Rebuilding Ireland home loan

JessC1987 wrote: »

Quick query to anyone who has been fully approved with DCC:

Called DCC today and was advised we've been fully approved by underwriters and credit committee and we are to expect an official letter of offer over the coming days. I understand we're to sign this and send it back, can we start to look immediately at houses or do we need to wait until they receive our acceptance of the offer? Thanks in advance

You can start looking now but don't go sale agreed until you get the official letter from them confirming you have gotten the mortgage.
Best safe than sorry.

Jmk725 wrote: »

You can start looking now but don't go sale agreed until you get the official letter from them confirming you have gotten the mortgage.
Best safe than sorry.

Thank you, that makes perfect sense with all that is going on at the minute with the scheme. Really appreciate your reply!

Does anyone know how often the credit committees meet and make their decision? I am with South Dublin County Council.

Ukelele! wrote: »

For me, when i put my salary into the calculator, it said I'd get around 120,000. This wasn't really enough, so I decided to apply for 160,000 and the coco told me to apply for the higher amount and then they'd come back to me with a lower amount, if needed. It took 6 weeks for them to come back to me and say "you applied for too much" and made me start the application all over again. So just bear that in mind. It wasted 6 weeks. When i reapplied for the 120,000, i had to submit screenshots of the calculator showing my salary giving me 120,000.

BelleO wrote: »

You don’t actually need an official letter of offer/refusal from banks anymore. You can use the online mortgage calculator and take a print screen of the amount you are offered and this will suffice.
A year ago I applied and had to get the two letters of mortgage approval:refusal from banks and it was tedious to get them. My circumstances changed so submitted a new application late last year and the council advised that a screenshot of online mortgage calculator will be enough as most banks are making it difficult for people to get these letters from them.

Amary wrote: »

It just depends on what council you are applying to. I had to have letters from the bank a screenshot wasn’t good enough. Maybe phone and ask before putting in your application.

Could ye share the councils so we know?

Jamesiekel wrote: »

Does anyone know how often the credit committees meet and make their decision? I am with South Dublin County Council.

They usually only meet once a month.

Shaun__90 wrote: »

Hi, I was refused on friday based on my last 12 months savings which was €16,000!!? Can someone please tell me why they said that I had insufficient savings, or has anyone else had this problem? I have the full 10% deposit for the house and a little bit more. They don't explain themselves very well.

Hi,

My guess is that they want proof that you have the ability to repay the mortgage amount each month, along with enough money left over for bills, living etc. It may be a case that while you have a good amount of money saved, that you aren't showing them that you have enough money to meet the repayments and afford to live and therefore possibly default on payments in the future? I could be wrong but we have been asked for proof of ability to repay even after we have been approved.
I would call them and ask for more information as to why you were refused, they should be able to give you more information.

Jellapino15 wrote: »

Just wondering out of those who have drawn down, did you have to pay the council's legal fees too?
I've just received my letter of loan and in the T&C they say I've to pay all the costs for the lender too. Totally blindsided by this, first it has been mentioned. Where do I even find out how much this is? Because I haven't even allowed for this in my budget!

I remember someone else said they had to do this too. I drew down with Clare Coco and didn't have to pay their legal fees, just had to pay my own. I can't remember exactly, but someone on this thread was in the same situation as you

Jellapino15 wrote: »

Just wondering out of those who have drawn down, did you have to pay the council's legal fees too?
I've just received my letter of loan and in the T&C they say I've to pay all the costs for the lender too. Totally blindsided by this, first it has been mentioned. Where do I even find out how much this is? Because I haven't even allowed for this in my budget!

I am drawing down my funds next week and yes I had to pay the council solicitors fees too. Monaghan.
The fees I paid through weren't any labour fees, it was for the costs the solicitor incurred, such as stamp duty, legal searches and what not.
I was going to have to pay my solicitor them fees anyway if he did the work but the councils solicitor did it instead, I was no worse off.
Hope this helps.

Jmk725 wrote: »

I am drawing down my funds next week and yes I had to pay the council solicitors fees too. Monaghan.
The fees I paid through weren't any labour fees, it was for the costs the solicitor incurred, such as stamp duty, legal searches and what not.
I was going to have to pay my solicitor them fees anyway if he did the work but the councils solicitor did it instead, I was no worse off.
Hope this helps.

Ah i see, that's quite interesting. I thought when i heard this that you had to pay the council solicitor's full fees. This doesn't affect me at all cos i only had to pay my own solicitor. I had to pay all those fees through my own solicitor anyway, so I'm assuming it doesn't work out any more expensive to pay the council's solicitor. Hopefully the other person who asked the question, will be in the same boat as you and they're not being asked to pay labour fees, etc.

bakerie wrote: »

Hi Guys,

Quick one. Can I apply for the RIHL if I have mortgage approval from elsewhere?

I think I'm going to be rejected for this scheme and was planning on falling back on a bank mortgage if this happens. I was wondering if having approval from a bank (for a significantly lower amount) would remove your eligibility from the scheme?

Thanks

No is the short answer. I was approved by two banks for 3.5 times my salary and that’s what I sent to the council. They approved me for a mortgage of 50k more.

Jmk725 wrote: »

I am drawing down my funds next week and yes I had to pay the council solicitors fees too. Monaghan.
The fees I paid through weren't any labour fees, it was for the costs the solicitor incurred, such as stamp duty, legal searches and what not.
I was going to have to pay my solicitor them fees anyway if he did the work but the councils solicitor did it instead, I was no worse off.
Hope this helps.

Okay that's good to hear so. It was just in the terms and conditions I saw about costs and expenses for the lenders solicitor so I was surprised. But I don't mind if it is just for things I would have had to get anyway. Thanks for your reply.

Did you have to wait 3 weeks before sending back your signed letter of offer? The loan approval letter mentioned there would be a 3 week 'cooling off' period but nothing mentioned in the special conditions of letter of loan so I'm hoping I won't have to wait, eager to get it drawdown at this stage.

I got my approval letter on Friday and I seen a lot of people state they had to reply in writing to accept the offer, however no where on the letter does it state I need to reply in writing to accept it just advises that when I find a property to return forms 1, 2 and 3! I'm with DCC, does this sound right? I've seen a couple of houses we're interested in so I assume we can just go ahead and look and start to make offers?