Rebuilding Ireland home loan

swarmberg

SNNUS wrote: »

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

Yeah it applies to them all they have been told by the housing department not to process / accept any more applications till they review the scheme.

In any case they might get enough funding to cover people already in process and not accept any new applications till they revamp the scheme.

redmond08

I'm moving into my new house next month, god I hope I'm OK. Been trying to ring the council all morning, but no answer. Surely the people that have been approved have the money put to one side for them?

Jmk725

redmond08 wrote: »

I'm moving into my new house next month, god I hope I'm OK. Been trying to ring the council all morning, but no answer. Surely the people that have been approved have the money put to one side for them?

Just off the phone from my Council, Monaghan, they cannot confirm that the funding is there for those that are already approved.
I got approved in October.
I went sale agreed a month ago and dropped forms in 2 weeks ago.
She is going to see what she can find out and get back in touch with me.
I will post if I get an update.

optogirl

Jmk725 wrote: »

Just off the phone from my Council, Monaghan, they cannot confirm that the funding is there for those that are already approved.
I got approved in October.
I went sale agreed a month ago and dropped forms in 2 weeks ago.
She is going to see what she can find out and get back in touch with me.
I will post if I get an update.

I'm so sorry that this is happening. Wishing you all the luck in the world

Evenstevens

redmond08 wrote: »

I'm moving into my new house next month, god I hope I'm OK. Been trying to ring the council all morning, but no answer. Surely the people that have been approved have the money put to one side for them?

I also assumed that the money was already ring fenced for approved applications but DCC didn't seem to think that was necessarily the case.

redmond08

Jmk725 wrote: »

Just off the phone from my Council, Monaghan, they cannot confirm that the funding is there for those that are already approved.
I got approved in October.
I went sale agreed a month ago and dropped forms in 2 weeks ago.
She is going to see what she can find out and get back in touch with me.
I will post if I get an update.

I got through to my local cllr and he said we should be alright, but he will double check. He said someone applied two weeks ago and the person over giving the loan said he just got in because there was talks back then of cutting funding.

charlietheminxx

I can't believe how badly they underestimated demand - there is a rental crisis driving people to want to buy and plenty of us are earning less than €40k a year.

I was planning to apply for this at one point (ended up getting a bank LTI exception so I didn't need to in the end) but I have followed the thread from the start and I just wanted to say how very sorry I am for all of you who are stuck in limbo at the moment. That is a horrible position to be in, especially for those of you who have found a house. It's compounded by this lack of transparency - you all need to know one way or the other what is going to happen here. Hoping a solution is found for you all.

The Red Lantern

My partner messaged Eoghan Murphy last night for clarification on our loan and got this response - "Any loans approved are part of the initial €200 million of funding and will be unaffected by any future change in funding. Congratulations and best of luck in your new home."

We have been approved since October and went sale agreed in December and are due to draw down the mortgage next week. Judging by that message, it looks like anyone already approved is safe. Personally, I won't accept that until we get the keys and open the door to the house.

VW08

The Red Lantern wrote: »

My partner messaged Eoghan Murphy last night for clarification on our loan and got this response - "Any loans approved are part of the initial €200 million of funding and will be unaffected by any future change in funding. Congratulations and best of luck in your new home."

We have been approved since October and went sale agreed in December and are due to draw down the mortgage next week. Judging by that message, it looks like anyone already approved is safe. Personally, I won't accept that until we get the keys and open the door to the house.

Hi
Thanks for the update. Is that anyone who was offered the mortgage in principle or the full mortgage that is covered do you think?
Thanks

The Red Lantern

I'd say it's anyone that has been fully approved for whatever amount they applied for. It seems to only be new applications and pending applications that are affected.

SNNUS

makes sense, could not approve someone and then take it back as people would have gone sale agreed etc.

Pussyhands

What a joke of a scheme!

Rebuilding Ireland my arse! So lads on 40k could get a mortgage for 2.3% 6 months ago and now people in the same situation will have to put up or shut up.

Sweet.Science

I wonder if it will stay at 2.3% ? And will an estate agent accept an offer now if you are approved with this ?

SNNUS

From Rebuilding Ireland. "In relation to allocations for 2019, discussions are ongoing with the Departments of Public Expenditure and Reform and Finance with regard to seeking further funding for the scheme. When these discussions are concluded, the Minister will be in a position to make a statement on the matter."

DanyTargaryen

Hmm, I haven't seen anything on there website about gifts. I know the application forms says you must have the deposit saved before you apply but it doesn't mention gifts. Maybe calling the county council would be the best option.

A week after I submitted my app i got the whole thing sent back to me in the post saying I needed to re-submit with a P21 and my 4 most recent payslips. I had included 4 payslips that weren't my most recent ones, just picked from the last 6 months. The 21 requirement was odd because I gave them my original P60 for 2018!

Anyways, I re-submitted my app with the docs they asked for. Hopefully this time it works.

Quinnciara

I was in with the council regarding my loan offer, they literally could not give any information to me. And could not tell me my loan offer was secure. Limbo now.

The Red Lantern

Quinnciara wrote: »

I was in with the council regarding my loan offer, they literally could not give any information to me. And could not tell me my loan offer was secure. Limbo now.

When were you approved if you don't mind me asking?

92841

Quinnciara wrote: »

I was in with the council regarding my loan offer, they literally could not give any information to me. And could not tell me my loan offer was secure. Limbo now.

Have you paid your 10% deposit to your solicitor? If you have, and can't get the funding for the mortgage from the council because of these issues at the moment, can you get your 10% back because it's not your fault? I'm paying my deposit this week, and was hoping to drawdown in the next 3 or 4 weeks... I'm bricking it that it's all gonna fall apart at this stage.

SPurple

This is literally the most heart breaking news! I applied in July 2018 to Kildare Co. Co. and was told in December that my application had been underwritten but hasn't made it to credit committee and their funds were gone. As a working single parent this is my only hope of buying a house! I would have been better not working and getting social housing!!

swarmberg

https://twitter.com/rtepolitics/status/1102961771407654912

Eoghan Murphy says here (from the dail today) that only half of the 200m has been drawndown to date. I would think they are looking for more funding because if everyone who is approved and not drawndown yet actually follow through with drawdown they will be out of funds.

I would think on that basis everyone who has been approved but yet to drawdown should be fine its just any new applicants will have a problem if they cant secure any more than 200m.

cas2kx

swarmberg wrote: »

https://twitter.com/rtepolitics/status/1102961771407654912
.

Thanks this gives me a bit of peace of mind I am in awaiting the drawdown funds from South Dublin (I've been sale agreed since November). They are saying next week.
I hope the council's get more funds for other people. The whole process should have been centralised instead of each council dealing with applications.

Quinnciara

The Red Lantern wrote: »

When were you approved if you don't mind me asking?

I was approved 2nd week of January

Quinnciara

92841 wrote: »

Have you paid your 10% deposit to your solicitor? If you have, and can't get the funding for the mortgage from the council because of these issues at the moment, can you get your 10% back because it's not your fault? I'm paying my deposit this week, and was hoping to drawdown in the next 3 or 4 weeks... I'm bricking it that it's all gonna fall apart at this stage.

I think it will become very messy if the funds are not given, no deposit to my solicitor yet just my booking deposit which should be refundable.

Sam Hain

Doesn't sound good from the debate on six one. The maths seem to suggest no funding left at all.

Get Real

https://www.breakingnews.ie/ireland/government-insists-pledges-around-emergency-home-loans-scheme-will-be-met-908937.html

It seems that any approvals already made will be paid, and that the scheme will continue once the central bank gives the go ahead.

Seems the 1000 people at the last hurdle, and waiting on cheque to issue, will have the money issued.

Samuel T. Cogley

For some reason I can't quote the post asking about deposits. But if it's just the booking deposit then you can get that back. If it's the deposit once contracts have been signed then your solicitor should have advised you to include a clause in the contract that stated that the contract was subject to you getting a loan.

92841

Samuel T. Cogley wrote: »

For some reason I can't quote the post asking about deposits. But if it's just the booking deposit then you can get that back. If it's the deposit once contracts have been signed then your solicitor should have advised you to include a clause in the contract that stated that the contract was subject to you getting a loan.

Ah ok, I'm paying the deposit and signing the contract on Friday, but i still haven't read through everything yet. My solicitor is gonna go through it with me too. I'll mention it to my solicitor, and perhaps get it put in, if it's not already in there. Thanks

Underground

I hate to make populist comments but jaysus the fact that demand for this scheme in their words "greatly surpassed" their own expectations shows how far their finger is from the pulse on this issue. You only expected to approve 1,000 loans over three years?? Are you serious?

I think Murphy has been given a needlessly hard time at points by the likes of moaners in chief Solidarity and SF but he looked a bit of a fool on this today.

Jmk725

Just heard back from my County Council, Monaghan.
"Hi John

I am pleased to inform you that as your loan is approved it will be honoured.

Just to remind you that a condition of the scheme is that “the loan amount shall not be greater than 90% of the purchase price of the value of the property”. In other words the final loan drawdown amount will be 90% on the final purchase price."

At least it appears that those who are already approved will get the funds.
Now just to wait on the solicitors.

3283winnie

Omg did i hear right in the news about not enough funding left for the rebuild ireland scheme?? Anyone know anything