Insufficient savings rebuilding Ireland loan

Elsieee

Does anyone one know what sufficient savings are on the rebuilding ireland loan ?

We got refused for insufficient savings even though we had 50k in state savings Prize bonds? So disappointed .

what would an idea of a savings habit be to apply again in 6 months.....?

The whole reason of this loan was to help people who are at disadvantage, and that rent was also accounted for as savings?

Could we appeal?

sorry for all the questions but it's all so frustrating.....

silver2020

Probably the wrong forum, but I'd definitely appeal if you have that level of savings.

However if the savings were a lump sum gift, it would probably not count in the same way as showing you were saving €1,000 a month.

Effectively they are looking for capacity to pay the mortgage and for you to be able to pay regular normal outgoings without putting yourself under pressure. A lump sum is great, but does not impact the "ability to pay" criteria.

So if you are able to show a regular amount being saved at regular intervals, or show that the €50k in state saving came from regular savings I'd appeal.

But if it was a lump sum given by a parent, maybe save as hard as possible for 6 months and apply again.

Bannasidhe

https://www.boards.ie/discussion/2058213570/insufficient-savings-rebuilding-ireland-loan

You might be better off asking in the accommodation and property forum https://www.boards.ie/categories/accommodation-property

JDigweed

Can you give a ball park figure of what you are saving or paying in rent?? It would probably need to be equal or more to the loan repayments. I was paying 1,200 in rent and was only really able to save a further 100 per month regularly on top of that.

Elsieee

https://www.boards.ie/discussion/comment/118034715#Comment_118034715

Even with paying 700 a month rent for the last 10 years?!

Elsieee

https://www.boards.ie/discussion/comment/118035554#Comment_118035554

I've moved it to another forum sorry about that...and thanks.