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Rebuilding Ireland home loan

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  • Registered Users Posts: 1 ela2323


    Im trying to apply myself , rang my local council and got the rudest man and no answers on anything I asked. Has anyone had any good experience with it ?


  • Registered Users Posts: 3 nicos


    update: Finally got letter of approved in principle after 4 months of applying. Now I'm wondering has anyone been approved and actually drawn down the money yet? We have sale agreed on a house but are going to loose it now at this stage as everything is taking so long. Unless now that we have been approve they act fast but I'm not that hopeful.
    my advise to anyone is not to even look for a house until you get the approval in principle.


  • Registered Users Posts: 744 ✭✭✭SNNUS


    It will be one month after you get the draft documents that the solicitor will get the loan documents so you will have to factor that in..
    nicos wrote: »
    update: Finally got letter of approved in principle after 4 months of applying. Now I'm wondering has anyone been approved and actually drawn down the money yet? We have sale agreed on a house but are going to loose it now at this stage as everything is taking so long. Unless now that we have been approve they act fast but I'm not that hopeful.
    my advise to anyone is not to even look for a house until you get the approval in principle.


  • Registered Users Posts: 744 ✭✭✭SNNUS


    mytom wrote: »
    Yes it is for 6 months , but first you have to accept draft offer and for this you have one month .

    Is anyone got official loan offer documents from County Council after one cool month break time ?

    Yeah my solicitor has them now.


  • Registered Users Posts: 26 ACCAman


    We are looking to apply to the South Dublin County Council for a loan over the next week or 2.
    I noticed that their rate of approval is quite low in comparison to other councils, so we want to make sure we get the application right the first time.
    We have to take annual leave to go and apply, so we only want to make one trip.

    We have offers from 2 banks for around €215-€220k that we were hoping to use as evidence of insufficient offers.
    Can anyone who has applied tell me: would these offers be considered "insufficient"?
    We are looking to get the maximum €288k from the council. We probably could buy something if we borrowed €220k from the bank, but that's not really what we're looking for.
    We also haven't got a property in mind at the moment, so I am going to put "TBC" on the application form.
    Likewise, we don't have a solicitor yet, would it be ok to put "TBC" in this field as well?

    If anyone has any last minute tips, please share

    Thanks all


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  • Registered Users Posts: 1,283 ✭✭✭stryker mcqueen


    ACCAman wrote: »
    We are looking to apply to the South Dublin County Council for a loan over the next week or 2.
    I noticed that their rate of approval is quite low in comparison to other councils, so we want to make sure we get the application right the first time.
    We have to take annual leave to go to go and apply, so we only want to make one trip.

    We have offers from 2 banks for around €215-€220k that we were hoping to use as evidence of insufficient offers.
    Can anyone who has applied tell me: would these offers be considered "insufficient"?
    We are looking to get the maximum €288k from the council. We probably could buy something if we borrowed €220k from the bank, but that's not really what we're looking for.
    We also haven't got a property in mind at the moment, so I am going to put "TBC" on the application form.
    Likewise, we don't have a solicitor yet, would it be ok to put "TBC" in this field as well?

    If anyone has any last minute tips, please share

    Thanks all

    One thing be aware of is they have their own checklist that looks for more than the one on the rebuilding Ireland website , this is on their website , they expect you to bring your p21 forms.


  • Registered Users Posts: 26 ACCAman


    thanks, Yeah I just became aware that they have their own checklist the other day.

    I noticed that they required the P21 forms so we printed them off the Revenue website.
    It was actually fairly quick to get that statement in comparison to some others.


  • Registered Users Posts: 81,224 ✭✭✭✭biko


    From Galway


  • Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Merged into the Rebuilding Ireland Scheme thread.


  • Registered Users Posts: 744 ✭✭✭SNNUS


    biko wrote: »
    From Galway

    Interesting..


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  • Registered Users Posts: 48 Cazzums


    ela2323 wrote: »
    Im trying to apply myself , rang my local council and got the rudest man and no answers on anything I asked. Has anyone had any good experience with it ?

    What are you looking to find out??


  • Registered Users Posts: 48 Cazzums


    coolio83 wrote: »
    Hi, I just wondered if anyone has gone through the application process for a rebuilding Ireland local authority mortgage, also their experience/outcome/waiting time etc. Really appreciate any feedback, TIA.

    Hi I was waiting about 4 months for approval. I applied in February and got approval in may.


  • Registered Users Posts: 10 Ailbag


    Cazzums wrote: »
    Hi I was waiting about 4 months for approval. I applied in February and got approval in may.

    I applied at the beginning of April and got approval on Thursday...


  • Registered Users Posts: 48 Cazzums


    Ailbag wrote: »
    I applied at the beginning of April and got approval on Thursday...

    Gosh that was quick! Where did you apply to?


  • Registered Users Posts: 10 Ailbag


    Cazzums wrote: »
    Gosh that was quick! Where did you apply to?

    DCC, the longest wait was the credit committee but they seem to have weekly meetings now, rather than fortnightly, so that will be faster once they clear the backlog. It was just under 10 weeks in the end.


  • Registered Users Posts: 1,375 ✭✭✭bri007


    Thanks for putting that link up.

    I love the last paragraph where mr Murphy said the last thing he needs are people taking loans out and ending up with non performing loans and an inability to repay!

    The majority of people I know are being rejected for doing a few weeks overtime to save for a bigger deposit or people who are deemed slightly over the 75k cut off.

    I actually know someone who are 75,100!

    So to say people haven't the ability to repay these loans is so far from the actual truth, plus majority are renting and nearly paying twice what their mortgage would be. So they would be actually better off financially to buy than rent.

    System is set il to fail, and judging by those figures to date, it's not doing one bit to help people buy their first home!
    coolio83 wrote: »


  • Registered Users Posts: 35 cork93


    What is the easiest / quickest way to get evidence of insufficient offers of finance? Can anyone advise of Cork city council accept online calculator results?


  • Registered Users Posts: 9 Laney835


    I have applied two weeks ago for the rebuild ireland home loan. I met with a lady in Wexford CoCo and needed a few more documents I submitted them last Thursday and she told me she had sent everything to the underwriters that day. I had rejection letters from both EBS and BOI. Last week being curious on Friday evening I applied for a credit check I got it today from the ICB and it said that last Friday at 12.05pm the housing agency in finan street requested my credit check. That's pretty quick isn't it does that mean the ball is rolling? EBS and BOI didn't show up on the ICB history and it dates back for 12months so they never even got to a credit check despite waiting 7 weeks and 5 weeks for a reply from them. Am I thinking too positively?!?

    The credit check was completely clear so no difficulties there


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  • Registered Users Posts: 9 Laney835


    Cazzums wrote: »
    Hello has anyone received an offer of a loan yet? If so how long did it take for your application to come back from the underwriters? How long are other applicants waiting? I am waiting 5 weeks and can’t get an answer for a time frame. Any information would be great. Has anyone has any complications with the process? Thanks in advance!



    I have applied two weeks ago for the rebuild ireland home loan. I met with a lady in Wexford CoCo and needed a few more documents I submitted them last Thursday and she told me she had sent everything to the underwriters that day. I had rejection letters from both EBS and BOI. Last week being curious on Friday evening I applied for a credit check I got it today from the ICB and it said that last Friday at 12.05pm the housing agency in finan street requested my credit check. That's pretty quick isn't it does that mean the ball is rolling? EBS and BOI didn't show up on the ICB history and it dates back for 12months so they never even got to a credit check despite waiting 7 weeks and 5 weeks for a reply from them. Am I thinking too positively?!?

    The credit check was completely clear so no difficulties there


  • Registered Users Posts: 3 Ruthie841


    We applied in February and took until May to get an actual approval from dublin city council and fingal! We are in the process now of buying a house through fingal, can i ask has any came to the final stage of this yet? Is it literally just the house insurance they need, any other documents to draw down the loan?? Its all taking so long i just want to be fullly prepared Thanks a mill


  • Registered Users Posts: 9 Laney835


    Ruthie841 wrote: »
    We applied in February and took until May to get an actual approval from dublin city council and fingal! We are in the process now of buying a house through fingal, can i ask has any came to the final stage of this yet? Is it literally just the house insurance they need, any other documents to draw down the loan?? Its all taking so long i just want to be fullly prepared Thanks a mill

    Wow that took ages I'm hoping mine doesn't take too long. The woman in the Coco was so eager to meet us straight away and got everything sent to the underwriters immediately so maybe they've had a lack of applicants in Wexford. Did you speak directly to someone or send in an application form by post, did you get a request for more documents just wondering if ours is going to take that long! Banks have been giving me the run around since February so I feel like I've applied that long ago!


  • Registered Users Posts: 1,283 ✭✭✭stryker mcqueen


    Laney835 wrote: »
    Wow that took ages I'm hoping mine doesn't take too long. The woman in the Coco was so eager to meet us straight away and got everything sent to the underwriters immediately so maybe they've had a lack of applicants in Wexford. Did you speak directly to someone or send in an application form by post, did you get a request for more documents just wondering if ours is going to take that long! Banks have been giving me the run around since February so I feel like I've applied that long ago!

    Average wait seems to be 8-10 weeks , we're 7.5 weeks waiting so hopefully be hearing something soon fingers crossed


  • Registered Users Posts: 3 Ruthie841


    I think we were one of the first applicants in, as soon as i heard i went straight in with all the documents it is an awfully long process!! We went in person and handed everything in, they went straight off to the underwriters that took a long time to come back but no once you send all the documents in correctly they shouldnt ask for any more. But what happens after the underwriting stage is that they still have to take it to the 'Credit Committee' where the final decision of approval is made and these meetings as far as im aware only take place every week or two so i think this is why it takes so long! Also there are large volumes going into dublin city and fingal council so this is prob why ours took so long!

    I really hope you get your answer soon so you can start house hunting!!


  • Registered Users Posts: 9 Laney835


    Ruthie841 wrote: »
    I think we were one of the first applicants in, as soon as i heard i went straight in with all the documents it is an awfully long process!! We went in person and handed everything in, they went straight off to the underwriters that took a long time to come back but no once you send all the documents in correctly they shouldnt ask for any more. But what happens after the underwriting stage is that they still have to take it to the 'Credit Committee' where the final decision of approval is made and these meetings as far as im aware only take place every week or two so i think this is why it takes so long! Also there are large volumes going into dublin city and fingal council so this is prob why ours took so long!

    I really hope you get your answer soon so you can start house hunting!!

    Me too! thank you so much for the information it's really hard to find any info online other than the boards.ie I had everything ready so I wouldn't say they need anything else. I keep trying to stay off daft so not to like any properties too much before I get my answer!

    The housing agency which approves the home loan has already done a credit check on me as its on my ICB report so I'm hoping they only start that process once they are satisfied with your earnings and all documents submitted as the two banks I applied to never even checked got to a credit check before refusal.


  • Registered Users Posts: 9 Laney835


    Average wait seems to be 8-10 weeks , we're 7.5 weeks waiting so hopefully be hearing something soon fingers crossed

    Which county council did you apply to. I applied to Wexford. Fingers crossed you hear soon


  • Registered Users Posts: 3 Ruthie841


    No probs at all!! I hope its a quicker process for you! But they defo shouldnt need anything else off you, next time you hear from them it should be weather you are approved or not, so fingers crossed!! Oh its so hard not to keep going on daft i was the same!!

    I really want to know if anyone has gone through the whole process yet! The next step for us is signing contracts so i just want to know exactly what fingal will need should it just be house insurance or any more documents just so i have it all ready to go!! I have rang but they are so busy i dont want to be ringing all the time! I think they know my voice by now haha!


  • Registered Users Posts: 1,283 ✭✭✭stryker mcqueen


    Laney835 wrote:
    Which county council did you apply to. I applied to Wexford. Fingers crossed you hear soon

    We've applied to fingal , DCC & South Dublin ... Applied at different times so expecting to hear from DCC in the next couple of weeks hopefully


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  • Registered Users Posts: 1,283 ✭✭✭stryker mcqueen


    We have applied to Dublin city council , fingal and South Dublin , DCC and fingal were an absolute pleasure to deal with , South Dublin made it difficult to even apply but we got there in the end.....


    Application to SDCC went in 5 weeks ago and we have just received a letter of rejection , they claim this went to external underwriters but I am highly doubtful as our other applications went in 3 weeks earlier and we've heard nothing so far .


    Reasons given


    1. 2 years self employed audited accounts incomplete (my wife is 3 weeks short but is now into year 3 of being self employed)


    2. Business revenue details not signed on application form (this makes no sense to either of us)


    3. Original Bank statement must be supplied , internet statements cannot be accepted (I bank with online bank N26 so this is not possible )


    A bit dejected but I am hopeful that this is more down to this particular council and their backwards system rather than our application , the above rejection reasons seem ridiculous so I refuse to believe the application ever went to external underwriters and this was an internal decision.


    Of course we rang them and they told us they have no input , there is a serious Gap in communication with this scheme unfortunately.


    Anyway haven't heard from Dublin city yet but now 8 weeks since applying so hopefully hearing something in the next couple of weeks.


    Apologies for the rant , just a little pissed off


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