Rebuilding Ireland home loan

dawidnowak2005

Graham wrote: »

The eligibility checklist states:

• provide evidence of insufficient offers of finance from two banks or building societies

It sounds like your offer is insufficient.

Thanks for reply, it’s sounds like but I’m not sure if it’s change anything if I accept it from bank, didn’t technically take mortgage yet but have it approved for 12 months, very confused I’m now

Salanky

dawidnowak2005 wrote: »

Thanks for reply, it’s sounds like but I’m not sure if it’s change anything if I accept it from bank, didn’t technically take mortgage yet but have it approved for 12 months, very confused I’m now

If its only approval in principle then it won't matter. The council essentially want letters from two banks/building societies saying they won't offer as much as the council loan calculator. When I first got approved by the council I had one letter from boi for 104k and a refusal letter from kbc cause I wasnt earning at least 30k. Aib are really easy to get an aip letter with the new online application for the second letter you would need assuming you don't already have aip with them.

Lwoods90

Hi,

Can I ask a question. If the max amount according to the calculation said €220,000.

If we go sale agreed at say €180,000. Will we get the full €180000 or will we only get €162,000 and need our 10 deposit.

gnr vr fan

Cheesepuffs wrote: »

Anyone any idea on this ?

I wasn't asked if I had a revolut account with the Council but with the Bank Yes.

But I don't have a revolut account.

Graham

Lwoods90 wrote: »

Hi,

Can I ask a question. If the max amount according to the calculation said €220,000.

If we go sale agreed at say €180,000. Will we get the full €180000 or will we only get €162,000 and need our 10 deposit.

You can borrow up-to 90% of the value of the property, you still need your deposit etc.

gnr vr fan

Sulli83 wrote: »

Sorry i haven't been on here in a number of weeks.

We received an e-mail today stating that being in receipt of the wage subsidy and your employer availing scheme does in fact classify you as having a change of circumstances. As of tomorrow i will have been off the scheme 4 weeks, back onto full salary and my partner is in similar situation. We went Sale Agreed on a property yesterday morning before we received the updated information from our CC. Grossly unfair and illogical if they determine you to be ineligible due to your workplace being forced to temporarily shut down or operate on a limited basis during government restrictions. My net income changed minimally for a period of around 6 weeks while i was on the wage subsidy.

The mail stated the CC were awaiting further instructions from the Department Of Finance regarding applicants.

Thanks Sulli,

So what the hell do you do now?

Ooh this is frustrating. I have all the documents lined up ready to go but I'm weary of submitting anything to them at the moment.

I might hold off on submitting anything to them for a few weeks.

gnr vr fan

Homedream wrote: »

I just ment that we are going appliing for mpi through broker and they have about 14 companies they look for mpi from and royal london is on there list. As well as friends first etc just hoping it will give us more of a chance

Ah okay. Thanks. I thought it might have been a list the council had.

Sulli83

gnr vr fan wrote: »

Thanks Sulli,

So what the hell do you do now?

Ooh this is frustrating. I have all the documents lined up ready to go but I'm weary of submitting anything to them at the moment.

I might hold off on submitting anything to them for a few weeks.

We've since had an update and we've to submit information from employers yet again and payslips since we both came off the TWSS. We are hoping for a positive result next week otherwise we will most likely miss out on the house we've gone Sale Agreed on. Frustrating times!!

gnr vr fan

Sulli83 wrote: »

We've since had an update and we've to submit information from employers yet again and payslips since we both came off the TWSS. We are hoping for a positive result next week otherwise we will most likely miss out on the house we've gone Sale Agreed on. Frustrating times!!

So ye have to submit Salary Certs, Payslips, any other declaration or anything?

You are right. This is frustrating.

Homedream

Anyone get mpi from outside council as we got refused when we get it is there any issues the council will bring up about it as everytime we give in documents they have issues.E.g wrong paper, heading paper, one word wrong in letter i mean the list goes on. They have also stopped the process of appication untill we sort mpi which the mpi brooker say is a joke as your are applying for mpi without any mortgage yet. The rules seems to be anything to slow it down for some reason

Homedream

raineas1 wrote: »

I went through the process with RIHL and have been in my house for just over a year now. I still follow this thread and can completely understand the frustrations with the process (even more so now with hold ups with covid). Just wanted to post and say to anyone in the middle of it, stick with it...it is so worth it in the end.

Thanks needed to hear this. been such a difficult time i mean all our hopes are on this. I could have given up last week after application been in since last november and prov approved in january. To think this covid could just destoy it all.

BKWDR

Homedream wrote: »

Anyone get mpi from outside council as we got refused when we get it is there any issues the council will bring up about it as everytime we give in documents they have issues.E.g wrong paper, heading paper, one word wrong in letter i mean the list goes on. They have also stopped the process of appication untill we sort mpi which the mpi brooker say is a joke as your are applying for mpi without any mortgage yet. The rules seems to be anything to slow it down for some reason

I think it was mentioned previously on the thread but the MPI is a real swinging point for the councils, it says in the credit policy that all applicants borrowers must be part of the group scheme in order to take out the loan and looking through posts from people here and elsewhere it seems to be the discretion of the council whether or not to accept the outside MPI cover. AFAIK you are required to have equivilant cover as that is supplied by the council or next best thing, and if you cant demonstrate that they can pull the loan offer.

KH1591

Hi.
Just curious if anyone here has been affected by Covid but still approved for their mortgage with RI?
We're sending our application next week hopefully, everything is set and ready to go and we've just found out today my partners place of work could be closing down due to Covid. Our local council have told us to still apply and if he has a new job quite quickly we should be ok but its still a huge worry as it could set us back time wise (since many place like a long employment record)
Just wondering if anyone else is in a similar situation or maybe affected in a different way but still approved?
Thanks

SarahKK1987

We're in the same situation at the moment we are actually at draw down stage but my other half is still on the pandemic payment as his place of work is bringing then back in stages. No sign of a return in the short term. The stress levels are through the roof to think we have gotten this far and this virus could whip it all out from under us. I'm hoping a letter to state he will return to work on the same basis as when we applied will suffice. Our rent is more than our mortgage will be (as is the case for most peoole) so commong sense would say it should be ok but I'm not so sure. Seems nothing is for sure anymore.

KH1591

Everything is so uncertain. Our council have said if he losses his job but gets a new one quick enough we should be ok. I also spoke to the rebuilding ireland team and they said things are being put in place to those affected and not to worry. I'm sure they can't expect everyone to just get back to normal financially so they would have to put something in place.

BKWDR

Lenders and RIHL are no different in the sense they will need to see people's ability to pay the loan and if someone is either temporarily laid off or on TWSS, it's not a true reflection on how much that person is earning or what position their employer is in. If your job has been affected by covid then there's a massive chance that any lender will defer until you return to the position you were in when you were approved first. That makes sense from their side.
I would say they will make amendments in the credit policy to allow for 'continuous employment' periods so that if you found yourself unemployed as a result of Covid19, but you were back in full time employment with your original or another job, that you could reapply to the scheme even with a break in your employment, explained by covid. The big one would be if they let you keep your original interest rate you applied under, pre January 2020

Cheesepuffs

Hopefully looking for some good news to my question.

Today two weeks ago we were told our application was returned from the housing agency and being sent forward to credit committee.

Now we have got a call to say our application has a query from the housing agency.

Will our application go back to them or still go forward to credit committee?

Jafin

KH1591 wrote: »

Hi.
Just curious if anyone here has been affected by Covid but still approved for their mortgage with RI?
We're sending our application next week hopefully, everything is set and ready to go and we've just found out today my partners place of work could be closing down due to Covid. Our local council have told us to still apply and if he has a new job quite quickly we should be ok but its still a huge worry as it could set us back time wise (since many place like a long employment record)
Just wondering if anyone else is in a similar situation or maybe affected in a different way but still approved?
Thanks

As long as there isn't a significant gap between jobs then there shouldn't be an issue. It's not that they need to see you've been in the same job for X amount of time, just that you've been employed for X amount of time continuously. Of course the salary would have to be similar/higher too. If there was a big dip in salary when he got a new job then that wouldn't be looked on positively.

Maz2016

I see on the proposed programme for government , they have - “Expand the Rebuilding Ireland Home Loan.” This is hopefully good news

page 55
https://static.rasset.ie/documents/news/2020/06/programmeforgovernment-june2020-final.pdf

Blackrock2018

Hi

I’m just wondering has anyone build a house under the rebuilding Ireland loan. Did ye stock to the 175sq metres or did ye go slightly bigger?

Graham

I'm sure I recall a post where someone had an application declined for going over 175 sqm. Have a read back through the thread.

gandalfio

Hi. Will an application be accepted if you're using the Help to Buy tax relief to make up 60% of your deposit? Or does the deposit amount have to be already saved in your bank account at the time of your application?

Rafa 80

Hi,
Did someone have any answer in the last few weeks from Kildare County Council?
We can't get answer for our calls or emails.

Shellzer123

hairyprincess wrote: »

If I apply for a mortgage of say for example €100k and I put an offer on a house which gets accepted at €98k, do I just get the €98k or do I get the €100k?

No you will only get €88.2k. You have to have 10% of the purchase price yourself

Shellzer123

Dankarl wrote: »

So like most men I like to have an owl flutter on Paddy Power once or twice a year. I use my revolut card so no trace back on my bank account.

Has anyone been asked to produce revolut statements ?

Yes i had to, they ask for 12 months statements

Lwoods90

How often are people emailing for a update ?

Is once a week too much ?

Salanky

Lwoods90 wrote: »

How often are people emailing for a update ?

Is once a week too much ?

Iv been told to wait a week or two for the council to get back to me. Only issue is if they will only give me a three month extension it will be out on the 4th of july so kinda pointless then. Hoping they give longer than usual with the whole covid thing. I think the woman in the council thinks they will give longer or she wouldn't have bothered saying it with such short time left. Still haven't heard back from the estate agent to view the place again but sure theres no surprise there.

Homedream

Declined mpi through council and now been declined royal london mpi, dont no what to do ��

Lwoods90

Homedream wrote: »

Declined mpi through council and now been declined royal london mpi, dont no what to do ��

Why are people refused MPI?

Maz2016

Lwoods90 wrote: »

Why are people refused MPI?

Usually for a medical condition or pre existing medical condition