Cazzums Registered User
#1

Hello has anyone received an offer of a loan yet? If so how long did it take for your application to come back from the underwriters? How long are other applicants waiting? I am waiting 5 weeks and can’t get an answer for a time frame. Any information would be great. Has anyone has any complications with the process? Thanks in advance!

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Cazzums Registered User
#3

Thank you

suemurray Registered User
#4

Hi I am waiting over 8 weeks and no response or updates and I am close to loosing a house that I have a holding deposit put down on - the delays and lack of updates is very frustrating. A high street bank can give you approval in principle in less than 24 hours and full approval ina round two weeks. How can we compete with other buyers who get answers quicker. I’m beyond frustrated

Cazzums Registered User
#5

Hi Sue, is that 8 weeks with the underwriters or 8 weeks since you handed in your application? I gave my application in at the start of February and it was only sent to the underwriters mid April and still no joy. I was told initially 2-3 weeks then 4-5 weeks but god knows how much longer! I am the same have a house secured but can’t do anything more!!

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suemurray Registered User
#6

Oh my god!!! That’s shocking!! I handed mine into council 8 weeks ago and they sent it to housing agency to be assessed as far as I know! I have the pooor guy at the council driven mad ringing for updates but he has heard nothing! I have painters and carpenters waiting and I can’t give go ahead. If I loose this house I can’t afford the prices of anything else north of Wexford

Lolle06 Registered User
#7

Why would you bid on a house without an approval at all?
What if you don’t get approved?

It is normal for LA loan applications to take longer compared to banks and other lending institutions - there are 3 approval stages for a LA mortgage! And given the amount of applications for the new loan scheme and the backlog, it‘s very risky to go and bid on houses while your application is still being processed.

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suemurray Registered User
#8

Firstly I didnt bid on anything, I placed a fully refundable booking deposit on a house in a development that is now fully sold out. If I had waited for this approval should it come through to then look for a house there would have been no house to buy. I applicator the stages involved as I work in the mortgage industry. The website, the council and the helpline all advised 4-6 weeks turn around and that is why I’m frustrated. The decision makers should have ensured it was adequately resourced as anyone with knowledge of the housing market and affect the central bank lending rules have had that this scheme would be in huge demand.

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surrender monkey Registered User
#9

Usually when bidding on a house you would already have loan approval up to a specific amount. If I was you I'd be trying to get a mortgage elsewhere in the meantime if you want to keep that house. A local authority loan takes a lot longer to draw down than a bank loan.

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suemurray Registered User
#10

Agreed, usually a borrower has approval in principle and that will suffice until full mortgage approval. Unfortunately I can’t obatin the required mortgage from a high street bank because of central bank lending restrictions. My mortgage on this house would be less than my current rent. I have saved more than 10% deposit and no other debts but as a sole mortgage applicant, no bank will lend me the required amount and it’s certainly nothing excessive to what I can afford

surrender monkey Registered User
#11

What about asking your TD if they can help.

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Lolle06 Registered User
#12

suemurray said:
Firstly I didnt bid on anything, I placed a fully refundable booking deposit on a house in a development that is now fully sold out. If I had waited for this approval should it come through to then look for a house there would have been no house to buy. I applicator the stages involved as I work in the mortgage industry. The website, the council and the helpline all advised 4-6 weeks turn around and that is why I’m frustrated. The decision makers should have ensured it was adequately resourced as anyone with knowledge of the housing market and affect the central bank lending rules have had that this scheme would be in huge demand.



Oh, I really do hope you get a positive answer soon! I was just surprised that you could put a deposit down, without an AIP. Usually EA‘s wouldn’t deal with bids from ppl without proof of funds.

Of course, I agree with you - I think it is ridiculous for the minister to announce this scheme, outline an application process of 4- 6 weeks, yet some unlucky applicants didn’t even receive an answer after almost 3 months, while others already got approvals from multiple CoCo‘s after just a few weeks!

But unfortunately we are dealing with the Irish Government here... to expect efficiency and organization is apparently wishful thinking :-(

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Cazzums Registered User
#13

suemurray said:
Oh my god!!! That’s shocking!! I handed mine into council 8 weeks ago and they sent it to housing agency to be assessed as far as I know! I have the pooor guy at the council driven mad ringing for updates but he has heard nothing! I have painters and carpenters waiting and I can’t give go ahead. If I loose this house I can’t afford the prices of anything else north of Wexford


Did you get a letter from your council to say they have sent it to the underwriters? I got my letter on the 12th April and thought I’d definitely have gotten approval by now! Single applicant with over 30k deposit, no loans, clean credit history, etc. it’s bizarre how long it’s taking! If I get rejected I’ll be devestated!! Going on 15 weeks now since I left my application in!!!

suemurray Registered User
#14

I’ve sent two letters to the minister for housing and no reply. There are 300 applications waiting to be assessed so I know I’m one of many. I would just rather my decision or outcome so I can decide next steps if it’s a non runner. The minister enjoyed the press releases and media moment when this was announced and has unfortunately left all the people working at county councils to answer regarding the delays. Seems like once again no forward thinking in Irish government! I hope I can post good news on here in coming weeks

surrender monkey Registered User
#15

The government announced this scheme and put nothing in place for it. The first the staff on the ground in local authorities heard of this was when the public started calling in looking for information.

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