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Rebuilding Ireland home loan

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    #452
    TheMilkyPirate
    Registered Users Posts: 5,963 ✭✭✭TheMilkyPirate


    Could we take a credit union loan out for the majority of the deposit and save the remainder ourselves or would this be frowned upon? It's gonna take us at least a year to save 20k and we need to get out sooner than that.


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    #453
    Cazzums
    Registered Users Posts: 48 ✭Cazzums


    TheMilkyPirate wrote: »
    Could we take a credit union loan out for the majority of the deposit and save the remainder ourselves or would this be frowned upon? It's gonna take us at least a year to save 20k and we need to get out sooner than that.

    I know you have to show proof that at least 3% of the deposit is your own savings and you can be gifted the rest but a gift letter from a solicitor will need to be signed. I don’t think they’ll approve you with a loan for your deposit but no harm in asking before you apply.


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    #454
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    @TheMilkyPirate:
    No! you wont get any sort of loan or mortgage is you do that.

    you can have a part of the deposit a gift from parents. but absolutely no loans! that would be 100% loan, which is illegal now.


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    #455
    ACCAman
    Registered Users Posts: 26 ✭ACCAman


    Has anyone been approved by South Dublin Co Co?
    We're waiting over 7 weeks now and it would be great if it came through soon. A few other things depend on this application, so would be good to find out either way.

    I have been calling them up at least once a week and it has been with the credit committee for quite a while now


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    #456
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    TheMilkyPirate wrote: »
    Could we take a credit union loan out for the majority of the deposit and save the remainder ourselves or would this be frowned upon? It's gonna take us at least a year to save 20k and we need to get out sooner than that.

    Not a good plan. The CU loan repayments will likely cut your borrowing capacity way down. You also may be refused and then be stuck with a now pointless loan with poor value for money.


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    #457
    suemurray
    Registered Users Posts: 30 ✭suemurray


    I’m at end of the process and I’m
    Closing today on the property - waiting for approval decision was frustrating but also the delays suited me to allow me save more - I would never have got a mortgage from the bank so stay patient as it’s worth it in the end - can’t believe I’m a homeowner - happy to answer any questions


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    #458
    stryker mcqueen
    Registered Users Posts: 1,284 ✭✭✭stryker mcqueen


    suemurray wrote:
    I’m at end of the process and I’m Closing today on the property - waiting for approval decision was frustrating but also the delays suited me to allow me save more - I would never have got a mortgage from the bank so stay patient as it’s worth it in the end - can’t believe I’m a homeowner - happy to answer any questions

    Hi Sue, just wondering how long it took following approval to get sale complete? We got approval with Dublin city council and have been sale agreed for 5 weeks now but due to the structural survey showing a problem we had to wait for that remedial action to be completed, it now has been and survey has been amended so the sellers are like ok let's do the deal now , when in reality we have not even submitted everything to the council, we are submitting everything on Thursday (as we are away at the moment) so wondering how long the process took from when you submitted this?


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    #459
    Colemania
    Registered Users Posts: 4,110 ✭✭✭Colemania


    I'm looking at houses in north county Dublin and also Meath. I assume I can't apply for the loan from Fingal Co Co and look for a house in Meath?


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    #460
    suemurray
    Registered Users Posts: 30 ✭suemurray


    You need to apply to council in same area as property


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    #461
    suemurray
    Registered Users Posts: 30 ✭suemurray


    lauraITT wrote: »
    It took me 8 weeks to get approved with Kerry coco, had a meeting with them where they told me how much I could apply for. Has anyone gone through the process after approval? I am a bit lost.

    Did u get a letter of offer with conditions? Have you a property in mind? Get a solicitor on board soon and they will help guide you. I’m at end of the process and I work in a mortgage background but it was slow - I applied in March and closed sale in house this morning - now house new build and only finished so delays suited in that regard to help me save - let me know if u have any specific questions on loan offer doc etc or next steps - happy to help


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    #462
    Colemania
    Registered Users Posts: 4,110 ✭✭✭Colemania


    In a position to finally start filling out the application for this! Regarding solicitor details and valuer details, what do I put in here? I've never needed a solicitor so don't have any in mind and I imagine it's more so for when a property purchase is being negotiated that they're needed? Also, have successful applicants got the property valued for this application and if so, how much does it cost? It's on the open market for a certain price so I wouldn't say there's much work involved.


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    #463
    Grali87
    Registered Users Posts: 16 ✭Grali87


    Hey Guys, My application is through to stage of the credit committee, they are meeting on the 14th, however today my solicitor emailed to say they just received the contracts and to confirm when I have full loan approval, I'm concerned about timing, what do you reckon? I don't have a "you must sign in this many days to get this" type clause.


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    #464
    Suzistar
    Registered Users Posts: 10 ✭Suzistar


    Hey all,

    Was told yesterday after 21 weeks of an application process that we were approved at the credit committee but that they won't release contracts/funds for 6 months as the second applicant has an overdraft of €600.00 on the account. They want to see the account clear of the overdraft before releasing funds. Before I submitted the application back in April, I rang Rebuilding Ireland and asked if an overdraft would be an issue, and was told that as long as it wasn't the main applicant that had the overdraft it was not a problem. The main applicant did not have an overdraft so we submitted the application. Anyone had the same/similar situation?


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    #465
    Suzistar
    Registered Users Posts: 10 ✭Suzistar


    Hey all,

    Was told yesterday after 21 weeks of an application process that we were approved at the credit committee but that they won't release contracts/funds for 6 months as the second applicant has an overdraft of €600.00 on the account. They want to see the account clear of the overdraft before releasing funds. Before I submitted the application back in April, I rang Rebuilding Ireland and asked if an overdraft would be an issue, and was told that as long as it wasn't the main applicant that had the overdraft it was not a problem. The main applicant did not have an overdraft so we submitted the application. Anyone had the same/similar situation?


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    #466
    Colemania
    Registered Users Posts: 4,110 ✭✭✭Colemania


    Has anyone applied with Meath Co Co? Been emailing them a bit and seem very nice over email. Also heard that the highest success rate for applications was in Meath so just looking for anyone's experience with them


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    #467
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Suzistar wrote: »
    Hey all,

    Was told yesterday after 21 weeks of an application process that we were approved at the credit committee but that they won't release contracts/funds for 6 months as the second applicant has an overdraft of €600.00 on the account. They want to see the account clear of the overdraft before releasing funds. Before I submitted the application back in April, I rang Rebuilding Ireland and asked if an overdraft would be an issue, and was told that as long as it wasn't the main applicant that had the overdraft it was not a problem. The main applicant did not have an overdraft so we submitted the application. Anyone had the same/similar situation?

    I presume it was the call centre you spoke to? Just FYI, they are not county council staff and do not work hands on with any applications. Take anything they say with a pinch of salt.


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    #468
    Sailorboi
    Registered Users Posts: 3 ✭Sailorboi


    On the valuation report can it be completed by the estate agent selling the property or must the be independent? I am sale agreed and dealing with Wicklow CC who said it is ok but I wasn't completely convinced by the answer.


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    #469
    zl1whqvjs75cdy
    Closed Accounts Posts: 4,042 ✭✭✭zl1whqvjs75cdy


    Grali87 wrote: »
    Hey Guys, My application is through to stage of the credit committee, they are meeting on the 14th, however today my solicitor emailed to say they just received the contracts and to confirm when I have full loan approval, I'm concerned about timing, what do you reckon? I don't have a "you must sign in this many days to get this" type clause.

    Stall. You'll be fine as long as it doesn't go on for weeks


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    #470
    ad1234
    Registered Users Posts: 148 ✭✭ad1234


    Sailorboi wrote: »
    On the valuation report can it be completed by the estate agent selling the property or must the be independent? I am sale agreed and dealing with Wicklow CC who said it is ok but I wasn't completely convinced by the answer.

    I'm dealing with them too and have no clue. Can get absolutely no where with them. The solicitor has been asking the same questions to them since August 7th and they're just plain ignoring him. We would wing it and hope for the best but the thought of having to deal with them is awful. Can you please message me how you get along or could I pm you? We are buyin a new build, wasn't sure if the developer couldo do it or if the council would wamt their own person.


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    #471
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    I would say you definitely should use an independent EA.


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    #472
    raheny red
    Registered Users Posts: 2,565 ✭✭✭raheny red


    Sailorboi wrote: »
    On the valuation report can it be completed by the estate agent selling the property or must the be independent? I am sale agreed and dealing with Wicklow CC who said it is ok but I wasn't completely convinced by the answer.

    I'm dealing with Fingal County Council and it can't be the EA selling the property.


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    #473
    ad1234
    Registered Users Posts: 148 ✭✭ad1234


    raheny red wrote: »
    I'm dealing with Fingal County Council and it can't be the EA selling the property.

    Sherry fitz are the agents for our house but the new homes dept. Would I not be allowed use our local sherry fitz would you know?

    Thanks for this info!


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    #474
    Sailorboi
    Registered Users Posts: 3 ✭Sailorboi


    ad1234 wrote: »
    I'm dealing with them too and have no clue. Can get absolutely no where with them. The solicitor has been asking the same questions to them since August 7th and they're just plain ignoring him. We would wing it and hope for the best but the thought of having to deal with them is awful. Can you please message me how you get along or could I pm you? We are buyin a new build, wasn't sure if the developer couldo do it or if the council would wamt their own person.

    I rang them again today and was told it is ok to have it done by the estate agent selling the property. I need to get the report in to proceed. Surprised it can be done by the estate agent but will submit it and see as it will save money on getting a different valuor to have a look at it.


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    #475
    raheny red
    Registered Users Posts: 2,565 ✭✭✭raheny red


    ad1234 wrote: »
    Sherry fitz are the agents for our house but the new homes dept. Would I not be allowed use our local sherry fitz would you know?

    Thanks for this info!

    The sale agreed pack we received from Fingal. The very first point states:

    1. Arrange for the attached valuation report to be completed by a qualified registered valuer. The valuer must not be the selling agent.

    This may vary from council to council. Your local Sherry Fitz may be OK but probably best going elsewhere to avoid any problems.


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    #476
    syndrome777
    Registered Users Posts: 223 ✭✭syndrome777


    guys, if you were applying to more than one council....how did you get decline from the bank and insufficient SIP(or any other docs) for both, as in originals for both?
    do they accept certified copies?


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    #477
    raheny red
    Registered Users Posts: 2,565 ✭✭✭raheny red


    syndrome777 wrote: »
    guys, if you were applying to more than one council....how did you get decline from the bank and insufficient SIP(or any other docs) for both, as in originals for both?
    do they accept certified copies?

    We used screenshots from 3 lender's online calculators.


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    #478
    Cazzums
    Registered Users Posts: 48 ✭Cazzums


    Sailorboi wrote: »
    On the valuation report can it be completed by the estate agent selling the property or must the be independent? I am sale agreed and dealing with Wicklow CC who said it is ok but I wasn't completely convinced by the answer.

    I was told by council to use an independent valuer. The estate agent selling the house also refused to do the valuation report anyway. The council also organise for their own valuation on the property also.


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    #479
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,227 Mod ✭✭✭✭FutureGuy


    Is there any catch here at all...if not, why isn’t everyone just going for this and not a mortgage from the bank?


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    #480
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    FutureGuy wrote: »
    Is there any catch here at all...if not, why isn’t everyone just going for this and not a mortgage from the bank?


    The income thresholds. Waiting times are very long and refusal rates high. If your looking at buying a property your application can take 12 weeks or more to hear if you even are approved. I think


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    #481
    Kuna0044
    Registered Users Posts: 3 ✭Kuna0044


    suemurray wrote: »
    I’m at end of the process and I’m
    Closing today on the property - waiting for approval decision was frustrating but also the delays suited me to allow me save more - I would never have got a mortgage from the bank so stay patient as it’s worth it in the end - can’t believe I’m a homeowner - happy to answer any questions
    how long did you wait after signig terms and conditions to get Loan Pack from Law Department?? I'm dealing with Fingal County council ad I was told 2-3 weeks


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