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Rebuilding Ireland home loan

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    #1802
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    DamoNolan wrote:
    Thanks for that.On my forms its stated as the 1st of every month by dd..I'm getting the keys next week and am just wondering what way its gona work.i suppose it's better to just email fingal and ask them to be sure.


    We got ours with wicklow cc, so the first of the month maybe fingals date. Best bet is to just contact fingal. Oh, and congratulations. You'll have the jelly legs when you put the keys in for the first time in 'your' new home. I wish you all the best for the future in your new home.


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    #1803
    DamoNolan
    Registered Users Posts: 150 ✭✭DamoNolan


    Shamboo1801 wrote: »
    DamoNolan wrote:
    Thanks for that.On my forms its stated as the 1st of every month by dd..I'm getting the keys next week and am just wondering what way its gona work.i suppose it's better to just email fingal and ask them to be sure.


    We got ours with wicklow cc, so the first of the month maybe fingals date. Best bet is to just contact fingal. Oh, and congratulations. You'll have the jelly legs when you put the keys in for the first time in 'your' new home. I wish you all the best for the future in your new home.
    Ye I'll just check with them to make sure..thanks cant wait for that moment been a long process but finally there.


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    #1804
    MrsDrennan
    Registered Users Posts: 4 ✭MrsDrennan


    Just wondering If you apply for the max amount and you get refused do you get offered a lower amount. Or do you have to apply again for a lower amount?


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    #1805
    jesso22
    Registered Users Posts: 54 ✭✭jesso22


    DamoNolan wrote: »
    When do that take the first payment.i know it's the first of every month..but how do they know when you move in??

    Ours is the first of every month. We had to phone to council to pay for the time between draw down date and the first of the month, then it was the set amount on the first from then on. You will get a letter explaining the details


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    #1806
    xxsammyxx085
    Registered Users Posts: 64 ✭✭xxsammyxx085


    My friend was told by carlow county council the other day to get her application in quick that funds are running out again


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    #1807
    Salanky
    Registered Users Posts: 86 ✭✭Salanky


    xxsammyxx085 wrote: »
    My friend was told by carlow county council the other day to get her application in quick that funds are running out again

    Louth wouldnt even entertain me dropping in an application


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    #1808
    GlowStick
    Registered Users Posts: 58 ✭✭GlowStick


    MrsDrennan wrote: »
    Just wondering If you apply for the max amount and you get refused do you get offered a lower amount. Or do you have to apply again for a lower amount?

    I applied for a high amount last June. My council rang me mid June and told me that i wouldn't get that amount, so I'd to amend that page of the application and send it in again with a revised amount. I put in the amount that their online calculator told me I'd get and then i was also advised to attach a print out of the online calculator showing the amount, so that no further delays would occur


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    #1809
    Thargor
    Registered Users Posts: 17,869 ✭✭✭✭Thargor


    How do people get this all sorted in the time a specific house is on the market? Do you have individual applications for different houses at the same time or something? Why isn't it more like a mortgage where you get approval and then can draw it down when you're bidding? Having to target individual houses is such an awkward way of doing it...


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    #1810
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    Hello. How is it after submitting application for Rebuilding Ireland loan, did you received call or some letter of decision? Thank you


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    #1811
    GlowStick
    Registered Users Posts: 58 ✭✭GlowStick


    Thargor wrote: »
    How do people get this all sorted in the time a specific house is on the market? Do you have individual applications for different houses at the same time or something? Why isn't it more like a mortgage where you get approval and then can draw it down when you're bidding? Having to target individual houses is such an awkward way of doing it...

    It is a mortgage. You get a six month approval. It does ask for the address of the house you're purchasing on the application, but 90% of people won't know this, obviously. I put TBC on it. Then i got my letter of approval and went off house hunting, just like I'd do with a bank's mortgage.


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    #1812
    GlowStick
    Registered Users Posts: 58 ✭✭GlowStick


    mirabella1 wrote: »
    Hello. How is it after submitting application for Rebuilding Ireland loan, did you received call or some letter of decision? Thank you

    For me, it was all letters in the post. Confirmation of my application being received with my application number and then the letter of approval, etc. all came in the post


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    #1813
    Laurazal
    Registered Users Posts: 36 ✭Laurazal


    mirabella1 wrote: »
    Hello. How is it after submitting application for Rebuilding Ireland loan, did you received call or some letter of decision? Thank you
    In my case, three weeks after submitting an application I received a phone call. They said that i have been approved and that the letter has been posted to me. The next day I received the letter where i had so sign loan acceptance form and post it back to them within 14 days.


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    #1814
    Salanky
    Registered Users Posts: 86 ✭✭Salanky


    MrsDrennan wrote: »
    Just wondering If you apply for the max amount and you get refused do you get offered a lower amount. Or do you have to apply again for a lower amount?

    I had rang the rebuilding ireland people and they said you have to put an amount on it but the the calculator is quite accurate. She also said to ring the council and ask them if they accept either the max from the calculator or would they be happy with putting "max available". I rang Louth and they said it had to have a number in it or it wouldnt be approved. It doesnt tell you but you need to be saving enough to cover the full cost of the mortgage and have some left for bills at the end of it all. In my case because I live at home with my parents Im expected to save at least 50% of my monthly wage. I have it split between savings and a standing order to my parents account as my "rent". When I applied before I hadnt been saving enough on a monthly basis to cover the mortgage and even though it was clear from my statements I could easily cover it they still said no because they didnt have the actual proof in the statements, just something to think about.


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    #1815
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    Laurazal wrote: »
    In my case, three weeks after submitting an application I received a phone call. They said that i have been approved and that the letter has been posted to me. The next day I received the letter where i had so sign loan acceptance form and post it back to them within 14 days.
    Wau that was fast. Thank you for that.


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    #1816
    Stekell
    Registered Users Posts: 31 ✭Stekell


    Hello, has anyone heard that Kildare CoCo are taking applications?


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    #1817
    coolio83
    Registered Users Posts: 50 ✭✭coolio83


    Hi, just wondering if anyone has recently applied with Galway County Council? Are they still lending? If so, what is the usual turnaround time from application to approval in principal etc? TIA


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    #1818
    Dave087
    Registered Users Posts: 83 ✭✭Dave087


    Hi, does anybody know if you can add your own funds to the purchase price of the house? For example if the house is 325k and your application has been approved for the maximum 320k purchase price could you contribute the extra 5k yourself? Appreciate any replies.


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    #1819
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,713 Mod ✭✭✭✭L1011


    Dave087 wrote: »
    Hi, does anybody know if you can add your own funds to the purchase price of the house? For example if the house is 325k and your application has been approved for the maximum 320k purchase price could you contribute the extra 5k yourself? Appreciate any replies.

    No

    A building pricing at 325k (or 255k in the 250k counties) is either mad or doens't qualify for the scheme somehow really.


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    #1820
    Dave087
    Registered Users Posts: 83 ✭✭Dave087


    L1011 wrote: »
    No

    A building pricing at 325k (or 255k in the 250k counties) is either mad or doens't qualify for the scheme somehow really.

    ?????? Ok


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    #1821
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,713 Mod ✭✭✭✭L1011


    BuildER, and I somehow got the criteria for the house crossed with HTB in my mind.... regardless, someone pricing at 5k over the limit is not expecting to get a buyer using the scheme.


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    #1822
    Dave087
    Registered Users Posts: 83 ✭✭Dave087


    L1011 wrote: »
    BuildER, and I somehow got the criteria for the house crossed with HTB in my mind.... regardless, someone pricing at 5k over the limit is not expecting to get a buyer using the scheme.

    Ok, not really what I was asking though. If anybody else has any advice on my question it would be much appreciated


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    #1823
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Dave087 wrote: »
    Ok, not really what I was asking though. If anybody else has any advice on my question it would be much appreciated

    The maximum purchase price is exactly that, the maximum you can pay for a house using this scheme.


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    #1824
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Darkglasses wrote: »
    The maximum purchase price is exactly that, the maximum you can pay for a house using this scheme.

    As above. The house can not be more than 320k (or 250k depending on the area you are in).


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    #1825
    Dave087
    Registered Users Posts: 83 ✭✭Dave087


    Thanks for the replies


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    #1826
    mirabella1
    Registered Users Posts: 33 ✭mirabella1


    L1011 wrote: »
    No

    A building pricing at 325k (or 255k in the 250k counties) is either mad or doens't qualify for the scheme somehow really.
    So how is it when for example:
    If you asking for 280k and they approved 220k can you then purchase from your own money?


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    #1827
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,713 Mod ✭✭✭✭L1011


    mirabella1 wrote: »
    So how is it when for example:
    If you asking for 280k and they approved 220k can you then purchase from your own money?

    Because 280k is under the cap in the 320k areas

    The cap is a cap - it is the max price allowed


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    #1828
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    mirabella1 wrote: »
    So how is it when for example:
    If you asking for 280k and they approved 220k can you then purchase from your own money?

    Yes you can. The amount I was approved for ended up being less than 90% of the purchase price of the house I bought but I had enough saved to cover the balance.


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    #1829
    AngryLips
    Registered Users Posts: 2,677 ✭✭✭AngryLips


    Stekell wrote: »
    Hello, has anyone heard that Kildare CoCo are taking applications?


    When I rang Kildare a couple weeks ago they advised they were accepting applications by post but they didn't have funding for drawdown


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    #1830
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    Im in my house 2 months now and so happy that I applied for this mortgage. Its a long frustrating road but stick with it. I got mine through Limerick Coco.


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    #1831
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    MrsDrennan wrote: »
    Just wondering If you apply for the max amount and you get refused do you get offered a lower amount. Or do you have to apply again for a lower amount?
    I applied for the max and got approved for way less than what I thought id get. They'll only offer you what they think you can repay.


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