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Rebuilding Ireland home loan

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Comments

  • #632
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Does anyone know if for example you were approved for say 200k but you found you only actually needed 180K are you obliged to take the full amount from the council or can you just take what's needed?

    Also, if you are approved for this based on salary and you buy a house and then change jobs down the line and your salary is over the threshold is that an issue or is it more about what your salary is at the time of application?

    Thanks


  • #633
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Evenstevens wrote: »
    Does anyone know if for example you were approved for say 200k but you found you only actually needed 180K are you obliged to take the full amount from the council or can you just take what's needed?

    Also, if you are approved for this based on salary and you buy a house and then change jobs down the line and your salary is over the threshold is that an issue or is it more about what your salary is at the time of application?

    Thanks

    You only take what's needed (up to 90% of the purchase price), you'll be under no pressure to take out more than that.

    As for the second one - It seems to depend a bit on which council you go to. Some don't ask for any further income details after approval - they wouldn't even find out you had changed jobs. Some do ask for up to date payslips at the time of draw down, but I don't know what the consequences are if you have changed jobs


  • #634
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Yeah well we were told we would have an answer in August . Every week there was an excuse . Just keep onto them i was their nightmare I rang every second day and checked was there a meeting . It did give us time to save for furniture but it was a loooong wait . When is there next meeting did she say


  • #635
    SPurple
    Registered Users Posts: 19 ✭SPurple


    Lee3b wrote: »
    Yeah well we were told we would have an answer in August . Every week there was an excuse . Just keep onto them i was their nightmare I rang every second day and checked was there a meeting . It did give us time to save for furniture but it was a loooong wait . When is there next meeting did she say

    So good to hear somebody actually got approval! I am waiting since June with KCC. Phoning every Friday and now every couple of days with constantly changing excuses about lack of staff or a question on my application. I was told I'd be dealt with last week for definite and still no word.

    Have you received your letter of confirmation by post?


  • #636
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Hi yes it did come in the post Friday morning ... the only thing is I did get to the stage where ei left voicemails all the time and never got a reply that I get one weekday off work a week and I kept calling in they lost a lot of my paper work on me and they knew they lost it but never rang us to say only I kept going in to find out what was wrong ... they are so understaffed there is only. 3 people in off looking after the whole thing and it's really hard because they are all really nice its so hard when you are so angry at how long it's taking.... if i wer you when you get through again ask for their email it means u have it all in writing and seems to be quicker as they haveto reply


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  • #637
    SPurple
    Registered Users Posts: 19 ✭SPurple


    Lee3b wrote: »
    Hi yes it did come in the post Friday morning ... the only thing is I did get to the stage where ei left voicemails all the time and never got a reply that I get one weekday off work a week and I kept calling in they lost a lot of my paper work on me and they knew they lost it but never rang us to say only I kept going in to find out what was wrong ... they are so understaffed there is only. 3 people in off looking after the whole thing and it's really hard because they are all really nice its so hard when you are so angry at how long it's taking.... if i wer you when you get through again ask for their email it means u have it all in writing and seems to be quicker as they haveto reply

    Thanks so much for the advice. I really appreciate that. Fingers and toes crossed!


  • #638
    millieb
    Registered Users Posts: 8 ✭millieb


    Has anyone appealed the decision and how long was it before you got a reply from them thanks


  • #639
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    No problem at all anything else just ask beat of luck I know how stressful it is especialmy after being given this glimmer of hope we never would have gotten of a bank


  • #640
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Darkglasses wrote: »
    You only take what's needed (up to 90% of the purchase price), you'll be under no pressure to take out more than that.

    As for the second one - It seems to depend a bit on which council you go to. Some don't ask for any further income details after approval - they wouldn't even find out you had changed jobs. Some do ask for up to date payslips at the time of draw down, but I don't know what the consequences are if you have changed jobs

    Thanks for that. I'm going to assume on the second one that you could change jobs. I would think it's unlikely that everyone who gets approved is going to stay in the same job forever esp these days.


  • #641
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Evenstevens wrote: »
    Thanks for that. I'm going to assume on the second one that you could change jobs. I would think it's unlikely that everyone who gets approved is going to stay in the same job forever esp these days.

    Sorry I misread your question, I thought you meant change jobs prior to drawdown. Definitely no consequences of changing job after you've actually bought the house. All the better for the lender if you are on a higher income then.


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  • #642
    RosyRose
    Registered Users Posts: 19 ✭RosyRose


    Lee3b wrote: »
    Yeah well we were told we would have an answer in August . Every week there was an excuse . Just keep onto them i was their nightmare I rang every second day and checked was there a meeting . It did give us time to save for furniture but it was a loooong wait . When is there next meeting did she say

    We got our Form 1 on Friday as well.


  • #643
    lucast2007us
    Registered Users Posts: 801 ✭✭✭lucast2007us


    Is this stopping in the new year or is it due to continue for a few years does anyone know?


  • #644
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    lucast2007us wrote: »
    Is this stopping in the new year or is it due to continue for a few years does anyone know?

    Will be back next year, and likely the year after although possibly at different interest rates.


  • #645
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Brilliant .. do you know where to go from here or how long it takes to get final approval ?? Hope you got what you wanted and can start moving on your house


  • #646
    Jellapino15
    Registered Users Posts: 16 ✭Jellapino15


    Can I ask that this form 1 is people talk of? I only got a two sided letter of approval in June stating amount and conditions (taking out the mpi and solicitor etc) and then a form attached to fill in and send back with details of the property once found?

    Some people seem to be mentioning lots of forms on here though, worried I was left short something


  • #647
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Jellapino15 wrote: »
    Can I ask that this form 1 is people talk of? I only got a two sided letter of approval in June stating amount and conditions (taking out the mpi and solicitor etc) and then a form attached to fill in and send back with details of the property once found?

    Some people seem to be mentioning lots of forms on here though, worried I was left short something

    Not necessarily - some Councils do not have a Form 1, Councils do not use all the same paperwork.


  • #648
    lucast2007us
    Registered Users Posts: 801 ✭✭✭lucast2007us


    Looking to apply in for the laois area!
    Do we physically bring the forms into the laois county council offices?


  • #649
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    lucast2007us wrote: »
    Looking to apply in for the laois area!
    Do we physically bring the forms into the laois county council offices?

    Can't speak for Laois specifically, but I can't see why you couldn't just post them in. For specific queries like that, you'd be better off giving them a ring and asking them.


  • #650
    Cazzums
    Registered Users Posts: 48 ✭Cazzums


    Tazzie2011 wrote: »
    Just wondering if anyone has had any experience with Kildare County Council?

    I got approved with Kildare and bought my house last month. It’s a long process but had no issues with them!


  • #651
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    Cazzums wrote: »
    I got approved with Kildare and bought my house last month. It’s a long process but had no issues with them!

    Can I ask how long it took for you to get approval with them?
    Thanks


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  • #652
    RosyRose
    Registered Users Posts: 19 ✭RosyRose


    Lee3b wrote: »
    Brilliant .. do you know where to go from here or how long it takes to get final approval ?? Hope you got what you wanted and can start moving on your house

    I am trying to ring them since yesterday, but I am only reaching the voice mail. My form was just to confirm that we are accepting T&c’s, something that we already have done actually in September...

    If they think to post each form separately, this will take months again.

    They are not replying on my emails too. It’s still so frustrating.


  • #653
    Dave087
    Registered Users Posts: 83 ✭✭Dave087


    Hi all,
    I’m new to this thread. Myself and my partner are in the process of applying for this scheme.. Does anybody know if an outstanding car loan of 7k would affect are chances of availing of this scheme? We’re both working full time and our under the combined threshold of 75k and have the required deposit needed I’m just curious to know if the outstanding car loan would be a huge no no when applying. Appreciate any feedback, thanks


  • #654
    lucast2007us
    Registered Users Posts: 801 ✭✭✭lucast2007us


    Would you not pay off the car loan with some of that deposit instead of having the interest


  • #655
    stryker mcqueen
    Registered Users Posts: 1,284 ✭✭✭stryker mcqueen


    [/U]
    Dave087 wrote: »
    Hi all,
    I’m new to this thread. Myself and my partner are in the process of applying for this scheme.. Does anybody know if an outstanding car loan of 7k would affect are chances of availing of this scheme? We’re both working full time and our under the combined threshold of 75k and have the required deposit needed I’m just curious to know if the outstanding car loan would be a huge no no when applying. Appreciate any feedback, thanks

    In short....yes

    I dont know if you saw This crowded house last week, a similar loan made a difference of 50k :eek:


  • #656
    Dave087
    Registered Users Posts: 83 ✭✭Dave087


    lucast2007us wrote: »
    Would you not pay off the car loan with some of that deposit instead of having the interest

    Cannot do that unfortunately as we only have the minimum 10% deposit currently and anything on top of that is obviously being kept for stamp duty, legal fees etc. the loan is not a problem in my opinion as it’s quite affordable I’m just curious to know if the council would be hesitant about the outstanding loan?


  • #657
    Dave087
    Registered Users Posts: 83 ✭✭Dave087


    stryker mcqueen wrote: »
    [/U]

    In short....yes

    I dont know if you saw This crowded house last week, a similar loan made a difference of 50k :eek:

    Ok, thanks for the reply. I guess we’ll have to consider clearing the loan in full before applying.


  • #658
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Dave087 wrote: »
    Cannot do that unfortunately as we only have the minimum 10% deposit currently and anything on top of that is obviously being kept for stamp duty, legal fees etc. the loan is not a problem in my opinion as it’s quite affordable I’m just curious to know if the council would be hesitant about the outstanding loan?

    Not necessarily - the main effect it'll have is on your borrowing capacity. See how much of a difference the monthly repayments make on the calculator on the RIHL site


  • #659
    SPurple
    Registered Users Posts: 19 ✭SPurple


    Evenstevens wrote: »
    Can I ask how long it took for you to get approval with them?
    Thanks

    I am waiting 18 weeks so far with KCC. Was told I will be in the next credit committee meeting this week but have been told that the last 4 weeks and they can't get through the volume of applications. It's so frustrating but there seems to be such a back log!


  • #660
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Hi thought I could help out a little i do have a loan out with cu it did affect our borrowing capacity but I couldn't clear it on this side of buying . It depends how much you are looking to borrow if ya wanna know more pm me


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  • #661
    raheny red
    Registered Users Posts: 2,563 ✭✭✭raheny red


    We got out letter of offer today :-) - "just" need to get over the probate hurdle now....


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