Rebuilding Ireland home loan

stryker mcqueen

We've been sale agreed for a few weeks , submitted form 3 and updated docs awaiting contract being sent to our solicitor 3 weeks ago , so 3 weeks of limbo , chasing DCC with little response, still with their legal team apparently.

All the while the vendor is pressuring us and threatening to pull out of the sale , I have to say I'm finding this part of the process much more stressful than the waiting for approval.

Anyone who went with DCC give an indication how long this took?

Thanks

suemurray

Similar issue - different council - my solicitor had to physically go to the council office to speak with someone which helped speed things up eventually but the delay getting the legal pack out was frustrating - I was in different boat - I was buying new build so no major hurry - I hope u get sorted but please get your solicitor to keep on top of calling and ringing their (council) legal team that’s what they are paid to do - fingers crossed for u - I know how stressful whole thing is

stryker mcqueen

suemurray wrote: »

Similar issue - different council - my solicitor had to physically go to the council office to speak with someone which helped speed things up eventually but the delay getting the legal pack out was frustrating - I was in different boat - I was buying new build so no major hurry - I hope u get sorted but please get your solicitor to keep on top of calling and ringing their (council) legal team that’s what they are paid to do - fingers crossed for u - I know how stressful whole thing is

Thanks , I have no contact in the legal department , we have only spoken to the person we submitted the doc's too, and after speaking to them i get the impression its out of their hands and they share the frustration.

Anyway 3 weeks & 1 day now so hopefully hear something soon

bubbles46

Does anyone know how long it takes from the preliminary interview to getting approved or denied?Im sure its different in every county but are we talking months again or weeks?

Tells

Lots of good information here and advice however some is also misleading. Here's our experience of using the RIS.

Background info: both mid thirties with 1 young child. 1 full time job and 1 part time job, total earnings €69,500 per annum. We saved our €40,000 while renting for the past five years.

Before we even heard about it, we tried to meet with several banks for a mortgage application. PTSB we're offering us €220,000 at 3.5% over 35 years. BOI offered us €202,000 at 3.25% over 35 years. EBS, AIB and KBC were awful to deal with and we could not get a meeting with them.

We heard about the RIS and decided to apply. We applied to three local authorities including Wicklow CoCo, South Dublin CoCo and Dun Laoghaire Rathdown CoCo just to play it safe. It took about 9 weeks to hear back and we were approved by all three county councils. We didn't need to be rejected for a mortgage at all. We just needed to show how much two banks were willing to offer us and highlight how we could not buy a reasonable house with these mortgage offers.

We decided to put an offer in on a house in the SDCC area. We then contacted the local authority and began the next phase of processing. Initially, they tried to charge us 2.25% interest over 30 years even though DLRCC and WicklowCC offered us 2% over 25 years. We fought a long battle with them and finally got the 2% over 25 years, with a total saving of €28,500 over the life of our mortgage and five years shaved off. This delayed things by 4 weeks. We went sale agreed 10 weeks ago and will hopefully collect our keys this coming Monday. It is definitely a slower process but patience and diligence is key.

It's a great scheme and we are delighted that we will be home owners and not paying the greedy banks a profit of €140,000!! Over the life of our mortgage.

Our European counterparts pay on average 1.77% interest on their mortgages so getting ours at 2% is not bad giving the average mortgage repayment is at 3.25% here in Ireland.

The government need to roll out more schemes like this and put pressure on banks to reduce their interest rates.

If anyone has any questions I'd be happy to answer.

raheny red

stryker mcqueen wrote: »

We've been sale agreed for a few weeks , submitted form 3 and updated docs awaiting contract being sent to our solicitor 3 weeks ago , so 3 weeks of limbo , chasing DCC with little response, still with their legal team apparently.

All the while the vendor is pressuring us and threatening to pull out of the sale , I have to say I'm finding this part of the process much more stressful than the waiting for approval.

Anyone who went with DCC give an indication how long this took?

Thanks

Ugh FFS. We're sale agreed and waiting to meet Fingal Coco. "It'll take 8-10 weeks" thereafter according to them.

jesso22

Laois here. We were waiting about 6 weeks I think, after we handed all our stuff into them. I rang them at one stage and they said 6-8 weeks. The county council looks through it first, then it gets sent off somewhere before approval is granted. We are still no closer to getting a house. Our 6 months are up, but they kindly extended it for us for another 2 months after submitting a month's payslip and bank info. They granted us way more than the banks were offering, we never thought they would grant us what we asked for. If we had known though, we would have asked for a more realistic amount so that we could get a decent home. Because we realize now that for the budget we are unlikely to get anywhere that would meet their approval. So aim for a reasonable amount, they might decline but they may tell you the maximum they would offer

Tells

jesso22 wrote: »

Laois here. We were waiting about 6 weeks I think, after we handed all our stuff into them. I rang them at one stage and they said 6-8 weeks. The county council looks through it first, then it gets sent off somewhere before approval is granted. We are still no closer to getting a house. Our 6 months are up, but they kindly extended it for us for another 2 months after submitting a month's payslip and bank info. They granted us way more than the banks were offering, we never thought they would grant us what we asked for. If we had known though, we would have asked for a more realistic amount so that we could get a decent home. Because we realize now that for the budget we are unlikely to get anywhere that would meet their approval. So aim for a reasonable amount, they might decline but they may tell you the maximum they would offer

We applied for the max which was €285,000 and ended up only needing to borrow €279,500. Can you resubmit and ask for max amount?

Cocobean1

Tells wrote: »

Lots of good information here and advice however some is also misleading. Here's our experience of using the RIS.

Background info: both mid thirties with 1 young child. 1 full time job and 1 part time job, total earnings €69,500 per annum. We saved our €40,000 while renting for the past five years.

Before we even heard about it, we tried to meet with several banks for a mortgage application. PTSB we're offering us €220,000 at 3.5% over 35 years. BOI offered us €202,000 at 3.25% over 35 years. EBS, AIB and KBC were awful to deal with and we could not get a meeting with them.

We heard about the RIS and decided to apply. We applied to three local authorities including Wicklow CoCo, South Dublin CoCo and Dun Laoghaire Rathdown CoCo just to play it safe. It took about 9 weeks to hear back and we were approved by all three county councils. We didn't need to be rejected for a mortgage at all. We just needed to show how much two banks were willing to offer us and highlight how we could not buy a reasonable house with these mortgage offers.

We decided to put an offer in on a house in the SDCC area. We then contacted the local authority and began the next phase of processing. Initially, they tried to charge us 2.25% interest over 30 years even though DLRCC and WicklowCC offered us 2% over 25 years. We fought a long battle with them and finally got the 2% over 25 years, with a total saving of €28,500 over the life of our mortgage and five years shaved off. This delayed things by 4 weeks. We went sale agreed 10 weeks ago and will hopefully collect our keys this coming Monday. It is definitely a slower process but patience and diligence is key.

It's a great scheme and we are delighted that we will be home owners and not paying the greedy banks a profit of €140,000!! Over the life of our mortgage.

Our European counterparts pay on average 1.77% interest on their mortgages so getting ours at 2% is not bad giving the average mortgage repayment is at 3.25% here in Ireland.

The government need to roll out more schemes like this and put pressure on banks to reduce their interest rates.

If anyone has any questions I'd be happy to answer.

That's great congratulations. We went sale agreed 2 weeks ago. Can I ask what the biggest delay was in drawing down the mortgage? Everything is with solicitor now, engineer is doing report today. Is it just a matter of waiting now or is there more rigmarole to come?

power pants

My landlord has agreed to sell his apartment to me , the apartment was never on the open market

I have mortgage approval and the apartment is in the catchment area and within my budget

I am unsure of the next step. Letter from coco states to provide:

Address, price, type, bedroom etc

That’s all self explanatory however then asks for

Estate agent handling sale - I get this from my landlord?

My solicitor- I don’t have one as yet, is it just a case of finding one nearby and cheap or is there a better selection process? Word of mouth?

I’m in over my depth at the moment


Thanks

c6ysaphjvqw41k

This post has been deleted.

august12

Lorenna wrote:

This post has been deleted.

If the house wasn't registered in your name, then you didn't own a house, that would be my interpretation, you may have got some of the proceeds of the estate though after his death.

c6ysaphjvqw41k

This post has been deleted.

Evenstevens

Hi

Just wondering from anyone who has successfully applied. Are Estatements acceptable to show current accounts etc or do they insist on original paper copies?

Also, is the HPL1 form for Revenue straightforward to have completed? Did any of you post it in or do you need to bring it in person?

Thanks

raheny red

Evenstevens wrote: »

Hi

Just wondering from anyone who has successfully applied. Are Estatements acceptable to show current accounts etc or do they insist on original paper copies?

Also, is the HPL1 form for Revenue straightforward to have completed? Did any of you post it in or do you need to bring it in person?

Thanks

We printed off e-statements in one of AIB's branches. HPL1 form was stamped by one of the Revenue officers just off O'Connell Street. In and out after 5 mins.

Sailorboi

Evenstevens wrote: »

Hi

Just wondering from anyone who has successfully applied. Are Estatements acceptable to show current accounts etc or do they insist on original paper copies?

Also, is the HPL1 form for Revenue straightforward to have completed? Did any of you post it in or do you need to bring it in person?

Thanks

I used estatements for my current account and even a screenshot for one of the accounts and they were fine. For the HPL1 I submitted it on ROS and it was posted back to me within a week but my partners took 6 weeks to be sent back.

Evenstevens

raheny red wrote: »

We printed off e-statements in one of AIB's branches. HPL1 form was stamped by one of the Revenue officers just off O'Connell Street. In and out after 5 mins.

Thank you.

Evenstevens

Sailorboi wrote: »

I used estatements for my current account and even a screenshot for one of the accounts and they were fine. For the HPL1 I submitted it on ROS and it was posted back to me within a week but my partners took 6 weeks to be sent back.

Thanks

august12

Lorenna wrote:

This post has been deleted.

Lorenna wrote:

This post has been deleted.

Why not apply, i am not familiar with the application process but if there is a question with regard to house ownership, then you can truthfully answer you never owned a house.

Sean420

Hi,

Just wondering has/is anyone applying for this home loan for a self-build?

I applied but when the cost of the house to build and the value site is taken into account the value of the two combined exceeds the max value of €250,000. I bought the site a number of years ago and it is all paid for. has anyone come across this, as I want to try to get the maximum but when taking the site into account it won't work. anyone come across this or something similar?

Thanks

Underground

Got my salary cert today, anyone know how long these things are good for under this scheme? I would have guessed six months max, am I wrong?

Darkglasses

Underground wrote: »

Got my salary cert today, anyone know how long these things are good for under this scheme? I would have guessed six months max, am I wrong?

Sounds about right. Salary certs generally show one's income going forward, and one would expect that to vary somewhat from year to year.

DeleteSystem32

Suzistar wrote: »

Going on 19 weeks since we submitted our application. Extremely frustrating process. Does anyone know how long the files are with the underwriters for? Have been getting conflicting information and none the wiser!

Late coming to this but have gotten approval from Limerick council. <snip>. I had awful hassle, was rejected initially and all. Has anyone any experience with the valuation report, in that what happens if the property comes in under valued. We are starting to worry our offer on our property will be seen as high however the area the property is in doesnt have much property for sale and there is huge leaps in the sale price every time a house does go up for sale

Graham

Mod Note:

DeleteSystem32 please do not mention any individuals again and tone down your posts.

Other posters, please don't comment on the snipped comment.

raheny red

We had to get salary certs filled out at 2 different stages with Fingal

bubbles46

Had my interview today with Limerick Co.Co ,10 wks after submitting my application form. Once her form goes to the underwriters,they will take about 3 weeks before they send their recommendation to the credit committee and they only meet once a month. It'll be nearly Xmas before i get an actual decision I bet. After submitting it mid-July....craziness!!!!

power pants

bubbles46 wrote: »

Had my interview today with Limerick Co.Co ,10 wks after submitting my application form. Once her form goes to the underwriters,they will take about 3 weeks before they send their recommendation to the credit committee and they only meet once a month. It'll be nearly Xmas before i get an actual decision I bet. After submitting it mid-July....craziness!!!!

Handed my application in first week in March

Received my approval first week in July

bubbles46

power pants wrote: »

Handed my application in first week in March

Received my approval first week in July

About the same time as mine will be so. Turns out that I may only be granted an extra €15k from this scheme than what a bank could give me and id have the bank mortgage paid off a few yrs earlier!Not sure what to do now.

Darkglasses

bubbles46 wrote: »

Had my interview today with Limerick Co.Co ,10 wks after submitting my application form. Once her form goes to the underwriters,they will take about 3 weeks before they send their recommendation to the credit committee and they only meet once a month. It'll be nearly Xmas before i get an actual decision I bet. After submitting it mid-July....craziness!!!!

Did she say what was happening with your application for the 10 weeks? If all the documents were right the first time, did she say why they weren't sent to the underwriters much earlier?

bubbles46

Darkglasses wrote: »

Did she say what was happening with your application for the 10 weeks? If all the documents were right the first time, did she say why they weren't sent to the underwriters much earlier?

I had to bring in up to date bank statements and also my tax clearance cert. The credit committee in Limerick only meets once a month so if the underwriters havent seen in their recommendations in time next mth,it'll fall into November..Its a pity the wait is so long.