Rebuilding Ireland home loan

Thatgirlthere

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

deedee26

Thatgirlthere wrote: »

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

I applied for a variable rate, then all of a sudden stopped giving variable rate, so I got my approval for what I requested on a Fixed rate. I told them I didnt want my term to be as long on a Fixed rate as I couldn't reduce it by paying of extra each month. So I had to reapply for same amount with a reduced term. It only took 2 weeks. As the council when the next credit committee meeting is. Then allow another 2 weeks to find out if you were accepted for MPI.

kbman

Thatgirlthere wrote: »

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

I don't think it'll take that long.
I was looking to renegotiate after receiving the legal pack.
Like yourself I was thinking it would take a few months to get something like this done. I haven't formally requested it, but was told that it wouldn't take as long as 2 months. I was told that the figures have to be precise, sounds similar to the problem you encountered.

So, they won't issue the legal pack because the forms aren't correct form to do that? Do you have to submit all the forms again or just something written?

It's not easy is it? The option is to send her an email in Wicklow Council.
I sent a mail on Thursday/Friday at lunchtime and she called me back 3 hours later. I presuming your talking about the initial admin before you get to the legals/revenue stage?

Happy to PM if you prefer.

Tumbleweed2

Thatgirlthere wrote: »

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

That's the strangest thing, so you are looking to drawdown less? This happened to me, I was approved for the full amount but I ended up needing less and all they did was issue me an amended letter, had it in about 3 days.
Maybe your mortgage approval is due to expire and that is why they want you to reapply? To be honest I've only heard negative things about Wicklow CoCo on this, one being my own brother, so I wouldn't put it past them

DanyTargaryen

Thatgirlthere wrote: »

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

Hi, I applied for a mortgage of 200,000 with South Dublin County council but went sale agreed on a property costing 207,000 bringing down my loan amount to 186,300. All they did was email me to confirm that this was the max amount they would give for that property and asked me to just reply and confirm I was happy to proceed. I think they were worried about people getting approved for 205K and thinking they only need a 5K deposit.

Sorry, I can't help more but thought I'd share my experience. County councils seem to have their own rules and processes a lot of the time.

cottonsoft321

HI everyone , been following this thread for a while lots of great info , thanks ,

I have a few questions I would be greatful if any one could answer please ?

Has anyone any info on Westmeath co co ? wait times , successful applicants statistics ? How are they to deal with etc ?

Married couple with 4 children , only 1 adult in full time employment do we still apply as 2 applicants or single applicant ?

Do you have to have all of the deposit saved at time of applying ?

Would you apply now knowing you won't be deposit ready for 6 months ? eager to get the ball rolling , thanks .

DanyTargaryen

cottonsoft321 wrote: »

Do you have to have all of the deposit saved at time of applying ?

Would you apply now knowing you won't be deposit ready for 6 months ? eager to get the ball rolling , thanks .

I believe you do need to have all of the deposit saved up at the time of applying. It says you do in the application form however different councils have been interpreting the requirements differently i.e. some accepted self generated bank statements, some don't.

I totally understand the logic of wanting to apply now while you're saving since it's such a long process but I think you'd be better off getting everything in order first and then applying. They've been known to refuse people over tiny things so you'll minimise the risk of doing your prep, submitting, waiting a few weeks and then getting a refusal and having to re-submit.

Good luck with your app! I'm not applying through Meath so can't help with your other questions I'm afraid.

Shamboo1801

Thatgirlthere wrote:

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Thatgirlthere wrote:

Has anyone had this experience.??

Something wrong there. I went through wcc and had applied for 282k but only needed 260k. From what I remember, the solicitors sent through requesting an amended document and received it in a week or so.

Tumbleweed2

cottonsoft321 wrote: »

HI everyone , been following this thread for a while lots of great info , thanks ,

I have a few questions I would be greatful if any one could answer please ?

Has anyone any info on Westmeath co co ? wait times , successful applicants statistics ? How are they to deal with etc ?

Married couple with 4 children , only 1 adult in full time employment do we still apply as 2 applicants or single applicant ?

Do you have to have all of the deposit saved at time of applying ?

Would you apply now knowing you won't be deposit ready for 6 months ? eager to get the ball rolling , thanks .

Welcome to the club.

I didn't deal with Westmeath before but it seems that every council is different.
You need to be able to provide proof of deposit with your application form, if you are a first time buy this can also be in the form of Help to buy approval.

You will need to apply as "Two applicants, one income" in your situation if the applicant not in employment wants their name on the loan and therefore the deed of the property in question.

If you have any questions on the process, I posted a few essays a few pages back, feel free to check them out or alternatively you can just ask here again, happy to help.

c0w3jz6eia8h9n

Hi there,

I was hoping that someone could answer me in regards to applying as a sole applicant if one is married?

I have a full time job whereas my partner is only temporary. Jointly we would be currently above the threshold to be eligible; that could change though with the precarious nature of my partners profession. However, if I was to join as a single applicant I would be just under the single applicant threshold.

There is nothing outright that I can see from my initial research that would suggest that it would be a problem to go it alone but I'm not 100% sure and would greatly appreciate if someone could please help.

Len_007

Any one have experience in using the Rebuilding Ireland Home Loan in conjunction with the Help To Buy scheme on a new build? Is this possible? And if so, is securing a property off the plans doable too? (Apologies if this has been covered already)

kbman

Len_007 wrote: »

Any one have experience in using the Rebuilding Ireland Home Loan in conjunction with the Help To Buy scheme on a new build? Is this possible? And if so, is securing a property off the plans doable too? (Apologies if this has been covered already)

Yep, I'm doing all of the above.
I'd advise you to do your research as the solicitor we're dealing with isn't too aware of the rebuilding ireland home loan and help to buy.
You may just need an extension depending on how long until the house is built.

Tumbleweed2

Vaughn Cold Muck wrote: »

Hi there,

I was hoping that someone could answer me in regards to applying as a sole applicant if one is married?

I have a full time job whereas my partner is only temporary. Jointly we would be currently above the threshold to be eligible; that could change though with the precarious nature of my partners profession. However, if I was to join as a single applicant I would be just under the single applicant threshold.

There is nothing outright that I can see from my initial research that would suggest that it would be a problem to go it alone but I'm not 100% sure and would greatly appreciate if someone could please help.

A requirement of this loan is you will have to sign documents confirming that you are sole owner of the house and no one else will have an interest in it ( wife/child etc.) So from what I gather it means nothing preventing you from selling it or anything. I signed it because I am single with no dependants, so no issue. I'm not too sure how it'd work in your case as you wouldn't be able to sign same.

It might be worth a chat with your council, some banks don't take into consideration temporary contract, if they are the same it means you might be able to apply based on your income as the sole guaranteed permanent full time income.
Best of luck

Len_007

kbman wrote: »

Yep, I'm doing all of the above.
I'd advise you to do your research as the solicitor we're dealing with isn't too aware of the rebuilding ireland home loan and help to buy.
You may just need an extension depending on how long until the house is built.

Thanks kbman, that is really good to know.
RE extension, I've been told by my council (Wicklow) that a three month extension would initially be possible (I didn't clear on what grounds that would be granted though). In your experience, was your extension given the time needed for the property to be built and ready for occupation?

Tumbleweed2

Len_007 wrote: »

Any one have experience in using the Rebuilding Ireland Home Loan in conjunction with the Help To Buy scheme on a new build? Is this possible? And if so, is securing a property off the plans doable too? (Apologies if this has been covered already)

Yes this is possible. Easily done once house meets criteria for both. You can also submit your approval for HTB as proof of deposit on your application form. Just note, council pays by cheque this will take 5 days to clear and HTB takes 5 working days to pay out from day of claim (when you upload docs), so don't leave yourself short on time.

Tumbleweed2

Len_007 wrote: »

Thanks kbman, that is really good to know.
RE extension, I've been told by my council (Wicklow) that a three month extension would initially be possible (I didn't clear on what grounds that would be granted though). In your experience, was your extension given the time needed for the property to be built and ready for occupation?

From what I gather 3 months is the norm, anything over you are looking at reapplication territory ( this is info I got during a chat with the council, when I was debating waiting on a development to build a house or getting an already built new build on the same development)

Edit: I went for the already built so no extension required, so thats my limit of knowledge on the subject

deedee26

Solicitor sent me a message today to say she has received my loan pack, and will ring me next week. What's next? I know I need my house insurance in place before signing anything else required?

kbman

Len_007 wrote: »

Thanks kbman, that is really good to know.
RE extension, I've been told by my council (Wicklow) that a three month extension would initially be possible (I didn't clear on what grounds that would be granted though). In your experience, was your extension given the time needed for the property to be built and ready for occupation?

We submitted the Help to buy this week and it's been claimed for by the builders.
The legal pack has been issued and we signed it but not sure if it's been sent back to the Council.
We're also going through Wicklow, we bought in Meadow Gate, and our house isnt' ready until I'm guessing June at this stage, although MArch/april was intiial timeline. I asked about extension and she said that we just need to give time for that, we'll have to ask again soon enough.

So, we'll probably apply for an extension after christmas, builders should have accurate timelines by then.

Tumbleweed2

deedee26 wrote: »

Solicitor sent me a message today to say she has received my loan pack, and will ring me next week. What's next? I know I need my house insurance in place before signing anything else required?

Assuming you've sorted your mortgage protection insurance, it should just be the home insurance, then they will ask you details down the line PPSN etc, but that is literally just before pay out of funds. Best of luck.

Tumbleweed2

kbman wrote: »

We submitted the Help to buy this week and it's been claimed for by the builders.
The legal pack has been issued and we signed it but not sure if it's been sent back to the Council.
We're also going through Wicklow, we bought in Meadow Gate, and our house isnt' ready until I'm guessing June at this stage, although MArch/april was intiial timeline. I asked about extension and she said that we just need to give time for that, we'll have to ask again soon enough.

So, we'll probably apply for an extension after christmas, builders should have accurate timelines by then.

My brother is going to buy there too, nice area. Exact same position as you, seeking extension. I'll have a chat with him and see where he is at with it over xmas and post an update if he's even got that far, he only got approved on appeal this month after waiting 6 months, being declined, appealing with no additional information, waiting 2 months and then getting approval. Don't know what is going on in that wicklow office.

coolio83

stryker mcqueen wrote: »

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

Hi, just wondering how you got on? We are hoping to apply soon and both of us are self employed. Would love to get any feedback or advice?

Scr88

I applied last year and was successful however the house I wanted was not ready so have to reapply this month. I was wondering does anyone know if you withdraw money from savings account does this effect application? I was hoping to put deposits on furniture during January sales but don't want to jeopardise my application. I have more than the required deposit amount saved. Many thanks

rqc1i3ovl5uxt6

DanyTargaryen wrote: »

Hi all, to my suprise, I got approved!I got my approval letter at the end of July, I'm not sure how that happened as they seemed to be freezing applications due to lack of funding. I do want to call them and just check that there will be no issue.

'DanyTargaryen', may I ask if you got the funding you wanted / applied for? If so, how much? I am hoping to submit an application in early 2020 to my county council with the hope of getting the full amount; 90% of €320,000. I am also unsure whether to build or buy, therefore I am hoping to leave the property details blank...

Tumbleweed2

Jagger Salty Prism wrote: »

'DanyTargaryen', may I ask if you got the funding you wanted / applied for? If so, how much? I am hoping to submit an application in early 2020 to my county council with the hope of getting the full amount; 90% of €320,000. I am also unsure whether to build or buy, therefore I am hoping to leave the property details blank...

I got approved and just put on the property details "TBC".

In terms of funding amount, if you are applying on sole name, and earning the maximum amount to be eligible for this (€50k), max you will get approved for in Dublin anyways is €249k. The full 288k (90% of €320,000) seem to be reserved for joint applicants that can be earning up to €60k to €75k.

Good luck with your application.

GooglePlus

Myself and 3 other siblings inherited a family home, which has been sold for 300k, leaving us with 50k each after fees and bank payments.

I see that under the criteria, you can't have owned a property previously and i'm just wondering if this would apply to myself?

The property would have eventually fallen under my name for a month or so and I've a feeling this will deem me ineligable.

Tumbleweed2

GooglePlus wrote: »

Myself and 3 other siblings inherited a family home, which has been sold for 300k, leaving us with 50k each after fees and bank payments.

I see that under the criteria, you can't have owned a property previously and i'm just wondering if this would apply to myself?

The property would have eventually fallen under my name for a month or so and I've a feeling this will deem me ineligable.

Best bet would be to get onto RI or council. Realistically from my own perspective, if you inherited a house that when through probate and was sold fairly sharpish after probate I wouldn't think this would make you ineligible.

But defo ask the question but you look to start the long drawn out process.
RI have a handy instant messaging service on their site for queries like this.
Hit them up.

rqc1i3ovl5uxt6

Tumbleweed2 wrote: »

I got approved and just put on the property details "TBC".

In terms of funding amount, if you are applying on sole name, and earning the maximum amount to be eligible for this (€50k), max you will get approved for in Dublin anyways is €249k. The full 288k (90% of €320,000) seem to be reserved for joint applicants that can be earning up to €60k to €75k.

Good luck with your application.

'Tumbleweed2' thank you very much for your reply!

- Has anyone used the Rebuilding Ireland Homeloan for a new 175sqm selfbuild?

- If so, did you apply for planning permission and receive quotations for construction drawings & specification before applying for the Rebuilding Ireland Home Loan?

- If not, how long was your home loan approval valid for (Just thinking of the time needed to secure planning permission for a new house during the period the loan is valid is for)?

Thanks in advance!

klub44

GooglePlus wrote: »

Myself and 3 other siblings inherited a family home, which has been sold for 300k, leaving us with 50k each after fees and bank payments.

I see that under the criteria, you can't have owned a property previously and i'm just wondering if this would apply to myself?

The property would have eventually fallen under my name for a month or so and I've a feeling this will deem me ineligable.

One of the form you have to provide when applying (I cant remember the name of it) is the one from revenue which states that you weren't paying any property tax before. If you can get this that's mean you are first time buyer.

mirabella1

Hello everybody. I just wondering if anyone know if there any brooker who can help about this house loan? Thanks

Tumbleweed2

mirabella1 wrote: »

Hello everybody. I just wondering if anyone know if there any brooker who can help about this house loan? Thanks

I am not aware of any brokers working with RI.
Your best best is speak to RI directly or the council that you are looking to apply to.