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Rebuilding Ireland home loan

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    #722
    TheMilkyPirate
    Registered Users Posts: 5,990 ✭✭✭TheMilkyPirate


    TheMilkyPirate wrote: »
    Would the councils be more lenient than banks with regards to your ICB? By the time we apply my credit union loan will have been cleared in full and cleared early but there is missed payments on it that will show up on my ICB report. My partners ICB will be squeaky clean it's just mine with the missed payments I worry about. I know the bank won't touch us for 5 years but just wondering if there will be any leeway with the council.

    Has anybody any insight on this?


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    #723
    BKWDR
    Registered Users Posts: 2,173 ✭✭✭BKWDR


    TheMilkyPirate wrote: »
    Has anybody any insight on this?

    Have read and seen online that if you fail the ICB test its a decline. But put your form through I suppose and find out?


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    #724
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    I'd say pretty unlikely to be approved with such a recent arrears profile on your icb check. If it was a few years ago with no issues since, it would be easier to overcome.


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    #725
    TheMilkyPirate
    Registered Users Posts: 5,990 ✭✭✭TheMilkyPirate


    I thought as much. Seems a bit harsh to me to miss a payment or two on a loan and then effectively be frozen out of buying a house for 5 years. Not sure what we are going to do when the time to buy comes now.


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    #726
    Viktoria99
    Registered Users Posts: 22 ✭Viktoria99


    Shamboo1801 wrote: »
    I had been told that the volumes are large and there are backlogs. Get your solicitor to keep contacting the council. Ours was brilliant and kept the pressure on. Best of luck with it, but keep the faith. You will get there and it's the greatest feeling when you do.

    Thank you!


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    #727
    TheMilkyPirate
    Registered Users Posts: 5,990 ✭✭✭TheMilkyPirate


    We are exploring the idea of my partner applying on a single application but her income is only 25k gross. We checked their online calculator and it gave an indicative maximum loan offer of 126k. Do the council not have to adhere to the 3.5x your income rule?

    If she could get 126k it would be great as that plus a 30k deposit would get us what we want.

    Sorry if I'm dragging the thread off


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    #728
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    TheMilkyPirate wrote:
    We are exploring the idea of my partner applying on a single application but her income is only 25k gross. We checked their online calculator and it gave an indicative maximum loan offer of 126k. Do the council not have to adhere to the 3.5x your income rule?

    TheMilkyPirate wrote:
    If she could get 126k it would be great as that plus a 30k deposit would get us what we want.

    TheMilkyPirate wrote:
    Sorry if I'm dragging the thread off

    Go for it. We had a combined salary of 68k and got approved for 280k, banks only offered 230k. Didn't need all of it so council were happy we weren't just taking a large loan for the sake of it.


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    #729
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    I've just been approved by DCC. Can't believe itTook about 6 weeks turnaround. Now just to find a place in budget.....


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    #730
    TeaCupMood
    Registered Users Posts: 8 ✭TeaCupMood


    I've been thinking about applying for the rebuilding Ireland scheme for a while now but I really need to look in to how much I'd save (roughly anyway since interest rates will change with banks giving mortgages) compared to using a "normal bank".

    The MPI makes this trickier to work out unless I'm missing something.

    My issue is that I'm on a wage just under 50k and if I get a slight increase this will end up being a bad thing for me. Never thought I'd have to prevent myself from getting an increase.

    The savings on say borrowing 200k on this compared to a bank would be pretty big I'd say though?!


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    #731
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    TeaCupMood wrote: »
    I've been thinking about applying for the rebuilding Ireland scheme for a while now but I really need to look in to how much I'd save (roughly anyway since interest rates will change with banks giving mortgages) compared to using a "normal bank".

    The MPI makes this trickier to work out unless I'm missing something.

    My issue is that I'm on a wage just under 50k and if I get a slight increase this will end up being a bad thing for me. Never thought I'd have to prevent myself from getting an increase.

    The savings on say borrowing 200k on this compared to a bank would be pretty big I'd say though?!

    Massive. I'd hugely recommend getting an application in while your earnings are below the threshold. It's free to apply anyway.


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    #732
    TeaCupMood
    Registered Users Posts: 8 ✭TeaCupMood


    Darkglasses wrote: »
    Massive. I'd hugely recommend getting an application in while your earnings are below the threshold. It's free to apply anyway.

    Oh definitely. I just need to figure out how massive the difference would be. Even with the 30 year fixed it should be a big difference. It's the mpi that makes it more confusing for me at least.

    Edit - and you're right. I really should.


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    #733
    brianmax88
    Registered Users Posts: 66 ✭✭brianmax88


    Does anyone know how strict they are on the size of the house been bought or built. It says max is 175 m2. Is there any lee way with that can you stretch it out a bit?


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    #734
    Ailbag
    Registered Users Posts: 10 ✭Ailbag


    Hi guys, just a heads up - I was approved for this loan in June and found a house in August so was looking to draw down a few weeks ago.

    All paper work - sent to me and to my solicitor - stated that they needed 5 working days notice in order to arrange the transfer of funds.

    However, when my solicitor sent in requisition form - 8 working days before my closing date, the council said there was no way my cheque (not transfer) would be ready. The result was an 8 day delay in my closing date, despite giving them more time than they asked for...

    We would have sent in the paperwork earlier, but only received the closing date less than two weeks in advance. Just wanted to let people know!


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    #735
    lucast2007us
    Registered Users Posts: 801 ✭✭✭lucast2007us


    How long did it take to get people's HPL1 forms back from revenue?


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    #736
    stryker mcqueen
    Registered Users Posts: 1,284 ✭✭✭stryker mcqueen


    lucast2007us wrote: »
    How long did it take to get people's HPL1 forms back from revenue?

    2-3 Working days was all


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    #737
    GaGa21
    Registered Users Posts: 652 ✭✭✭GaGa21


    lucast2007us wrote:
    How long did it take to get people's HPL1 forms back from revenue?


    I went into revenue and they signed and stamped there and then. Only handy if you're Dublin based tho.


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    #738
    lucast2007us
    Registered Users Posts: 801 ✭✭✭lucast2007us


    GaGa21 wrote:
    I went into revenue and they signed and stamped there and then. Only handy if you're Dublin based tho.


    Ye thought it would be handy to post but has taken over a week. Maybe they are extra busy!


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    #739
    SPurple
    Registered Users Posts: 19 ✭SPurple


    I finally got through to someone from Kildare Co. Co. to see where my application from the beginning of July was. I phone ever single week and get told I will be in the next credit committee and just got told today that they've stopped approving. They are being told to hold and are waiting from 'above' for the next step. I am just devastated. Anybody else had this??!


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    #740
    delkel38
    Registered Users Posts: 28 ✭delkel38


    SPurple wrote: »
    I finally got through to someone from Kildare Co. Co. to see where my application from the beginning of July was. I phone ever single week and get told I will be in the next credit committee and just got told today that they've stopped approving. They are being told to hold and are waiting from 'above' for the next step. I am just devastated. Anybody else had this??!

    Sorry to hear that did they give you any timeline for when you might approve you?
    We were told that the loan pack will be sent to our solicitor last Friday but no sign of it despite being told that it will be sent. Same old story no answer to emails. It's a painful process.


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    #741
    SPurple
    Registered Users Posts: 19 ✭SPurple


    delkel38 wrote: »
    Sorry to hear that did they give you any timeline for when you might approve you?
    We were told that the loan pack will be sent to our solicitor last Friday but no sign of it despite being told that it will be sent. Same old story no answer to emails. It's a painful process.

    I was told there'll be talks to see if there is more funding available but the funding that was initially assigned to the scheme is gone. No more approvals for now. Heart breaking. It was literally within arms reach and then gone!
    Fingers crossed for your loan pack. How long were you waiting for approval?


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    #742
    gral6
    Registered Users Posts: 687 ✭✭✭gral6


    Hi much should you have saved to apply for Rebuild Ireland Home Loan?


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    #743
    delkel38
    Registered Users Posts: 28 ✭delkel38


    SPurple wrote: »
    I was told there'll be talks to see if there is more funding available but the funding that was initially assigned to the scheme is gone. No more approvals for now. Heart breaking. It was literally within arms reach and then gone!
    Fingers crossed for your loan pack. How long were you waiting for approval?

    Reapproved in September submitted paperwork October. Heard only 36 loans have been drawn down country wide to date that was said on matt Cooper show tonight sure that wouldn't add to 200 million?


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    #744
    delkel38
    Registered Users Posts: 28 ✭delkel38


    gral6 wrote: »
    Hi much should you have saved to apply for Rebuild Ireland Home Loan?

    10% but show regular savings .


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    #745
    SPurple
    Registered Users Posts: 19 ✭SPurple


    delkel38 wrote: »
    Reapproved in September submitted paperwork October. Heard only 36 loans have been drawn down country wide to date that was said on matt Cooper show tonight sure that wouldn't add to 200 million?

    I agree. It's crazy. 15 million was the figure mentioned to me today. That must be just KCC. But surely they haven't assigned all of that! I've begun emailing TDs to find out what's happening.


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    #746
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    delkel38 wrote: »
    Reapproved in September submitted paperwork October. Heard only 36 loans have been drawn down country wide to date that was said on matt Cooper show tonight sure that wouldn't add to 200 million?

    https://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity

    There's the county by county breakdown (the last few spreadsheets are most relevant - look at loans paid rather than approvals). No way there's 200 million drawn down yet.


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    #747
    delkel38
    Registered Users Posts: 28 ✭delkel38


    brianmax88 wrote: »
    Does anyone know how strict they are on the size of the house been bought or built. It says max is 175 m2. Is there any lee way with that can you stretch it out a bit?

    We were 5.5 sqm over the max size and were rejected. This was after we were approved initially. Long story short we got some political help and appealed and were reapproved but still waiting for the funds. We are self building and were able to tweek the plans to reduce the size. That obviously won't work if buying though.


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    #748
    delkel38
    Registered Users Posts: 28 ✭delkel38


    Darkglasses wrote: »
    https://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity

    There's the county by county breakdown (the last few spreadsheets are most relevant - look at loans paid rather than approvals). No way there's 200 million drawn down yet.
    I'm wondering maybe the council's want the funds for themselves


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    #749
    GaGa21
    Registered Users Posts: 652 ✭✭✭GaGa21


    SPurple wrote:
    just got told today that they've stopped approving. They are being told to hold and are waiting from 'above' for the next step. I am just devastated. Anybody else had this??!


    Is this all councils or just Kildare? Maybe they have just reached their own individual budget? My application was only processed last week after applying in October and there was no mention of approvals being stopped with Offaly CC. Hoping to hear back next week if successful or not. Now am worried it's too late...


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    #750
    SPurple
    Registered Users Posts: 19 ✭SPurple


    GaGa21 wrote: »
    Is this all councils or just Kildare? Maybe they have just reached their own individual budget? My application was only processed last week after applying in October and there was no mention of approvals being stopped with Offaly CC. Hoping to hear back next week if successful or not. Now am worried it's too late...

    I heard back from TDs that Kildare has reached it's 15 million budget so they have to stop until the minister decides if the scheme will continue and allocate funding. Not sure about other CoCos. It's so frustrating. If I hadn't continually phoned, they would never have informed me.


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    #751
    TeaCupMood
    Registered Users Posts: 8 ✭TeaCupMood


    Curious at what stage do most people go in face to face to talk about applying for this? Is it when you've got the application fully filled out or? I'm waiting one of the councils to reply by email about something that's blocking me from going further but I've a feeling I won't get a reply any time soon.


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