Rebuilding Ireland home loan

ABCD_1234

Does anyone know, what happens after the CoCo’s surveryor assesses the property? I’m hoping to buy a property that will require some work over time. BER rating E, what does it take for the CoCo to deny you the loan?

Thanks in advance.

Mbourke91

ABCD_1234 wrote: »

I’m over 4 weeks waiting on the MPI crowd to let the CoCo know whether I’m eligible for their scheme or not. Have you gone through the initial questionnaire yet, I’m curious as to how long it usually takes.

No I haven’t I’m just getting my documents ready to send in next week. Just wasn’t sure what kind of things they decline you over for MPI. I’m hoping that we can get it

ABCD_1234

Mbourke91 wrote: »

No I haven’t I’m just getting my documents ready to send in next week. Just wasn’t sure what kind of things they decline you over for MPI. I’m hoping that we can get it

For me if took around 3 weeks after the RIHL before I got a call from the MPI people. They go through a script with you over the phone and revert to the CoCo to confirm whether you’ve been accepted or denied. Seems like it’d be better off if you’re denied as normal banks change a fraction of the cost of the RIHL protection (average €98 monthly)

Mbourke91

ABCD_1234 wrote: »

For me if took around 3 weeks after the RIHL before I got a call from the MPI people. They go through a script with you over the phone and revert to the CoCo to confirm whether you’ve been accepted or denied. Seems like it’d be better off if you’re denied as normal banks change a fraction of the cost of the RIHL protection (average €98 monthly)

Perfect thanks for that which coco did you go with? Did they take long to approve you?

ABCD_1234

Mbourke91 wrote: »

Perfect thanks for that which coco did you go with? Did they take long to approve you?

I’m with SDCC, it was approx 6.5 months from application to approval I had attached all necessary documents so no hold up on my end they hust seem to be a bit slower than others.

pearsebhoy

Joffrey wrote: »

Anyone know if I can get in touch with homebuilding Ireland? The phone number directs you to their site and says you can email them, but their is no contact us on it. Only thing I can seem to do is download the application.

They want 12 month bank statements, Im just wondering if they have the same rules for betting as the banks do if anyone knows. 6 months I have clear, but like last February and march I would have some on my statement.

Other then that we fit the criteria perfectly, have the saving and have the deposit.

If anyone has a way I can contact or find out about this would really help

Spoke with my council, Waterford, who confirmed they NEED 12 months statements. Application will be rejected straight away without it.

Jafin

ABCD_1234 wrote: »

Does anyone know, what happens after the CoCo’s surveryor assesses the property? I’m hoping to buy a property that will require some work over time. BER rating E, what does it take for the CoCo to deny you the loan?

Thanks in advance.

I was sale agreed on an apartment late last year and the engineer's report found that all the internal doors needed to be replaced with fire doors, and a few other small things needed to be done. I was flat out denied the mortgage because the seller was not willing to do the work before the sale went through (which I don't blame her for, it was €5,000+ worth of work). My solicitor was genuinely shocked and said that 9 times out of 10 a bank would have had no problem with the work that needed to be done. I'm not saying that to take away any of your hope, but just do be aware that they might be a lot more strict than a bank when it comes to regulations.

ABCD_1234

Jafin wrote: »

I was sale agreed on an apartment late last year and the engineer's report found that all the internal doors needed to be replaced with fire doors, and a few other small things needed to be known. I was flat out denied the mortgage because the seller was not willing to do the work before the sale went through (which I don't blame her for, it was €5,000+ worth of work). My solicitor was genuinely shocked and said that 9 times out of 10 a bank would have had no problem with the work that needed to be done. I'm not saying that to take away any of your hope, but just do be aware that they might be a lot more strict than a bank when it comes to regulations.

It really is a difficult process isn’t it! You nearly need to be the perfect applicant with the perfect property. Fingers crossed It works out. Thank you for your help though, greatly appreciated.

clio_16v

I'm sure this has probably been covered but do I need to put down solicitor details on the application? I don't know who I will go with yet

Also, what's the wait time for Cork Coco these days?

Antho12

clio_16v wrote: »

I'm sure this has probably been covered but do I need to put down solicitor details on the application? I don't know who I will go with yet

Also, what's the wait time for Cork Coco these days?

You can leave it blank for now if you don’t have one. Not sure about Cork’s waiting time. Good luck

BaguMka

Received loan offer (final approval) on 01/02/2021 with Kildare Co.Co. Phoned them today to see when my solicitor is getting loan pack. Was told my file details were sent through to council solicitors on 03/02/2021, they will prepare the loan pack and send it to my solicitors when its ready. They cannot give a timeline for this process. Guys how long do I have to wait on loan pack to arrive. Im getting pressure from estate agent to sign contracts.

donfers

Sorry for this type of post again but trying to break down the process again in laymans terms

1. send application off
2. They come back to you (usually asking for more docs)
3. The council contact is satisfied and sends the application on to an underwriter.
4. The underwriter verifies the info sent on and suggests a loan amount to the credit committee
5. Once a month the credit committee meets to review the underwriters info and make a decision on approving or not
6. The credit committees findings are passed on to the council
7. The council sends you info on approval in principle or why it was rejected
8. Approved in principle you now start househunting.
9. Go on to daft and look for houses, find houses you like the look of and send email to estate agent to arrange a viewing
10. View house and tell estate agent you are interested and will be in touch shortly
11. Email estate agent and tell him/her you are bidding for example 250k on the house and to find out if there are any other bids. If your bid is the only bid or the highest bid then say your offer is valid for, let's say, 7 days. (Not sure how you show proof of funds to the estate agent at this point - can anyone comment?)
12. The seller accepts your offer.
13. Find solicitor
14. You contact council telling them you have found a house and had an offer accepted. The council will then want to send a loan pack out to your solicitor.
15. The information asked for in the loan pack will need to be provided so you need to get a surveyor to come out and value the house.
16. You will also need to apply for mortgage protection insurance.
17. Send back the loan pack.
18. Council happy enough with it, your solicitor draws down funds and pays the seller.

Is this correct? Have I missed any steps or got the order wrong? Let me know, those of you who have gone through the process.

Antho12

donfers wrote: »

Sorry for this type of post again but trying to break down the process again in laymans terms

1. send application off
2. They come back to you (usually asking for more docs)
3. The council contact is satisfied and sends the application on to an underwriter.
4. The underwriter verifies the info sent on and suggests a loan amount to the credit committee
5. Once a month the credit committee meets to review the underwriters info and make a decision on approving or not
6. The credit committees findings are passed on to the council
7. The council sends you info on approval in principle or why it was rejected
8. Approved in principle you now start househunting.
9. Go on to daft and look for houses, find houses you like the look of and send email to estate agent to arrange a viewing
10. View house and tell estate agent you are interested and will be in touch shortly
11. Email estate agent and tell him/her you are bidding for example 250k on the house and to find out if there are any other bids. If your bid is the only bid or the highest bid then say your offer is valid for, let's say, 7 days. (Not sure how you show proof of funds to the estate agent at this point - can anyone comment?)
12. The seller accepts your offer.
13. Find solicitor
14. You contact council telling them you have found a house and had an offer accepted. The council will then want to send a loan pack out to your solicitor.
15. The information asked for in the loan pack will need to be provided so you need to get a surveyor to come out and value the house.
16. You will also need to apply for mortgage protection insurance.
17. Send back the loan pack.
18. Council happy enough with it, your solicitor draws down funds and pays the seller.

Is this correct? Have I missed any steps or got the order wrong? Let me know, those of you who have gone through the process.

This looks pretty accurate to me, except that I got survey + valuation done before point #14 as DCC asked for them before sending out the loan pack to my solicitor, this might differ depending on the county.


As for proof of funds, I provided copy of my approval in principle letter + savings account statement showing that I had funds to pay the 10% deposit of the total amount of my bids.


Also I would advise to find a solicitor before you start looking for a property just so when you find one you’re ready to move fast. Estate agents and vendors are not only looking to sell to the highest bidder but also to a Buyer who can close quickly. It will make your offers more attractive and if things fall through with someone who outbids you, then you might be next in line since you’ll be ready to go.


One last thing, unless you’re purchasing a new built, when looking for a property on daft, etc, don’t search for the max amount you can afford with your loan approval + savings, always look for a property with a lower price or else you’ll get outbid quickly plus never offer full asking price to the estate agent, always offer a lower price or else you might once again be out of the game quickly.

Good luck every one

donfers

Antho12 wrote: »

This looks pretty accurate to me, except that I got survey + valuation done before point #14 as DCC asked for them before sending out the loan pack to my solicitor, this might differ depending on the county.


As for proof of funds, I provided copy of my approval in principle letter + savings account statement showing that I had funds to pay the 10% deposit of the total amount of my bids.


Also I would advise to find a solicitor before you start looking for a property just so when you find one you’re ready to move fast. Estate agents and vendors are not only looking to sell to the highest bidder but also to a Buyer who can close quickly. It will make your offers more attractive and if things fall through with someone who outbids you, then you might be next in line since you’ll be ready to go.


One last thing, unless you’re purchasing a new built, when looking for a property on daft, etc, don’t search for the max amount you can afford with your loan approval + savings, always look for a property with a lower price or else you’ll get outbid quickly plus never offer full asking price to the estate agent, always offer a lower price or else you might once again be out of the game quickly.

Good luck every one

Great feedback and tips, cheers

what are the solicitors charges based on by the way? Is it per action or per week or is there a total figure they charge until sale is completed?

mtoutlemonde

donfers wrote: »

Sorry for this type of post again but trying to break down the process again in laymans terms

1. send application off
2. They come back to you (usually asking for more docs)
3. The council contact is satisfied and sends the application on to an underwriter.
4. The underwriter verifies the info sent on and suggests a loan amount to the credit committee
5. Once a month the credit committee meets to review the underwriters info and make a decision on approving or not
6. The credit committees findings are passed on to the council
7. The council sends you info on approval in principle or why it was rejected
8. Approved in principle you now start househunting.
9. Go on to daft and look for houses, find houses you like the look of and send email to estate agent to arrange a viewing
10. View house and tell estate agent you are interested and will be in touch shortly
11. Email estate agent and tell him/her you are bidding for example 250k on the house and to find out if there are any other bids. If your bid is the only bid or the highest bid then say your offer is valid for, let's say, 7 days. (Not sure how you show proof of funds to the estate agent at this point - can anyone comment?)
12. The seller accepts your offer.
13. Find solicitor
14. You contact council telling them you have found a house and had an offer accepted. The council will then want to send a loan pack out to your solicitor.
15. The information asked for in the loan pack will need to be provided so you need to get a surveyor to come out and value the house.
16. You will also need to apply for mortgage protection insurance.
17. Send back the loan pack.
18. Council happy enough with it, your solicitor draws down funds and pays the seller.

Is this correct? Have I missed any steps or got the order wrong? Let me know, those of you who have gone through the process.

You will be notified about MPI prior to loan offer. It may take a few weeks for acceptance.

Antho12

donfers wrote: »

Great feedback and tips, cheers

what are the solicitors charges based on by the way? Is it per action or per week or is there a total figure they charge until sale is completed?

I guess it depends on the solicitor, mine told me his fee would cover everything from the moment I go on sale agreed up until closing and he charged me upon closing the sale, which I believe is standard. As far as I know solicitor fee + stamp duty are usually around 5k (anyone correct me if I’m wrong).

Ask them what their fee and conditions are when looking for one, and ask them if their fee covers everything.

Edit: stamp duty is 1% of the total price of the property so 5k may not be accurate.

SMDT2020

Hi,
Was wondering if anyone has been approved for a self build direct labour with the Donegal County Council. They have told me that it would have to be via contractor but a lot of tradesmen no the family so that would be a waste of money. The by-laws say that a direct labour build is at the discretion of each council. Wondering if anyone has been able to do this with Donegal County Council????

phobia2011

anyone have any info on paying back lump sums? is there a big fee?

3283winnie

Sulli83 wrote: »

My partner and myself received an offer of 288k, which we accepted and are currently trying to find a suitable property.

The application states clearly that our interest rate will be set at time of drawn down and is subject to change. It seems we will be paying the increased rate, which makes a huge difference. Is this the case?

Can I ask what your earnings were to get the 288000 I'm looking at the online calculator on the rebuild site is this accurate enough thanks

newmember2

3283winnie wrote: »

Can I ask what your earnings were to get the 288000 I'm looking at the online calculator on the rebuild site is this accurate enough thanks

I was told by the council that the online calculator is accurate and what they go by when processing applications.

3283winnie

newmember? wrote: »

I was told by the council that the online calculator is accurate and what they go by when processing applications.

Yes that's what I have been told . Thank you have you applied I'm only new and applying in the next few weeks

3283winnie

Anyone know the wait time in sdcc ??

Also any tips for a newbie starting this process I really want it to be as stress free as possible 🙈

Thanks

jenpenjelly

3283winnie wrote: »

Anyone know the wait time in sdcc ??

Also any tips for a newbie starting this process I really want it to be as stress free as possible ��

Thanks

We applied on the 28th of September with SDCC, still waiting now. They don't give any information on how long the wait will be but from what I can gather from this forum it will be 6-7 months before we hear anything.

3283winnie

jenpenjelly wrote: »

We applied on the 28th of September with SDCC, still waiting now. They don't give any information on how long the wait will be but from what I can gather from this forum it will be 6-7 months before we hear anything.

Oh really I better get all my documents sorted I had taught 8 weeks.. hopefully your not much longer waiting

jenpenjelly

3283winnie wrote: »

Oh really I better get all my documents sorted I had taught 8 weeks.. hopefully your not much longer waiting

They have a big backlog, I think a lot of other councils are about 12 weeks. Good luck with your application

bonelesscalvin

Just got an email yesterday from RBI DCC saying I have been approved for my wanted amount. Just now to sign the declaration of unchanged circumstances and send a couple more payslips before they issue the official AIP letter. Anyone have any past experience with this step and how long it takes? And also what follows? just so I can be ready with everything that is needed. (Do I need an independent survey/valuation or does DCC send someone?)

I am buying a property off a family friend who is eager to close. I have updated my solicitor with the approval status and the seller has taken the property off the market and gone sale agreed. Estate agent asking for holding deposit etc. Am I jumping the gun?

Safe to say I am over the moon I finally got approval. Applied first week in November.

BaguMka

Received loan offer (final approval) on 01/02/2021 with Kildare Co.Co. Phoned them on monday to see when my solicitor is getting loan pack. Was told my file details were sent through to council solicitors on 03/02/2021, they will prepare the loan pack and send it to my solicitors when its ready. They cannot give a timeline for this process. Guys how long do I have to wait on loan pack to arrive. Im getting pressure from estate agent to sign contracts. It is been already 11 days

3283winnie

bonelesscalvin wrote: »

Just got an email yesterday from RBI DCC saying I have been approved for my wanted amount. Just now to sign the declaration of unchanged circumstances and send a couple more payslips before they issue the official AIP letter. Anyone have any past experience with this step and how long it takes? And also what follows? just so I can be ready with everything that is needed. (Do I need an independent survey/valuation or does DCC send someone?)

I am buying a property off a family friend who is eager to close. I have updated my solicitor with the approval status and the seller has taken the property off the market and gone sale agreed. Estate agent asking for holding deposit etc. Am I jumping the gun?

Safe to say I am over the moon I finally got approval. Applied first week in November.

That's brilliant news and very quick for the response do you mind me asking how much you got I'm on 15k my husband on 39k we are hoping to get 270000 that's what the online calculator says I can get. I hope your next few steps go fast enough for you I'm only getting all my documents sorted I'm finding it hard to get the letter from the bank with the covid not many banks doing walk in and with sdcc they want letters not screenshots

3283winnie

BaguMka wrote: »

Received loan offer (final approval) on 01/02/2021 with Kildare Co.Co. Phoned them on monday to see when my solicitor is getting loan pack. Was told my file details were sent through to council solicitors on 03/02/2021, they will prepare the loan pack and send it to my solicitors when its ready. They cannot give a timeline for this process. Guys how long do I have to wait on loan pack to arrive. Im getting pressure from estate agent to sign contracts. It is been already 11 days

Can I ask how long you waited on the loan approval thanks

jill_valentine

3283winnie wrote: »

That's brilliant news and very quick for the response do you mind me asking how much you got I'm on 15k my husband on 39k we are hoping to get 270000 that's what the online calculator says I can get. I hope your next few steps go fast enough for you I'm only getting all my documents sorted I'm finding it hard to get the letter from the bank with the covid not many banks doing walk in and with sdcc they want letters not screenshots

You can get one letter from AIB's online mortgage application nearly instantly, so that's one straight away.

I know of at least one mortgage broker, the Mortgage Company, have a totally online mortgage approval process, but I think it takes about a week and there is some fidgety stuff involved with an ID app.