 minutes on the phone. It was immediately emailed to me as I fit their general criteria. They had no interest in giving me a thorough looking over until I actually applied for the money.

Lauren52

[Deleted User] wrote: »

I'm finding some of the AIP stories on here hard to grasp. Is approval in principle not based solely on the numbers you give them verbally? In other words, "you sound like we'd give you money, so we'll give you AIP, but when you actually want the money, we'll look at you properly then".


I mean, I am not in an amazing financial situation in terms of getting a mortgage approved, but Bank of Ireland gave me AIP after 5 minutes on the phone. It was immediately emailed to me as I fit their general criteria. They had no interest in giving me a thorough looking over until I actually applied for the money.

You get an Approval in Principe letter once You submit everything and it goes to underwriters and they calculate your repayment capacity, then once You find a property and submit You get your Loan Offer.

I mean I can get a value on how much any lender will give me online or over the phone but that's just a calculation based on earnings.

Lauren52

Lauren52 wrote: »

You get an Approval in Principe letter once You submit everything and it goes to underwriters and they calculate your repayment capacity, then once You find a property and submit You get your Loan Offer.

I mean I can get a value on how much any lender will give me online or over the phone but that's just a calculation based on earnings.

Try BoI. They gave me AIP over the phone. Within 20 minutes of hanging up I'd AIP offer letter, terms, rules, expiry date, etc. emailed to me.

EDIT: For what it's worth, though, I bank with BoI and I'm a "premium" customer (I think that just means I've been with them a long time).

Lauren52

[Deleted User] wrote: »

Try BoI. They gave me AIP over the phone. Within 20 minutes of hanging up I'd AIP offer letter, terms, rules, expiry date, etc. emailed to me.

EDIT: For what it's worth, though, I bank with BoI and I'm a "premium" customer (I think that just means I've been with them a long time).

That's great might benefit the person looking for the house that's up for Auction. Thankfully we got our approval with RI after what seems like the longest time compared to anyone on here and that's saying something as for most it's a long, stressful process