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Rebuilding Ireland home loan

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    #782
    Colemania
    Registered Users Posts: 4,110 ✭✭✭Colemania


    rootyrooty wrote: »
    Thanks again. I think some councils are less strict but I'll see, I remember some people on here saying online calculators will do in some cases. Then again the FAQs does make it look like it might have to be a letter: "A letter stating that your application is outside the lending criteria of the bank or building society with a lender calculator output sheet showing inadequate loan capacity for the amount sought from your local authority"

    Maybe I read it wrong the first time. If anyone knows easy ways to get a rejection letter (online would be great) let me know!

    Just to be clear. It's not so much a rejection letter. It's more so an insufficient offer. Most banks will offer you something but that something could be way off what this scheme is offering and what you require. We called up bank of ireland and they emailed us a letter of offer instantly, on their headed paper. The amount offered was way off what this scheme was offering so therfore is an insufficient offer and one of the 2 letters required for this application.


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    #783
    rootyrooty
    Registered Users Posts: 4 ✭rootyrooty


    Colemania wrote: »
    Just to be clear. It's not so much a rejection letter. It's more so an insufficient offer. Most banks will offer you something but that something could be way off what this scheme is offering and what you require. We called up bank of ireland and they emailed us a letter of offer instantly, on their headed paper. The amount offered was way off what this scheme was offering so therfore is an insufficient offer and one of the 2 letters required for this application.

    Sorry that's what I meant - you're right. That sounds like a good option then for 1 letter, I'll try call them today so. Approval in principle I guess.


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    #784
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    Huntline wrote:
    Thanks, the sellers solicitor received ours today, I thought we would have to wait 5 working days for it to clear.


    I don't believe it's an actual physical cheque but a transfer of funds. Once it hits their account, away you go.


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    #785
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    rootyrooty wrote: »
    Sorry that's what I meant - you're right. That sounds like a good option then for 1 letter, I'll try call them today so. Approval in principle I guess.


    I've been approved by DCC using the AIB online calculator and another one. You can print off the results from the AIB website. I also submitted KBC one which I had to do the long application for but got a decision in 2 weeks.


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    #786
    Huntline
    Registered Users Posts: 74 ✭✭Huntline


    Shamboo1801 wrote: »
    I don't believe it's an actual physical cheque but a transfer of funds. Once it hits their account, away you go.

    No, ours was definitely a physical cheque which seems very outdated for a local authority to be dealing in such a way.


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    #787
    Cocobean1
    Registered Users Posts: 31 ✭Cocobean1


    Huntline wrote: »
    No, ours was definitely a physical cheque which seems very outdated for a local authority to be dealing in such a way.

    Yeah


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    #788
    Huntline
    Registered Users Posts: 74 ✭✭Huntline


    Cocobean1 wrote: »
    Yeah

    Hi coco bean, thanks for the reply. How is your application coming along


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    #789
    Whyohwhyy
    Registered Users Posts: 11 ✭Whyohwhyy


    Evenstevens wrote: »
    I've been approved by DCC using the AIB online calculator and another one. You can print off the results from the AIB website. I also submitted KBC one which I had to do the long application for but got a decision in 2 weeks.

    As in literally a screenshot of the calculator or did you go through the process of creating an online account, submitting all the info online and then getting a letter (for AIB)? My application with AIB online seems to have stopped working somehow so if I could use a calculator it'd help a lot.

    Instead AIB are sending me out a form after talking to them on the phone for a while. I don't mind doing a bit of work for 1 bank but doing it for 2 on top of all the other paper work is taking its toll.


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    #790
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    Certainly is very outdated. Our solicitor informed us that the funds had been transferred to her account from the council. She then transferred to the sellers solicitors account. This was all done in the space of 2 days and we had our keys by COB on the second day.


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    #791
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Whyohwhyy wrote: »
    As in literally a screenshot of the calculator or did you go through the process of creating an online account, submitting all the info online and then getting a letter (for AIB)? My application with AIB online seems to have stopped working somehow so if I could use a calculator it'd help a lot.

    Instead AIB are sending me out a form after talking to them on the phone for a while. I don't mind doing a bit of work for 1 bank but doing it for 2 on top of all the other paper work is taking its toll.

    No I created an account with them and that allowed me to print off what I needed. That's what I submitted.


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    #792
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Finally after months I signed solicitors contracts Today to start the drawdown of our loan we applied with kildare in June and still haven't finished up yet we hope to be in our house by the end of January it was a loooooonnng road very hard one .. I know it will be worth it when we get there but the stress of it is sooo hard. Anyone applying just be prepared its not easy


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    #793
    Slavi Pavlov
    Registered Users Posts: 11 ✭Slavi Pavlov


    Lee3b wrote: »
    Finally after months I signed solicitors contracts Today to start the drawdown of our loan we applied with kildare in June and still haven't finished up yet we hope to be in our house by the end of January it was a loooooonnng road very hard one .. I know it will be worth it when we get there but the stress of it is sooo hard. Anyone applying just be prepared its not easy

    Hi Lee3b, I’m glad to hear that you’re almost done with all that, I completely agree with the way how you described the process “Long, Hard and stressful” experience indeed! We applied at beginning of July and we are waiting for those contracts to be send over this week before Christmas so we can sign them too. The way how I see it happening is end of January but I’m not sure how long it takes to actually drawdown. For those who are thinking to apply for RIHL do know Yes it’s worth it! Just keep in mind that the amount of stress getting through the process is huge!
    @Lee3b please let me know if you have more details over the actual drawdown time frame please.
    Thank you!


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    #794
    brennan10
    Registered Users Posts: 68 ✭✭brennan10


    Meant to post this sooner but I've come through the application to finally moving in having applied through DCC. Signed the transfer deeds with my solicitor today which will be sent back to the council for safe keeping until the loan is paid off in 30 years.


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    #795
    jesso22
    Registered Users Posts: 54 ✭✭jesso22


    TheMilkyPirate wrote: »
    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.

    Go for it! My partner missed a few payments, his savings are terrible, but we still got approved. Think we kind of balanced each other out. My income is low, where his is higher, but my savings are good.


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    #796
    jesso22
    Registered Users Posts: 54 ✭✭jesso22


    So.. solicitor received the contracts about 2 weeks ago, how much longer are are we talking about here till getting the keys..? I did see the massive size of the contract and know it's coming up to Christmas and we're the furthest one down on her list of priorities.. but generally speaking?

    Also, council mentions needing proof of house insurance with them recognised on it before the drawdown of the loan. Am I right in saying we can't sort this until we have a closing date?


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    #797
    raheny red
    Registered Users Posts: 2,571 ✭✭✭raheny red


    I forgot to mention, our solicitor knows the Dublin City Council's solicitors pretty well as they worked in that firm previously. It may help those going for the loan with DCC so drop us a PM if you want their details. Small gains and all that.


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    #798
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Hi yes it's sooo hard I just found it so stressful and still won't believe it until we have our keys . If been advised it normally takes 14 days that this part is quite quick but with Chrismas its just going to be affected . The solicitors not does say 14 day so they have told us 5th of ham at earliest however our solicitor has advised 11th before we close up . Keep me posted how u get on. I'm so grateful for this scheme having two children the banks said it wouldn't be an option ever for us to borrow what we got off the council so absolutely thrilled .


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    #799
    CarlK90
    Registered Users Posts: 4 ✭CarlK90


    Hi everyone, myself and my partner applied to Meath county council at the start of October and we got accepted last week. Great news right before Christmas. We got accepted for the full amount at 2% fixed. Meath Coco are a pleasure to deal with. We could email and phone with any queries and they would get back to us that day. We have just sent back the letter of acceptance and looking forward to the next step. We are buying a new build house which will be completed in March/April 2019. We put a booking deposit on this house in October this year. Our Help To Buy is sorted, along with everything for the house, so I guess it is just a waiting game now until it all falls into place.
    Roll on 2019 :)


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    #800
    trudy2222
    Closed Accounts Posts: 55 ✭✭trudy2222


    Good morning all.

    I’m at the very start of the process and I’m just wondering is it possible to apply to more than one county council?

    We were hoping to buy somewhere in fingal or north county Dublin.


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    #801
    jesso22
    Registered Users Posts: 54 ✭✭jesso22


    As far as I know, you have to be living in the county you are applying for.

    Scratch that - seems i am mistaken!


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    #802
    raineas1
    Registered Users Posts: 8 ✭raineas1


    You can apply to up to 4 different councils and don't need to be living in them.


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    #803
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Yes you can. I've been approved by two waiting on one more


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    #804
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    jesso22 wrote: »
    As far as I know, you have to be living in the county you are applying for.

    can someone edit this false info?


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    #805
    jesso22
    Registered Users Posts: 54 ✭✭jesso22


    Hi, we are in the process of buying with the scheme, and the solicitor just received the contracts before christmas. She said the real work is only just beginning. We rushed ahead and got the valuation and engineer in the same week we got accepted, hoping to speed things along.
    So haven't heard from solicitor since re anything about signing contracts, or a timeline..
    The council 'reminded' us that we will need to insure the property before any drawdown of the mortgage. Was thinking would need the finish date to do this, but maybe we should have it in place already? And maybe the fact that we don't may hold us up? But can we insure the property from a date before we own it? I don't know. Wish it was all laid out step by step for us.
    Should we go ahead and insure it? And do we just name the county council as one of the insurers or how do we include them?


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    #806
    Cocobean1
    Registered Users Posts: 31 ✭Cocobean1


    jesso22 wrote: »
    Hi, we are in the process of buying with the scheme, and the solicitor just received the contracts before christmas. She said the real work is only just beginning. We rushed ahead and got the valuation and engineer in the same week we got accepted, hoping to speed things along.
    So haven't heard from solicitor since re anything about signing contracts, or a timeline..
    The council 'reminded' us that we will need to insure the property before any drawdown of the mortgage. Was thinking would need the finish date to do this, but maybe we should have it in place already? And maybe the fact that we don't may hold us up? But can we insure the property from a date before we own it? I don't know. Wish it was all laid out step by step for us.
    Should we go ahead and insure it? And do we just name the county council as one of the insurers or how do we include them?

    You have to wait for your closing date to insure the house. They won't let you insure it before this. The insurance is easy to set up and they will email you the documents so it won't delay you. Once you get the closing date you can call your insurance company and set it up over the phone. You also have to name the council on the insurance but you can do that when setting up the policy.


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    #807
    Ailbag
    Registered Users Posts: 10 ✭Ailbag


    Huntline wrote: »
    No, ours was definitely a physical cheque which seems very outdated for a local authority to be dealing in such a way.
    Mine was a cheque too and took 4 days to clear...delayed my closing date by a week!


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    #808
    jesso22
    Registered Users Posts: 54 ✭✭jesso22


    Ailbag wrote: »
    Mine was a cheque too and took 4 days to clear...delayed my closing date by a week!

    That is good to know. So I will book moving date for the following week!


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    #809
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    jesso22 wrote:
    Also, council mentions needing proof of house insurance with them recognised on it before the drawdown of the loan. Am I right in saying we can't sort this until we have a closing date?

    Our solicitor advised us to have the house insurance sorted a week or two before our closing date. The council will request proof of it, and it just speeds things up for the closure.


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    #810
    bubbles46
    Registered Users Posts: 34 ✭bubbles46


    Has anyone not found a suitable house within the 6 months and had to reapply again with their Coco?I'm just wondering that if it does come to that with me, is it really applying from absolute scratch again or can they just renew it?


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    #811
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    bubbles46 wrote: »
    Has anyone not found a suitable house within the 6 months and had to reapply again with their Coco?I'm just wondering that if it does come to that with me, is it really applying from absolute scratch again or can they just renew it?

    I was told that I could get in touch towards the end of the 6 months if I hadn't found anything and they could potentially extend it for a further 2 or 3 months. After that it would be a new application.
    Give them a ring and they'll tell you.


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