Rebuilding Ireland home loan

Proporridge

beanyb wrote: »

Form 1, 2 and 3 are forms with details of the property you have gone sale agreed on, solicitors info and a few other details for proceeding to full loan approval. I had to submit my survey and valuation with them and up to date payslips. I got them from DCC with my initial loan approval letter and was advised in the letter to make an appointment to hand them in once I had gone sale agreed. It may be a different process for your council. You are best off giving them a shout and asking them what you need to do now.

Hi beany

I have been approved in principal and have gone sale agreed. I’ve submitted the sales brochure, independent valuation and up to date bank statement and I’m waiting on the engineer from my local council to come out and sign off on the property before I get formal loan approval I’m just wondering is this the last step before loan approval? Did an engineer have to go out to see the property you are buying at all? I’m in donegal so might just be a different process here but I’m buying the house I currently rent and I know my solicitor (who is my boss I’m a legal secretary) will be getting contracts in next week

L1011

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

The 42k is what you took home and could service a mortgage with; and covid has not gone away nor can we assume it will - a variant resistant to current vaccines could yet appear for instance.

donfers

L1011 wrote: »

The 42k is what you took home and could service a mortgage with; and covid has not gone away nor can we assume it will - a variant resistant to current vaccines could yet appear for instance.

So you are saying they will measure on the 42k? Don't think I will be furloughed again or every year for the next 25 for that matter. And if the argument is that the future is uncertain then that could apply to every mortgage application out there?

TaDa

donfers wrote: »

So you are saying they will measure on the 42k? Don't think I will be furloughed again or every year for the next 25 for that matter. And if the argument is that the future is uncertain then that could apply to every mortgage application out there?

Unfortunately that seems to be the lenders way of thinking at these times, as painful as it is. I totally agree with your point however

BKWDR

L1011 wrote: »

The 42k is what you took home and could service a mortgage with; and covid has not gone away nor can we assume it will - a variant resistant to current vaccines could yet appear for instance.

You could get the benefit of the 49k on the calculator , be AIP for the amount for 49k but conditioned that it is based upon your salary being returned to 49k and unsubsidised by the gov 3 months clear before they give you final approval.

They will insist that you are clear of EWSS 3 months regardless.

beanyb

Proporridge wrote: »

Hi beany

I have been approved in principal and have gone sale agreed. I’ve submitted the sales brochure, independent valuation and up to date bank statement and I’m waiting on the engineer from my local council to come out and sign off on the property before I get formal loan approval I’m just wondering is this the last step before loan approval? Did an engineer have to go out to see the property you are buying at all? I’m in donegal so might just be a different process here but I’m buying the house I currently rent and I know my solicitor (who is my boss I’m a legal secretary) will be getting contracts in next week

That should be the last step yes. Then they'll issue the loan pack (which is basically full approval) to your solicitor. I had to get my own engineer to do the survey rather than someone from the council, but other than that I'd say it's the same general process for this part.

Lauren52

Proporridge wrote: »

Hi beany

I have been approved in principal and have gone sale agreed. I’ve submitted the sales brochure, independent valuation and up to date bank statement and I’m waiting on the engineer from my local council to come out and sign off on the property before I get formal loan approval I’m just wondering is this the last step before loan approval? Did an engineer have to go out to see the property you are buying at all? I’m in donegal so might just be a different process here but I’m buying the house I currently rent and I know my solicitor (who is my boss I’m a legal secretary) will be getting contracts in next week

We done very same as You , then got loan offer 10 days later. They did not send anyone out to veiw the house. We sent valuation and have to send a 2nd when house is complete (new build) before they allow us to draw down.

SCLW89

Hi guys, anyone have any idea of current processing times in cork city council???

And also if you are applying to 2 local authorities are the amounts offered going to be generally the same or can it differ does anyone know??

Thanks for any help!

Susan17

Hi Guys

Just wondering does anyone know how long it takes to hear back about your mortgage application, we applied in early November with Meath County Council and we still haven't heard anything? I emailed them last Wednesday and they said they will have an answer for us shortly and still noting . I seen on here that other councils they only have there credit committee one a month to sign off on mortgage loan applications? If that's the case maybe that's the hold up with our application.

bunnyboxer

Do they look down on people with no kids or do families get higher precedence.

Single Male, 35 and earning 45K a year.

Antho12

bunnyboxer wrote: »

Do they look down on people with no kids or do families get higher precedence.

Single Male, 35 and earning 45K a year.

Why would they? I was a single applicant with no kids and got approved

kenhan2015

Hi All, long time viewer of this thread and finally submitted application to Fingal Cc, does anyone know if I will hear from them to say they recieved the application or what is the next steps from them? Has anyone applied recently, what was the time frame like. Thanks

donfers

Susan17 wrote: »

Hi Guys

Just wondering does anyone know how long it takes to hear back about your mortgage application, we applied in early November with Meath County Council and we still haven't heard anything? I emailed them last Wednesday and they said they will have an answer for us shortly and still noting . I seen on here that other councils they only have there credit committee one a month to sign off on mortgage loan applications? If that's the case maybe that's the hold up with our application.

Hi Susan,

My experience is like this

Get paperwork together, fill out forms, post to county council

Wait anywhere from 1 - 3 weeks and receive an email back saying they want some extra bits of paperwork

I then get that together or answer any questions they have and sent it back to them

They reply within a few days maybe asking for a few more little bits or seeking some explanation on some items, again I reply and then they let me know they are satisfied to forward the application for review...and then you just have to wait

Do other people have a similar experience?

jill_valentine

donfers wrote: »

Hi Susan,

My experience is like this

Get paperwork together, fill out forms, post to county council

Wait anywhere from 1 - 3 weeks and receive an email back saying they want some extra bits of paperwork

I then get that together or answer any questions they have and sent it back to them

They reply within a few days maybe asking for a few more little bits or seeking some explanation on some items, again I reply and then they let me know they are satisfied to forward the application for review...and then you just have to wait

Do other people have a similar experience?

Had a great experience with Dublin City Council, but otherwise, with other councils, yes. SDCC sent me a physical letter rather than emails though (and were so awkward in what they were asking for I just gave up with them tbh)

donfers

Yes, applying for a few different councils and it is curious to note the disparity in how you are dealt with.

In terms of response time, level of detail required, fussiness, friendliness etc.

bunnyboxer

How would they view that I was continuous employment with the same company for 6 years but was sent out abroad last year for the full year and back home since January

Jafin

bunnyboxer wrote: »

Do they look down on people with no kids or do families get higher precedence.

Single Male, 35 and earning 45K a year.

No. I'm a single male, 31 and I had no issues getting approved.

Mbourke91

Hi Everyone. Does anyone know if you have more savings than the 10% required will the council approve you for less and expect you to use all your savings towards the house? Thanks

Jafin

Mbourke91 wrote: »

Hi Everyone. Does anyone know if you have more savings than the 10% required will the council approve you for less and expect you to use all your savings towards the house? Thanks

No, they won't take that into account.

donfers

Got an email back from Offaly Co Co saying they were still waiting on the Department to tell them their level of funding so they can't proceed yet.

This is a bit worrying to be honest as we are almost into February. I hope it's not indicative of the Government starting to wind down this scheme on the quiet or not being able to afford it.

estabon

donfers wrote: »

Got an email back from Offaly Co Co saying they were still waiting on the Department to tell them their level of funding so they can't proceed yet.

This is a bit worrying to be honest as we are almost into February. I hope it's not indicative of the Government starting to wind down this scheme on the quiet or not being able to afford it.

Have they even sent it to housing dept yet? That does sound worrying. I've had mine sent to housing dept last week but that's donegal Co council.. Maybe Offaly have gone over their quota or something but I'm just guessing.

KH1591

donfers wrote: »

Got an email back from Offaly Co Co saying they were still waiting on the Department to tell them their level of funding so they can't proceed yet.

This is a bit worrying to be honest as we are almost into February. I hope it's not indicative of the Government starting to wind down this scheme on the quiet or not being able to afford it.

I would imagine because its the start of the year they need to know how much funding they have before proceeding with new applications! I wouldn't panic too much.

SCLW89

Feeling really deflated 😩

Just got Aip for a much lower amount than what we thought we would get!! According to the online calculator we were eligible for the full amount but have only been offered 215!!

Initially they told us they wanted our loans cleared before they would offer us anything so did that. So cant understand what is bringing down the amount???

Like the whole point of this scheme, I thought
was to help people who couldn't get any/enough of a mortgage from the banks but one of the insufficient funds letter I sent in with my rihl application was for more than what they are offering!!!!

Any advice or experiences that might help me understand please!!!!

Lauren52

SCLW89 wrote: »

Feeling really deflated 😩

Just got Aip for a much lower amount than what we thought we would get!! According to the online calculator we were eligible for the full amount but have only been offered 215!!

Initially they told us they wanted our loans cleared before they would offer us anything so did that. So cant understand what is bringing down the amount???

Like the whole point of this scheme, I thought
was to help people who couldn't get any/enough of a mortgage from the banks but one of the insufficient funds letter I sent in with my rihl application was for more than what they are offering!!!!

Any advice or experiences that might help me understand please!!!!

We were told we would get 260 , when we got AIP we only got approved for 221, we didnt fight it as we decided to go for a new build for 265 and had enough saved (we applied in 2019 and only got AiP in 2020 16mts later) that's why we had enough saved.

I reckon had we of fought it we would of been approved for more. I was on PUP at the time of AIP I reckon this affected it.

I have read on previous post that someone appealed and got more, not to far back. Try not be to deflated (although I know its hard) appeal the decision.

We were only getting AIP for 165 for a bank. Question their decision.

Beat Of Luck

Lauren52

donfers wrote: »

Got an email back from Offaly Co Co saying they were still waiting on the Department to tell them their level of funding so they can't proceed yet.

This is a bit worrying to be honest as we are almost into February. I hope it's not indicative of the Government starting to wind down this scheme on the quiet or not being able to afford it.

This Happend to us in KCC because they had no funds for a period of time we were 16mts before we got AIP (now I think Kildare seems to be the slowest) once they got funding it wasnt as bad, we applied Sept 19 and approved Nov 2020. Some people who applied the middle of 2020 got AIP same time as us. So it is all about timing. Get onto a local TD and see if they can get more Info for You

gandalfio

SCLW89 wrote: »

Feeling really deflated 😩

Just got Aip for a much lower amount than what we thought we would get!! According to the online calculator we were eligible for the full amount but have only been offered 215!!

Initially they told us they wanted our loans cleared before they would offer us anything so did that. So cant understand what is bringing down the amount???

Like the whole point of this scheme, I thought
was to help people who couldn't get any/enough of a mortgage from the banks but one of the insufficient funds letter I sent in with my rihl application was for more than what they are offering!!!!

Any advice or experiences that might help me understand please!!!!

Appeal it.

Write a letter outlining your appeal and evidence your arguments through facts, figures and calculations. Highlight the fact you could have gotten the same amount from a bank, and aren't receiving any real benefit from the scheme.

Respond directly to each of the reasons they have turned you down.

Demonstrate your repayment capacity (prove that you are within the net income ratio limit) and show them how much you have left over every month. If you're paying very high rent, show them how you're paying the rent no problem, and how much better off you'll be paying whatever your mortgage figure will be if you're approved for the whole amount. Highlight that you have no loans etc.

Best of luck.

beanyb

Finally getting my keys today after a very long road. Most of the delays weren't RI's fault and overall I would say my experience of dealing with Dublin City Council was very positive, with the guy I was dealing with going out of his way to get it over the line. I know that isn't the same in every council unfortunately.

The advice in this thread has been invaluable. Best of luck to everyone who is still going through the process!

BKWDR

gandalfio wrote: »

Appeal it.

Write a letter outlining your appeal and evidence your arguments through facts, figures and calculations. Highlight the fact you could have gotten the same amount from a bank, and aren't receiving any real benefit from the scheme.

Respond directly to each of the reasons they have turned you down.

Demonstrate your repayment capacity (prove that you are within the net income ratio limit) and show them how much you have left over every month. If you're paying very high rent, show them how you're paying the rent no problem, and how much better off you'll be paying whatever your mortgage figure will be if you're approved for the whole amount. Highlight that you have no loans etc.

Best of luck.

I would be hesitant to say that you are getting the same from the bank because they could deem you ineligible from the scheme altogther.

But as others have said, just ask them why it was reduced? What did they see that the calculator didnt. Non evidenced rent? what you think are saving Vs what is on your statements?

donfers

beanyb wrote: »

Finally getting my keys today after a very long road. Most of the delays weren't RI's fault and overall I would say my experience of dealing with Dublin City Council was very positive, with the guy I was dealing with going out of his way to get it over the line. I know that isn't the same in every council unfortunately.

The advice in this thread has been invaluable. Best of luck to everyone who is still going through the process!

Well done and thanks for letting us know, encouraging that the scheme works well in many cases

gandalfio

BKWDR wrote: »

I would be hesitant to say that you are getting the same from the bank because they could deem you ineligible from the scheme altogther.

But as others have said, just ask them why it was reduced? What did they see that the calculator didnt. Non evidenced rent? what you think are saving Vs what is on your statements?

We said that in our appeal. If anything I feel it strengthens the appeal. It highlights the fact that they're making a nonsense of their own scheme by making people go through a lengthy and laborious application process only to waste their time by offering an amount they could have gotten elsewhere with a cheaper interest rate and much cheaper MPI. They also make mistakes when reviewing and analysing the details of applications, so clarify anything that you feel could have been misinterpreted or analysed incorrectly.