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Rebuilding Ireland home loan

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    #4172
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    deise121 wrote: »
    they refused to offer me a mortgage because we have multiple children and my partner can't work


    Every bank have practically the same criteria, though.


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    #4173
    clio_16v
    Registered Users Posts: 529 ✭✭✭clio_16v


    Any updated timeline for Cork City Council? Applied a few weeks ago but heard nothing and now there is an ideal property just on the market. Am I wasting my time bidding?


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    #4174
    deise121
    Registered Users Posts: 130 ✭✭deise121


    To those of you that have applied, did your local council let you know they got the application? We applied last week and I emailed and asked them to confirm they received the application but no response yet


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    #4175
    Jafin
    Registered Users Posts: 772 ✭✭✭Jafin


    deise121 wrote: »
    To those of you that have applied, did your local council let you know they got the application? We applied last week and I emailed and asked them to confirm they received the application but no response yet

    Yes, I got a letter in the post confirming receipt but that was about two weeks (possibly a bit longer) after I sent it in.


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    #4176
    deise121
    Registered Users Posts: 130 ✭✭deise121


    Jafin wrote: »
    Yes, I got a letter in the post confirming receipt but that was about two weeks (possibly a bit longer) after I sent it in.

    Christ, that's a long time to wait for confirmation really important GDPR documents have been received by the right person. Thanks lad.


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    #4177
    3283winnie
    Registered Users Posts: 82 ✭✭3283winnie


    Hi can anyone tell me a time line for sdcc so I applied 3 weeks ago got a mail to say it was sent to the housing agency what's the next step after this do I ring up and ask when the committee sit or do I wait to be emailed thanks for any help much appreciated


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    #4178
    Darren 83
    Registered Users Posts: 1,685 ✭✭✭Darren 83


    Will they take commission into account when applying for a loan?


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    #4179
    deise121
    Registered Users Posts: 130 ✭✭deise121


    Darren 83 wrote: »
    Will they take commission into account when applying for a loan?

    Nope, not from my understanding. I was told overtime wouldn’t be counted either


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    #4180
    extrafluff
    Registered Users Posts: 123 ✭✭extrafluff


    3283winnie wrote: »
    Hi can anyone tell me a time line for sdcc so I applied 3 weeks ago got a mail to say it was sent to the housing agency what's the next step after this do I ring up and ask when the committee sit or do I wait to be emailed thanks for any help much appreciated

    Hey.

    First thing I'd say about SDCC is get ready to wait. It's likely to take a few months but I'd ring them all the time for an update as the credit committee don't sit all the time. They tend to look at applications in batches & not necessarily in order as far as I know.
    Hopefully you get sorted soon. It shouldn't take months but unfortunately it hasn't changed - quite a few people have said the same about SDCC.

    Best of luck.


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    #4181
    3283winnie
    Registered Users Posts: 82 ✭✭3283winnie


    extrafluff wrote: »
    Hey.

    First thing I'd say about SDCC is get ready to wait. It's likely to take a few months but I'd ring them all the time for an update as the credit committee don't sit all the time. They tend to look at applications in batches & not necessarily in order as far as I know.
    Hopefully you get sorted soon. It shouldn't take months but unfortunately it hasn't changed - quite a few people have said the same about SDCC.

    Best of luck.


    Thanks so much for your help really appreciate it. It's a hard waiting game although probably better off waiting with the way the market is now I wonder will it come back down again I'm hearing horror stories of bidding wars I'm not looking forward to that stress. Please God something will change soon enough.


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    #4182
    Conio
    Registered Users Posts: 1 ✭Conio


    Hi guys, I saw people mention before that certain documents for the application have to be recent or within a month or so but I can't find where I read it. I was just wondering how recent your bank statements/salary cert/insufficient offers etc have to be? As in can they be within 3 months or do they all have to be within a month of your application submission?


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    #4183
    3283winnie
    Registered Users Posts: 82 ✭✭3283winnie


    Conio wrote: »
    Hi guys, I saw people mention before that certain documents for the application have to be recent or within a month or so but I can't find where I read it. I was just wondering how recent your bank statements/salary cert/insufficient offers etc have to be? As in can they be within 3 months or do they all have to be within a month of your application submission?

    I was told once all documents are within 6 months you will be fine if the process takes longer you may be required to give another bank statement hope this helps


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    #4184
    diceyreilly
    Registered Users Posts: 1,143 ✭✭✭diceyreilly


    Conio wrote: »
    Hi guys, I saw people mention before that certain documents for the application have to be recent or within a month or so but I can't find where I read it. I was just wondering how recent your bank statements/salary cert/insufficient offers etc have to be? As in can they be within 3 months or do they all have to be within a month of your application submission?

    If i were you id give within a week of sending them in. They will want them at some stage anyway. So you’d just be slowing the process down for yourself.


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    #4185
    diceyreilly
    Registered Users Posts: 1,143 ✭✭✭diceyreilly


    9 weeks since i sent my application off. Not a dicky bird since.


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    #4186
    LaurenMcHugh
    Registered Users Posts: 16 ✭LaurenMcHugh


    Has anybody any idea what they mean when they say they’ve to send off Managers Orders?


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    #4187
    Antho12
    Registered Users Posts: 33 ✭Antho12


    LaurenMcHugh wrote: »
    Has anybody any idea what they mean when they say they’ve to send off Managers Orders?


    Your loan cheque is waiting to be signed by a manager at the council. Congrats!


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    #4188
    deise121
    Registered Users Posts: 130 ✭✭deise121


    diceyreilly wrote: »
    9 weeks since i sent my application off. Not a dicky bird since.

    waterford council have just emailed me yesterday to say they received my application. 1 week after i dropped it in, so not too bad imo.


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    #4189
    antimatterx
    Registered Users Posts: 2,692 ✭✭✭antimatterx


    I just found out about the rebuilding Ireland home loan recently. I'm a first time buyer, single, making 50K. I have good savings, and money I can cash out from investments to add to my deposit.

    The max I can get from a bank is 175K, with a 10% deposit I can buy is 192500, with a 20% deposit I can get is 210000. That isn't getting me much more than a 1 bed apartment.

    The home loan calculator says I can buy a house of up to 320K, which really opens up options for me, especially if i buy a new build and make use of the help to buy scheme. I'll be in a good position.

    What do I need to do to be eligible?


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    #4190
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Antho12 wrote: »
    Your loan cheque is waiting to be signed by a manager at the council. Congrats!

    Not exactly true. A Manager's Order (or Executive Order as they are now known) is an authorization for advancing the loan, but there is likely to be more steps involved before a cheque is issued.


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    #4191
    Antho12
    Registered Users Posts: 33 ✭Antho12


    Darkglasses wrote: »
    Not exactly true. A Manager's Order (or Executive Order as they are now known) is an authorization for advancing the loan, but there is likely to be more steps involved before a cheque is issued.


    I’m just repeating what DCC told me when my loan was pending managers order. The cheque was sent to my solicitor a couple of days later.


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    #4192
    diceyreilly
    Registered Users Posts: 1,143 ✭✭✭diceyreilly


    deise121 wrote: »
    waterford council have just emailed me yesterday to say they received my application. 1 week after i dropped it in, so not too bad imo.

    Awh i got an email 2 days after to say they have it, and all in order but nothing to say its been approved/declined or gone to the committee


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    #4193
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    antimatterx wrote: »
    The home loan calculator says I can buy a house of up to 320K




    Yeah. I made that mistake, too.


    Louth County Council told me the max they'd give me is 4.6x times my income. So marginally better than a 4.5x exception. I dunno who is able to get the maximum amount off them if they're only lending what the bank would be lending, anyway.


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    #4194
    deise121
    Registered Users Posts: 130 ✭✭deise121


    Hi lads, the Waterford city council has just emailed me to say my application has progressed to the underwriting stage of assessment and this process will take 3-4 weeks. Does this mean we have been approved? Or can the underwriter still deny it?


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    #4195
    antimatterx
    Registered Users Posts: 2,692 ✭✭✭antimatterx


    [Deleted User] wrote: »
    Yeah. I made that mistake, too.


    Louth County Council told me the max they'd give me is 4.6x times my income. So marginally better than a 4.5x exception. I dunno who is able to get the maximum amount off them if they're only lending what the bank would be lending, anyway.

    I'm at the very top of salary for a single applicant (50K). I guess what they're saying is that they will give me 225K and the max I can add to it is 95K


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    #4196
    Lauren52
    Registered Users Posts: 144 ✭✭Lauren52


    antimatterx wrote: »
    I'm at the very top of salary for a single applicant (50K). I guess what they're saying is that they will give me 225K and the max I can add to it is 95K

    Yes You are correct


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    #4197
    Lauren52
    Registered Users Posts: 144 ✭✭Lauren52


    deise121 wrote: »
    Hi lads, the Waterford city council has just emailed me to say my application has progressed to the underwriting stage of assessment and this process will take 3-4 weeks. Does this mean we have been approved? Or can the underwriter still deny it?

    They will advise either or, then it goes to the credit committee meeting and then You will find out if approved.


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    #4198
    deise121
    Registered Users Posts: 130 ✭✭deise121


    Lauren52 wrote: »
    They will advise either or, then it goes to the credit committee meeting and then You will find out if approved.

    brilliant, thanks a million. i suppose it's good news that the documentation we've sent in was good enough that they didn't ask for anything else!


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    #4199
    LaurenMcHugh
    Registered Users Posts: 16 ✭LaurenMcHugh


    Antho12 wrote: »
    I’m just repeating what DCC told me when my loan was pending managers order. The cheque was sent to my solicitor a couple of days later.

    Thanks for the responses. I sent all my forms back 2 weeks ago and heard last Friday that managers orders had to be done up and other documentation was to go to their solicitor and that theirs will be in touch with mine


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    #4200
    rocha77
    Registered Users Posts: 1 ✭rocha77


    Does anyone know how long it takes after going to credit commitee in Fingal CC and when do they meet?


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    #4201
    diceyreilly
    Registered Users Posts: 1,143 ✭✭✭diceyreilly


    rocha77 wrote: »
    Does anyone know how long it takes after going to credit commitee in Fingal CC and when do they meet?

    I emailed them yesterday this was the response.

    Greetings Mark
    Sorry for the delay in getting back to you.

    Your application was received, and will be brought to the credit committee at the end of May for final decision. We will inform you of the outcome shortly after that.

    Kind Regards
    Ciarán


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