Rebuilding Ireland home loan

Zoeziggy123!

Thanks a million for this - I was provisionally approved in Nov 2018 and have had a nightmare ever since. I have been told that my solicitor will be receiving the final loan offer today but the mortgage will only go ahead if I agree to the T&Cs of the Mortgage.

I am a single applicant with a Self Build so it has been a very very long, stressful process for me so was just looking for the heads up on what these might be.

Light a candle for me today lol

Zoeziggy123!

Are you Building or buying @Shanvp?

kbman

This is probably already answered but i havent' been able to find the answer.
Did anyone go for new build on this, as for the most part it's designed for second hand house?
I fired couple of questions about Valuation and Structural survey report.
We're buying off plans and have accepted the loan from Wicklow CC,
Was there anything not already mentioned on the requirements that's needed for the CC?
I find it quite interesting how the offer wording is very different from CC to CC.

I'm just trying to speed things up on that side of things.

Rojo

I'll be two years in continuous employment in my current job in May... Find it frustrating that I can't apply until then. Will this scheme be operating in 2020? :-/

kbman

I'd imagine so, they extended funding up to a certain amount for he next 3 years recently, I don't remember the exact figures on the release. But it should be given extra funding at that stage too if it becomes a problem.

deedee26

Rojo wrote: »

I'll be two years in continuous employment in my current job in May... Find it frustrating that I can't apply until then. Will this scheme be operating in 2020?

If you left your employment to start with your current employer, you just need a letter from your old employer stating the dates you were employed with them.

Rojo

kbman wrote: »

I'd imagine so, they extended funding up to a certain amount for he next 3 years recently, I don't remember the exact figures on the release. But it should be given extra funding at that stage too if it becomes a problem.

Fingers crossed!

deedee26 wrote: »

If you left your employment to start with your current employer, you just need a letter from your old employer stating the dates you were employed with them.

Unfortunately I decided to take a few months break from full time employment!

jockey#1

Anybody ever heard of applicants being approved for rebuilding Ireland home loan while being in their current position less than 2 years?

kbman

I didnt hear of that jockey, but did you try talking to the council where you want to apply? By the time your application gets to review stage, it could well be 3 months from now anyway.

I do see it's written in the credit policy but talking to the council would be the best bet, because they're the ones processing the forms. As it's in the criteria in the credit policy http://rebuildingirelandhomeloan.ie/uploads/files/RIHL%20Redacted%20Credit%20Policy%20-%20Final.pdf, it's quite possible they mightn't be so lenient but always worth a try

Whodanoob

Does anyone know if it's possible to overpay the monthly repayments?

Laurazal

Whodanoob wrote: »

Does anyone know if it's possible to overpay the monthly repayments?

I believe it depends if you are on fixed or flexible interest rates...

Thatgirlthere

I am really struggling with the wait from Wicklow County Council, we are 22 weeks waiting for a reply from our initial application. Is this normal? Please let me know how long it was before you heard a yes or no.

kbman

Thatgirlthere wrote: »

I am really struggling with the wait from Wicklow County Council, we are 22 weeks waiting for a reply from our initial application. Is this normal? Please let me know how long it was before you heard a yes or no.

Our Application was sent in and dated received on 15th May
First week in July, they sent it back because i hadn't put the figures down, we didn't know the Max we could achieve.

I got that in to them on 7/8th July, We got the approval then dated 4th October.

When we applied, a new girl had started, not sure what happened to her now, but few weeks back another girl took over the position and 2 more people were hired to do the other tasks that were previously all assigned to the same person.

This may have contributed to the delay.
Anyways, we went down a week or 2 before October for a site visit and dropped up to meet the new girl.

She was very pleasant to deal with and following week was asking us for details to get ready for committe meeting or something because we didn't hear anything and then we got the approval in the door on the 7th October.

Have you got a booking deposit down on a House?
I would suggest calling and emailing wicklow, you could call to get email or I can pass it to you in PM. Not sure if it's not acceptable under this thread to post those details here.

The condition i got, was that I needed to tell them the house address within a month and that I was going to accept the offer they gave me for.

Hope this helps with your response, if you need anything else, let me know, happy to answer by PM either

Thatgirlthere

kbman wrote: »

Our Application was sent in and dated received on 15th May
First week in July, they sent it back because i hadn't put the figures down, we didn't know the Max we could achieve.

I got that in to them on 7/8th July, We got the approval then dated 4th October.

When we applied, a new girl had started, not sure what happened to her now, but few weeks back another girl took over the position and 2 more people were hired to do the other tasks that were previously all assigned to the same person.

This may have contributed to the delay.
Anyways, we went down a week or 2 before October for a site visit and dropped up to meet the new girl........

This does make me feel better, the lack of response has me tearing my hair out. I have left dozens of messages looking for someone to call me back in the last few weeks and I never get a response. It's incredibly frustrating! Glad to know I'm not the only one who is waiting a long time, but we did send our application in before you and still haven't heard back.

kbman

I agree with you, the wait is very frustrating, i suppose for us it was 10 weeks.
I was calling and emailing like yourself.
I half expected the new girl wouldn't meet us, but she's quite nice and quick once she saw the urgency.
I wouldn't be surprised if your application is back sitting there waiting for either credit committe meeting or a senior person's signature.
They followed up with me by telling me the following monday they needed my partner's passport page by the end of the day scanned across to them. I think there's a fair bit of backlog due to the under-resourcing but I wish you the best of luck and am not sure what advice to give, it was very frustrating given we had the house but not the approval.

deedee26

Whodanoob wrote: »

Does anyone know if it's possible to overpay the monthly repayments?

You need to choose a variable rate if you want to pay extra. If your on a Fixed rate you pay a penalty for paying off your mortgage earlier.

BKWDR

deedee26 wrote: »

You need to choose a variable rate if you want to pay extra. If your on a Fixed rate you pay a penalty for paying off your mortgage earlier.

There is no variable rate on this scheme anymore.

Salanky

BKWDR wrote: »

There is no variable rate on this scheme anymore.

My approval only showed the two fixed rates though the woman in the council did mention the variable one but only in passing. I was offered 2% over 25 years or 2.25% over 30 years with 13k in the difference. No brainer for me to go with the 2.25 over 30 for the higher amount.

JessC1987

I wonder if anyone that has drawn down mortgage with DCC knows what bank the cheque was for the loan? Our cheque is due to be ready on Monday and I wanted to find out which bank the council use, I'm guessing Bank of Ireland but if someone could confirm I would really appreciate it

deedee26

Salanky wrote: »

My approval only showed the two fixed rates though the woman in the council did mention the variable one but only in passing. I was offered 2% over 25 years or 2.25% over 30 years with 13k in the difference. No brainer for me to go with the 2.25 over 30 for the higher amount.

I went with Variable at 2.3% only got approval last week, wonder why they are not going with that option anymore.

BKWDR

deedee26 wrote: »

I went with Variable at 2.3% only got approval last week, wonder why they are not going with that option anymore.

I'd say you're the only person in the country who went with a higher rate that could go up during the life of the mortgage
Get on to them and ask to be put on the fixed rate at 2.25%

coco29

JessC1987 wrote: »

I wonder if anyone that has drawn down mortgage with DCC knows what bank the cheque was for the loan? Our cheque is due to be ready on Monday and I wanted to find out which bank the council use, I'm guessing Bank of Ireland but if someone could confirm I would really appreciate it

I am pretty sure DCC bank with AIB,

Good luck with your purchase

JessC1987

coco29 wrote: »

I am pretty sure DCC bank with AIB,

Good luck with your purchase

Thank you for your reply! If DCC were AIB it would be great as my Solicitor's account is AIB, otherwise I shall be waiting longer for cheque to clear! Almost there though, thanks again!

deedee26

BKWDR wrote: »

I'd say you're the only person in the country who went with a higher rate that could go up during the life of the mortgage
Get on to them and ask to be put on the fixed rate at 2.25%

I know it can go up but Variable just gives the option of paying extra on monthly repayments so mortgage can be paid off early with no penalty. With a mortgage of €250,000 interest rate 2.3. Paying and extra €200 per month could potentially pay off your mortgage 5 years and 3 months earlier and save €17,857 in interest.

scheister

Anyone fancy looking into a crystal ball and predicting where RBI will end up. At the moment I will be applying next August. I will be applying to Kildare CC but my gut is telling me between one thing and another the RBI pot is likely to be dry by then unless they put proper funding into it between now and then

Darkglasses

deedee26 wrote: »

I know it can go up but Variable just gives the option of paying extra on monthly repayments so mortgage can be paid off early with no penalty. With a mortgage of €250,000 interest rate 2.3. Paying and extra €200 per month could potentially pay off your mortgage 5 years and 3 months earlier and save €17,857 in interest.

Fair play for doing the sums

deedee26

Darkglasses wrote: »

Fair play for doing the sums

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Easy when you use an overpayment Calculator.

BKWDR

deedee26 wrote: »

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Easy when you use an overpayment Calculator.

Just on that. The LA won't reduce the term but will only reduce your instalment.

To reduce your term would involve a restructure of the loan and taht has to be tended to by a solicitor etc

Davorell

Meath CC still not giving interviews or processing new applicatations at all. I phoned again this morn and was told maybe in November now...
if they are even going to keep the scheme going. this is an absolute joke and gives people absolutely No Hope.. just the Run-a-round

I'm from blanchardstown and was hoping to buy down in Navan for reasons of prices. as current prices in D15 are a complete joke.
The woman who answered told me that maybe I could apply to my own current County council and see if the catchment area will extend into Navan... but didnt offer any other help.

We had dropped our application in manually 2 weeks ago and subsequently had it posted back to us, I was depressed at first but then noticed they had stamped some of the documents... so im not even sure if im in the process or not.

coffeyt

BKWDR wrote: »

Just on that. The LA won't reduce the term but will only reduce your instalment.

To reduce your term would involve a restructure of the loan and taht has to be tended to by a solicitor etc

With regards to above not 100% as I am on the old council mortgage and therefore the rules may vary slightly but I'm on variable rate and when I overpay they send me a letter once the overpayment reaches €1000 giving me the option to reduce the term or the instalment so worth double checking with them directly.