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Rebuilding Ireland home loan

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  • Registered Users Posts: 87 ✭✭CuriosityKilledtheCat


    I would just like to throw my 2c in here as a seller.


    I have finally come to the end of the most tortuous experience ever. I would recommend anyone that is going through the process with Mayo County Council to look elsewhere for finance or risk losing out on your purchase.

    The entire process from start to finish took over 20 months - no seller is likely to wait that long. There was no accountability from anyone in the Co Co, all documentation was originally submitted in Nov/Dec 2020. Everything that was requested was returned within 24/48 hours max. The only saving grace for my purchasers was that I had a longstanding relationship with them as tenants for past 12 years or so - I would be suggesting to any other seller to have walked away a long time ago.

    My former tenants have made €40k for themselves (on paper) this week and the best of luck to them



  • Registered Users Posts: 18 89char9


    I'm sorry you had such a bad experience. I've known some people to have good success with this loan with few delays once they got approval. I hope your post doesn't put sellers off as some people like myself don't have another option as banks won't loan to people with kids unless they have really high income, despite paying more in rent then the mortgage would be.



  • Registered Users Posts: 87 ✭✭CuriosityKilledtheCat


    I honestly don't mean to put people off and I am sure it is a great product when the application is dealt with by someone who actually knows what they are doing. My rant was more specifically aimed at the local authority that both I and my purchasers had the misfortune of dealing with😏



  • Registered Users Posts: 569 ✭✭✭Len_007


    Hey all, I came through this process two years ago and am very thankful for it.

    But I’ve forgotten a lot of the nitty gritty details and my brother is keen to apply after coming home from Canada earlier on in the year.

    I’m wondering about the ‘continuous’ employment stipulation, the web site states there can not be a break of more than four weeks. My brother has slightly more than that due to the time in between countries. Has anyone experience of the 4 week rule not being so hard and fast?



  • Registered Users Posts: 300 ✭✭waterfordgirl


    Very hard and fast - i had 8 weeks of a gap - no bueno - had to wait the 2 years



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  • Registered Users Posts: 569 ✭✭✭Len_007


    Yikes, ok, answer’s my question with great specificity, thank you.



  • Registered Users Posts: 18 89char9


    Hi, does anyone know are interest rates going up again?



  • Registered Users Posts: 10,934 ✭✭✭✭fin12


    How long after submitting application to corkcounty council do prople hesr back



  • Registered Users Posts: 2 MainH


    Did you get an answer to this? Similar position here.



  • Registered Users Posts: 2 MainH


    We've sent our application, hoping to hear soon. I've just landed a new job (our application based on my partner's salary as I wasn't earning anything). Will my new salary prevent us from drawing down the funds? Do they ask for updated info before draw down?



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  • Registered Users Posts: 186 ✭✭DonnieCorko




  • Registered Users Posts: 186 ✭✭DonnieCorko


    Has anyone experience of how the interest rate hikes are affecting RIHL? The 3% fixed rate was relatively high compared to some non fixed rate mortgages, are RIHL raising it by the now 1.25% increase?

    Seems like a bit of a bad deal if thats the case being on a 30 year 4.25% fixed rate mortgage.

    Is it possible to switch off the fixed rate mortgage in 4-5 years with RIHL? Anyone know the penalties?

    Thanks



  • Registered Users Posts: 2 Cork City Lady


    Hi there, I applied to Cork City Council in April 2022, I've tried calling numerous times for a status update but generally get a secretary who takes my name and number and tells me someone will call me back, then I generally don't hear back. Anyway, I got an email today (5 months after my initial application) saying they wanted additional documents before sending my application for the credit committee. So am I correct in thinking they are still not finished the first step of the process after 5 months? Just wondering if this is the timeline in other county councils? This seems particularly slow.



  • Registered Users Posts: 18 89char9


    You have to send updated documents such as Payslips, confirmation of remaining funds. Sometimes statements. You also need to sign a declaration of unchanged circumstances. If your new job has put you over salary threshold you will probably find yourself in a bit of bother. Only thing I will say is if they can't tick all the boxes then you will find you're up against a wall.



  • Registered Users Posts: 350 ✭✭Auld Jim Halpin



    "The average interest rate on a new mortgage in Ireland has fallen for the fourth month in a row.

    The interest rate in July stood at 2.63 per cent, down from 2.68 per cent in June."



  • Registered Users Posts: 300 ✭✭waterfordgirl


    My approval is due to run out in the next few weeks.

    Ive had a payrise meaning if i re apply i should get around 20k more. I have about 15k more in savings than will be required for 10% deposit of my new estimated approval amount.

    However, i need to withdraw about 5k from my savings.

    Will this ruin my chances of approval even though everything else is perfect? Has anyone been in this situation? My fear is that i will have to wait for 12 months to re-apply.

    Any insight you guys have into this would be brilliant



  • Registered Users Posts: 10,934 ✭✭✭✭fin12


    Submitted my application to wrong county council, can the applicatiin be transferred to the right one . Only submitted two weeks ago



  • Registered Users Posts: 332 ✭✭slay55


    You will need to contact in advance for an extension

    will be required to resubmit updated bank statements , wage slips etc


    the 5k withdrawal shouldn’t be an issue , if they ask and you explain / usually happy with that


    I applied in 2019 and needed an extension and got a further 3 months on to it


    whole process was fairly quick for me


    good luck with it



  • Registered Users Posts: 300 ✭✭waterfordgirl


    Thanks @slay55 - i've been told an extension will only be given where i am sale agreed so will gather the will to re-apply.


    Heartening to hear the savings withdrawal may not be an issue though!



  • Registered Users Posts: 332 ✭✭slay55


    Yes, actually that is correct. I was sale agreed but was waiting on the seller’s solicitor to get their side completed, hence the extension.


    I remember my savings were x amount and when I resubmitted I had taken out a couple of grand. Was all fine and once you have the required 10% deposit they are ok



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  • Registered Users Posts: 2 pken1994


    Applied with cork city council in Feb .


    Didn't hear back until end of June with refusal ( even though me and my partner knew we should not have been refused) appealed the decision straight away and coming into October still waiting on a decision


    My partner and I have a combined savings of just over €50,000, not private renting ,both working , savings in both credit unions and banks , just non stop savings with money only coming in and saving possible over €2,000 or more each month but still refused the first time . Have been into them on more than 10 occasions since August and back in again tomorrow because the appeals team was " supposed" to have meet 20days ago but of course no letter from them . Also been into tds and even a TD said they are an absolute embarrassment and are trying to contact about it too.

    7months on and still waiting for them, absolute shambles of a council . They are very unprofessional in cork city council



  • Registered Users Posts: 3,133 ✭✭✭akelly02


    that doesnt give the rest of us much hope with less than impeccable records!



  • Registered Users Posts: 37 jessimirish


    Wanted to come back with some good news! Finally got the keys to my house on as a single first time buyer on Friday after buying with the LAHL scheme with Dublin City Council! After being rejected for RIHL in October I was really losing faith, but reapplied in April, got AIP at end of June, and I was very lucky in that I went sale agreed on the first house I bid on in July. The sale closed a couple of weeks ago, and it was honestly all worth it!

    After having such a hard time getting approval for this mortgage I thought I might never be able to buy, but I got so lucky once I actually got my approval. Just wanted to drop this note here so others can know it is possible and keep the faith!



  • Registered Users Posts: 2 Cork City Lady


    I'm so sorry to hear this 😞 I applied 5 months ago and it's still not passed stage one of their processing. Does anyone have any better experience with Cork City Council? It's pretty disheartening trying so hard and getting nowhere



  • Registered Users Posts: 2 pken1994


    Cork city council are a disgrace to deal with . You would nesly have to go in everyday to get some sort of response . Even sinn Finn's Thomas Gould have criticized the local authority home loan in cork as a failure .

    Our application was supposed to be looked at today by the committee and then got a phone call this morning saying " the committee met today but didn't get around to your application because the meeting was cut short " absolutely shambles . 8 months we are waiting yet seeing people from other places being approved with 2 months . Sorry this wasn't helpful but felt like you needed to know the sort of unprofessionalism In that city council



  • Registered Users Posts: 1,312 ✭✭✭Bobby42


    Update on this. Went sale agreed on a 2 bed house on 15th July, signing contracts 14th next month. DCC very quick approving loan and sending loan pack to my solicitor. Delighted.



  • Registered Users Posts: 37 jessimirish


    Same with me - I also got my approval June 28th (and was sale agreed Jul 14th!), we must have been in the same batch! I just closed on my house 10 days ago (quick sale as was unoccupied) - I have to agree, I found DCC tricky to deal with at the application stage but then much easier to deal with in the closing process. Best of luck with the closing process now!



  • Registered Users Posts: 28 Iriah251


    We applied to South Dublin coco in March was refused in August, appeal went in in sep got an email today that they have bn trying to sent us post but keeps getting returned that we don't live there I rang them and told them AGAIN that u have sent our refusel letter to the wrong address and use have done it again even tho our address is clearly on the 200 pages of paper work , so they send all our documents back again and wer to reapply (3rd time) bcoz our savings is not up to date .. we stopped saving when our application went in in March 50,000 we have saved , rent (private) they are a bunch of absolute f#&*ers



  • Registered Users Posts: 1,312 ✭✭✭Bobby42


    I closed a week earlier than scheduled as DCC had the loan over to my solicitor in no time. Now have my keys and I’m moving in. Happy days.



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  • Registered Users Posts: 10,934 ✭✭✭✭fin12


    I got AIP from cork county council last week but on the announcement from central bank lending rules , i would qualify for more and this has been confirmed on the local authorith morgage calculator .


    Does anyone have any idea what happens now with people like me who have just been approved ? Will we have to submit a whole new application again to get the increased loan offer



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