Rebuilding Ireland home loan

Laurazal · 27-11-2019 11:38am

Hi all,
Those who are buying/bought a NEW BUILD, in adddion to valuation report, did you need a structural survey done for RI? I am finding conflicting information online, whether a snag list is enough or a full survey is required?
Thanks

Tumbleweed2 · 27-11-2019 11:57am

Laurazal wrote: »

Hi all,
Those who are buying/bought a NEW BUILD, in adddion to valuation report, did you need a structural survey done for RI? I am finding conflicting information online, whether a snag list is enough or a full survey is required?
Thanks

I had to provide a surveyor report on my new build. I also have to provide a copy of the Home bond guarantee and a copy of the surveyors insurance policy, showing they had cover of the minimum amount of €250,000.
Also they surveyor report must have a clear, unobstructed view of the house in full colour. I didn't get a snag list, luckily enough the house was structurally and cosmetically fine, and none needed to be provided.

coolio83 · 27-11-2019 12:20pm

Hi, anyone with dependents? Did you notice a big variation from the online calculator (doesn't give an option to input dependents), to the actual amount approved in principle? Thanks

kbman · 28-11-2019 1:21pm

coolio83 wrote: »

Hi, anyone with dependents? Did you notice a big variation from the online calculator (doesn't give an option to input dependents), to the actual amount approved in principle? Thanks

We have one child and it didn't make a difference, we got 2 euros less than the calculator suggested, we were applying through wicklow. Full approval came through and should be with our lawyer this week.

The sooner you get your application in the better

kbman · 28-11-2019 1:45pm

Tumbleweed2 wrote: »

I had to provide a surveyor report on my new build. I also have to provide a copy of the Home bond guarantee and a copy of the surveyors insurance policy, showing they had cover of the minimum amount of €250,000.
Also they surveyor report must have a clear, unobstructed view of the house in full colour. I didn't get a snag list, luckily enough the house was structurally and cosmetically fine, and none needed to be provided.

Good to know that, our one isn't built yet but is a new build, all I know is that we don't need it now as the house isn't built, just curious which Co. Co you're applying through?

Tumbleweed2 · 28-11-2019 3:28pm

kbman wrote: »

Good to know that, our one isn't built yet but is a new build, all I know is that we don't need it now as the house isn't built, just curious which Co. Co you're applying through?

Hey!

Sunny Wexico (Wexford).
My house is a new build but is all ready. It might be something you need to provide at a later date, I'm not sure of the self build or pre completion build process.

SLK85 · 02-12-2019 5:55pm

Laurazal wrote: »

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

No the rebuilding Ireland with Meath coco

Still waiting for update from the mpi - this scheme is sucking the life out of me

Sloppy_Joe · 03-12-2019 2:26pm

How long does approval last?

Tumbleweed2 · 03-12-2019 2:42pm

Sloppy_Joe wrote: »

How long does approval last?

I think it's 3 months from official approval letter.

Sloppy_Joe · 03-12-2019 2:59pm

Tumbleweed2 wrote: »

I think it's 3 months from official approval letter.

So what are the steps I'd need to do? I have no idea on process of buying.

Tumbleweed2 · 03-12-2019 4:37pm

Sloppy_Joe wrote: »

So what are the steps I'd need to do? I have no idea on process of buying.

http://rebuildingirelandhomeloan.ie/apply/

I'm not sure of where exactly you are at in terms of the process so I'll just start from the very beginning.
First thing i'd do is contact the county council mortgage department of the area you are looking to live ( You may apply at multiple counties, but you need to send original documents to each one). Some councils do the process in different ways, mortgage meeting prior to application, to inform you of the product, some tell you to fill out the form and then wait to be approved before they meet you.

Fill out the form on available at the link above. Send all your documents and your application form out to the council mortgage department. Decision times seem to vary from county to county, I think an average seems to be 6 - 8 weeks, but there have been some as extreme as 6 months I've read here previously.

Once approved (all going well) you will have sanction in principle, basically you've been approved for X amount, which can be a maximum of 90% of the house value you are looking to buy ( if you are a first time buy, if not it can be a max of 80%).

You find a house that you like, you discuss with the vendor buying it, and give a booking deposit (normally refundable) for them to hold the property for you, this figure is normally between €6k - €10k or a flat 5% of purchase price.

You then meet the council, with additional documents, valuation, surveyor report etc and they confirm that the house is within policy, i.e the mortgage is only 90% of value/purchase price and that you have the remaining funds to make up the difference in the form of a deposit.

They review the documents and if satisfied they will offer you mortgage approval specific to the house in question. You will have to fill out an a form to join the councils group mortgage protection insurance scheme, if for any reason a queries arises from this you will need to do a tele interview about your health with one of their medical staff. You will also need to get home insurance.

So you have mortgage approval, been cleared to join the MPI scheme. Next up snaglist and paying the rest deposit. Once this has all been addressed then your solicitor calls for the issuing of the cheque, which takes 5 days to clear and they will transfer to the vendor.

Last stage. Get your key.
I know its listed there simply enough but be warned, it's long winded and can get stressful, there is a lot of people involved and there will be setbacks. You just need to push through all that and think of your home at the end of it all.
Any questions on it just ask.
Best of luck

Sloppy_Joe · 03-12-2019 4:57pm

Tumbleweed2 wrote: »

http://rebuildingirelandhomeloan.ie/apply/

I'm not sure of where exactly you are at in terms of the process so I'll just start from the very beginning.
First thing i'd do is contact the county council mortgage department of the area you are looking to live ( You may apply at multiple counties, but you need to send original documents to each one). Some councils do the process in different ways, mortgage meeting prior to application, to inform you of the product, some tell you to fill out the form and then wait to be approved before they meet you.

Fill out the form on available at the link above. Send all your documents and your application form out to the council mortgage department. Decision times seem to vary from county to county, I think an average seems to be 6 - 8 weeks, but there have been some as extreme as 6 months I've read here previously.

Once approved (all going well) you will have sanction in principle, basically you've been approved for X amount, which can be a maximum of 90% of the house value you are looking to buy ( if you are a first time buy, if not it can be a max of 80%).

You find a house that you like, you discuss with the vendor buying it, and give a booking deposit (normally refundable) for them to hold the property for you, this figure is normally between €6k - €10k or a flat 5% of purchase price.

You then meet the council, with additional documents, valuation, surveyor report etc and they confirm that the house is within policy, i.e the mortgage is only 90% of value/purchase price and that you have the remaining funds to make up the difference in the form of a deposit.

They review the documents and if satisfied they will offer you mortgage approval specific to the house in question. You will have to fill out an a form to join the councils group mortgage protection insurance scheme, if for any reason a queries arises from this you will need to do a tele interview about your health with one of their medical staff. You will also need to get home insurance.

So you have mortgage approval, been cleared to join the MPI scheme. Next up snaglist and paying the rest deposit. Once this has all been addressed then your solicitor calls for the issuing of the cheque, which takes 5 days to clear and they will transfer to the vendor.

Last stage. Get your key.
I know its listed there simply enough but be warned, it's long winded and can get stressful, there is a lot of people involved and there will be setbacks. You just need to push through all that and think of your home at the end of it all.
Any questions on it just ask.
Best of luck

Cheers mate. This is amazing.

Question - you say they check the value has to be 90% of the value of the house max...this means I can use more of my money towards value of the house right?

So my situation is I have 70k+. Max I can borrow on RBI is ~180k.

Max mortgage I'd get from bank is ~40k x 3.5 = 150k.

Also, is there a chance RBI will reject my application because I have a sizeable lump in my bank account?

Tumbleweed2 · 03-12-2019 5:23pm

Sloppy_Joe wrote: »

So my situation is I have 70k+. Max I can borrow on RBI is ~180k.

Max mortgage I'd get from bank is ~40k x 3.5 = 150k.

No worries, glad to be able to advise, I went in blind and it was horrific trying to figure it out.

So from what I gather, RBI is actually calculated off your net monthly income not gross annual salary.
So based roughly on the figures you offered and putting them into RBI calculator http://rebuildingirelandhomeloan.ie/calculator/ :
If you are earning 40k as a single, with no other monthly commitments over a 30 year term on fixed 2.25% interest rate you could apply for a max of €200k in Dublin.

RBI dont really mind too much about equity, realistically more you are putting in the better. A requirement to avail of applying for RBI is to have 2 declines from banks for mortgage or 2 approvals from a bank for a lesser amount being sought. If after your self funding your RBI offer is equal or less than the banks maximum offer, you are obligated to avail of bank funding and deemed no longer eligible for RBI.

eg Bank X approved you for €150k, RBI approves you for €200k, you decide to put your whole €70k into the purchase and it brings your mortgage requirement down to around €140k - RBI is then not available to you and you must use bank X to fund your purchase, as they are offering you a sufficient amount to make the purchase.

Sloppy_Joe wrote: »

Also, is there a chance RBI will reject my application because I have a sizeable lump in my bank account?

Sloppy_Joe wrote: »

Question - you say they check the value has to be 90% of the value of the house max...this means I can use more of my money towards value of the house right?

In terms of these, bank balance should not be an issue, you need to prove you have a deposit (min 10%). The mortgage amount you get approved for doesn't have to be 90% of the purchase. Based on figures above again, if you get approved for €200k, you could still buy a house for €270k - so you still need RBI funding as bank offer is insufficient and you are just going to have a loan to value of 74% which in my financial advisory experience is a positive for a lender.

Also note there is a cap on the maximum amount that can be borrowed. They are €288,000 (max house value of €320,000) in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and no more than €225,000 (Max house value of €250,000) in the rest of the country.

Hope this is clear. If not pop me a reply.

Sloppy_Joe · 03-12-2019 5:34pm

Thanks again!!!

A requirement to avail of applying for RBI is to have 2 declines from banks for mortgage or 2 approvals from a bank for a lesser amount being sought. If after your self funding your RBI offer is equal or less than the banks maximum offer, you are obligated to avail of bank funding and deemed no longer eligible for RBI.

eg Bank X approved you for €150k, RBI approves you for €200k, you decide to put your whole €70k into the purchase and it brings your mortgage requirement down to around €140k - RBI is then not available to you and you must use bank X to fund your purchase, as they are offering you a sufficient amount to make the purchase.

I have never applied to a bank. How does it work? Do I go "will you give me 190k" or do I go "what's the max you will give me?"

I saw someone say an online calculator is good enough to prove as rejection.

Tumbleweed2 · 03-12-2019 5:50pm

Sloppy_Joe wrote: »

Thanks again!!!

I have never applied to a bank. How does it work?

I saw someone say an online calculator is good enough to prove as rejection.

Go to your bank, and have an over the phone mortgage consultation, they will tell you the max you can get, I believe AIB can do same day sanction in principle letters if you are an AIB customer. Then go to a bank that you arent a customer with and go through the same process, this may take a few days to proceed as they will need to go through the process.
Personally, I had two letters of approval with insufficient offers, so it was fine. I know people that didn't want to wait and went straight in looking for higher amounts c.€200k and were issued decline letters same day for not meeting central bank of Ireland mortgage guidelines. So your call.

Bare in mind also, come January, Central Bank of Ireland, will be issuing Banks with their discretionary exceptions to their guidelines for 2020. i.e over 3.5 times your income, going slightly over 90% LTV etc. So with you in a position to put 70k into the deal it wouldn't surprise me if they offered you closer to €180k (Max they can go is 4.5 time Basic Gross per annum). Like I said, if the RBI amount offered is equal to less than Bank offering, you must avail of bank funding.

Sloppy_Joe wrote: »

Do I go "will you give me 190k" or do I go "what's the max you will give me?"

On the telephone consultation they will ask you personal detail, then what price house you are looking for. You have say €300k, and you are seeking 90% and they will tell you they can blah blah, so you can just ask for a letter confirming same, if they play hardball on that, then apply for the max amount you can €150k and get a letter of that, you should get more on RBI then €150k.

Amary · 03-12-2019 8:50pm

SLK85 wrote: »

No the rebuilding Ireland with Meath coco

Still waiting for update from the mpi - this scheme is sucking the life out of me

Is it Utmost you are waiting for? I emailed them and they gave me the answer.

Sloppy_Joe · 03-12-2019 9:12pm

Tumbleweed2 wrote: »

Go to your bank, and have an over the phone mortgage consultation, they will tell you the max you can get, I believe AIB can do same day sanction in principle letters if you are an AIB customer. Then go to a bank that you arent a customer with and go through the same process, this may take a few days to proceed as they will need to go through the process.
Personally, I had two letters of approval with insufficient offers, so it was fine. I know people that didn't want to wait and went straight in looking for higher amounts c.€200k and were issued decline letters same day for not meeting central bank of Ireland mortgage guidelines. So your call.

Bare in mind also, come January, Central Bank of Ireland, will be issuing Banks with their discretionary exceptions to their guidelines for 2020. i.e over 3.5 times your income, going slightly over 90% LTV etc. So with you in a position to put 70k into the deal it wouldn't surprise me if they offered you closer to €180k (Max they can go is 4.5 time Basic Gross per annum). Like I said, if the RBI amount offered is equal to less than Bank offering, you must avail of bank funding.

On the telephone consultation they will ask you personal detail, then what price house you are looking for. You have say €300k, and you are seeking 90% and they will tell you they can blah blah, so you can just ask for a letter confirming same, if they play hardball on that, then apply for the max amount you can €150k and get a letter of that, you should get more on RBI then €150k.

Thanks

I believe MPI is only like a tenner a month? How much is home insurance approximately?

JJ_2019 · 03-12-2019 9:50pm

Tumbleweed2 wrote: »

http://rebuildingirelandhomeloan.ie/apply/

I'm not sure of where exactly you are at in terms of the process so I'll just start from the very beginning.
First thing i'd do is contact the county council mortgage department of the area you are looking to live ( You may apply at multiple counties, but you need to send original documents to each one). Some councils do the process in different ways, mortgage meeting prior to application, to inform you of the product, some tell you to fill out the form and then wait to be approved before they meet you.

Fill out the form on available at the link above. Send all your documents and your application form out to the council mortgage department. Decision times seem to vary from county to county, I think an average seems to be 6 - 8 weeks, but there have been some as extreme as 6 months I've read here previously.

Once approved (all going well) you will have sanction in principle, basically you've been approved for X amount, which can be a maximum of 90% of the house value you are looking to buy ( if you are a first time buy, if not it can be a max of 80%).

You find a house that you like, you discuss with the vendor buying it, and give a booking deposit (normally refundable) for them to hold the property for you, this figure is normally between €6k - €10k or a flat 5% of purchase price.

You then meet the council, with additional documents, valuation, surveyor report etc and they confirm that the house is within policy, i.e the mortgage is only 90% of value/purchase price and that you have the remaining funds to make up the difference in the form of a deposit.

They review the documents and if satisfied they will offer you mortgage approval specific to the house in question. You will have to fill out an a form to join the councils group mortgage protection insurance scheme, if for any reason a queries arises from this you will need to do a tele interview about your health with one of their medical staff. You will also need to get home insurance.

So you have mortgage approval, been cleared to join the MPI scheme. Next up snaglist and paying the rest deposit. Once this has all been addressed then your solicitor calls for the issuing of the cheque, which takes 5 days to clear and they will transfer to the vendor.

Last stage. Get your key.
I know its listed there simply enough but be warned, it's long winded and can get stressful, there is a lot of people involved and there will be setbacks. You just need to push through all that and think of your home at the end of it all.
Any questions on it just ask.
Best of luck

Hi,

I have been to the stage where I signed my mortgage documentation paperwork couple of days back, now how long do u think it will take from her to get the cheque and keys? What is my next step from here?
R they going to call me in to sign more paperwork or what?

I would appreciate your advise

Thanks in advance

Tumbleweed2 · 04-12-2019 12:53am

Hi all,

3 above posts all replied to below.
Thanks

Amary wrote: »

Is it Utmost you are waiting for? I emailed them and they gave me the answer.

MPI crowd seem to offer varied times on getting depending on the medical issues that arise during the teleinterview. Applicants should get full approval for MPI via email or phone and then an official letter from your council, which for some reason I had to send to the Council solicitors at their request (if you read any of my previous rants, my council doesn't have a legal team, so they outsource the legal work to a local legal firm, at my cost of course

so they had no idea i'd been approved.)

Sloppy_Joe wrote: »

Thanks

I believe MPI is only like a tenner a month? How much is home insurance approximately?

If you shopped around you'd be right MPI is quite affordable however with RI if eligible you must be on the councils group MPI scheme, essentially this puts you into the group and premiums are based on averages. The cost of which varies at €80 to €100 p/m depending on the county (from my research which was more focused on commuter counties, I have no idea what the likes of Dublin city or rathdown are charging). If you are not able to avail of the group MPI you must get private MPI with an equal level of cover to that of the Group Scheme.

It's calculated on a reducing balance too, so in theory the premiums should reduce in line with your mortgage and even with this and the rate of 2.25% it's quite competitive repayment vs bank mortgage.

Home insurance I was quoted between €180 to €300 for the year including contents insurance. Shop around on it. It needs to be to the minimum value of the rebuild cost outlined on your valuation and or surveyor report and the councils interest must be noted on the insurance schedule, they request proof of this.

JJ_2019 wrote: »

Hi,

I have been to the stage where I signed my mortgage documentation paperwork couple of days back, now how long do u think it will take from her to get the cheque and keys? What is my next step from here?
R they going to call me in to sign more paperwork or what?

I would appreciate your advise

Thanks in advance

Hi,

I'd contact my solicitor to get an update. Once the documents are signed (although note I had to come in twice to sign documents, so being called in for a few more documents isn't unheard of)and received by the county councils legal team, your solicitor should ask you to send the remainder of the deposit, stamp duty and any council legal fees you are liable for to their client account. If you have already done this or you are in the process, your solicitor makes the necessary transfers and requests for the issuing of cheque, this take a few days. When cheque is received by your solicitor you will have to sign it as it will be in your name and it'll be placed into a client account for you, this will take 5 days to clear, when it is cleared they will transfer the money to the vendor. Keys will then be sent to your solicitor. Stamp duty is to be paid within 3 days of close of sale and then you are homeowners.

I'm not sure you are applying through but my council advised me that if I didn't get the cheque issued by 6th of December I wouldn't get the cheque before mid January as they close over the Christmas period. So if you are hoping to get in before Christmas, get your solicitor to request issuing of cheque asap (provided all documentation has been satisfied).

Hope this helps.

JJ_2019 · 04-12-2019 6:28am

Tumbleweed2 wrote: »

Hi all,

3 above posts all replied to below.
Thanks

MPI crowd seem to offer varied times on getting depending on the medical issues that arise during the teleinterview. Applicants should get full approval for MPI via email or phone and then an official letter from your council, which for some reason I had to send to the Council solicitors at their request (if you read any of my previous rants, my council doesn't have a legal team, so they outsource the legal work to a local legal firm, at my cost of course so they had no idea i'd been approved.)

If you shopped around you'd be right MPI is quite affordable however with RI if eligible you must be on the councils group MPI scheme, essentially this puts you into the group and premiums are based on averages. The cost of which varies at €80 to €100 p/m depending on the county (from my research which was more focused on commuter counties, I have no idea what the likes of Dublin city or rathdown are charging). If you are not able to avail of the group MPI you must get private MPI with an equal level of cover to that of the Group Scheme.

It's calculated on a reducing balance too, so in theory the premiums should reduce in line with your mortgage and even with this and the rate of 2.25% it's quite competitive repayment vs bank mortgage.

Home insurance I was quoted between €180 to €300 for the year including contents insurance. Shop around on it. It needs to be to the minimum value of the rebuild cost outlined on your valuation and or surveyor report and the councils interest must be noted on the insurance schedule, they request proof of this.

Hi,

I'd contact my solicitor to get an update. Once the documents are signed (although note I had to come in twice to sign documents, so being called in for a few more documents isn't unheard of)and received by the county councils legal team, your solicitor should ask you to send the remainder of the deposit, stamp duty and any council legal fees you are liable for to their client account. If you have already done this or you are in the process, your solicitor makes the necessary transfers and requests for the issuing of cheque, this take a few days. When cheque is received by your solicitor you will have to sign it as it will be in your name and it'll be placed into a client account for you, this will take 5 days to clear, when it is cleared they will transfer the money to the vendor. Keys will then be sent to your solicitor. Stamp duty is to be paid within 3 days of close of sale and then you are homeowners.

I'm not sure you are applying through but my council advised me that if I didn't get the cheque issued by 6th of December I wouldn't get the cheque before mid January as they close over the Christmas period. So if you are hoping to get in before Christmas, get your solicitor to request issuing of cheque asap (provided all documentation has been satisfied).

Hope this helps.

Thanks for your help

Sloppy_Joe · 04-12-2019 9:34am

Tumbleweed2 wrote: »

If you shopped around you'd be right MPI is quite affordable however with RI if eligible you must be on the councils group MPI scheme, essentially this puts you into the group and premiums are based on averages. The cost of which varies at €80 to €100 p/m depending on the county (from my research which was more focused on commuter counties, I have no idea what the likes of Dublin city or rathdown are charging). If you are not able to avail of the group MPI you must get private MPI with an equal level of cover to that of the Group Scheme.

Sorry, just to confirm, 80 - 100 euro per month?

Tumbleweed2 · 04-12-2019 10:28am

Sloppy_Joe wrote: »

Sorry, just to confirm, 80 - 100 euro per month?

Yeah, you'll be given a brochure once approved outlining everything that it entails but you are looking at around that. Mine for example is €101.65 or something, it's taken out on the same direct debit as your mortgage so my total payment including that high premium MPI is actually still around 50 euro cheaper than what my mortgage payment would be with BOI (before adding in the 10 - 20 euro for private MPI per month).

Sloppy_Joe · 04-12-2019 10:35am

Tumbleweed2 wrote: »

Yeah, you'll be given a brochure once approved outlining everything that it entails but you are looking at around that. Mine for example is €101.65 or something, it's taken out on the same direct debit as your mortgage so my total payment including that high premium MPI is actually still around 50 euro cheaper than what my mortgage payment would be with BOI (before adding in the 10 - 20 euro for private MPI per month).

That's actually disappointing that it's so much.

Tumbleweed2 · 04-12-2019 12:14pm

Sloppy_Joe wrote: »

That's actually disappointing that it's so much.

Yeah not ideal, but to be fair they are offering more than banks so I guess it is what it is.

Personally, at first I was mad about it but on reflection, I don't mind paying it, I am getting the house I really wanted thanks to RBI compared to the bank that was offering to give me 70% of the funding, and I could not afford a 30% deposit.

lauraITT · 04-12-2019 12:51pm

SuporT wrote: »

Hi, do you know when is closing date?

Closed yesterday 3rd December and got the key!!

Tumbleweed2 · 04-12-2019 12:54pm

lauraITT wrote: »

Closed yesterday 3rd December and got the key!!

Congrats Homeowner!

Which council was that that closed on the 3rd?
I'm wexford and they are open until the 6th.

Davorell · 05-12-2019 2:00am

Congratulations LauraITT and to all that made it through the process.
And thanks to tumbleweed for the big write ups recently.
In regards to CC's MPI scheme, I saw an online Irish times article mention that if you have any preexisting medical conditions, then you are allowed to shop around for other MPI deals. Does anybody have any further info on this and would they recommend if it's possible or would it possibly hamper the application to even mention it?

JJ_2019 · 05-12-2019 9:15am

lauraITT wrote: »

Closed yesterday 3rd December and got the key!!

Congratulations Laura, how long it takes to get the keys after signing all the direct debits paperwork for the council. It looks like its never going to end.

Can u give us an estimate idea please?

Thank u

Tumbleweed2 · 05-12-2019 12:12pm

Davorell wrote: »

Congratulations LauraITT and to all that made it through the process.
And thanks to tumbleweed for the big write ups recently.
In regards to CC's MPI scheme, I saw an online Irish times article mention that if you have any preexisting medical conditions, then you are allowed to shop around for other MPI deals. Does anybody have any further info on this and would they recommend if it's possible or would it possibly hamper the application to even mention it?

Happy to give the info if it helps!

You're right, if you have a pre existing medical condition that deems you ineligible for join the Group Scheme MPI, then you must shop around and get cover of equal value to the MPI. You can only be deemed ineligible for the MPI after a tele interview and they decline your application to join it. If you are approved for MPI after the tele interview than you must avail of it. This is outlined on the mortgage approval letter as a condition of approval.

I'd be of the opinion (not experienced it myself as I was approved for MPI scheme, had tele interview for asthma) that if you were to disclose something that makes you ineligible for the group MPI scheme, chances are telling a private MPI provider the same thing may also make you uninsurable or result in higher premiums (maybe not as high as group scheme but higher than the 15 to 20 I was being quoted prior to finding out I'd been approved for MPI scheme).

BeansBeans · 07-12-2019 1:30am

Shonalou16 wrote: »

Hello,

We applies the Cork City Council last July 2018, we got our approval in principle the following March ( not 6-8 weeks as advised more like months) and we found a house in June and went Sale agreed.

We got an engineer report done, drains report and valuation which cost us 1000€ in total.

Yesterday we got a refusal letter yesterday on the grounds we didnt have savings to modernise our house ie whats pointed out in our engineers report eg a fitted kitchen.

We are absolutly gutted after waiting 16 months to then be refused because we dont have savings to do up our home which we have planned to do in stages?

Any body else apply with the Cork City Council we are in absolue shock!

This is rather terrifying, we are about to go sale agreed on an older house very soon. Love the house and location.
We won't have a huge amount left in our savings after.deposit, we were also looking to do it up in stages and start with some major renovation at the start with financial gift from a parent.

I have found Cork City council rather difficult to deal with so far, so very worried now. I'm not sure I could handle starting the house hunt all over again.

Thatgirlthere · 15-12-2019 9:30am

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

deedee26 · 15-12-2019 10:53am

Thatgirlthere wrote: »

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

I applied for a variable rate, then all of a sudden stopped giving variable rate, so I got my approval for what I requested on a Fixed rate. I told them I didnt want my term to be as long on a Fixed rate as I couldn't reduce it by paying of extra each month. So I had to reapply for same amount with a reduced term. It only took 2 weeks. As the council when the next credit committee meeting is. Then allow another 2 weeks to find out if you were accepted for MPI.

kbman · 15-12-2019 11:14am

Thatgirlthere wrote: »

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

I don't think it'll take that long.
I was looking to renegotiate after receiving the legal pack.
Like yourself I was thinking it would take a few months to get something like this done. I haven't formally requested it, but was told that it wouldn't take as long as 2 months. I was told that the figures have to be precise, sounds similar to the problem you encountered.

So, they won't issue the legal pack because the forms aren't correct form to do that? Do you have to submit all the forms again or just something written?

It's not easy is it? The option is to send her an email in Wicklow Council.
I sent a mail on Thursday/Friday at lunchtime and she called me back 3 hours later. I presuming your talking about the initial admin before you get to the legals/revenue stage?

Happy to PM if you prefer.

Tumbleweed2 · 16-12-2019 2:44pm

Thatgirlthere wrote: »

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

That's the strangest thing, so you are looking to drawdown less? This happened to me, I was approved for the full amount but I ended up needing less and all they did was issue me an amended letter, had it in about 3 days.
Maybe your mortgage approval is due to expire and that is why they want you to reapply? To be honest I've only heard negative things about Wicklow CoCo on this, one being my own brother, so I wouldn't put it past them

DanyTargaryen · 16-12-2019 2:50pm

Thatgirlthere wrote: »

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Has anyone had this experience.??

Hi, I applied for a mortgage of 200,000 with South Dublin County council but went sale agreed on a property costing 207,000 bringing down my loan amount to 186,300. All they did was email me to confirm that this was the max amount they would give for that property and asked me to just reply and confirm I was happy to proceed. I think they were worried about people getting approved for 205K and thinking they only need a 5K deposit.

Sorry, I can't help more but thought I'd share my experience. County councils seem to have their own rules and processes a lot of the time.

cottonsoft321 · 17-12-2019 1:43pm

HI everyone , been following this thread for a while lots of great info , thanks ,

I have a few questions I would be greatful if any one could answer please ?

Has anyone any info on Westmeath co co ? wait times , successful applicants statistics ? How are they to deal with etc ?

Married couple with 4 children , only 1 adult in full time employment do we still apply as 2 applicants or single applicant ?

Do you have to have all of the deposit saved at time of applying ?

Would you apply now knowing you won't be deposit ready for 6 months ? eager to get the ball rolling , thanks .

DanyTargaryen · 17-12-2019 3:01pm

cottonsoft321 wrote: »

Do you have to have all of the deposit saved at time of applying ?

Would you apply now knowing you won't be deposit ready for 6 months ? eager to get the ball rolling , thanks .

I believe you do need to have all of the deposit saved up at the time of applying. It says you do in the application form however different councils have been interpreting the requirements differently i.e. some accepted self generated bank statements, some don't.

I totally understand the logic of wanting to apply now while you're saving since it's such a long process but I think you'd be better off getting everything in order first and then applying. They've been known to refuse people over tiny things so you'll minimise the risk of doing your prep, submitting, waiting a few weeks and then getting a refusal and having to re-submit.

Good luck with your app! I'm not applying through Meath so can't help with your other questions I'm afraid.

Shamboo1801 · 18-12-2019 11:40am

Thatgirlthere wrote:

Hi Folks, hoping someone can HELP!! feeling super deflated. We have just recieved our closing date of 30th Jan 2020, however Wicklow Coco have told us that because we applied for 285k and the house is agreed at 282k thay we will have to reapply!!!!!!!!!! It took is 5 months to get a decision on the last application... surely we can't be expected to wait in sale agreed for another 5 months??

Thatgirlthere wrote:

Has anyone had this experience.??

Something wrong there. I went through wcc and had applied for 282k but only needed 260k. From what I remember, the solicitors sent through requesting an amended document and received it in a week or so.

Tumbleweed2 · 18-12-2019 12:02pm

cottonsoft321 wrote: »

HI everyone , been following this thread for a while lots of great info , thanks ,

I have a few questions I would be greatful if any one could answer please ?

Has anyone any info on Westmeath co co ? wait times , successful applicants statistics ? How are they to deal with etc ?

Married couple with 4 children , only 1 adult in full time employment do we still apply as 2 applicants or single applicant ?

Do you have to have all of the deposit saved at time of applying ?

Would you apply now knowing you won't be deposit ready for 6 months ? eager to get the ball rolling , thanks .

Welcome to the club.

I didn't deal with Westmeath before but it seems that every council is different.
You need to be able to provide proof of deposit with your application form, if you are a first time buy this can also be in the form of Help to buy approval.

You will need to apply as "Two applicants, one income" in your situation if the applicant not in employment wants their name on the loan and therefore the deed of the property in question.

If you have any questions on the process, I posted a few essays a few pages back, feel free to check them out or alternatively you can just ask here again, happy to help.

c0w3jz6eia8h9n · 18-12-2019 6:28pm

Hi there,

I was hoping that someone could answer me in regards to applying as a sole applicant if one is married?

I have a full time job whereas my partner is only temporary. Jointly we would be currently above the threshold to be eligible; that could change though with the precarious nature of my partners profession. However, if I was to join as a single applicant I would be just under the single applicant threshold.

There is nothing outright that I can see from my initial research that would suggest that it would be a problem to go it alone but I'm not 100% sure and would greatly appreciate if someone could please help.

Len_007 · 19-12-2019 10:46am

Any one have experience in using the Rebuilding Ireland Home Loan in conjunction with the Help To Buy scheme on a new build? Is this possible? And if so, is securing a property off the plans doable too? (Apologies if this has been covered already)

kbman · 19-12-2019 11:49am

Len_007 wrote: »

Any one have experience in using the Rebuilding Ireland Home Loan in conjunction with the Help To Buy scheme on a new build? Is this possible? And if so, is securing a property off the plans doable too? (Apologies if this has been covered already)

Yep, I'm doing all of the above.
I'd advise you to do your research as the solicitor we're dealing with isn't too aware of the rebuilding ireland home loan and help to buy.
You may just need an extension depending on how long until the house is built.

Tumbleweed2 · 19-12-2019 12:13pm

Vaughn Cold Muck wrote: »

Hi there,

I was hoping that someone could answer me in regards to applying as a sole applicant if one is married?

I have a full time job whereas my partner is only temporary. Jointly we would be currently above the threshold to be eligible; that could change though with the precarious nature of my partners profession. However, if I was to join as a single applicant I would be just under the single applicant threshold.

There is nothing outright that I can see from my initial research that would suggest that it would be a problem to go it alone but I'm not 100% sure and would greatly appreciate if someone could please help.

A requirement of this loan is you will have to sign documents confirming that you are sole owner of the house and no one else will have an interest in it ( wife/child etc.) So from what I gather it means nothing preventing you from selling it or anything. I signed it because I am single with no dependants, so no issue. I'm not too sure how it'd work in your case as you wouldn't be able to sign same.

It might be worth a chat with your council, some banks don't take into consideration temporary contract, if they are the same it means you might be able to apply based on your income as the sole guaranteed permanent full time income.
Best of luck

Len_007 · 19-12-2019 12:16pm

kbman wrote: »

Yep, I'm doing all of the above.
I'd advise you to do your research as the solicitor we're dealing with isn't too aware of the rebuilding ireland home loan and help to buy.
You may just need an extension depending on how long until the house is built.

Thanks kbman, that is really good to know.
RE extension, I've been told by my council (Wicklow) that a three month extension would initially be possible (I didn't clear on what grounds that would be granted though). In your experience, was your extension given the time needed for the property to be built and ready for occupation?

Tumbleweed2 · 19-12-2019 12:20pm

Len_007 wrote: »

Any one have experience in using the Rebuilding Ireland Home Loan in conjunction with the Help To Buy scheme on a new build? Is this possible? And if so, is securing a property off the plans doable too? (Apologies if this has been covered already)

Yes this is possible. Easily done once house meets criteria for both. You can also submit your approval for HTB as proof of deposit on your application form. Just note, council pays by cheque this will take 5 days to clear and HTB takes 5 working days to pay out from day of claim (when you upload docs), so don't leave yourself short on time.

Tumbleweed2 · 19-12-2019 12:22pm

Len_007 wrote: »

Thanks kbman, that is really good to know.
RE extension, I've been told by my council (Wicklow) that a three month extension would initially be possible (I didn't clear on what grounds that would be granted though). In your experience, was your extension given the time needed for the property to be built and ready for occupation?

From what I gather 3 months is the norm, anything over you are looking at reapplication territory ( this is info I got during a chat with the council, when I was debating waiting on a development to build a house or getting an already built new build on the same development)

Edit: I went for the already built so no extension required, so thats my limit of knowledge on the subject

deedee26 · 19-12-2019 11:26pm

Solicitor sent me a message today to say she has received my loan pack, and will ring me next week. What's next? I know I need my house insurance in place before signing anything else required?

kbman · 20-12-2019 2:17am

Len_007 wrote: »

Thanks kbman, that is really good to know.
RE extension, I've been told by my council (Wicklow) that a three month extension would initially be possible (I didn't clear on what grounds that would be granted though). In your experience, was your extension given the time needed for the property to be built and ready for occupation?

We submitted the Help to buy this week and it's been claimed for by the builders.
The legal pack has been issued and we signed it but not sure if it's been sent back to the Council.
We're also going through Wicklow, we bought in Meadow Gate, and our house isnt' ready until I'm guessing June at this stage, although MArch/april was intiial timeline. I asked about extension and she said that we just need to give time for that, we'll have to ask again soon enough.

So, we'll probably apply for an extension after christmas, builders should have accurate timelines by then.

Tumbleweed2 · 20-12-2019 12:18pm

deedee26 wrote: »

Solicitor sent me a message today to say she has received my loan pack, and will ring me next week. What's next? I know I need my house insurance in place before signing anything else required?

Assuming you've sorted your mortgage protection insurance, it should just be the home insurance, then they will ask you details down the line PPSN etc, but that is literally just before pay out of funds. Best of luck.

Tumbleweed2 · 20-12-2019 12:21pm

kbman wrote: »

We submitted the Help to buy this week and it's been claimed for by the builders.
The legal pack has been issued and we signed it but not sure if it's been sent back to the Council.
We're also going through Wicklow, we bought in Meadow Gate, and our house isnt' ready until I'm guessing June at this stage, although MArch/april was intiial timeline. I asked about extension and she said that we just need to give time for that, we'll have to ask again soon enough.

So, we'll probably apply for an extension after christmas, builders should have accurate timelines by then.

My brother is going to buy there too, nice area. Exact same position as you, seeking extension. I'll have a chat with him and see where he is at with it over xmas and post an update if he's even got that far, he only got approved on appeal this month after waiting 6 months, being declined, appealing with no additional information, waiting 2 months and then getting approval. Don't know what is going on in that wicklow office.

Rebuilding Ireland home loan

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