Rebuilding Ireland home loan

kbman

That makes things easier.
The first extension was for 6 months due to the Covid, wasn't too many questions asked.
The second extension was just less than 3 months, 4th October till 31 December 2020.

KH1591

Has anyone heard back from Kildare CC yet for 2020?

Salanky

kbman wrote: »

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.

I got an extension in April to October with Louth and have been sale agreed since July and I emailed the council to see if I needed to extend it as it ran out on the 4th. They told me once I was sale agreed and everything was moving along the clock essentially stops. Maybe its different for a new build, mine is 120+ yrs old.

Jafin

I have a question for anyone who was sale agreed when we went into lockdown in March and who went on the Wage Subsidy Scheme - Was your entire mortgage put on hold, and when it got back on track did you have to re-submit your financials and be off the Wage Subsidy Scheme for 2-3 months before being able to draw down?

I'm (fingers crossed) going Sale Agreed today and I'm petrified we'll go into Level 5 restrictions at some stage between going Sale Agreed and drawing down the mortgage, especially if I have to go on the Wage Subsidy Scheme again. I know there are bigger things going on in the world and everything has gone to ****, don't get me wrong, it's just very frustrating to get so close after so long and to be mentally preparing to potentially have it all snatched away.

jill_valentine

jill_valentine wrote: »

Just posting for information's sake - the above post (posting in my application) was from 12/08.

As of yesterday, 18/09, I've been told my app is back from the underwriters and awaiting decision by the DCC Credit Committee. The Committee is expected to meet again sometime early to mid October.

As of today (8/10) I've been told via email I've been approved through DCC after the Credit Committee met yesterday and my correspondence to that effect is on the way.

laoise6

jill_valentine wrote: »

As of today (8/10) I've been told via email I've been approved through DCC after the Credit Committee met yesterday and my correspondence to that effect is on the way.

Congratulations 🥳 really happy news!

how long will it take to get to drawdown do you reckon?

KH1591

jill_valentine wrote: »

As of today (8/10) I've been told via email I've been approved through DCC after the Credit Committee met yesterday and my correspondence to that effect is on the way.

Congratulations!! Must be a huge relief! Best of luck in your new home 😀😀

KH1591

We are about to send our application back in with requested documents, on the section for the Valuation Access, what do we need to put here? Do the council look after this bit?

jill_valentine

Just want to clarify, that's my Approval in Principle, so the hunt starts in earnest now. I didn't want to make a move until I had it, rather than get my heart set on something and then get a nasty surprise. I will say I got offered a decent bit more than I expected or the calculator suggested, so I'm made up. I've no dependants, killed my Paddy Power account long ago, and I've been saving well, so I was in a fairly decent position that way.

KH1591, is that the bit on the form about what property you're supposed to be applying for? If so you can just say "TBC" for that stuff.

John Hutton

jill_valentine wrote: »

Just want to clarify, that's my Approval in Principle, so the hunt starts in earnest now. I didn't want to make a move until I had it, rather than get my heart set on something and then get a nasty surprise. I will say I got offered a decent bit more than I expected or the calculator suggested, so I'm made up. I've no dependants, killed my Paddy Power account long ago, and I've been saving well, so I was in a fairly decent position that way.

KH1591, is that the bit on the form about what property you're supposed to be applying for? If so you can just say "TBC" for that stuff.

So did you basically just say "property tbc" and the amount "as much as possible"?

jill_valentine

John Hutton wrote: »

So did you basically just say "property tbc" and the amount "as much as possible"?

Pretty much

I put "TBC" in all the boxes enquiring about a specific property or the value of the loan I was applying for.

I put a letter in with my application giving permission to the DCC to seek HPL1 forms or relevant information to that effect on my behalf.

I also said I'd left the property valuation info TBC as I'd been advised over the phone by the council, and then wrote a little paragraph to say my priority was the highest buying power I was eligible for (vs a shorter term or better interest rate) and that I was hoping they could advise me of what that sum would be.

KH1591

jill_valentine wrote: »

Just want to clarify, that's my Approval in Principle, so the hunt starts in earnest now. I didn't want to make a move until I had it, rather than get my heart set on something and then get a nasty surprise. I will say I got offered a decent bit more than I expected or the calculator suggested, so I'm made up. I've no dependants, killed my Paddy Power account long ago, and I've been saving well, so I was in a fairly decent position that way.

KH1591, is that the bit on the form about what property you're supposed to be applying for? If so you can just say "TBC" for that stuff.

Thanks very much! Ours will be for a particular property we have found so we wondered what to put in that section! We also wondered if we changed our mind while the application was being processed would we have to reapply with 'TBC' in these sections rather than the exact info we have now!

BKWDR

KH1591 wrote: »

Thanks very much! Ours will be for a particular property we have found so we wondered what to put in that section! We also wondered if we changed our mind while the application was being processed would we have to reapply with 'TBC' in these sections rather than the exact info we have now!

What you put in there won't matter. You won't need to reapply if you decide to look at another property.

You get AIP then you tell them about where you have gone sale agreed. You can only go sale agreed when you have AIP anyways

Lauren52

KH1591 wrote: »

Has anyone heard back from Kildare CC yet for 2020?

Hi, we are a 2019 application from early sept 2019,
We are still waiting for a decision , currently with underwriters.

Lauren52

jill_valentine wrote: »

As of today (8/10) I've been told via email I've been approved through DCC after the Credit Committee met yesterday and my correspondence to that effect is on the way.

Congratulations

Jafin

Gone sale agreed as of yesterday in Clare! Thrilled to finally be making progress. I rang the woman who is dealing with my application in the council today to ask a few questions and get information on the next steps. She said I need to get a valuation from an auctioneer who isn't the one selling the house, and I've found someone I'm going to ask to do that. The other thing she said I'd need is an engineering report. Now this is probably a dumb question but for some reason my Google-Fu is failing me today - is an engineering report the same as getting a surveyor in to, um, survey the house? Or is that something entirely different?

ABCD_1234

KH1591 wrote: »

Congratulations!! Must be a huge relief! Best of luck in your new home 😀😀

That was really quick! Congratulations! Do they let you know what the offer will be or just tell you that you have been approved?

jill_valentine

labyrne22 wrote: »

That was really quick! Congratulations! Do they let you know what the offer will be or just tell you that you have been approved?

When I sent it in way back in August a chap in the office called me to clarify something the day they recieved it. When he did he was able to say the rest of the app looked fine and I could expect to get roughly €147,000 depending on the underwriters.

I mailed last week for an update, was told the credit committee were meeting this week. Mailed again after the CC met, and they replied to say I had been AIP'ed for €147,800 and that a letter to that effect was on the way.

ABCD_1234

jill_valentine wrote: »

When I sent it in way back in August a chap in the office called me to clarify something the day they recieved it. When he did he was able to say the rest of the app looked fine and I could expect to get roughly €147,000 depending on the underwriters.

I mailed last week for an update, was told the credit committee were meeting this week. Mailed again after the CC met, and they replied to say I had been AIP'ed for €147,800 and that a letter to that effect was on the way.

That’s brilliant! I’m 4 months waiting on SDCC, still waiting on the credit committee. Was the amount offered much more or less than the online calculator if you don’t mind me asking?

dcchouse2020

Hi Everyone,

Long time looking in this thread. Just to say I got my approval in principle letter today from Fingal CC.

Applied mid July 2020, so took about 12 weeks.

Lessons learned,
-Follow the checklist on the application
-Include in your application Employment Summary and P21
- Include Revolut statements
- Council committee meets once a month to sign off on applications that the underwriter has approved

ABCD_1234

dcchouse2020 wrote: »

Hi Everyone,

Long time looking in this thread. Just to say I got my approval in principle letter today from Fingal CC.

Applied mid July 2020, so took about 12 weeks.

Lessons learned,
-Follow the checklist on the application
-Include in your application Employment Summary and P21
- Include Revolut statements
- Council committee meets once a month to sign off on applications that the underwriter has approved

Congratulations! Great to see all the positive posts..

KH1591

dcchouse2020 wrote: »

Hi Everyone,

Long time looking in this thread. Just to say I got my approval in principle letter today from Fingal CC.

Applied mid July 2020, so took about 12 weeks.

Lessons learned,
-Follow the checklist on the application
-Include in your application Employment Summary and P21
- Include Revolut statements
- Council committee meets once a month to sign off on applications that the underwriter has approved

Thanks for that and congratulations! Great to see positive stories

KH1591

jill_valentine wrote: »

When I sent it in way back in August a chap in the office called me to clarify something the day they recieved it. When he did he was able to say the rest of the app looked fine and I could expect to get roughly €147,000 depending on the underwriters.

I mailed last week for an update, was told the credit committee were meeting this week. Mailed again after the CC met, and they replied to say I had been AIP'ed for €147,800 and that a letter to that effect was on the way.

Did you apply as a single or joint mortgage?

jill_valentine

labyrne22 wrote: »

That’s brilliant! I’m 4 months waiting on SDCC, still waiting on the credit committee. Was the amount offered much more or less than the online calculator if you don’t mind me asking?

From memory, about 6k more.

I don't want to give anybody a misleading expectation, so I do want to outline my circumstances just in case it makes a difference to the offer -

- No kids or dependants.
- Never on Covid payment or similar
- Saving + rent each month came to about a thousand
- No outstanding loans or credit cards, no major outgoings apart from rent and household bills
- About 14k deposit

KH, I applied as a Single applicant.

I started applying once before and abandoned the attempt due to some personal stuff that was happening, and have been following this thread for a while, which was a huge help in getting my app together. I knew what to expect and covered everything, so my app only needed that phone call and a follow up email the same day it went in to be in order.

I have to say they streamlined the process a lot in light of Covid vs before it and that took a lot of the headaches out, so I was lucky that way too.

Sineead

Hi there,

Wondering if anyone may have been through similar scenario recently. I was API a month ago and work in an industry badly affected by COVID although personally have kept working full time. My salary is part paid by wage subsidy. Since the start of September it doesn’t show on payslips as it changed to EWSS. I thought myself, happy days will be able to go ahead with the mortgage no problem as wage subsidy was my only problem (and the reason I had been rejected by banks).

Let the council know I had found a house and would wish to draw down the mortgage. Was then told I need for my employer to give written evidence that they aren’t being subsidised by the government which isn’t possible because they are paying my salary still with EWSS

Feeling a bit annoyed as this process took the guts of 6 months to get here and now am disheartened they gave API if they were never going to let me go ahead on it.

Just wondering if anyone else has been in a similar situation, if there’s any light at the end of the tunnel with it

KH1591

Sineead wrote: »

Hi there,

Wondering if anyone may have been through similar scenario recently. I was API a month ago and work in an industry badly affected by COVID although personally have kept working full time. My salary is part paid by wage subsidy. Since the start of September it doesn’t show on payslips as it changed to EWSS. I thought myself, happy days will be able to go ahead with the mortgage no problem as wage subsidy was my only problem (and the reason I had been rejected by banks).

Let the council know I had found a house and would wish to draw down the mortgage. Was then told I need for my employer to give written evidence that they aren’t being subsidised by the government which isn’t possible because they are paying my salary still with EWSS

Feeling a bit annoyed as this process took the guts of 6 months to get here and now am disheartened they gave API if they were never going to let me go ahead on it.

Just wondering if anyone else has been in a similar situation, if there’s any light at the end of the tunnel with it

I doubt that would affect anything? The banks are taking that into consideration and not having it badly affect applications so it should be the same? Also everyone is on some form of subsidy scheme during Covid. I would call them and explain this and see what they say! Also, I asked the guys in Rebuilding Ireland the same question and was told it shouldn't affect anything as they have things in place to those affected by everything

Sineead

I have asked and their response was your employer must not be recieving a government subsidy for 3 continuous months before it was possible to draw down the mortgage. She said it was a new directive from their department. Just wondering if anyone was in the same boat.

BKWDR

KH1591 wrote: »

I doubt that would affect anything? The banks are taking that into consideration and not having it badly affect applications so it should be the same? Also everyone is on some form of subsidy scheme during Covid. I would call them and explain this and see what they say! Also, I asked the guys in Rebuilding Ireland the same question and was told it shouldn't affect anything as they have things in place to those affected by everything

The line is that any income earnings will have to be free from subsidy scheme (twss, discontinued in Sept so now ewss) for a period of up to 3 months before drawdown.
The banks aren't advancing loans on subsidy. They are saying they are but in reality they aren't.

valarmorghulis

Hi all,

Does anyone have any idea if the new scheme to be introduced will be in anyway related to the RBI loan.

I have to say I find it unfair ,anyone who got the loan Jan 18-Dec 19 gets 2% and anyone from Jan 20 on has to pay 2.75%, meaning thousands extra in interest.

Currently AIB & KBC have 2.3% loans, so can anyone clarify what the benefit of this scheme anymore, e.g. is it just 4.5 times salary vs 3.5 times.

Obviously the MPI is extortionate compared to other providers so in a way its like a tax for covering the almost certain incidence of people who will default on this loan, and would never have been approved by the banks.

I also see that people were able to avail of a 9 month break with no interest charged during the break. (Currently paying €1,000 a month in rent, must say I cant wait to get the loan, if thats the case)

"The mortgage payment break has since been extended twice for people continuing to face difficulties, allowing you to take up to 3 payment breaks totalling 9 months. You can apply for a payment break up until the 31 December 2020.

The original home loan balance will not be affected by the payment break, as interest will not be charged during the break. The term of the loan will also remain unchanged."

https://www.citizensinformation.ie/en/housing/owning_a_home/help_with_buying_a_home/local_authority_mortgages.html

I would be interested to know what people think of the current state of the RBI loan.

KH1591

BKWDR wrote: »

The line is that any income earnings will have to be free from subsidy scheme (twss, discontinued in Sept so now ewss) for a period of up to 3 months before drawdown.
The banks aren't advancing loans on subsidy. They are saying they are but in reality they aren't.

Ok perfect, we wont need to draw down until next year so I'll have to ask my employment ahead of time