Rebuilding Ireland home loan

AD07

Does anyone know can you get the rebuild Ireland loan for an extension onto a house that is gifted to you?
As the house is gifted the banks class me as a first time buyer.

diceyreilly

AD07 wrote: »

Does anyone know can you get the rebuild Ireland loan for an extension onto a house that is gifted to you?
As the house is gifted the banks class me as a first time buyer.

Doubt it as its not to purchase a house. But not deffo on that.

LaurenMcHugh

Anybody know how often credit committees sit?

kenhan2015

Has anyone know when the credit committee for fingal meet for March. Was originally told 1st week but no updates so far now.

Gate Automation

Hello
Simple question which is not explained on rebuild ireland page, what's happened if your approval letter expire after six months, what's the steps to renew them ?

optogirl

Gate Automation wrote: »

Hello
Simple question which is not explained on rebuild ireland page, what's happened if your approval letter expire after six months, what's the steps to renew them ?

We've been told to apply again from scratch :rolleyes:

kenhan2015

optogirl wrote: »

We've been told to apply again from scratch :rolleyes:

You hardly have to re apply if your sale agreed on a house but haven’t drawn down yet? Just if you haven’t found a house at all?

Gate Automation

Thanks for reply, found house but approval expired 2 days before sale was agreed. I will start application again and star searching again for house. My wife was calling them and they said that we need start application from beginning.

AD07

Gate Automation wrote: »

Thanks for reply, found house but approval expired 2 days before sale was agreed. I will start application again and star searching again for house. My wife was calling them and they said that we need start application from beginning.

Who do you call for help on this?

Dino1234

Just wondering we are approved and looking for a property. I know the max is €320k for a property but does anyone know if they allow you to go over that by just say 5k if you have the money in savings to pay that much?

MariaJekiou

Dino1234 wrote: »

Just wondering we are approved and looking for a property. I know the max is €320k for a property but does anyone know if they allow you to go over that by just say 5k if you have the money in savings to pay that much?

Was told by Wexford coco that you can't go over the cap. I would check with your own one as it seems like each Council has their own rules.

faith76

Sorry for the silly question but I was wondering how to get started with the process of applying for the rebuilding Ireland loan? Should I find the house first and then apply for the loan or it’s all about filling in the application form of rebuilding Ireland loan and buying the property would be after having the application approved? Any feedback from you will have a significant impact on my progress. Many thanks.

Jafin

faith76 wrote: »

Sorry for the silly question but I was wondering how to get started with the process of applying for the rebuilding Ireland loan? Should I find the house first and then apply for the loan or it’s all about filling in the application form of rebuilding Ireland loan and buying the property would be after having the application approved? Any feedback from you will have a significant impact on my progress. Many thanks.

Apply first, then househunt. You can househunt now if you want, but realistically by the time you get approved any house you find before applying will very likely have already been sold. From the time you submit your application you're likely to be waiting 8+ weeks to find out if you've been approved or not.

First step is to go to the website and get a rough idea of how much you can borrow using the calculator. After that get in contact with your local county council to see about getting the application form. I believe you can also download the application form on the website, but councils should have them already printed out as booklets.

faith76

Jafin wrote: »

Apply first, then househunt. You can househunt now if you want, but realistically by the time you get approved any house you find before applying will very likely have already been sold. From the time you submit your application you're likely to be waiting 8+ weeks to find out if you've been approved or not.

First step is to go to the website and get a rough idea of how much you can borrow using the calculator. After that get in contact with your local county council to see about getting the application form. I believe you can also download the application form on the website, but councils should have them already printed out as booklets.

Thank you very much for the kind and informative reply. I just checked their website and it seems that the max I can get would be around 205000. I am not sure if this amount can secure a 2-bed house in the Co Dublin area for a family of 4 .

About the application, to which local county council should I submit it? Our current address is covered by the Dún Laoghaire Rathdown County Council but I think I can't get a house in this area with this loan amount. Could you please advise me about the possible areas that I should try with? I work in Dublin. Sorry for my greedy questions. Thanks a million.

Jafin

faith76 wrote: »

Thank you very much for the kind and informative reply. I just checked their website and it seems that the max I can get would be around 205000. I am not sure if this amount can secure a 2-bed house in the Co Dublin area for a family of 4 .

About the application, to which local county council should I submit it? Our current address is covered by the Dún Laoghaire Rathdown County Council but I think I can't get a house in this area with this loan amount. Could you please advise me about the possible areas that I should try with? I work in Dublin. Sorry for my greedy questions. Thanks a million.

I live in Clare and am not very familiar with Dublin at all, so I couldn't advise on that, sorry. You can apply to more than one council though, so you could try applying to a few different ones in Dublin to keep your options open.

diceyreilly

faith76 wrote: »

Thank you very much for the kind and informative reply. I just checked their website and it seems that the max I can get would be around 205000. I am not sure if this amount can secure a 2-bed house in the Co Dublin area for a family of 4 .

About the application, to which local county council should I submit it? Our current address is covered by the Dún Laoghaire Rathdown County Council but I think I can't get a house in this area with this loan amount. Could you please advise me about the possible areas that I should try with? I work in Dublin. Sorry for my greedy questions. Thanks a million.

You have to apply to the council you want to live in. EG if you apply to Fingal CoCo you cant buy a gaf in Dublin City or Dun Laoghaire with their loan.

UsernameValid

I’m having a really frustrating experience trying to apply for this loan. My husband and I were flat out refused when we applied last year because we were over the income threshold by €5k (on P60 we are over but not on salary certs due to non guaranteed bonus and BIK for health insurance). We had been advised to apply anyway and after going through the not inconsiderable motions of getting all the paperwork together and sending it in, the whole thing was returned the following week with a letter saying that it was rejected on account of the income threshold. The rejection letter was signed by the council employee who had told me in a previous email to apply anyway despite the gross income on P60 being slightly over. To say I was annoyed wouldn’t even get close to how I felt. So we applied again this year as my income had dropped however this time we were over by approximately €1100. This time I pointed out the fact that €3k of this is BIK and €5k is from non-guaranteed bonus. We waited 6 weeks and were advised yesterday that we will be declined on account of the fact that we have a car loan (which I mentioned on application as a previous loan but not an active loan as we have so little left on the balance and have additional savings set aside to clear it if we get approved) and due to a “ICB BUS/PRO issue”. We have one issue with credit report which is down to messing up a credit card in 2017. We fully paid the balance last Feb directly to the card issuer without any reduction of fees or balance and closed the account. We never missed a rent or car payment and have had several credit union loans in the last 10 years which are also in perfect standing and fully repaid. Basically we have savings, full rental history, and no debt outside of car loan which we have the funds to clear without altering the savings for house deposit and yet we still can’t get this loan approved. I’m at the end of my rope as we are stuck renting forever it seems on account of one bad mark on credit history which was fully repaid. It seems that the local authorities can simply make up the rules as the income threshold was not mentioned this time around as a reason for being declined and yet they still found a way to say no. Any advice appreciated

faith76

Jafin wrote: »

I live in Clare and am not very familiar with Dublin at all, so I couldn't advise on that, sorry. You can apply to more than one council though, so you could try applying to a few different ones in Dublin to keep your options open.

Thank you very much. It is a great idea, I will do that. My best regards.

BKWDR

UsernameValid wrote: »

I’m having a really frustrating experience trying to apply for this loan. My husband and I were flat out refused when we applied last year because we were over the income threshold by €5k (on P60 we are over but not on salary certs due to non guaranteed bonus and BIK for health insurance). We had been advised to apply anyway and after going through the not inconsiderable motions of getting all the paperwork together and sending it in, the whole thing was returned the following week with a letter saying that it was rejected on account of the income threshold. The rejection letter was signed by the council employee who had told me in a previous email to apply anyway despite the gross income on P60 being slightly over. To say I was annoyed wouldn’t even get close to how I felt. So we applied again this year as my income had dropped however this time we were over by approximately €1100. This time I pointed out the fact that €3k of this is BIK and €5k is from non-guaranteed bonus. We waited 6 weeks and were advised yesterday that we will be declined on account of the fact that we have a car loan (which I mentioned on application as a previous loan but not an active loan as we have so little left on the balance and have additional savings set aside to clear it if we get approved) and due to a “ICB BUS/PRO issue”. We have one issue with credit report which is down to messing up a credit card in 2017. We fully paid the balance last Feb directly to the card issuer without any reduction of fees or balance and closed the account. We never missed a rent or car payment and have had several credit union loans in the last 10 years which are also in perfect standing and fully repaid. Basically we have savings, full rental history, and no debt outside of car loan which we have the funds to clear without altering the savings for house deposit and yet we still can’t get this loan approved. I’m at the end of my rope as we are stuck renting forever it seems on account of one bad mark on credit history which was fully repaid. It seems that the local authorities can simply make up the rules as the income threshold was not mentioned this time around as a reason for being declined and yet they still found a way to say no. Any advice appreciated

The income threshold is a main one but depends how its viewed. What has your employer put down in total? What do your payslips say? p60. That will be the main driver for it. But all you can do is ask for clarification.

I would imagine the ICB issue is the main problem regardless of anything else. Regardless of going with RIHL or an outside bank, i would try to get clarification on when the messing up on the credit card will leave your record. I think it tends to be on your record for 5 years, but is it 5 years since 2017 or when you sorted it last February. Poor credit history can be an automatic decline for a mortgage and they aren't really interested in the back story , they just read the report and see that you borrowed money and didnt pay it back under their conditions.

UsernameValid

BKWDR wrote: »

The income threshold is a main one but depends how its viewed. What has your employer put down in total? What do your payslips say? p60. That will be the main driver for it. But all you can do is ask for clarification.

I would imagine the ICB issue is the main problem regardless of anything else. Regardless of going with RIHL or an outside bank, i would try to get clarification on when the messing up on the credit card will leave your record. I think it tends to be on your record for 5 years, but is it 5 years since 2017 or when you sorted it last February. Poor credit history can be an automatic decline for a mortgage and they aren't really interested in the back story , they just read the report and see that you borrowed money and didnt pay it back under their conditions.

So total amount on Salary Certs from employers (including non guaranteed bonus) comes to €73k as they don’t seem to count the health insurance BIK.

My main issue is getting labelled as having “poor credit history” when there were issues with only one account out of 5 (the other 4 of which have had zero missed payments) and over a decade of traceable monthly rental payments also never missed.

diceyreilly

Sent my application in 2 weeks ago.

Got a letter today saying your loan application is being referred to the housing agency for their assessment and recommendation. Is this the norm.

( fingal coco )

Lauren52

diceyreilly wrote: »

Sent my application in 2 weeks ago.

Got a letter today saying your loan application is being referred to the housing agency for their assessment and recommendation. Is this the norm.

( fingal coco )

This is the way it is sappose to go. Sounds promising and quick. Once its back from there it will go to the next credit comittee meeting. Then You will have your decision.

diceyreilly

Lauren52 wrote: »

This is the way it is sappose to go. Sounds promising and quick. Once its back from there it will go to the next credit comittee meeting. Then You will have your decision.

Nice one. Thanks Lauren.

Mbourke91

Does the council usually tell you when your application goes from the underwriters to the credit committee? Do you usually follow up with the council after a few weeks or is it better just to wait till you hear from them? I’m so impatient and I know this is a long process !Thanks

89char9

Hi, I'm thinking of applying for this mortgage as a single parent with 3 kids. I work full time and have a salary that is well below the threshold. I currently rent at market value. I think I meet all the criteria. But am a bit worried as I am separated but not legally. Does anyone know if I will have issue getting approved due to this?

diceyreilly

89char9 wrote: »

Hi, I'm thinking of applying for this mortgage as a single parent with 3 kids. I work full time and have a salary that is well below the threshold. I currently rent at market value. I think I meet all the criteria. But am a bit worried as I am separated but not legally. Does anyone know if I will have issue getting approved due to this?

The separation will have nothing to do with it. You will still be able to apply.
Put in your details into the calendar to see how much you can borrow.

UsernameValid

There is reference made to applicants who are separated in the RIHL credit policy. Much of it is redacted but you can still see some relevant information. As I am a new user I am prevented from adding the URL here but if you Google “RIHL credit policy” you will find it.

CKenna

Hi how do I get two refusals or letters of insufficient offers?

diceyreilly

CKenna wrote: »

Hi how do I get two refusals or letters of insufficient offers?

AIB do them online. And they accepted a print out of PTSB online mortgage calculator for me

kenhan2015

diceyreilly wrote: »

Sent my application in 2 weeks ago.

Got a letter today saying your loan application is being referred to the housing agency for their assessment and recommendation. Is this the norm.

( fingal coco )

Did they give you a time frame for processing? Ours is with them since end of January