Rebuilding Ireland home loan

wicklowdon

massy086 wrote: »

Hi has anyone self employed got approved on this sceme

Hi yeah, myself and my husband are both self employed and just got approval, although it says subject to the council having availibilty of finance!!!(hopefully just covering themselves). We were declined after about 7 weeks because i had left out the social welfare form for when i got maternity benefit so we appealed and sent in the form and they came back 4 weeks later with full approval for 288,000. Best of luck

wicklowdon

IrinaO85 wrote: »

Anyone knows anything about Wicklow County Council. I applied in the midMarch, still no answer, I know that I have been approved by Housing Agency, now it is with Credit Committee. Anyone been approved recently in Wicklow?

Hi, we applied to wicklow CC in early april and got declined after about 7 weeks due to a form being left out, then we appealed 4 weeks ago and just received approval today, best of luck

Niallfarrell11

Stekell wrote: »

We have just been accepted today by the DCC for 288,000, now for the next phase. Just a quick question does anyone know if we only need for example 250,000 could we still take the 288,000 to go towards refurbishments?

Hi, I was told on Monday that my application would be sent to the committee today and they would write out on Friday. Did you ring them or did they send you a letter today?

Thanks.

Jmk725

Stekell wrote: »

We have just been accepted today by the DCC for 288,000, now for the next phase. Just a quick question does anyone know if we only need for example 250,000 could we still take the 288,000 to go towards refurbishments?

I can tell you for certain that you cannot get the remainder for refurbishments.
You will only get 90% of the property value.

Stekell

Niallfarrell11 wrote: »

Hi, I was told on Monday that my application would be sent to the committee today and they would write out on Friday. Did you ring them or did they send you a letter today?

Thanks.

Just phoned them they told me over the phone, a letter will be sent out early next week

Stekell

Jmk725 wrote: »

I can tell you for certain that you cannot get the remainder for refurbishments.
You will only get 90% of the property value.

Cheers , I had a feeling it would be. Most properties in the area were looking need 10/20k put in, cant imagine it will be easy to get that loan while starting a mortgage?

IrinaO85

I have got a letter requesting more information about my husband’s rights to remain Ireland, because his stamp 4EU FAM till 2022 which is not considered sufficient.
But I know people who applied with exactly identical stamp 4 EU FAM till 2022 and have got approval. How is that possible to make different decisions in equal cases? Maybe anyone can give me advice
Thank you)

Niallfarrell11

Stekell wrote: »

Just phoned them they told me over the phone, a letter will be sent out early next week

Thanks, done the same we got approved

valarmorghulis

Hi,

I just had a quick q in relation to "12 months saving statements " required. I would have this in terms of credit union over a no. of years,but I would be interested in knowing what savings accounts people used,.ie standing order/direct debits from their current accounts into a separate designated savings account with that bank.I understand the purpose of communicating financial discipline & repayment capacity but are they looking for a physical statement titled "savings account".

If someone had a 6-18 month plan to avail of this scheme,would prize bonds count or are they really looking for the monthly consistency aspect rather than lump sum ad hoc saving. I'm not familiar with prize bonds statements or if the banks prefer bank saving accounts.

One last q I had was disaster planning/hypothetical worst case scenario from taking out a RIHL & 5 years later,you have to sell the house/apt & move for whatever reason,does anyone if you can sell a house with a mortgage,or if there are any specific rules with this scheme.

Thanks

Shamboo1801

valarmorghulis wrote:

One last q I had was disaster planning/hypothetical worst case scenario from taking out a RIHL & 5 years later,you have to sell the house/apt & move for whatever reason,does anyone if you can sell a house with a mortgage,or if there are any specific rules with this scheme.

I asked the same question, which was about a year ago, and they informed me, from what I can remember, that it's not an issue to sell, but you'll lose your FTB, hence 20% for your next purchase, and you can't apply for the RI loan a second time so you'll be dealing with banks

mirabella1

Shamboo1801 wrote: »

I asked the same question, which was about a year ago, and they informed me, from what I can remember, that it's not an issue to sell, but you'll lose your FTB, hence 20% for your next purchase, and you can't apply for the RI loan a second time so you'll be dealing with banks

Hello , can anybody help me please. My husband has full time job, so all paperworks is based on that, but he should have now good chance to change job(i know it's not good timing).
My question is, is it problem if he will have different job, because on application form they saying you have to be in continuous employment , but he will have job just different, straight away go from one job to another job. I hope it's understanding. Thank you

GarIT

valarmorghulis wrote: »

Hi,

I just had a quick q in relation to "12 months saving statements " required. I would have this in terms of credit union over a no. of years,but I would be interested in knowing what savings accounts people used,.ie standing order/direct debits from their current accounts into a separate designated savings account with that bank.I understand the purpose of communicating financial discipline & repayment capacity but are they looking for a physical statement titled "savings account".

If someone had a 6-18 month plan to avail of this scheme,would prize bonds count or are they really looking for the monthly consistency aspect rather than lump sum ad hoc saving. I'm not familiar with prize bonds statements or if the banks prefer bank saving accounts.

One last q I had was disaster planning/hypothetical worst case scenario from taking out a RIHL & 5 years later,you have to sell the house/apt & move for whatever reason,does anyone if you can sell a house with a mortgage,or if there are any specific rules with this scheme.

Thanks

This is 3rd hand information but you need some form of savings or account where the amount going in remains mostly the same i.e. always some number + or - 10% and you must never have withdrawn from it.


You savings only start from the last time there was a withdrawl, anything before the last withdrawal isn't savings anymore and anything unusually large or unusually small doesn't count as savings.

Evenstevens

valarmorghulis wrote: »

Hi,

I just had a quick q in relation to "12 months saving statements " required. I would have this in terms of credit union over a no. of years,but I would be interested in knowing what savings accounts people used,.ie standing order/direct debits from their current accounts into a separate designated savings account with that bank.I understand the purpose of communicating financial discipline & repayment capacity but are they looking for a physical statement titled "savings account".

If someone had a 6-18 month plan to avail of this scheme,would prize bonds count or are they really looking for the monthly consistency aspect rather than lump sum ad hoc saving. I'm not familiar with prize bonds statements or if the banks prefer bank saving accounts.

One last q I had was disaster planning/hypothetical worst case scenario from taking out a RIHL & 5 years later,you have to sell the house/apt & move for whatever reason,does anyone if you can sell a house with a mortgage,or if there are any specific rules with this scheme.

Thanks

I don't think they need a "physical statement" as such. Like I think they will count monthly rent as savings or more importantly as evidence that you can pay a steady sum every month. It's the consistent monthly payment that's key. You need to show basically that you can cover a monthly mortgage repayment and still live. I was approved in November and hoping to get keys in next fortnight. I had a KBC savings account setup basically and saved for 18months before I applied. I saved the amount that meant I had to rethink some outgoings and limit certain things (holidays etc) but still allowed me to have enough to live on.

Jmk725

mirabella1 wrote: »

Hello , can anybody help me please. My husband has full time job, so all paperworks is based on that, but he should have now good chance to change job(i know it's not good timing).
My question is, is it problem if he will have different job, because on application form they saying you have to be in continuous employment , but he will have job just different, straight away go from one job to another job. I hope it's understanding. Thank you

Allowed 4 week gap between employments.

Sarah3442

Has anyone applied to South Dublin Coco recently? We have been told that our application has gone through the underwriters and is waiting to be seen by the credit committee but they are not issuing approvals until they are given their 2019 capital allocation. However Minister Murphy has stated that all co councils should be approving and issuing funding for this scheme. It would be helpful to know if other people are getting the same answer from SDCC?

Evenstevens

Anyone who has successfully drawn down the mortgage from DCC do you know when the first mortgage payment was due after closing on the house?

Just wondering if have another month of savings or not?

Thanks

Dave087

Sarah3442 wrote: »

Has anyone applied to South Dublin Coco recently? We have been told that our application has gone through the underwriters and is waiting to be seen by the credit committee but they are not issuing approvals until they are given their 2019 capital allocation. However Minister Murphy has stated that all co councils should be approving and issuing funding for this scheme. It would be helpful to know if other people are getting the same answer from SDCC?

Hi Sarah,
Yeah me and my partner are in the same situation as yourself. Applied to SDCC the first week of January and has been with credit committee since February. We've also been told they won't be issuing approvals until further government funding. Nobody in SDCC seems to know what's going on. Beyond a joke at this stage

Che2

Hi, Could anyone who has successfully completed the process maybe answer this question?
When drawing down the loan cheque from the council do you need seperate life insurance cover for the property on top of the Mortgage Protection already included?

Thanks

Quinnciara

Evenstevens wrote: »

Anyone who has successfully drawn down the mortgage from DCC do you know when the first mortgage payment was due after closing on the house?

Just wondering if have another month of savings or not?

Thanks

First payment due the 1st of the following months and the 1st day of every month thereafter, we drew down mid May ans the took the full mortgage payment aswel as 500e for the percentage of May on the 1st of June.

Evenstevens

Quinnciara wrote: »

First payment due the 1st of the following months and the 1st day of every month thereafter, we drew down mid May ans the took the full mortgage payment aswel as 500e for the percentage of May on the 1st of June.

Great thanks. Was hoping would be start of month so that’s good news

Evenstevens

Che2 wrote: »

Hi, Could anyone who has successfully completed the process maybe answer this question?
When drawing down the loan cheque from the council do you need seperate life insurance cover for the property on top of the Mortgage Protection already included?

Thanks

I’m due to drawdown next week but they have only looked for home insurance from me, nothing else

mirabella1

Hello. Could anybody help us please. What about if we already has car loan, isn't not good to have it for this scheme I think.
Or is there anything what we can do?

Ukelele!

mirabella1 wrote: »

Hello. Could anybody help us please. What about if we already has car loan, isn't not good to have it for this scheme I think.
Or is there anything what we can do?

I think that would go against you. I could be wrong, but i think i remember someone saying that they were better off to pay off the car loan and then apply. I don't know what council you're with, but when i applied, i made an appointment with the coco and they went through the whole application with me and advised me on everything. And then i submitted the application. That was last June. Sometimes you're better off asking the Coco directly to get a straight answer.

mirabella1

Ukelele! wrote: »

I think that would go against you. I could be wrong, but i think i remember someone saying that they were better off to pay off the car loan and then apply. I don't know what council you're with, but when i applied, i made an appointment with the coco and they went through the whole application with me and advised me on everything. And then i submitted the application. That was last June. Sometimes you're better off asking the Coco directly to get a straight answer.

Thank you very much. I was thinking the same, better is contact them and talk about it. I was just wondering if somebody here had the situation as me.

swarmberg

mirabella1 wrote: »

Hello. Could anybody help us please. What about if we already has car loan, isn't not good to have it for this scheme I think.
Or is there anything what we can do?

A car loan will reduce your repayment capacity as you have a monthly obligation of X amount. This scheme will treat it the same way as a bank will and they will lend you less of a mortgage because of the loan (depending on size of the loan)

mirabella1

swarmberg wrote: »

A car loan will reduce your repayment capacity as you have a monthly obligation of X amount. This scheme will treat it the same way as a bank will and they will lend you less of a mortgage because of the loan (depending on size of the loan)

But it's still so crazy, we are able to pay high rent 1300, car loan and we don't have any childcare cost.
But in this scheme it's nothing with rent as in the bank.

Jellapino15

Che2 wrote: »

Hi, Could anyone who has successfully completed the process maybe answer this question?
When drawing down the loan cheque from the council do you need seperate life insurance cover for the property on top of the Mortgage Protection already included?

Thanks

Needed the MPI and home insurance to draw down. Didn't need separate life insurance

JessC1987

We've just gone sale agreed on a house! I'm assuming we don't make an appointment to see DCC until we have all the relevant documentation? We are just waiting for the structural report to be carried out and returned to us, hoping for that to be done up towards the end of next week, should I touch base before then or just wait until we have everything? Thanks in advance, we'd have been lost without this thread over the past few months.

Evenstevens

JessC1987 wrote: »

We've just gone sale agreed on a house! I'm assuming we don't make an appointment to see DCC until we have all the relevant documentation? We are just waiting for the structural report to be carried out and returned to us, hoping for that to be done up towards the end of next week, should I touch base before then or just wait until we have everything? Thanks in advance, we'd have been lost without this thread over the past few months.

Hey congratulations!
I didn't go near DCC until I had everything together off the Form 3 list which took much longer than i thought it would. Just had trouble getting access to get survey done. Once I had everything together I just went in to the office then, didn't make an appointment as such. they got me to fill out a new MPI form as it had changed since I had been approved. Bring the bank mandate form also. I'm not sure that was listed on the Form 3 but I was asked for it also.

JessC1987

Evenstevens wrote: »

Hey congratulations!
I didn't go near DCC until I had everything together off the Form 3 list which took much longer than i thought it would. Just had trouble getting access to get survey done. Once I had everything together I just went in to the office then, didn't make an appointment as such. they got me to fill out a new MPI form as it had changed since I had been approved. Bring the bank mandate form also. I'm not sure that was listed on the Form 3 but I was asked for it also.

Thank you so much and thank you for your reply. We've been lucky so far with access as the house is vacant so not too many issues there, once we get this report we can get down and get things moving. Exciting times ahead.