Rebuilding Ireland home loan

Benci

gandalfio wrote: »

Success at last.

Our initial application was rejected. We contested this in writing and the application was reviewed in full due to errors made at the administration stage.

We were then approved for a smaller amount than we had hoped/believed we met the criteria for. So we appealed the decision. Informed yesterday the appeal was successful and have now been approved for the full amount.

Moral of the story, if you believe via evidence that you've been unfairly rejected or approved for a smaller amount, engage with them and appeal. Write to them outlining the evidence supporting your appeal.
Don't give up.

May I ask you which council was this?

donfers

gandalfio wrote: »

Success at last.

Our initial application was rejected. We contested this in writing and the application was reviewed in full due to errors made at the administration stage.

We were then approved for a smaller amount than we had hoped/believed we met the criteria for. So we appealed the decision. Informed yesterday the appeal was successful and have now been approved for the full amount.

Moral of the story, if you believe via evidence that you've been unfairly rejected or approved for a smaller amount, engage with them and appeal. Write to them outlining the evidence supporting your appeal.
Don't give up.

Or even if your appeal is rejected then just get your paperwork in order and re-apply, or re-apply in a different council. No doubt this is a long, frustrating and anxious process for a lot of people but don't give up and you should get there in the end.

gandalfio

Benci wrote: »

May I ask you which council was this?

It was with Fingal

jtrautt7

unclejoe89 wrote: »

Hi,

I currently have a rebuild Ireland Home Loan for the past 2 years.

I would now like to Rent the house out and move to a different house.
Is there a requirement that I have to live in the house?

Will the council allow me to rent the house out?

Thanks

Hi,

Just wondering if you proceeded with your rental or discovered whether it was allowed with DCC.

Thanks in advance

jtrautt7

Junadl wrote: »

Hi, so we got approved for 230k.

I know we should be delighted but I'm cautious about this as the get out penalties are hard to understand. How can we guarantee we will live in one place for 30 years?

What if an opportunity arises abroad and we want to rent the house out for a couple of years?

Can anyone help understand the penalties on a house say 230k over 30 years at 2.995% interest rate, which is what we've been offered

Hi,

Just wondering about your above query also. Did you talk to the council about renting out the property?or has anyone else had a similar situation?

williaint

I too am also interested to hear if people rented their property out down the line? I am planning a career break / change so would really like the option. I am not planning on buying a second property in Ireland or abroad, it would purely be to help me meet the repayments.

valarmorghulis

I also would very interested in this,surely if you are paying down a mortgage,paying the extortionate MPI,paying the extremely unfair 2.75% compared to everyone in 2018/2019 who got 2% (costing us all an extra 38k in interest payments) on a 200k mortgage ,we should be able to rent it out or rent a room if ever required.

In order,to pay down the mortgage quicker and reduce the interest payments,has anyone done any detailed calculations on the breakage fee,from what i can see it would be approx a 5k penalty but you would be saving tens of thousands in interest payments if you ever can into money

ABCD_1234

Does anyone know the timeframe for the MPI -
I got a call from the MPI 2 weeks ago but haven't heard any further as to whether the MPI application has been accepted or rejected. The agent in the MPI advised I would hear from the CoCo the following week?

Thanks in advance

KH1591

I have been avoiding this forum for a few months!
We've had a rocky road with this process, a lot of hard work and back and forth was happening over the last few months BUT we were finally approved today!

We were genuinely ready to give up, throw in the towel and go in another direction but thankfully our council fought for us and its all had a positive outcome!
Apologies to those I never replied to, I needed a break from it all for a while but delighted its all worked out!

Just wanted to share this, hopefully it will help someone else struggling with it to keep pushing!!

Time for a glass of wine!!

jenpenjelly

Hi, can anyone here that's been approved by SDCC advise me on how long the wait will be? We applied at the end of sept so almost 4 months ago and are currently in the queue to be viewed by the credit committee. I've emailed them several times and they can't give me any information about wait times or our place in the queue, just that there working through a backlog.

ABCD_1234

jenpenjelly wrote: »

Hi, can anyone here that's been approved by SDCC advise me on how long the wait will be? We applied at the end of sept so almost 4 months ago and are currently in the queue to be viewed by the credit committee. I've emailed them several times and they can't give me any information about wait times or our place in the queue, just that there working through a backlog.

Hi Jen,

There turn around time is 6-7 months so hopefully you’re not too far off.

Lauren52

KH1591 wrote: »

I have been avoiding this forum for a few months!
We've had a rocky road with this process, a lot of hard work and back and forth was happening over the last few months BUT we were finally approved today!

We were genuinely ready to give up, throw in the towel and go in another direction but thankfully our council fought for us and its all had a positive outcome!
Apologies to those I never replied to, I needed a break from it all for a while but delighted its all worked out!

Just wanted to share this, hopefully it will help someone else struggling with it to keep pushing!!

Time for a glass of wine!!

Delighted to hear this , Have been thinking about You everytime I was on. Great News.

KH1591

Lauren52 wrote: »

Delighted to hear this , Have been thinking about You everytime I was on. Great News.

Thank you!! Sorry I never replied to your last message! We were up the walls! So happy its all sorted, they really did fight it for us! It was the pandemic affecting us in the end!

Thevice

Hi, great forum with lots of helpful information. Myself and my partner are currently saving our deposit and should have everything in order by the end of this year all going well. What I'd like to know is how has anyone managed to purchase a new build through this scheme when approval lasts only 6 months with a possible extension of 3 months if you're lucky? From what I can tell you need to put your name down at least a year before a new build is ready, is it advisable to put a deposit down on a house without first securing approval. I hope that makes sense just trying get prepare ourselves and get our accounts etc in order before applying.

KH1591

Thevice wrote: »

Hi, great forum with lots of helpful information. Myself and my partner are currently saving our deposit and should have everything in order by the end of this year all going well. What I'd like to know is how has anyone managed to purchase a new build through this scheme when approval lasts only 6 months with a possible extension of 3 months if you're lucky? From what I can tell you need to put your name down at least a year before a new build is ready, is it advisable to put a deposit down on a house without first securing approval. I hope that makes sense just trying get prepare ourselves and get our accounts etc in order before applying.

A booking deposit is refundable until you sign contracts! What we done was, we applied a few months before we had the full deposit saved and placed a booking deposit once the application was being processed. It did add pressure but we're lucky to have an auctioneer / builder who didn't hurry us along.
Everyone's situation will be different but most new builds in an estate would be ready in months so I'd say you'll be fine.

TaDa

Has anyone any understanding on how long the closing process takes. Or what exactly the steps are?

Contract has been signed a few days now and waiting on confirmation funds will be released. Are we likely to be asked for more info from work or docs such as payslips/statements? We’ve given the declaration of unchanged circumstances so not sure what else is needed.

Worrying something has come up hence the stall. Solicitor near impossible to get a hold of with all this covid lockdown going on.

beanyb

TaDa wrote: »

Has anyone any understanding on how long the closing process takes. Or what exactly the steps are?

Contract has been signed a few days now and waiting on confirmation funds will be released. Are we likely to be asked for more info from work or docs such as payslips/statements? We’ve given the declaration of unchanged circumstances so not sure what else is needed.

Worrying something has come up hence the stall. Solicitor near impossible to get a hold of with all this covid lockdown going on.

As with everything with this process it can take a while! I signed contracts mid December and my cheque will be issued today. But it's a literal cheque from Dublin City Council going in the post to my solicitor so it'll be another week or so before I get keys.

I wasn't asked for more pay slips to get the cheque issued, though I was expecting to be asked, so I would be prepared to do that as I think generally people are.

donfers

KH1591 wrote: »

I have been avoiding this forum for a few months!
We've had a rocky road with this process, a lot of hard work and back and forth was happening over the last few months BUT we were finally approved today!

We were genuinely ready to give up, throw in the towel and go in another direction but thankfully our council fought for us and its all had a positive outcome!
Apologies to those I never replied to, I needed a break from it all for a while but delighted its all worked out!

Just wanted to share this, hopefully it will help someone else struggling with it to keep pushing!!

Time for a glass of wine!!

Well done - a good example to all to stay the course folks and keep fighting. Know that it will be a bureaucratic nightmare but stay patient and plough through it.

Do you mind me asking what specific issues you faced and how you overcame them?

TaDa

beanyb wrote: »

As with everything with this process it can take a while! I signed contracts mid December and my cheque will be issued today. But it's a literal cheque from Dublin City Council going in the post to my solicitor so it'll be another week or so before I get keys.

I wasn't asked for more pay slips to get the cheque issued, though I was expecting to be asked, so I would be prepared to do that as I think generally people are.

Thanks for the update and good to hear you’re all but finished the process.

So after you signed the unchanged circumstances you were straight through to signing the contracts etc..

KH1591

donfers wrote: »

Well done - a good example to all to stay the course folks and keep fighting. Know that it will be a bureaucratic nightmare but stay patient and plough through it.

Do you mind me asking what specific issues you faced and how you overcame them?

Thank you! It was basically the lockdowns that affected us. It has put me out of work and on the wage subsidy scheme which shouldn't affect approval, only affects drawdown (you have to be off the payment for 3 months) Our application was sent back a number of times as our council wasn't happy with the Housing Agencys decision and thankfully its has a positive outcome!
Very thankful our council fought our case. Everything else was fine apart from the pandemic affecting us.

mtoutlemonde

KH1591 wrote: »

Thank you! It was basically the lockdowns that affected us. It has put me out of work and on the wage subsidy scheme which shouldn't affect approval, only affects drawdown (you have to be off the payment for 3 months) Our application was sent back a number of times as our council wasn't happy with the Housing Agencys decision and thankfully its has a positive outcome!
Very thankful our council fought our case. Everything else was fine apart from the pandemic affecting us.

First of all, well done on getting through the process! Just wondering when you did get approval, did you have to submit the house details? I'm self-building and I'm worried because the house is bigger than the 175 so I may have to resize which means putting in an amendment to planning and don't know how long that will take - if not, I would be delighted to proceed. I have been told that (not concretely) that I have been granted what I want - what the banks couldn't give me despite having a pensionable permanent job- and my forever home is now in sight but if they check the planning - it won't be - I'll have to wait which will be a pain.

KH1591

mtoutlemonde wrote: »

First of all, well done on getting through the process! Just wondering when you did get approval, did you have to submit the house details? I'm self-building and I'm worried because the house is bigger than the 175 so I may have to resize which means putting in an amendment to planning and don't know how long that will take - if not, I would be delighted to proceed. I have been told that (not concretely) that I have been granted what I want - what the banks couldn't give me despite having a pensionable permanent job- and my forever home is now in sight but if they check the planning - it won't be - I'll have to wait which will be a pain.

Thanks so much! We're purchasing a new build so I don't a whole lot about self building with this mortgage. But to answer your question we applied in June and were approved this week after much back and forth. Should the lockdown not have affected us we would have been approved in October

mtoutlemonde

KH1591 wrote: »

Thanks so much! We're purchasing a new build so I don't a whole lot about self building with this mortgage. But to answer your question we applied in June and were approved this week after much back and forth. Should the lockdown not have affected us we would have been approved in October

So they didn't ask for details of the house. I applied in October but thought I had submitted MPI forms in December but they didn't receive them so I submitted them this week but as I said I was told what I will be offered and will be delighted to take it! I won't hold my breath yet though as every county council will be different I assume.

estabon

Anyone any idea how long they take with ur application at the housing agency? And what are the housing agency looking for to reccimwnd decline or approval?

KH1591

mtoutlemonde wrote: »

So they didn't ask for details of the house. I applied in October but thought I had submitted MPI forms in December but they didn't receive them so I submitted them this week but as I said I was told what I will be offered and will be delighted to take it! I won't hold my breath yet though as every county council will be different I assume.

They asked for details as in what type of house, the address and value but everything else will be in the valuation report thats being done.
If they're still proceeding with you and never mentioned anything about the size them I would assume you're ok?

mtoutlemonde

KH1591 wrote: »

They asked for details as in what type of house, the address and value but everything else will be in the valuation report thats being done.
If they're still proceeding with you and never mentioned anything about the size them I would assume you're ok?

Here's hoping. Obviously if you can show affordability, that should be adequate. They might look for docs from solicitor or online. I won't settle until the ground works start
Congratulations again - it will be a busy but very exciting time for you in the next few months. Thanks for responses as well.

KH1591

mtoutlemonde wrote: »

Here's hoping. Obviously if you can show affordability, that should be adequate. They might look for docs from solicitor or online. I won't settle until the ground works start
Congratulations again - it will be a busy but very exciting time for you in the next few months. Thanks for responses as well.

Thank you very much and no problem at all. Its a long process but worth it in the end I'm sure.
Best of luck with everything!

donfers

If my salary is 49k, and let's say last year because of being furloughed or on TWSS for a couple of months I only earned 42k then will they give me a mortgage amount based on the 42k (which was temporary and only happened last year because of Covid) or will they give me amount based on my current salary of 49k.

I would find it odd and nonsensical if they based it on the 42k amount

Thevice

KH1591 wrote: »

A booking deposit is refundable until you sign contracts! What we done was, we applied a few months before we had the full deposit saved and placed a booking deposit once the application was being processed. It did add pressure but we're lucky to have an auctioneer / builder who didn't hurry us along.
Everyone's situation will be different but most new builds in an estate would be ready in months so I'd say you'll be fine.

Thank you that's good to know, we won't be able to afford anything without this so fingers crossed all goes well. Congrats to everyone who has been successful great to see there's options out there.

mtoutlemonde

donfers wrote: »

If my salary is 49k, and let's say last year because of being furloughed or on TWSS for a couple of months I only earned 42k then will they give me a mortgage amount based on the 42k (which was temporary and only happened last year because of Covid) or will they give me amount based on my current salary of 49k.

I would find it odd and nonsensical if they based it on the 42k amount

They go on whatever is on your salary cert.