Has anyone used this to purchase a new house to builders finish? Was there any issue?
Question for people who have been approved...Did you get approval over the phone or was it by post / letter?
We've been waiting 12+ weeks since applying.
Post with Dublin city and South Dublin
Ive heard of both, I have been hounding SDCC for an answer. Called yesterday and they said their credit committee is sitting today and on Monday so if I am in the Thursday batch they will be able to tell me tomorrow but then followed up with a letter.
What they say and what they do probably differs.
How are you contacting SDCC?
Just call them and ask to speak to somebody who can give you an update on a rebuilding ireland homeloan.
I call them all the time 014149000
I'm 10 weeks waiting.
Thanks LK1988. I feel your pain, we've been waiting a very long time. First applied in February, Reapplied in April with adjusted figures. We havn't heard a thing since. Can't seem to get any info from CC or helpline.
Ring and ask for Amy. Shes very good and will give you a straight answer.
They were very nice on the phone but only deal with South County Dublin. We are based in Cork, we havn't been able to get much info from our own CC as regards our current status.
Does anyone have the direct number for Fingal the number I got 018906752 keeps going straight to mailbox.
Got my response back yesterday after 10 weeks. Declined! Two reasons were given:
- Not showing repayment capacity
- Not showing source of savings
At a high level this scheme is a bit of a joke and a lottery it seems. For two banks two offer me mortgages in two to three week time frames (and with stricter criteria as they stress test your repayment capacity) and the Council spend ten weeks fannying about and offer nothing. Something is clearly wrong.
Few questions if anyone can help with:
1) Appealing Decision
To appeal the decision is it basically going through the same process again and waiting another 10 weeks? Or if there was a mistake made by the Council could it be looked into quicker?
2) Is it unusual to get an outright refusal with not even an offer for a lower amount?
When submitting the application the person I met in Fingal CC told me to put in the max amount allowed by their calculator. She worked it out. She said there was no harm putting in the max and they would still offer a lower amount.
My application included approval in principle letters from two banks. So it's mind boggling that the Council would give a blank refusal and not offer even a lower amount than I requested.
3) For anyone who got refused on showing source of savings. How did you deal with this in an appeal?
My submission included bank statements going back as far as my SSIA (Government Savings Scheme) which is over 10 years ago! All my savings have been accounted for. The lady who helped with my submission in Fingal was happy with it too. This makes me wonder if the underwriters/credit committee got all the documentation I submitted or that there has been some cock up along the line.
It is the same with displaying ability to repay. I included 12 months savings and rent statements that cover more than the amount I would need to repay.
It's not like the Council stress test your repayment capacity like a bank as the Government mortgage provides a guaranteed interest rate so the repayment amount will never change.
4) After a refusal. Did anyone meet face to face with the Council for a more detailed explanation of why they were refused and how the situation can be resolved to the satisfaction of the Council?
From my perspective my submission included documentation that displayed both repayment capacity and source of savings. Without further details from Council I'm snookered.
What council are you going with?
We got refused initially, then on appeal.. I refused to let it drop so they put us in appeal again and got it... persevere.
I had to do excel spreadsheets and look at our savings from when we were paying a high rent to show repayment capacity. Not sure if that might help you...
I'm going with Fingal CC.
I actually included a spreadsheet that totalled up savings, rent etc for 12 months which showed I could easily cover repayment on the max amount I was asking for. A cover letter was included too for further explanation.
This is why I get the feeling there was a cock up here and all the paperwork I handed in did not make it to the underwriter (which is just another department in the Council as I understand).
To use an example. When a bank approves you for say 150k and you ask for 200k from the Council it makes no logical sense why the council would not offer somewhere in the 150k to 200k range. The fact that they do not stress test your repayment capacity and the bank do means the Council should be able to offer more than the 150k.
Hey, sorry to hear of your refusal. Our initial application took 6 weeks to get a refusal. We appealed 3 weeks later and have been waiting 13 weeks now for a response. We contact our CC on a regular basis for an update but get no info. So the wait is very long. One question, if you have approval in principle letters from banks, why are you applying to this scheme? Isn't this for people who have been refused credit from at least 2 banks?
Its also for those who have had insufficient offers from banks due to the Central Bank Rules.