Rebuilding Ireland home loan

Quinnciara · 14-03-2019 12:02pm

Jmk725 wrote: »

No, this is the form after Form 3 lol
One that both I and my solicitor sign.
Still have the contract to arrive.

Oh dear, the process is so bloody long. Hopefully your almost there

Jmk725 · 14-03-2019 12:08pm

Quinnciara wrote: »

Oh dear, the process is so bloody long. Hopefully your almost there

Thanks, I hope so too

swalsh86 · 14-03-2019 2:08pm

Myself and my partner sent our joint application away with Cork City Council on the 19th of October 2018. Our joint income was well within the threshold and we had €11,000 of our own savings aswell as a €15,000 gift from parents. No loans and bank accounts squeaky clean. We've emailed, phoned and met constantly with the head of housing a few times and he said recently as last week they are still approving and giving out loans. We got a call today to say our application is finally due before the Cork City Council credit Committee on March 29th. Nerves are well and truly setting in. Can anybobody give me some info on what the procedure normally is once the credit committee review your application.

donfers · 14-03-2019 2:48pm

swalsh86 wrote: »

Myself and my partner sent our joint application away with Cork City Council on the 19th of October 2018. Our joint income was well within the threshold and we had €11,000 of our own savings aswell as a €15,000 gift from parents. No loans and bank accounts squeaky clean. We've emailed, phoned and met constantly with the head of housing a few times and he said recently as last week they are still approving and giving out loans. We got a call today to say our application is finally due before the Cork City Council credit Committee on March 29th. Nerves are well and truly setting in. Can anybobody give me some info on what the procedure normally is once the credit committee review your application.

No reason that you shouldn't get it, you have done most of the hard work already...well done and good luck

harmarsuperstar · 14-03-2019 3:02pm

swalsh86 wrote: »

Myself and my partner sent our joint application away with Cork City Council on the 19th of October 2018. Our joint income was well within the threshold and we had €11,000 of our own savings aswell as a €15,000 gift from parents. No loans and bank accounts squeaky clean. We've emailed, phoned and met constantly with the head of housing a few times and he said recently as last week they are still approving and giving out loans. We got a call today to say our application is finally due before the Cork City Council credit Committee on March 29th. Nerves are well and truly setting in. Can anybobody give me some info on what the procedure normally is once the credit committee review your application.

Ours went before the credit committee this week and they told me on the phone today that we got it. I think the hard work is done once you get through the housing agency in Dublin.

swalsh86 · 14-03-2019 4:04pm

donfers wrote: »

No reason that you shouldn't get it, you have done most of the hard work already...well done and good luck

Thanks appreciate it. It's been a long stressful drawn out process up to now so fingers crossed we are finally almost there with getting our loan offer. Feel sorry for people having to wait so long. We've been renting for 2 years as well.

swalsh86 · 14-03-2019 4:07pm

harmarsuperstar wrote: »

Ours went before the credit committee this week and they told me on the phone today that we got it. I think the hard work is done once you get through the housing agency in Dublin.

Great news and well done on your approval. Hopefully we'll hear some good news on the 29th.

Pussyhands · 14-03-2019 4:33pm

Well folks, think I've asked this question before but I'll go again because I'm not clear on it.

I am eligible on the RI website of getting 160k. If I request 200k from a bank and get rejected, does this count as a rejection or would RI say they wouldn't give me 200k anyways, even if I was happy with the 160k?

Or how do mortgage applications to banks work? Do they tell me the max they would give or do they approve/reject a request for a certain amount?

Ukelele! · 14-03-2019 5:53pm

Pussyhands wrote: »

Well folks, think I've asked this question before but I'll go again because I'm not clear on it.

I am eligible on the RI website of getting 160k. If I request 200k from a bank and get rejected, does this count as a rejection or would RI say they wouldn't give me 200k anyways, even if I was happy with the 160k?

Or how do mortgage applications to banks work? Do they tell me the max they would give or do they approve/reject a request for a certain amount?

So for me, I'm on a pretty low salary. The banks offered me 65,000-75,000. The RI calculator told me I'd get 118,000. I actually put in 140,000 on my application (thinking that if i was rejected for that amount, they'd offer me a lower amount or the 118,000). A mouth after applying they rang me and told me I wouldn't get the 140,000 and told me to resubmit my application. So i reprinted the page that had the amount applied for on it, wrote done 118,000, handed that in (they still had the rest of my other application), and i also had to attach a screenshot of the RI calculator showing my salary and the 118,000 and that was that. I dunno if that helps you in any way, but that's how my application went down.

VW08 · 14-03-2019 8:53pm

Pussyhands wrote: »

Well folks, think I've asked this question before but I'll go again because I'm not clear on it.

I am eligible on the RI website of getting 160k. If I request 200k from a bank and get rejected, does this count as a rejection or would RI say they wouldn't give me 200k anyways, even if I was happy with the 160k?

Or how do mortgage applications to banks work? Do they tell me the max they would give or do they approve/reject a request for a certain amount?

They want to see what’s the max amount the bank is willing to offer you. If the amount your looking for from RI is the same as the banks then the banks amount isn’t a rejection if you get me.

Pussyhands · 14-03-2019 9:16pm

VW08 wrote: »

They want to see what’s the max amount the bank is willing to offer you. If the amount your looking for from RI is the same as the banks then the banks amount isn’t a rejection if you get me.

Understood.

And another question you may not know, but how likely are the online mortgage calculators correct in terms of the amount they'll give? For example one says they'll give me 3.5 times my salary and another says 4 times. What's the chances of a bank saying "well you save a lot so we'll give you 4.5 times" or is the figure they give on the online calculator more of a max amount they'll give depending on your salary, savings etc.

VW08 · 14-03-2019 11:07pm

Pussyhands wrote: »

Understood.

And another question you may not know, but how likely are the online mortgage calculators correct in terms of the amount they'll give? For example one says they'll give me 3.5 times my salary and another says 4 times. What's the chances of a bank saying "well you save a lot so we'll give you 4.5 times" or is the figure they give on the online calculator more of a max amount they'll give depending on your salary, savings etc.

I think the norm is 3.5 from the bank. I was told that it’s for exceptional circumstances that people get 4 times. That was with AIB maybe the other banks are different. But the norm is 3.5.

Pussyhands · 16-03-2019 10:32am

VW08 wrote: »

I think the norm is 3.5 from the bank. I was told that it’s for exceptional circumstances that people get 4 times. That was with AIB maybe the other banks are different. But the norm is 3.5.

Do they include bonuses in the 3.5 or just Base salary?

VW08 · 17-03-2019 11:27am

Pussyhands wrote: »

Do they include bonuses in the 3.5 or just Base salary?

The bank include guaranteed bonuses. But you’re better confirming it with them. RI look for your P60, which shows everything you earned last year, and if it’s over the max allowed then you won’t qualify.

Maryvind · 18-03-2019 11:32pm

HI. Did anyone get approval in principal with their county council before application went off to creditors? Or did you have to wait to hear back from creditors on approval?

Ukelele! · 19-03-2019 11:30am

Maryvind wrote: »

HI. Did anyone get approval in principal with their county council before application went off to creditors? Or did you have to wait to hear back from creditors on approval?

No, mine to had to go to the creditors first and then came back with an approval in principle

swarmberg · 19-03-2019 12:04pm

Maryvind wrote: »

HI. Did anyone get approval in principal with their county council before application went off to creditors? Or did you have to wait to hear back from creditors on approval?

The council only review the application to make sure you meet the minimum requirements so that it can be sent to the underwriters. You cant start looking at houses until you have word back from the credit committee that the underwriters approve you. This is taking a few months due to the demand of the scheme.

kellsbells86 · 19-03-2019 12:47pm

Hi Guys -

We applied back in July Last year and it took around 10 weeks to come back with an approval. We started looking for a house once we got the approval and went sale agreed at the start of December.

We are due to get the keys on Friday, the council's solicitor gave us the go ahead to sign contracts and things on 6th of March, and she was advised on the same day by our solicitor that closing would be happening on 22nd. We have heard nothing about any payment even though our solicitor is chasing the council for a payment date. I am getting anxious now as I have to be out of my rented house before the end of March.

My question is - does anyone have a rough time frame of how long they waited for the draw down to actually happen, has anyone received the keys around the date they were advised or were they waiting a lot longer? Bear in mind we have been waiting 3 weeks for the draw down already.

Thanks in Advance

kellsbells86 · 20-03-2019 12:12pm

Hi Guys -

We applied back in July Last year and it took around 10 weeks to come back with an approval. We started looking for a house once we got the approval and went sale agreed at the start of December.

We are due to get the keys on Friday, the council's solicitor gave us the go ahead to sign contracts and things on 6th of March, and she was advised on the same day by our solicitor that closing would be happening on 22nd. We have heard nothing about any payment even though our solicitor is chasing the council for a payment date. I am getting anxious now as I have to be out of my rented house before the end of March.

My question is - does anyone have a rough time frame of how long they waited for the draw down to actually happen, has anyone received the keys around the date they were advised or were they waiting a lot longer? Bear in mind we have been waiting 3 weeks for the draw down already.

Thanks in Advance

kellsbells86 · 20-03-2019 12:13pm

Hi Guys -

We applied back in July Last year and it took around 10 weeks to come back with an approval. We started looking for a house once we got the approval and went sale agreed at the start of December.

We are due to get the keys on Friday, the council's solicitor gave us the go ahead to sign contracts and things on 6th of March, and she was advised on the same day by our solicitor that closing would be happening on 22nd. We have heard nothing about any payment even though our solicitor is chasing the council for a payment date. I am getting anxious now as I have to be out of my rented house before the end of March.

My question is - does anyone have a rough time frame of how long they waited for the draw down to actually happen, has anyone received the keys around the date they were advised or were they waiting a lot longer? Bear in mind we have been waiting 3 weeks for the draw down already.

Thanks in Advance

Ukelele! · 20-03-2019 1:18pm

kellsbells86 wrote: »

Hi Guys -

We applied back in July Last year and it took around 10 weeks to come back with an approval. We started looking for a house once we got the approval and went sale agreed at the start of December.

We are due to get the keys on Friday, the council's solicitor gave us the go ahead to sign contracts and things on 6th of March, and she was advised on the same day by our solicitor that closing would be happening on 22nd. We have heard nothing about any payment even though our solicitor is chasing the council for a payment date. I am getting anxious now as I have to be out of my rented house before the end of March.

My question is - does anyone have a rough time frame of how long they waited for the draw down to actually happen, has anyone received the keys around the date they were advised or were they waiting a lot longer? Bear in mind we have been waiting 3 weeks for the draw down already.

Thanks in Advance

Was told I'd be able to drawdown around the 13th March. Rang today and been told the council have changed it to the 12th April. The council are dragging this out. They only draw down on 2 days every month. So I've missed the 13th march, through no fault of my own. And now I'm gonna miss the next march draw down date of around the 28th. Realistically now, I'd say it'll be draw down the 12th April, but as to when i actually get the keys, who knows. My current landlord is very flexible, luckily. Otherwise I'd have to move home (to a different county) for a few weeks. The dates the council are giving are just not realistic

Quinnciara · 20-03-2019 1:20pm

Ukelele! wrote: »

Was told I'd be able to drawdown around the 13th March. Rang today and been told the council have changed it to the 12th April. The council are dragging this out. They only draw down on 2 days every month. So I've missed the 13th march, through no fault of my own. And now I'm gonna miss the next march draw down date of around the 28th. Realistically now, I'd say it'll be draw down the 12th April, but as to when i actually get the keys, who knows. My current landlord is very flexible, luckily. Otherwise I'd have to move home (to a different county) for a few weeks. The dates the council are giving are just not realistic

This is awful which CoCo is this ??

Jmk725 · 20-03-2019 1:22pm

Ukelele! wrote: »

Was told I'd be able to drawdown around the 13th March. Rang today and been told the council have changed it to the 12th April. The council are dragging this out. They only draw down on 2 days every month. So I've missed the 13th march, through no fault of my own. And now I'm gonna miss the next march draw down date of around the 28th. Realistically now, I'd say it'll be draw down the 12th April, but as to when i actually get the keys, who knows. My current landlord is very flexible, luckily. Otherwise I'd have to move home (to a different county) for a few weeks. The dates the council are giving are just not realistic

That is terrible, I would make an official complaint about them. It is scandalous that you have to wait so long.

Ukelele! · 20-03-2019 1:23pm

Quinnciara wrote: »

This is awful which CoCo is this ??

Clare Coco ðŸ™„ they've been extremely helpful, but it seems it's their solicitor that's busy and I'm just not a priority maybe.

Has anyone actually drawn down for 2019 yet?

Quinnciara · 20-03-2019 1:24pm

Ukelele! wrote: »

Clare Coco &#55357;&#56900; they've been extremely helpful, but it seems it's their solicitor that's busy and I'm just not a priority maybe.

Has anyone actually drawn down for 2019 yet?

I'm waiting 17 days for the formal loan offer to be sent to my solicitor

Ukelele! · 20-03-2019 1:26pm

Quinnciara wrote: »

I'm waiting 17 days for the formal loan offer to be sent to my solicitor

I'm starting to panic that my funding isn't actually there, given all the stuff that's going on with this scheme. Suppose this is the difference between dealing with the council and a bank, the council are much slower

Jmk725 · 20-03-2019 1:26pm

Ukelele! wrote: »

Clare Coco &#55357;&#56900; they've been extremely helpful, but it seems it's their solicitor that's busy and I'm just not a priority maybe.

Has anyone actually drawn down for 2019 yet?

Co. Monaghan Solicitor seems to be quick enough, got loan pack last week after only 2 weeks. Haven't drawn down yet, must contact my council and see how long they take.

Ukelele! · 20-03-2019 1:28pm

Jmk725 wrote: »

Co. Monaghan Solicitor seems to be quick enough, got loan pack last week after only 2 weeks. Haven't drawn down yet, must contact my council and see how long they take.

My solicitor has been brilliant to be fair, and is really putting the pressure on. Hopefully, I'll get some positive news soon!

Jmk725 · 20-03-2019 1:37pm

Quinnciara wrote: »

I'm waiting 17 days for the formal loan offer to be sent to my solicitor

I would advise you to get onto the council again and get them to contact the solicitor, you shouldn't have to wait this long.
Also, get in writing from the council that they have done this.
What council are you with?

Jmk725 · 20-03-2019 1:39pm

Ukelele! wrote: »

I'm starting to panic that my funding isn't actually there, given all the stuff that's going on with this scheme. Suppose this is the difference between dealing with the council and a bank, the council are much slower

The funding will be there.
But I would get the council to confirm in writing when the funds will be made available to you.
That way if they do delay again you can make an official complaint and have the emails/letters to back up your complaint.
Threaten to make an official complaint if the money isn't received.

Rebuilding Ireland home loan

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