Rebuilding Ireland home loan

gandalfio

diceyreilly wrote: »

Hi Mark ,
As per our phone call today, Please submit the following documents.


Employment Detail Summary 2020. Please se attached instruction on how to obtain said form.
As stated we can only included in our loan calculation ,income that is guaranteed or regular. As per your salary certificate supplied it states that your overtime and allowances are irregular therefore we cannot include them in your loan calculation. I Have attached a salary certificate to be completed as you have stated that you fell these payments are regular.

Please forward all documents to this email address . Please be aware any delay in receiving said documents may result in other documentation submitted becoming out date therefore your application would have to be returned to you.

Kind Regards,

I just forwarded that email to them to ask what has changed since the 9th of March.

They're cowboys. Fingal messed us around as well. Made mistakes that seemed too ridiculous to actually be mistakes. They don't want to give people these loans. We appealed with irrefutable evidence and won the appeal. Our approval expires in July and we've been told there is zero scope for it to be extended, despite the fact we couldn't even view a house for 5 of the 6 months we were approved. Won't be reapplying as its waaayyy to much hassle. It's disgusting really. Hurdles and barriers at every turn.

diceyreilly

gandalfio wrote: »

They're cowboys. Fingal messed us around as well. Made mistakes that seemed too ridiculous to actually be mistakes. They don't want to give people these loans. We appealed with irrefutable evidence and won the appeal. Our approval expires in July and we've been told there is zero scope for it to be extended, despite the fact we couldn't even view a house for 5 of the 6 months we were approved. Won't be reapplying as its waaayyy to much hassle. It's disgusting really. Hurdles and barriers at every turn.

Yeah. Trying to make it as difficult as possible. Glad to hear you won the appeal. I really hope I don’t have to appeal it because i want nothing more to do with them.

gandalfio

diceyreilly wrote: »

Yeah. Trying to make it as difficult as possible. Glad to hear you won the appeal. I really hope I don’t have to appeal it because i want nothing more to do with them.

Yeah same here am done with them. Months and months of hassle. We then got approval from a broker and the whole process took a couple of weeks. It's less than RBI approved, but we can go over the 320k cap with the broker which is more beneficial to us.

DonnieCorko

Hey guys, can anyone tell me what proof you need to be able to apply for the RI loan in terms of the 2 financial institutions letters? For example, I got a 140k offer from AIB in principal through their app. Is this one such proof?

optogirl

DonnieCorko wrote: »

Hey guys, can anyone tell me what proof you need to be able to apply for the RI loan in terms of the 2 financial institutions letters? For example, I got a 140k offer from AIB in principal through their app. Is this one such proof?

Yes that is accepted

deise121

gandalfio wrote: »

Yeah same here am done with them. Months and months of hassle. We then got approval from a broker and the whole process took a couple of weeks. It's less than RBI approved, but we can go over the 320k cap with the broker which is more beneficial to us.

Yeah unfortunately for us, this is the only way we will get a mortgage. Wife can’t work due to having two special needs children and gets carers. From my understanding the two banks who actually would count carers as an income are leaving the country and no longer giving mortgages. It’s absolutely criminal that carers isn’t counted as an income. She will be getting for another 15 years at least and by all means it is a full time job

jill_valentine

DonnieCorko wrote: »

Hey guys, can anyone tell me what proof you need to be able to apply for the RI loan in terms of the 2 financial institutions letters? For example, I got a 140k offer from AIB in principal through their app. Is this one such proof?

Most will, but some of the ones outside Dublin might be fussy, I strongly suggest checking with your council to be sure.

Cibob

My partner had a loan in 2008 which he defaulted payments six years ago the bank took legal action there was an agreement to pay a certain amount per month which he has been doing since. When we done the credit check it states legal proceedings which are still in place. We are willing to clear this amount immediately if necessary. We have the deposit in full and our landlady is looking to sell this house. Each broker or bank I contact have said no way to getting a mortgage.bank of ireland have given us some hope but I don't know. I have been looking at other options and came across rebuilding ireland scheme. My partner earns more than 50,000 with overtime but the account in the company has said she can fill in salary cert as less. Would this pass? Also will they look at It with the bad credit report.any help is really appreciated as I don't know where to go

diceyreilly

Cibob wrote: »

My partner had a loan in 2008 which he defaulted payments six years ago the bank took legal action there was an agreement to pay a certain amount per month which he has been doing since. When we done the credit check it states legal proceedings which are still in place. We are willing to clear this amount immediately if necessary. We have the deposit in full and our landlady is looking to sell this house. Each broker or bank I contact have said no way to getting a mortgage.bank of ireland have given us some hope but I don't know. I have been looking at other options and came across rebuilding ireland scheme. My partner earns more than 50,000 with overtime but the account in the company has said she can fill in salary cert as less. Would this pass? Also will they look at It with the bad credit report.any help is really appreciated as I don't know where to go

He can earn up to €75,000 if the 2 of you are named on it. Not sure about the legal side of it but probably wouldn’t get my hopes up.

FromADistance

Cibob wrote: »

My partner had a loan in 2008 which he defaulted payments six years ago the bank took legal action there was an agreement to pay a certain amount per month which he has been doing since. When we done the credit check it states legal proceedings which are still in place. We are willing to clear this amount immediately if necessary. We have the deposit in full and our landlady is looking to sell this house. Each broker or bank I contact have said no way to getting a mortgage.bank of ireland have given us some hope but I don't know. I have been looking at other options and came across rebuilding ireland scheme. My partner earns more than 50,000 with overtime but the account in the company has said she can fill in salary cert as less. Would this pass? Also will they look at It with the bad credit report.any help is really appreciated as I don't know where to go

No point worrying about a salary cert if the credit history is going to be an issue. Ask the council what is their position on bad debt and explain the suitation. Everything else is irrelevant at this point. In terms of the credit report history, the clock will keep ticking until the final repayment is made on the loan plus an additional 5 years.

Personally, I would clear off the loan ASAP, having a loan hanging around from 2008 is not going to help particularly when it got to the point where legal action was considered when the facility could perhaps have been restructured well before that.

Cibob

FromADistance wrote: »

No point worrying about a salary cert if the credit history is going to be an issue. Ask the council what is their position on bad debt and explain the suitation. Everything else is irrelevant at this point. In terms of the credit report history, the clock will keep ticking until the final repayment is made on the loan plus an additional 5 years.

Personally, I would clear off the loan ASAP, having a loan hanging around from 2008 is not going to help particularly when it got to the point where legal action was considered when the facility could perhaps have been restructured well before that.

We were going to try get this mortgage as it says it can be an option for people with bad credit history. We can pay off the loan out of savings now of course but as it had been a monthly payment for so long it went unnoticed to him by his own mistake. Thanks for the reply

DonnieCorko

optogirl wrote: »

Yes that is accepted

jill_valentine wrote: »

Most will, but some of the ones outside Dublin might be fussy, I strongly suggest checking with your council to be sure.

Thanks guys. What exactly do I show the council though? A screenshot of the app that says approval in principle or?

Thanks!

DonnieCorko

To the people here who have been successful in getting an RI mortgage, whats the turnaround time from applying to receiving approval with rebuilding Ireland? I saw someone say a year and half but looking for other examples too.

Also, I am wondering do they refuse you for things such as stocks, investments etc? I have made some money from crypto but I am afraid it will be seen as gambling and could cause them to refuse me. Anyone have experience with stocks etc and how they interpreted it?

Another thing too is local authority areas? I would be looking at properties in dublin city council area as well as fingal county council area. Does that mean two separate RI applications are needed if I dont know the exact area I hope to be buying in?

Thanks!

Antho12

DonnieCorko wrote: »

To the people here who have been successful in getting an RI mortgage, whats the turnaround time from applying to receiving approval with rebuilding Ireland? I saw someone say a year and half but looking for other examples too.

Also, I am wondering do they refuse you for things such as stocks, investments etc? I have made some money from crypto but I am afraid it will be seen as gambling and could cause them to refuse me. Anyone have experience with stocks etc and how they interpreted it?

Another thing too is local authority areas? I would be looking at properties in dublin city council area as well as fingal county council area. Does that mean two separate RI applications are needed if I dont know the exact area I hope to be buying in?

Thanks!

Yes you’ll have to apply in Dublin City Council and Fingal separately. It took 3 months for me with Dublin City Council from first application to drawdown. I had money from shares that I sold and it wasn’t an issue, not sure about crypto though. Good luck

DonnieCorko

Antho12 wrote: »

Yes you’ll have to apply in Dublin City Council and Fingal separately. It took 3 months for me with Dublin City Council from first application to drawdown. I had money from shares that I sold and it wasn’t an issue, not sure about crypto though. Good luck

This is great info thanks! 3 months is super quick. What were your two proofs of refuasl/ low offers? Just a screenshot of approval in principle or something else?

Antho12

DonnieCorko wrote: »

This is great info thanks! 3 months is super quick. What were your two proofs of refuasl/ low offers? Just a screenshot of approval in principle or something else?

Just screenshots of online calculators for DCC, AIB and BOI in my case. It’s best to check with them beforehand though as folks on here said some councils only accept actual letters of refusal, you might want to ring/write to Fingal coco just to be sure.

DonnieCorko

Antho12 wrote: »

Just screenshots of online calculators for DCC, AIB and BOI in my case. It’s best to check with them beforehand though as folks on here said some councils only accept actual letters of refusal, you might want to ring/write to Fingal coco just to be sure.

Great. Thank you!

jill_valentine

DonnieCorko wrote: »

Thanks guys. What exactly do I show the council though? A screenshot of the app that says approval in principle or?

Thanks!

I sent screenshots. Off the top of my head I think Fingal and DCC were fine with screenshots of two calculators, SDCC wanted copies of actual offer letters, but it would be worth checking with them. You can get one offer letter from AIB's online application system in about two hours, the other I happened to have anyway.

(Btw I would suggest applying for a "normal" mortgage through a broker if you're doing this anyway, just because it's easy to do when you're already assembling the docs, it gives you something to fall back on in case there's a miracle, and it means you just need to update it every so often to get as many AIP letters as you need for as many applications as you want to put in)

Darkglasses

Cibob wrote: »

We were going to try get this mortgage as it says it can be an option for people with bad credit history. We can pay off the loan out of savings now of course but as it had been a monthly payment for so long it went unnoticed to him by his own mistake. Thanks for the reply

Just my two cents, but I don't think you've got much chance with debt legal proceedings on your credit history. They might overlook a few missed payments, but going all the way to legal proceedings I doubt it.

clio_16v

Just got my rejection letter after about 8 weeks.

Insufficient repayment capacity - I pay rent every month and was told this is sufficient

More than 90% LTV - I put the figure I got on their site or Max. Maybe I wrote something wrong here but really don't think so

Insufficient savings record - Savings is a bit sporadic

Need physical copies of bank statements, not printed from online banking - I use N26 and Revolut so everything is online

Probably no point in appealing as there are a few issues?

Back to renting and hoping I get a fat pay rise

DonnieCorko

clio_16v wrote: »

Just got my rejection letter after about 8 weeks.

Insufficient repayment capacity - I pay rent every month and was told this is sufficient

More than 90% LTV - I put the figure I got on their site or Max. Maybe I wrote something wrong here but really don't think so

Insufficient savings record - Savings is a bit sporadic

Need physical copies of bank statements, not printed from online banking - I use N26 and Revolut so everything is online

Probably no point in appealing as there are a few issues?

Back to renting and hoping I get a fat pay rise

Hey. I am wondering why they said insufficent repayment capacity? They tell you the amount you borrow on what you earn, so how can they say you couldnt afford repayments? Or is it because you have outstanding costs like loans etc?

Thanks

deise121

clio_16v wrote: »

Just got my rejection letter after about 8 weeks.

Insufficient repayment capacity - I pay rent every month and was told this is sufficient

More than 90% LTV - I put the figure I got on their site or Max. Maybe I wrote something wrong here but really don't think so

Insufficient savings record - Savings is a bit sporadic

Need physical copies of bank statements, not printed from online banking - I use N26 and Revolut so everything is online

Probably no point in appealing as there are a few issues?

Back to renting and hoping I get a fat pay rise

I would appeal that.

Decrease the amount you want to borrow and explain to them that by using N26 and Revolut all you can give is print outs. Waterford Council said the same thing to me. My application is at the underwriter now and they questioned my wife's an post bank statements. I sent them in the official PDF you can download from their app and said look, open this and you can see exactly what the story with it is. She said it was grand then. In regards to your savings, are you saving the same amount every week, month, etc? or are you throwing in a few hundred quid here and there?

clio_16v

DonnieCorko wrote: »

Hey. I am wondering why they said insufficent repayment capacity? They tell you the amount you borrow on what you earn, so how can they say you couldnt afford repayments? Or is it because you have outstanding costs like loans etc?

Thanks

I have no loans or credit cards. Only bills are rent, electricity etc for my current place

clio_16v

deise121 wrote: »

I would appeal that.

Decrease the amount you want to borrow and explain to them that by using N26 and Revolut all you can give is print outs. Waterford Council said the same thing to me. My application is at the underwriter now and they questioned my wife's an post bank statements. I sent them in the official PDF you can download from their app and said look, open this and you can see exactly what the story with it is. She said it was grand then. In regards to your savings, are you saving the same amount every week, month, etc? or are you throwing in a few hundred quid here and there?

Here and there to be honest. Was putting in 600 a month to company shares last year and cashed them in. Not sure if they recognise that as savings

deise121

clio_16v wrote: »

Here and there to be honest. Was putting in 600 a month to company shares last year and cashed them in. Not sure if they recognise that as savings

no that's not considered savings lad

edit: according to them it isn't. anyone with a brain can see that as savings

DonnieCorko

clio_16v wrote: »

I have no loans or credit cards. Only bills are rent, electricity etc for my current place

Damn that sucks. I cant see how they are saying you cant afford repayments if their calculator is saying you can based on your earnings.

clio_16v wrote: »

Here and there to be honest. Was putting in 600 a month to company shares last year and cashed them in. Not sure if they recognise that as savings

Did you have any other traditional savings besides this? I put alot of my money into investments which I will be using for the deposit.

For example, I apply for loan of 180k. I have 7/8k in savings and 50k in risky investments that I have sitting in my investment account (non-bank) cashed out but not in my bank account. Will this go against me does anyone know?

DonnieCorko

Do you have kids? Wondering if this played a factor?

clio_16v

DonnieCorko wrote: »

Do you have kids? Wondering if this played a factor?

I have 2 and possibly

DonnieCorko

Lauren52 wrote: »

Yes You are correct

Can you explain what you mean here. They give 225k and he can make up the rest with deposit to hit 320k. If he wanted to buy a house for 325, he isnt eligible for the scheme (even though he has a big % of the cost).

Ace2007

DonnieCorko wrote: »

Did you have any other traditional savings besides this? I put alot of my money into investments which I will be using for the deposit.

For example, I apply for loan of 180k. I have 7/8k in savings and 50k in risky investments that I have sitting in my investment account (non-bank) cashed out but not in my bank account. Will this go against me does anyone know?

You need to be able to show that 30% of your deposit comes from regular savings, so if someone isn't saving regularly you can see how they would say no.

As for buying shares every month - well shares by their natures are risky.