Rebuilding Ireland home loan

BKWDR

What is continuous employment?
To be eligible for a Rebuilding Ireland Home Loan you must be in continuous employment for a minimum of two years, as the primary earner or be in continuous employment for a minimum of one year, as a secondary earner.

Continuous employment does not need to be permanent, but continuous in nature. This means you may be in the same employment or in more than one employment for that period, where a break in employment has lasted no more than 4 weeks.

Multiple casual employments will not be considered eligible.

In a situation of self-employment, a minimum of two full years accounts for that employment must be provided.

http://rebuildingirelandhomeloan.ie/faq/

GarIT

givyjoe wrote: »

Its a gap of no more than 3 months as far as I remember. I think its on written somewhere on the forms or the website.

Different answers coming from different places, SDCC said it's a gap of more than one week or how they actually put it, if you signed on the dole at all you've to work two years after before you apply.

EDIT: I assume the link posted above is actually correct.

KH1591

Another quick question,
We need 2 refusal bank letters, is anyone else having trouble getting theirs? They seem to be making it difficult to get a refusal letter, saying they cant issue it over the phone, we have to go and set up a meeting and from there they can issue it! Seem to be making it purposely difficult to throw people off asking
Any tips would be great

optogirl

KH1591 wrote: »

Another quick question,
We need 2 refusal bank letters, is anyone else having trouble getting theirs? They seem to be making it difficult to get a refusal letter, saying they cant issue it over the phone, we have to go and set up a meeting and from there they can issue it! Seem to be making it purposely difficult to throw people off asking
Any tips would be great

The website now says it will accept a printout of a mortgage calculator from a bank website

KH1591

optogirl wrote: »

The website now says it will accept a printout of a mortgage calculator from a bank website

What website did you see this on?

macplaxton

KH1591 wrote: »

What website did you see this on?

The Rebuilding Ireland one. It's in the FAQs.

Ricosruffneck

macplaxton wrote: »

The Rebuilding Ireland one. It's in the FAQs.

Depends on the county council. I know KCC are bank letters. No online prints

optogirl

Ricosruffneck wrote: »

Depends on the county council. I know KCC are bank letters. No online prints

If they state that they are acceptable then you should be able to do that

Laurazal

Hello,
Looking for some advice/experience on RI Loan extension.
We got a loan extension of three months. Now we only have only 6 weeks left of that but the legal process of purchasing the house has not been started yet (long delay by County Council that is actually selling the house to us). My question is, are we likely to lose our mortgage if we do not draw down by the end of loan extension deadline?
Thanks!

Sulli83

Has anyone looked for an extension since the change of interest rates?
Do the original interest rates still apply throughout the extension?

Ukelele!

Laurazal wrote: »

Hello,
Looking for some advice/experience on RI Loan extension.
We got a loan extension of three months. Now we only have only 6 weeks left of that but the legal process of purchasing the house has not been started yet (long delay by County Council that is actually selling the house to us). My question is, are we likely to lose our mortgage if we do not draw down by the end of loan extension deadline?
Thanks!

Are you sale agreed? I was told that once you go sale agreed, it doesn't matter how long it takes. I went sale agreed January last year, and my mortgage approval was up until March. I emailed the council (to have everything in writing) and asked did I need to extend the mortgage approval and was told not to worry, that once I was sale agreed the loan approval wouldn't be affected. Dunno if that really helps, but I figure every council is different, so maybe emailing them directly might be the best approach

cudsy1

BeansBeans wrote: »

Originally Posted by Shonalou16 View Post
Hello,

We applies the Cork City Council last July 2018, we got our approval in principle the following March ( not 6-8 weeks as advised more like months) and we found a house in June and went Sale agreed.

We got an engineer report done, drains report and valuation which cost us 1000€ in total.

Yesterday we got a refusal letter yesterday on the grounds we didnt have savings to modernise our house ie whats pointed out in our engineers report eg a fitted kitchen.

We are absolutly gutted after waiting 16 months to then be refused because we dont have savings to do up our home which we have planned to do in stages?

Any body else apply with the Cork City Council we are in absolue shock!


This is rather terrifying, we are about to go sale agreed on an older house very soon. Love the house and location.
We won't have a huge amount left in our savings after.deposit, we were also looking to do it up in stages and start with some major renovation at the start with financial gift from a parent.

I have found Cork City council rather difficult to deal with so far, so very worried now. I'm not sure I could handle starting the house hunt all over again.

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.

cudsy1

Shonalou16 wrote: »

Hello,

We applies the Cork City Council last July 2018, we got our approval in principle the following March ( not 6-8 weeks as advised more like months) and we found a house in June and went Sale agreed.

We got an engineer report done, drains report and valuation which cost us 1000€ in total.

Yesterday we got a refusal letter yesterday on the grounds we didnt have savings to modernise our house ie whats pointed out in our engineers report eg a fitted kitchen.

We are absolutly gutted after waiting 16 months to then be refused because we dont have savings to do up our home which we have planned to do in stages?

Any body else apply with the Cork City Council we are in absolue shock!

yep!

car_radio19834

Can anyone give guidelines of timings for this process?

Let's say I apply now and I get approved. How soon do I need to go sale agreed? How long does it take to go sale agreed on a house?

There's no houses in my price range in the area I'm in currently.

AdmiringWig

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.

car_radio19834

car_radio19834 wrote: »

Can anyone give guidelines of timings for this process?

Let's say I apply now and I get approved. How soon do I need to go sale agreed? How long does it take to go sale agreed on a house?

There's no houses in my price range in the area I'm in currently.

bump

beanyb

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 would give them a call and follow up. I applied 5 weeks ago and they told me it would take 5-6 weeks, which I'm hoping is true as I've found a house I want to make an offer on! Yours would probably have been delayed a bit with Christmas in the middle, but if it is 5-6 weeks, you should have had a decision by now.

car_radio19834

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

stresshead101

car_radio19834 wrote: »

Can anyone give guidelines of timings for this process?

Let's say I apply now and I get approved. How soon do I need to go sale agreed? How long does it take to go sale agreed on a house?

There's no houses in my price range in the area I'm in currently.

Your approval is valid for six months from the date of issue of the letter of Approval In Principle.

Sale agreed can happen as soon as you have an offer accepted on a property and you put a deposit down. If you mean how long does it take from Sale Agreed to Sold, that depends on a variety of things including surveyors reports, mortgage protection, valuations, solicitors, etc.

bebehong

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. Had to reapply and clear everything. They came back with lots of queries on my bank transactions. Around 20 questions had to explain one by one. Eventually approved but not the amount I was looking for so I submitted more documents they require to review my application. Now waiting for the result.
The tricky part there was, when I checked RIHL website they have now increased their interest rate from 2.25% to 2.995%. Big jump! prepared my excel mortgage calculator and to my surprise I felt that it was intentionally done to discourage people like me to get a loan from them. I found that the AIB Green Rate is actually more cheaper compare to RIHL.

too sneaky for RIHL. Im still hoping they will put me at the old rate since I am under review for a higher amount but I doubt they will.

bebehong

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

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

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

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

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

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

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

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

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

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!