Rebuilding Ireland home loan

kotac24 wrote: »

Hi everyone, have to say that i found bunch of useful info in this thread that helped me collect and prepare all the documents for the upcoming meeting with Fingal council.
I have one question though, regarding the deposit, if you are aiming for lets say 250k, would you need to have 25k in savings or is it more like 25k + stamp duty + all the fees etc... which is more like 30k ?

You'll need the deposit plus your fees. In reality unless it's a turn key house you'll probably need a lot more than the 30k to fit it out too.

JessC1987 wrote: »

So after a long wait we finally got our keys last Thursday! We applied 17th April, approval in principle giving 7 weeks later, sale agreed 28th June and got our keys 24th Oct! We had some delays with contracts and an issue with a boundary wall but we finally got there! Long process but so worth it when you get your hands on your keys! Very best of luck to everyone and big thanks to everyone who helped on this thread along the way��

Hi, can u give a rough figure of how lomg it takes to get the keys after submitting the medical certs stage.

Thanks in advance

JJ_2019 wrote: »

Hi, can u give a rough figure of how lomg it takes to get the keys after submitting the medical certs stage.

Thanks in advance

We submitted all documents to DCC, forms 1, 2, 3 and GP letters, etc on the 22nd July and got our keys on the 24th Oct, however, we had some delays with queries on boundary walls & delayed contracts, without these delays I feel we would have received our keys sooner!

not sure how DCC work but CC didn't look for availability of legal funding etc until our application was processed and loan approved in principle.
I applied to 2 County Councils and it took almost 3 months in one and 5 months in another, that's plenty of time to save depending on how much you can save, also there'll be the structural report/valuation depending on what your buying (2nd hand /new)

JJ_2019 wrote: »

Thank you for the reply, I submitted my all form 1,2,3 and gp letter yesterday, so do you reckon I should be ok to have keys before Christmas

Oh I really couldn't say for sure!

We had a delay of 3 weeks for the other side to just confirm boundary walls and then we went sale agreed on the 28th June and our Solicitor did not receive our contracts until almost 8 weeks after this date, which I am now aware is a ridiculously long wait it should be more like 3 weeks after going sale agreed when your Solicitor should receive your contracts from the vendors!

JJ_2019 wrote: »

We had our sale agreed long ago, u mean council solicitor will send the mortgage documentation to my solicitor and then my solicitor would send it to vendors solicitor for signatures, is that what u mean and once that is done we are talking 3 week then, is it?

What I meant was we waited 8 weeks to receive the contract from the vendors Solicitor (my Solicitor should have received it sooner than 8 weeks after we went sale agreed). My Solicitor had received the loan package from DCC and we still hadn't received a contract to sign and send back to the vendors, that is where our delay was! Your solicitor does not send anything to the vendors that they receive from the council that is just for you and your solicitor.

I've learned that every single sale is different so it is hard to figure out exactly when you might get keys. You will drive yourself crazy trying to work out when you will get them, I know we did but it is so worth it!

JJ_2019 wrote: »

It makes much clear now, Thank you

I wish you the best of luck

After a huge long wait for our house to be finished it’s now ready for snagging etc but our solicitor basically laughed down the phone at me when I asked if we would be in by Christmas that the paperwork side is so slow - mind you she’s never done one of these before so hoping she’s wrong. Is the life assurance etc the same with every council I’m just trying to find out what we will need so I can get it ready to go? Also how long did any of your valuations to loan offer to drawdown take? Sorry on a panic now as landlord wants us out and our solicitor is just being bit of a €&/@) and saying well this is what you get for not being able to go to a normal bank!

We re commuting from dublin to Meath every morning as our lb started school here and then me and my LG have to roam around for 5hours til he’s finished it’s sucking the life out of me just want to get in and settled!

We re buying through Meath coco x

SLK85 wrote: »

After a huge long wait for our house to be finished it’s now ready for snagging etc but our solicitor basically laughed down the phone at me when I asked if we would be in by Christmas that the paperwork side is so slow - mind you she’s never done one of these before so hoping she’s wrong. Is the life assurance etc the same with every council I’m just trying to find out what we will need so I can get it ready to go? Also how long did any of your valuations to loan offer to drawdown take? Sorry on a panic now as landlord wants us out and our solicitor is just being bit of a €&/@) and saying well this is what you get for not being able to go to a normal bank!

We re commuting from dublin to Meath every morning as our lb started school here and then me and my LG have to roam around for 5hours til he’s finished it’s sucking the life out of me just want to get in and settled!

We re buying through Meath coco x

Hi, may I ask if you, by any chance, are buying through Meath County Council's LIHAF scheme - reduced cost housing???

Whodanoob wrote: »

Does anyone know if it's possible to overpay your monthly repayments with the RI home loan. Since you can only get fixed rates now?

I would also be interested in knowing this, I had applied for variable, but they just stopped doing this so when my acceptance letter came back they only offered me a Fixed rate.

Tumbleweed2 wrote: »

Hi,
I have recently filed for drawdown and it state explictily on my letter of offer that no additional or adhoc payments can be made, now that my application switched from Varible to Fixed.

Just in relation to this also, I have been approved and currently in the process of drawing down and I've been hit with a 1700 euro bill for councils legal fees. Has anyone else got this?

It seems a little excessive given this is designed for people struggling to get a mortgage with a bank. I spoke to RI directly and they advised me that it's been brought to their attention that "Some Councils" are charging legal fees while others aren't and told me it's currently under review with the minister. I'm going through Wexford and a friend of mine in Louth advised me they didnt have to pay the councils fees...

I am going through DCC, I wasn't told anything about their legal fees. Why would you be paying them when you have your own solicitors fees?

DCC had done figures for me in July and I was just waiting on a couple of documents before I went in to sign the mortgage application. Then all of a sudden on the 16th of August they decided to stop giving variable rates. When I phoned was told it was accepted, but when I got paperwork it was for a Fixed rate.

deedee26 wrote: »

I am going through DCC, I wasn't told anything about their legal fees. Why would you be paying them when you have your own solicitors fees?

DCC had done figures for me in July and I was just waiting on a couple of documents before I went in to sign the mortgage application. Then all of a sudden on the 16th of August they decided to stop giving variable rates. When I phoned was told it was accepted, but when I got paperwork it was for a Fixed rate.

This is my point exactly, Im not sure why I'm being hit for them. I rang the council and they said that everyone else has paid it without issue. I think I'm going to get my own solicitor to handle it. How can you justify charging someone an additional 1700 euro of an admin fee that is obviously in a tight position to need to be availing of this scheme. Really bugs me.
It was never mentioned then casually brought up in the mortgage meeting after I'd been approved.

I asked about early repayments and they told me none are allowed unless you are clearing it and/or selling the property, and then it'll be subject to a breakage cost, which would be the standard for a fixed rate.

I'm also having issues with the MPI, which is a rip off btw. Had to do this super intrusive tele interview because I have asthma, 2 weeks later and I am still waiting to know if I have it or not. The MPI is costing 100 euro p/m vs the 28 euro I was quoted with an insurance provider for the exact same cover. Even these schemes are taking advantage...

Sorry for the rant, I am the only one in my social circle currently buying a property so I have nowhere to vent! Hahaha!

Tumbleweed2 wrote:

I'm also having issues with the MPI, which is a rip off btw. Had to do this super intrusive tele interview because I have asthma, 2 weeks later and I am still waiting to know if I have it or not. The MPI is costing 100 euro p/m vs the 28 euro I was quoted with an insurance provider for the exact same cover. Even these schemes are taking advantage...

The MPI is .55% of your outstanding balance, which will reduce yearly as your mortgage is paid down. If you put this into context, you're getting your mortgage at 2.55%, or marginally less due to the yearly reduction, which is still a lot less than the banks are offering. It's a good deal, stop looking for flaws and enjoy your new home.

Just dropped my application to Carlow CC today and have been told it will be at least 8 weeks for a reply is that the norm??

xxsammyxx085 wrote: »

Just dropped my application to Carlow CC today and have been told it will be at least 8 weeks for a reply is that the norm??

Hi,

Yes, I was about 7 weeks for Wexford, they advised 6-8 weeks.
My brother was advised 6 to 8 weeks with Wicklow but he ended up waiting 13 weeks due to staffing issues apparently.

But it answer your question 8 weeks would be normal but it may vary.
Best of luck