Rebuilding Ireland home loan

jonny_b1

daisyk19 wrote: »

Hi can I just asked as your application delayed due to the delay in funding or did it just go straight through? I have applied with a different county council and there is a delay with funding for 2019.

No delay for us

jonny_b1

steveyod wrote: »

Hi, does dependants affect you with this scheme? I thought I heard they do not, maybe I'm wrong?

No,its down to your ability to repay.

delboy08

Hello all, just to let people know I just got an email of DCC to let me know ALL APPLICANTS are on hold due to funding. I was told to get back in touch with them mid march when they MIGHT have an update.

Does anyone know if/when funding will be granted?

ðŸ˜

trudy2222

delboy08 wrote: »

Hello all, just to let people know I just got an email of DCC to let me know ALL APPLICANTS are on hold due to funding. I was told to get back in touch with them mid march when they MIGHT have an update.

Does anyone know if/when funding will be granted?

ðŸ˜

We have an appointment for Friday but he told us that the funding is on hold and they would know on Wednesday what was happening. So not this Wednesday next Wednesday.

Jmk725

trudy2222 wrote: »

We have an appointment for Friday but he told us that the funding is on hold and they would know on Wednesday what was happening. So not this Wednesday next Wednesday.

Did they mean for just their Council or all Councils in general do you know?
Additionally, is this only for new applicants, not people who have been approved but not drawn down the funds yet?
Thanks

trudy2222

Jmk725 wrote: »

Did they mean for just their Council or all Councils in general do you know?
Additionally, is this only for new applicants, not people who have been approved but not drawn down the funds yet?
Thanks

As far as I know it’s just DCC. I contacted rebuilding Ireland and they were very unhelpful and wouldn’t confirm or deny anything for me.

We applied to Fingal 3 weeks ago and haven’t heard a thing from them yet.

I’ll ask a few questions on Friday and post in here when I’m finished.

Jmk725

trudy2222 wrote: »

As far as I know it’s just DCC. I contacted rebuilding Ireland and they were very unhelpful and wouldn’t confirm or deny anything for me.

We applied to Fingal 3 weeks ago and haven’t heard a thing from them yet.

I’ll ask a few questions on Friday and post in here when I’m finished.

Thanks.

I was approved in October but only went sale agreed in February.
Currently waiting on Councils solicitor to contact my solicitor.
Never heard anything about not enough funding from my Council, Monaghan.

delboy08

trudy2222 wrote: »

We have an appointment for Friday but he told us that the funding is on hold and they would know on Wednesday what was happening. So not this Wednesday next Wednesday.

Hi Trudy. My mail said that they are holding for new and existing application and should know more (meaning they may not know either) in mid march.
On another note to anyone applying mark on your statements your rent, your savings, incomes etc..... I did on mine and they still got on to me looking to explain everything. once I did they said thats ok and will now be sent to the credit controller. So even tho were on hold it will still move to the next stage and if im lucky getting approved the hold up will kick in.

swarmberg

Kildare havent been allocated any extra funding since October (or around then) so doubtful DCC will be the same. RTE had a report in Jan that half of the funding allocated in total had been drawn down. Hopefully they get more or this scheme will die out.

daisyk19

swarmberg wrote: »

Kildare havent been allocated any extra funding since October (or around then) so doubtful DCC will be the same. RTE had a report in Jan that half of the funding allocated in total had been drawn down. Hopefully they get more or this scheme will die out.

It seems to be all county councils, Louth and Meath are the same.

Do they definitely think it will be march that there will be more updates? I see on previous replies that they will know more the second week of March?

swarmberg

daisyk19 wrote: »

It seems to be all county councils, Louth and Meath are the same.

Do they definitely think it will be march that there will be more updates? I see on previous replies that they will know more the second week of March?

I can confirm Fingal is the same they aren't processing anymore applications. Disaster!

givyjoe

swarmberg wrote: »

I can confirm Fingal is the same they aren't processing anymore applications. Disaster!

Kick in the balls that. I couldn't apply until August anyway, but feared this would happen before then.

Quinnciara

I am sale agreed and was about to hand in my last documents tomorrow, I was approved and got the letter of approval 5 weeks ago. They can hardly take the loan from me now can they ? Or is the funding there for my specific loan already. I called up and the man on the phone didn't give me much to go on just that the amount of my loan could change and the interest rate. He said there will be news given in two weeks regarding applicants

The Red Lantern

We have been sale agreed since just before Christmas. We signed contracts last week and they have gone off to the seller to be signed. We were told today that our cheque wouldn't be issued until DCC have received the solicitors pack containing all documents signed. Hopefully they'll be in within the next few days. We also dropped in the proof of house insurance. Surely after having come so far now that they would deny us the loan or change it? Gonna ring first thing in the morning to get some answers.

delboy08

Quinnciara wrote: »

I am sale agreed and was about to hand in my last documents tomorrow, I was approved and got the letter of approval 5 weeks ago. They can hardly take the loan from me now can they ? Or is the funding there for my specific loan already. I called up and the man on the phone didn't give me much to go on just that the amount of my loan could change and the interest rate. He said there will be news given in two weeks regarding applicants

surely they have accounted for the last few approvals to have funding to finish off?!!. I hope it works out for yous.

trudy2222

I would imagine that anyone with approval is grand it’s just new applicants and pending applications.

delboy08

The Red Lantern wrote: »

We have been sale agreed since just before Christmas. We signed contracts last week and they have gone off to the seller to be signed. We were told today that our cheque wouldn't be issued until DCC have received the solicitors pack containing all documents signed. Hopefully they'll be in within the next few days. We also dropped in the proof of house insurance. Surely after having come so far now that they would deny us the loan or change it? Gonna ring first thing in the morning to get some answers.

Id say your fine. fingers crossed for you. keep us posted. im sure the next two weeks will tell alot. i no for a factI wont be sleeping well.

There is an article up on the journey about it now.
Wasn't a single **** given when Kildare stopped lending months ago but as soon as it affects Dublin its a big deal.

I've heard of two people that have been bidding on houses in DCC ,both with early applications in

sarah88

Has anyone had feedback from other councils about running out of funds (other then the ones mentioned in this thread). I'm wondering if the journal article is correct when they say that all funding has run out- or have they assumed this as it's affecting some councils (particularly Dublin).

holliehobbie

Unfortunately there is no money tree! Especially with Brexit looming.

swarmberg

Below is a quote from an article from last week talking about funds been exhausted.


https://m.independent.ie/business/personal-finance/property-mortgages/borrowers-pay-over-the-odds-for-mortgage-insurance-37849649.html

An RIHL typically offers up to €288,000 for those earning under €50,000 at advantageous fixed rates of 2pc-2.3pc for terms up to 30 years. Funding of €200m for the scheme for three years has been exhausted after only 12 months, with further funding now being sought.

donfers

This is a bit worrying. I was about to start applying for this as it was my only viable option to get a house within an hour of work....not sure what to do now. Stuck paying massive rents. Will there be an alternative scheme? Will this get more funding or just die off? Surely with the massive homelessness crisis and huge barriers preventing people getting on the property ladder they can’t let this last resort option just evaporate

Sweet.Science

This was never really sustainable. I wouldnt go bidding on houses if you have approval in principle . I cant see a drawdown happening

Evenstevens

I was approved before Christmas for the scheme but haven't found anything yet. Rang DCC this morning and they couldn't tell me for definite if there would be additional funding. I assumed because I was approved that the funds were already ring fenced but I'm not so sure now from the way they were talking. He said there may be a change in the interest rates if additional funding becomes available. Limbo land here. I think like other posters have said next Wednesday seems to be the date for more info.

House hunters

Minister for Housing Eoghan Murphy is being called on to clarify whether a Government-backed mortgage scheme has been put on hold because it has run out of funding.
An internal document from the Department of Housing, released to RTɒs Morning Ireland under Freedom of Information, details how further approvals are not currently being issued for the Rebuilding Ireland Home Loan.
The briefing note, which was provided to the press office, said the department "has been advised that no further approvals should issue for now".
The note adds that demand has far exceeded expectations and a review is under way.
When the loan was launched in February last year the target was to approve 1,000 loans over three years.
The department memo, dated 31 January, said that demand for the scheme has "far exceeded expectations" and that 1,550 recommendations for loan approvals have been issued since its launch.
In response to additional questions the Department of Housing confirmed that a further tranche of funds is required.
It said that it is in discussions with the Departments of Public Expenditure and Reform and Finance with regard to an extension of the scheme.

Quinnciara

I really can't see how they could possibly withdraw funds they've already offered, it's so concerning. I was literally bringing my forms in this morning as I'm sale agreed. I would be devastated if they took the funds from me at this stage.

Evenstevens

Quinnciara wrote: »

I really can't see how they could possibly withdraw funds they've already offered, it's so concerning. I was literally bringing my forms in this morning as I'm sale agreed. I would be devastated if they took the funds from me at this stage.

Hope it works out for you. let us know.

swarmberg

I dont think people would be over bothered if the rates increased a bit. If it means they can offer you a bit less fair enough but this is the only chance for many to ever afford a home.

Jmk725

Does anybody know if this effects those that have been approved but not drawn down the loan yet?
Or is it only for new applicants?

SNNUS

I wonder does this apply to all county councils? Leaves people in limbo with false hope.