Rebuilding Ireland home loan

KH1591

Sarahedel1991 wrote: »

Three weeks since we sent everything in! It does seem very fast! I don't know if this is a good thing or bad thing that its been so quick! 🀔 Do you think we have been half approved maybe? What do the credit comitee look at for approval do you know? Thanks for your help!

Well usually the Housiny Agency gives you the approval in principle so if its gone to the credit committee with no questions asked then I would say it's looking good

noler123

Lauren52 wrote: »

This is Brilliant News,
59 weeks faster than mine , Ours still with the housing agency , Best of Luck, sounds promising.

Is this the usual wait for Kildare CC!?! I'm hoping to apply soon but assumed it was only a couple weeks wait :eek: May get the application in now if that's the case!

Lauren52

noler123 wrote: »

Is this the usual wait for Kildare CC!?! I'm hoping to apply soon but assumed it was only a couple weeks wait :eek: May get the application in now if that's the case!

It's a lot longer wait than most of the councils, however they are on 2020 applications now so I dont know what happened with ours.

I have been contacted them since last year asking for updates. In June of this year they finally requested a whole new application as it has been over 6 months since we had applied , at the time I assumed this was normal , now I am thinking our application was misplaced. I havnt bothered to kick up a fuss as now it is with the housing agency so we are hopefully nearly there. Our updated application is in since the middle of June, so if You base it on that length of time rather than ours as I think there is a **** up with us along the line.

KH1591

noler123 wrote: »

Is this the usual wait for Kildare CC!?! I'm hoping to apply soon but assumed it was only a couple weeks wait :eek: May get the application in now if that's the case!

If you almost have your 10% deposit saved then send it now! You'll be waiting a while so no harm having it in the que and save the rest of your 10% in the meantime!
We're Kildare and have been waiting 18 weeks! Lockdowns have delayed things and Kildare has more people applying

noler123

Oh lord :eek: Sounds like a nightmare. Fingers crossed you get sorted soon! I'll start getting my stuff together so! Will they take an application though if you haven't quite got the full 10%?

KH1591

noler123 wrote: »

Oh lord :eek: Sounds like a nightmare. Fingers crossed you get sorted soon! I'll start getting my stuff together so! Will they take an application though if you haven't quite got the full 10%?

Yeah you can send it whenever! Its when they ask for updated documents that you'll need it! So if you're a few weeks off having the full amount then send it now! The process is fine once you know what you're doing! Its just the wait!

noler123

That's ideal. I thought you needed everything ready to go before you applied. Thanks for all the help

KH1591

noler123 wrote: »

That's ideal. I thought you needed everything ready to go before you applied. Thanks for all the help

Well you need everything on the checklist but if you're a few weeks off having the full deposit I would send it now to save some time, then finish up your savings in the meantime! No problem at all

noler123

Sorry for all the questions, last one! Did Kildare CC take the online calculators as proof of insufficent offers or did you have to apply to the banks for it? I know different councils have different rules on this.

Lauren52

noler123 wrote: »

Sorry for all the questions, last one! Did Kildare CC take the online calculators as proof of insufficent offers or did you have to apply to the banks for it? I know different councils have different rules on this.

Hi, when we submitted app in 2019 we had two refusal letters. When we submitted updated app this year we used online calculator, use one you can download, tsb gives a breakdown of everything think kbc also.

noler123

Lauren52 wrote: »

Hi, when we submitted app in 2019 we had two refusal letters. When we submitted updated app this year we used online calculator, use one you can download, tsb gives a breakdown of everything think kbc also.

Thats perfect, thanks Lauren:)

Jafin

Little update in case anyone was following my mini-saga with the structural survey showing up things that needed to be fixed before proceeding with the sale. The vendor did not want to make the repairs needed so I've had no choice but to pull out of the sale and find myself back at square one house hunting again.

Given the current restrictions and how close we are to Christmas I've accepted the probability that something will come up before the new year is very slim. My AIP runs out the middle of January so I will have to apply for an extension. Can anyone let me know if the process of applying for an extension is relatively smooth or will there be more hoops to jump through?

optogirl

Hi all - I'm sure this question has been asked a million times but

Can you bid more than the loan offer allows? In other words, can you use the loan as well as other personal funds to up your bid? (I seem to remember the guy in DCC telling us that we can't go a cent over the maximum outlined in the offer but if we are still only borrowing the amount offered this shouldn't matter right?)
eg: we have been offered 288 + our deposit makes 320. Can we bid 325 if we have another 5k at our disposal?

**sad to say that when we got the offer we were thrilled but are slowly realising that it simply isn't enough. Getting outbid all over the shop.

gandalfio

optogirl wrote: »

Hi all - I'm sure this question has been asked a million times but

Can you bid more than the loan offer allows? In other words, can you use the loan as well as other personal funds to up your bid? (I seem to remember the guy in DCC telling us that we can't go a cent over the maximum outlined in the offer but if we are still only borrowing the amount offered this shouldn't matter right?)
eg: we have been offered 288 + our deposit makes 320. Can we bid 325 if we have another 5k at our disposal?

**sad to say that when we got the offer we were thrilled but are slowly realising that it simply isn't enough. Getting outbid all over the shop.

The maximum value of the property cannot exceed €320000. There is no leeway on that unfortunately.

optogirl

gandalfio wrote: »

The maximum value of the property cannot exceed €320000. There is no leeway on that unfortunately.

Ok thanks. Another question... can you pay a larger deposit than 10%?

gandalfio

optogirl wrote: »

Ok thanks. Another question... can you pay a larger deposit than 10%?

Yes, you can pay whatever deposit you want once it's a minimum of 10%, and draw down as little or as much of the mortgage approval as you need to.

Edit: but I assume this would be on the condition that the amount being drawn down is still above the insufficient offers received from other lenders.

Len_007

Jafin wrote: »

My AIP runs out the middle of January so I will have to apply for an extension. Can anyone let me know if the process of applying for an extension is relatively smooth or will there be more hoops to jump through?

Relativity straight forward, you’ve to provide a salary cert and bank records.

Sarahedel1991

Hi guys, I have a quick question please.. When you're application comes back from the Housing Agency and to the credit comitee what exactly happens in the council credit comitee meeting?
Is this where they decide if you are approved or is it where they decide how much funds you are getting?
Also, when you do get your approval in writing, how long till your solicitor actually gets the funds? We have put a refundable deposit down on a house already.

Thanks

KH1591

Sarahedel1991 wrote: »

Hi guys, I have a quick question please.. When you're application comes back from the Housing Agency and to the credit comitee what exactly happens in the council credit comitee meeting?
Is this where they decide if you are approved or is it where they decide how much funds you are getting?
Also, when you do get your approval in writing, how long till your solicitor actually gets the funds? We have put a refundable deposit down on a house already.

Thanks

The Housing Agency gives you your approval in principle, the credit committee gives you the full approval.
I'm not 100% sure about the last question as we are still waiting ourselves

beanyb

Sarahedel1991 wrote: »

Hi guys, I have a quick question please.. When you're application comes back from the Housing Agency and to the credit comitee what exactly happens in the council credit comitee meeting?
Is this where they decide if you are approved or is it where they decide how much funds you are getting?
Also, when you do get your approval in writing, how long till your solicitor actually gets the funds? We have put a refundable deposit down on a house already.

Thanks

How long until you get the funds is a bit of a how long is a piece of string question unfortunately, as it will all depend on how the process on the purchase goes. There are so many moving parts with the purchase of a property that are entirely dependent on the individual transaction.

The general steps involved with this mortgage are:

- apply to council
- get approval in principle
- find property
- return forms to council on property (this exact format of this varies from council to council)
- council will issue loan pack to your solicitor
- your solicitor will work on contracts and loan pack
- when these are ready to go, your solicitor will return the loan pack to the council (this is where all the moving parts I mentioned above come into play)
- draw down of funds
- move in!

extrafluff

Received an email from SDCC on Friday asking for my payslip from April (application was sent in July). Really annoyed me as I was sure I had sent & also, when they contacted me in July, they never asked me for it, only asked for Employment Detail Summary from Revenue & 2 letters from banks.
Even though I emailed back straight away, I feel this is going to delay the application even further. Waiting nearly 4 months now.
Previous info from them was that the application was back from the underwriters but waiting to go the credit committee.

KH1591

extrafluff wrote: »

Received an email from SDCC on Friday asking for my payslip from April (application was sent in July). Really annoyed me as I was sure I had sent & also, when they contacted me in July, they never asked me for it, only asked for Employment Detail Summary from Revenue & 2 letters from banks.
Even though I emailed back straight away, I feel this is going to delay the application even further. Waiting nearly 4 months now.
Previous info from them was that the application was back from the underwriters but waiting to go the credit committee.

I wouldn't be too worried about that, I'd say they'll just simply add it in to your application it shouldn't delay anything. Has it been long since you were told its going to the credit committee?

KH1591

Quick question,
The valuation report.. we are going for a new build and it won't be fully built until spring. We have been told we need to include this before full approval but you can hardly do this form if the house isn't fully built yet?
Has anyone been fully approved on a new build that isn't fully built? If so, what did you have to do with the valuation report?
Thanks

extrafluff

KH1591 wrote: »

I wouldn't be too worried about that, I'd say they'll just simply add it in to your application it shouldn't delay anything. Has it been long since you were told its going to the credit committee?

Hopefully it doesn't!

I rang on 30th of September & was told it was back from the underwriters & due to go to the credit committee.

ABCD_1234

extrafluff wrote: »

Received an email from SDCC on Friday asking for my payslip from April (application was sent in July). Really annoyed me as I was sure I had sent & also, when they contacted me in July, they never asked me for it, only asked for Employment Detail Summary from Revenue & 2 letters from banks.
Even though I emailed back straight away, I feel this is going to delay the application even further. Waiting nearly 4 months now.
Previous info from them was that the application was back from the underwriters but waiting to go the credit committee.

They rang me 3 weeks ago for confirmation of something on application as it currently with the credit committee. I rang for an update last week and it’s still with the credit committee. You’ll probably still be waiting a few weeks.

Sarahedel1991

Does anybody know what day of the week the credit comitee meets in Cork County Council??

Alanoshea1

Hi everyone, I hope I get some sort of answer to this as it will (hopefully) put my mind at ease.

So I basic wage is not very high but I make it up in commission. Does anyone know how much of the commission RBI will take into consideration?

Any info will be greatly appreciated

A.

Seanom90

Hi, I got AIP today and I'm waiting on confirmation in the post, I'm unsure what the next steps are, will this be explained to me in the letter from the council?

Thanks

KH1591

Seanom90 wrote: »

Hi, I got AIP today and I'm waiting on confirmation in the post, I'm unsure what the next steps are, will this be explained to me in the letter from the council?

Thanks

Thats great! Was this after the credit committee meeting? What council are you with?

Antho12

Seanom90 wrote: »

Hi, I got AIP today and I'm waiting on confirmation in the post, I'm unsure what the next steps are, will this be explained to me in the letter from the council?

Thanks

Congrats! You can start looking for a property and you might want to find a solicitor if you haven’t got one yet. What they’ll send you by post will include all the instructions and all the forms you will have to return once you go on sale agreed. Good luck