Rebuilding Ireland home loan

beanyb

optogirl wrote: »

Hi guys- got AIP this morning. A bit confused as to what the next steps are? Do we get a solicitor - if so what services are we asking for?
What about life insurance etc? Do we need to get that straight away? Can we now go and make offers on houses?

Congratulations!

The next thing to do is to go find yourself a house and start making offers!

It's a good idea to start looking for a solicitor too as estate agents will want their contact details as soon as you go sale agreed. You are looking for conveyancing services from a solicitor - just tell them you are buying a house and they'll know what to do it's very standard. Ask family and friends for recommendations. It's worth mentioning to the solicitor in advance that you are applying under this scheme as it works slightly differently than standard bank mortgages.

Life insurance is further down the road. You'll get that when you're close to drawing down the mortgage and getting your keys.

optogirl

beanyb wrote: »

Congratulations!

The next thing to do is to go find yourself a house and start making offers!

It's a good idea to start looking for a solicitor too as estate agents will want their contact details as soon as you go sale agreed. You are looking for conveyancing services from a solicitor - just tell them you are buying a house and they'll know what to do it's very standard. Ask family and friends for recommendations. It's worth mentioning to the solicitor in advance that you are applying under this scheme as it works slightly differently than standard bank mortgages.

Life insurance is further down the road. You'll get that when you're close to drawing down the mortgage and getting your keys.

Thanks so much

Jafin

smellyoldboot wrote: »

Is there any point to this thing at all? I would likely get a bigger mortgage amount from this than I would from a bank IF it worked like it's supposed to.

But from reading through the thread they apply stricter savings criteria, find fairly ridiculous/harsh reasons to reject applicants and take bloody ages to process application's.

It seems like window dressing and that the scheme isn't really performing it's function (or maybe it is, help a few, Fcuk over plenty, pretend you're doing something).

I'm a council tenant saving for a mortgage and tbh any time I've had to contact them for anything (essential repair, anti-social behaviour) the inefficiency and ineptitude has been mind boggling. The thought of having to approach them and have them play a part in a mortgage application fills me with dread.

I'm thinking just wait it out. The extra time spent waiting for them to do their thing and wanting to see 1 year plus worth of savings I'd probably have another payrise gone through.

Has anyone had a positive experience with this?

I think it really just varies from council to council. I had basically zero issues with my application. The only hitch I had, and it was very minor, is that originally I was told that an online mortgage calculator would be sufficient evidence of an insufficient offer but when I submitted it I was told I needed a proper letter. I was able to sort this fairly quickly myself so it was fine.

Edit: Forgot to mention there was a long delay in my application. I applied in early February and didn't get a decision until mid-July, but that being said it was because of Covid. I was told my application was literally next to go to the credit committee just before the council had to shut down in March because of Covid. If that hadn't happened I probably would have had a decision in April, but that's not their fault.

KH1591

optogirl wrote: »

Hi guys- got AIP this morning. A bit confused as to what the next steps are? Do we get a solicitor - if so what services are we asking for?
What about life insurance etc? Do we need to get that straight away? Can we now go and make offers on houses?

Can I ask what council you're with? Congratulations, the relief to finally have it!!

optogirl

KH1591 wrote: »

Can I ask what council you're with? Congratulations, the relief to finally have it!!

DCC - yes a big relief! Now to start house hunting!

KH1591

optogirl wrote: »

DCC - yes a big relief! Now to start house hunting!

Congratulations again, thanks for posting that too! Gives the rest of us some hope!!
Best of luck in your new home! 😃😃

Woody.

Hi all, so solicitor was in touch today, received our signed contracts back. All good. Now they will all for drawdown. Its with dcc, does anybody have a rough idea of time frame? I no theres a credit committee meeting in early October, would they need to sign it off? Also on the home insurance we're do I need to add Dublin City Council? Thanks

KH1591

For solicitor fees, did anyone use a gift to cover the fees? Our council like to see the legal fees in our account at the start of the process. Just wondered if they accept the fees as a gift

dawidnowak2005

https://kfmradio.com/news/28092020-0801/dept-housing-issue-recommendations-decline-majority-kildare-rebuilding-ireland

Scr88

Hi everyone. I am in the final stages of the application. I have to submit point 4,6 and 7 of the loan offer. It is a new build and house will not be ready till the end of October. I am worried that the fact I have not yet received sellers engineer cert that this will delay the drawdown? Has anyone used this loan to purchase a newbuild and have this issue? Thanks

raheny red

smellyoldboot wrote: »

Has anyone had a positive experience with this?

Yep. Just under 2 years in our place. In a house and an area we absolutely love. If it wasn't for this scheme we wouldn't have had a chance of buying it with the banks. Without it, we'd probably be still with the parents / in an area we really disliked / or bought a 2 bed apartment. No offence meant any of them 3 but they were aspects we didn't really fancy. I'd do it all again with the council.

kavo87

raheny red wrote: »

Yep. Just under 2 years in our place. In a house and an area we absolutely love. If it wasn't for this scheme we wouldn't have had a chance of buying it with the banks. Without it, we'd probably be still with the parents / in an area we really disliked / or bought a 2 bed apartment. No offence meant any of them 3 but they were aspects we didn't really fancy. I'd do it all again with the council.

We're the same almost 2 years in our house. We love the house and the area we bought in. If not for the scheme we would have never been able to buy where or what we liked.

As some people pointed out the MPI is a lot more expensive than you would source yourself but it is a small price you would pay at the end of the day to be living in a house and area you'll love.

phobia2011

How long after we receive final letter of offer does the process usually take?

extrafluff

Hi all,

Has anyone heard from SDCC? Application in since the 15th of July & they requested more details a week later but radio silence ever since - apart from my partner calling them & them saying it's done in chronological order.
Thank you.

optogirl

Wondering if anyone is in a similar position - so we have AIP and are going to start looking seriously - we rent at the moment and have been here 6 years so our notice period is 6 months - how do you gauge when to give notice? So afraid of giving notice and then not having somewhere to move especially with Covid as I'm sure my Mam would be nervous about 2 adults & 2 kids coming to live in the house no matter how temporary. Leave it too late and we're overlapping mortgage & rent payments which would be nigh on impossible.

Dankarl

optogirl wrote: »

Wondering if anyone is in a similar position - so we have AIP and are going to start looking seriously - we rent at the moment and have been here 6 years so our notice period is 6 months - how do you gauge when to give notice? So afraid of giving notice and then not having somewhere to move especially with Covid as I'm sure my Mam would be nervous about 2 adults & 2 kids coming to live in the house no matter how temporary. Leave it too late and we're overlapping mortgage & rent payments which would be nigh on impossible.

I would say contact your landlord, we rent through an agency and they were very helpful.

If you house can be rented out without any interruption you may be ok

optogirl

Dankarl wrote: »

I would say contact your landlord, we rent through an agency and they were very helpful.

If you house can be rented out without any interruption you may be ok

Thanks for that. House would need a few upgrades, paint, new bed etc but could be rented out fairly quickly I'd say.

Thanks again.

extrafluff

extrafluff wrote: »

Hi all,

Has anyone heard from SDCC? Application in since the 15th of July & they requested more details a week later but radio silence ever since - apart from my partner calling them & them saying it's done in chronological order.
Thank you.

Sorry to quote myself. I rang SDCC and they told me that our application came back from the housing agency on the 21st of August. There's a queue of 5 to go before the credit committee but they couldn't tell me when they are due to sit.

Hopefully not too much longer.

Seanom90

optogirl wrote: »

Wondering if anyone is in a similar position - so we have AIP and are going to start looking seriously - we rent at the moment and have been here 6 years so our notice period is 6 months - how do you gauge when to give notice? So afraid of giving notice and then not having somewhere to move especially with Covid as I'm sure my Mam would be nervous about 2 adults & 2 kids coming to live in the house no matter how temporary. Leave it too late and we're overlapping mortgage & rent payments which would be nigh on impossible.

Fairly sure it's 84 days notice if less than 8 years but more than 4

optogirl

Seanom90 wrote: »

Fairly sure it's 84 days notice if less than 8 years but more than 4

Ah you're right! I was looking at the notice the landlord has to give us. Phew. thanks!

Lauren52

Hi I see a few people asking about where Kildare are on their applications, we applied Sept 2019, our application has just come back from underwriters. So it has been 13 months since our application has went in.

Our application came back from the underwriters declined, however, they have gone back again to question it. Underwriters declined because
1) we had not rented for 6mts
2) calculated we could not repay for what we looked for.

When we applied in 2019 we were renting for 7 years, our house we were renting was up for sale , we wanted to buy it and submited an Application for €225.000 Since then the house was sold within 1 month. We were living with parents for 6mts after this and have now been renting for 6months in our current home. While we were living with parents we saved our regular savings + what we would have paid in rent.

When I phoned the council a lovely lady explained that the council had calculated that we would be approved more so they looked for more. The council and the underwriters also came up with different figures for our total gross income combined , the underwriters had calculated €1000 less than the council, we have now gone back to underwriters again to look at the figures and submitted a new salary cert as there was a pay increase of €3000 since June when we sent in updated application. So hopefully they will come back with some good news. We also did not need as much as the council had calculated we would get , however when going back to underwriters we were told we could not look for less as then it would need to be a new application and we would be starting all over again.

I am really positive , however I am scared that they will decline again, and I just dont see how they could do this as 1) we have proof of rent for 6mts at present and
2) we didnt need as much as council decided to look for.

Anyone been through similar? I'm so nervous to get bad news from them as this has been a long 13mts, we are paying crazy amount of money to rent in Kildare, I just want it done now and its stressing me out that if it's a no , it will be down to someone looking for more money than we asked for.

Any advice much appreciated.

Dankarl

Hi,

What external insurance companies have people gone with ?

boi89

Hi,

My partner and I applied back in March with SDCC and got an email looking for updated documents in July. I emailed yesterday and got this response,

"We are currently awaiting for the decision to be signed off on by management and the credit committee. Once done, you will be written out to by post to inform you."

Does that mean its been with the committee already?.

laoise6

Hi,

I applied with wwcc back at the beginning of August, and they’ve just sent my application to the underwriters - anyone have any indication on how long it might sit with the underwriters? I realize there’s a further committee meeting after that which is just held once a month..? which may extend the process longer..

Also, is there anyone on here who knows if mortgage exemptions might be reintroduced any time soon?

Thanks!

kbman

laoise6 wrote: »

Hi,

I applied with wwcc back at the beginning of August, and they’ve just sent my application to the underwriters - anyone have any indication on how long it might sit with the underwriters? I realize there’s a further committee meeting after that which is just held once a month..? which may extend the process longer..

Also, is there anyone on here who knows if mortgage exemptions might be reintroduced any time soon?

Thanks!

Hi Laoise,

We have singed up with wwcc, over a year ago now. We waited somewhere around 6 - 8 weeks after applying, this may have been speeded up by the fact that we were already approved an application with dlrcoco. We needed extensions and with those we found the committee meetings weekly, you may check with someone there to find out how this is with new applications.

They tightened up the scheme with the increase of rates in Jan of this year and the health insurance is one of the more expensive around.
Hopefully they don't make it any more difficult.

HTH,

nice1guy

Hi, I'm thinking of applying and see it says on the application form that they require 12 months worth of statements. I have a pretty good savings record but slipped up over Christmas and didn't save that month. Would this go against me or do they tend to be lenient?

Thanks

BKWDR

nice1guy wrote: »

Hi, I'm thinking of applying and see it says on the application form that they require 12 months worth of statements. I have a pretty good savings record but slipped up over Christmas and didn't save that month. Would this go against me or do they tend to be lenient?

Thanks

Apply, what have you to lose. It it's so bad that you will have to reapply after Christmas anyways you've lost nothing

They might average out your savings over 12 months but will take an overall view.
One hot day doesn't make a summer

Benci

Hi there, does anyone knows you can get only once extension, or you can request a second extension as the house is a new build and it is a delay with water supply.
Thank you.

kbman

Benci wrote: »

Hi there, does anyone knows you can get only once extension, or you can request a second extension as the house is a new build and it is a delay with water supply.
Thank you.

Hi Benci,

We signed up with wicklow cc last October and first extension expired start of October. We received second extension 2 weeks ago. The house is also a new build.

I'm hoping the same rules apply across county councils.
Best I can suggest is to contact the housing section of your county council to find out. I was told to contact them a month before the expiry date to get a further extension.

Benci

We are with Wicklow Coco as well.
That's good news, may I ask you for how long you got the extension 3 or 6 months?
Thank you.