Rebuilding Ireland home loan

Jamesiekel · 04-06-2019 4:42pm

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

Stekell · 04-06-2019 11:00pm

Hi,

Just wondering if anyone has any recommendations for a good solisitor?! We are based in Dublin. We're obviously looking for someone who's not too expensive but works hard and communicates well because obviously time is very important when it comes to closing a deal. We have applied and are hoping to hear back soon,... Are we right in thinking that choosing a solisitor and establishing a relationship with them in preparation is our next move?

Thank you for any advice you might have! The whole process is just so foreign to us that we are at a loss

pillphil · 05-06-2019 2:13am

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?

Milenauno · 05-06-2019 6:10am

We have been told that we are approved by DCC and that our letter will be in post in few days. In the meantime I changed the job ( for better) not in probation. I wrote them to tell them and they said to send new payslips and salary certificate if we want to recalculate the amount. Does anyone have experience with that? Is it better to keep what we got or apply for bigger amount jeopardizing the outcome?

BelleO · 06-06-2019 3:46pm

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.

BelleO · 06-06-2019 3:50pm

pillphil wrote: »

Could ye share the councils so we know?

I have been approved with Fingal CoCo. Fingal don't require official offer letters from banks anymore (they did up until recently) A screenshot of the online mortgage calculators suffice with Fingal.

BelleO · 06-06-2019 3:59pm

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 · 06-06-2019 5:43pm

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!

Ukelele! · 06-06-2019 7:28pm

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

Stekell · 06-06-2019 9:42pm

BelleO wrote: »

I have been approved with Fingal CoCo. Fingal don't require official offer letters from banks anymore (they did up until recently) A screenshot of the online mortgage calculators suffice with Fingal.

Hi,... Sorry to butt in but just wondering, if you have been approved recently, how long did it take?! We have our application in two months now and are really itching to get moving ðŸ˜‚

Jmk725 · 07-06-2019 9:12am

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.

klub44 · 07-06-2019 10:58am

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!

Some council have own solicitor so you wont have to pay. Other ones using external legal services you will have to pay for.

Ukelele! · 08-06-2019 8:09am

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 · 08-06-2019 5:55pm

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

Evenstevens · 08-06-2019 5:59pm

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.

bakerie · 08-06-2019 6:39pm

I was thinking the same, thanks.

Jellapino15 · 08-06-2019 9:22pm

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.

DamoNolan · 09-06-2019 6:58am

Jellapino15 wrote: »

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.

How long did you have to wait to get your final approval letter and which council are you with? Thanks

JessC1987 · 09-06-2019 6:12pm

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?

Darkglasses · 09-06-2019 6:34pm

JessC1987 wrote: »

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?

Wexford goes the same, no need to accept the offer. I don't really see the point tbh.

JessC1987 · 09-06-2019 6:47pm

Darkglasses wrote: »

Wexford goes the same, no need to accept the offer. I don't really see the point tbh.

Thank you! I know same here. There is a couple of other things in the pack I'm unsure of so I'm gonna call them up tomorrow and get those answered to be sure and hopefully go find us a house!!

BelleO · 09-06-2019 8:16pm

Stekell wrote: »

Hi,... Sorry to butt in but just wondering, if you have been approved recently, how long did it take?! We have our application in two months now and are really itching to get moving &#55357;&#56834;

Hi, no bother at all. We submitted our application back in October and we didn’t get our approval until mid January. I think the Christmas holidays may have delayed things for us. It seems that some councils are quicker than others. It’s no harm calling them and just asking what stage they are at. Fingal’s credit committee only meet once a month & think that’s the same for most of the councils which seems to be the most lengthy part of the application process.
Best of luck with your application.

Amary · 11-06-2019 9:09pm

https://www.irishexaminer.com/breakingnews/ireland/minister-expected-to-make-significant-announcement-regarding-rebuilding-ireland-home-loan-scheme-930145.html

Hopefully it will be good news this week.

alane20 · 12-06-2019 10:50pm

Hi folks, im looking to apply for this, i work for a semi state have solid job 13 years and its semi state pension, im 38, separated with 3 kids from previous marriage, my ex and i did not own property,

So im trying to move forward with my life, my basic wage is 50k per year, now my p60 for last year is 63K, obviously im working loads of overtime to get the deposit together,

The house im looking at well 2 houses first one is 145k and preferred option is house number two 160K

By my logic I am over the income threshold this is a ridiculous scenario that you can earn too much for this house loan yes too little for a bank

With my salary cert which would say my income is 50k per year would they possibly discount the overtime and take it on my guaranteed earnings

Jamesiekel · 14-06-2019 11:01am

For anyone waiting to hear back from SDCC it might take a while, the Credit committee hasn't met at all in 2019. I can imagine the back log being ridiculous.

swarmberg · 14-06-2019 3:52pm

Applied to Fingal in Feb and got the letter of approval in principal at the end of May. Was shocked at how quickly it was before credit committee etc. Every council seems so different in terms of timings.

IrinaO85 · 14-06-2019 4:59pm

Anyone knows anything about Wicklow County Council. I applied in the midMarch, still no answer, I know that I have been approved by Housing Agency, now it is with Credit Committee. Anyone been approved recently in Wicklow?

Dave087 · 14-06-2019 7:30pm

Applied in January to SDCC, still waiting. Is it a good sign if your application is with the credit committee? How many stages is there before/after the credit committee. Appreciate any replies

valarmorghulis · 14-06-2019 9:05pm

Hi there,

I would be very appreciative if anyone could share some advice as regards the current situation with the scheme.I have not submitted my application yet. My max loan amount would be around 170k as per RIHL calculator.I would be a single applicant, looking at 1bed apartments in D1, D7, D8, around 170-200k.I will be rejected per the bank’s calculators.I am a first timer buyer, under the income thresholds, & meet the edibility criteria for the scheme, however I am wondering being a single applicant & the fact I am looking at 1 beds will mean I have to meet a higher threshold, e.g. a 20% deposit.

Obviously a 2 bed would be a safer bet,with safety net of renting extra room,however, prices would be in the 240-250 range,out of my budget.I’m 31,renting in Dublin for 13 years so just trying to stop throwing away dead money & 1bed starter apt with RIHL looking like my best option,close to hundreds of relevant jobs within walking distance(no car expenses,travel etc).

I also had seen 2 years in continuous employment as a requirement, I was also checking as long as I was full time employment current with 12 months of payslips/salary cert & no probation, would this suffice ?

Any advice would be greatly appreciated.

Darkglasses · 15-06-2019 12:37am

valarmorghulis wrote: »

Hi there,

I would be very appreciative if anyone could share some advice as regards the current situation with the scheme.I have not submitted my application yet. My max loan amount would be around 170k as per RIHL calculator.I would be a single applicant, looking at 1bed apartments in D1, D7, D8, around 170-200k.I will be rejected per the bank’s calculators.I am a first timer buyer, under the income thresholds, & meet the edibility criteria for the scheme, however I am wondering being a single applicant & the fact I am looking at 1 beds will mean I have to meet a higher threshold, e.g. a 20% deposit.

Obviously a 2 bed would be a safer bet,with safety net of renting extra room,however, prices would be in the 240-250 range,out of my budget.I’m 31,renting in Dublin for 13 years so just trying to stop throwing away dead money & 1bed starter apt with RIHL looking like my best option,close to hundreds of relevant jobs within walking distance(no car expenses,travel etc).

I also had seen 2 years in continuous employment as a requirement, I was also checking as long as I was full time employment current with 12 months of payslips/salary cert & no probation, would this suffice ?

Any advice would be greatly appreciated.

There is no requirement in the credit policy for a 20% deposit for anyone, regardless of circumstance. I don't think the property will make a massive difference to your application - your personal finances are always the critical factor. Renting an extra room isn't at all what RIHL is aimed towards. Slight speculation on my part - but it's basically aimed at the people who won't qualify for HAP but still need housing supports (who are still an acceptable loan risk as per the guidance for the Central Bank etc.).

2 Years continuous employment (as per the definition of this scheme) is a requirement for approval. The acceptable break in employment to still qualify as continuous is 4 weeks, based on the FAQs on the RIHL website.

Shamboo1801 · 17-06-2019 8:34pm

IrinaO85 wrote:

Anyone knows anything about Wicklow County Council. I applied in the midMarch, still no answer, I know that I have been approved by Housing Agency, now it is with Credit Committee. Anyone been approved recently in Wicklow?

We applied in August last year, went sale agreed in September and had our keys in December. Found them to be very quick and helpful.

IrinaO85 · 18-06-2019 11:03am

Shamboo1801 wrote: »

We applied in August last year, went sale agreed in September and had our keys in December. Found them to be very quick and helpful.

I do not know. I hear from them just automatic reply: I will be in touch, I will be in touch

Laurazal · 18-06-2019 4:32pm

Hi Guys, quick question: after submitting the initial application and all the supporting documents, do they check your bank statements at a later stage again? I mean, after submitting 1 years bank account statements, can I “relax” a little bit with my finances? I mean, nothing fancy - just thinking of a well-overdue mini holiday break but feeling guilty and not sure if creditors will treat this as “lavish” spending at a later stage…

mistersifter · 18-06-2019 4:38pm

^^ submitted an application last week and got a letter today stating that they would need up to date financial info when they get around to decision time.

Evenstevens · 18-06-2019 5:51pm

Laurazal wrote: »

Hi Guys, quick question: after submitting the initial application and all the supporting documents, do they check your bank statements at a later stage again? I mean, after submitting 1 years bank account statements, can I “relax” a little bit with my finances? I mean, nothing fancy - just thinking of a well-overdue mini holiday break but feeling guilty and not sure if creditors will treat this as “lavish” spending at a later stage…

I went sale agreed and had to submit statements from the time I made the original application to present so I’d go easy if I were you. I just kept saving as I had been while house hunting

Dave_Geoghegan · 18-06-2019 7:50pm

Hi there,
Just wondering if anyone who has been through the process can help. Is overtime that is not guaranteed taken into account? And anyone that receives country money from employer (also not guaranteed) included? Submitting our application and just want an idea if we will be over budget or not.
Thanks for reading.

Shadow2019 · 19-06-2019 8:09pm

Has anyone successfully received a RI Loan with a mark on credit rating? When I spoke to the helpline they said ICB is the only one checked but I’d imagine the CCR is checked also? I have some credit issues from the past (all fully paid) but am in a much healthier financial position the last 3 years and can show substantial savings. Looking to apply to south dublin CC Thanks!

Mark Hamill · 20-06-2019 12:14pm

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 bought my house through this scheme last year (went sale agreed nearly a year ago, moved in in November) and I was billed both the councils solicitor's costs and labour fees. I disputed the labour fees but had to pay it at the time as I couldn't wait and I have been trying to recover it for nearly a year now. Multiple emails to housing.gov.ie pointing out that the legislation on this loan (Sec 10(1)(e and f))and the consumer credit act say that I shouldn't have been billed and they say they are still waiting for legal advice on the matter.

Be nice to here if anyone else was charged this but got their money back? I bought in Meath CoCo.

IrinaO85 · 20-06-2019 2:40pm

Does anyone know if being approved by Housing Agency is a good sign, or it doesn’t mean anything and County council can reject my application?

Laurazal · 20-06-2019 3:45pm

Mark Hamill wrote: »

I bought my house through this scheme last year (went sale agreed nearly a year ago, moved in in November) and I was billed both the councils solicitor's costs and labour fees. I disputed the labour fees but had to pay it at the time as I couldn't wait and I have been trying to recover it for nearly a year now. Multiple emails to housing.gov.ie pointing out that the legislation on this loan (Sec 10(1)(e and f))and the consumer credit act say that I shouldn't have been billed and they say they are still waiting for legal advice on the matter.

Be nice to here if anyone else was charged this but got their money back? I bought in Meath CoCo.

Hi mark, how long did it take for Meath CoCo. to process your application, approve it etc.? I am bringing my application to them next week and curious how slow/quick they are...

Mark Hamill · 21-06-2019 8:37am

Laurazal wrote: »

Hi mark, how long did it take for Meath CoCo. to process your application, approve it etc.? I am bringing my application to them next week and curious how slow/quick they are...

I applied right when these loans were new, February or March 2018 and it took about a month at the time.

mirabella1 · 24-06-2019 10:12pm

Hello. Could anybody help me. I would like apply for that rebuilding loan scheme. There is that I need to letter of insufficient from two banks. Anybody know how that letters looks like?

Laurazal · 25-06-2019 9:46am

mirabella1 wrote: »

Hello. Could anybody help me. I would like apply for that rebuilding loan scheme. There is that I need to letter of insufficient from two banks. Anybody know how that letters looks like?

I believe these are letters saying that you do not qualify for the loan or insufficient offers from the banks. I am going to Coco tomorrow. I have two letters: one is from EBS stating that we do not qualify for the loan (they were very kind and provided the letter without application process); the other letter I got from AIB - I starter an electronic mortgage application process and received an email with approval in principle for the amount lesser than the one I will be applying to Coco.
Hopefully these will be sufficient.

Laurazal · 25-06-2019 2:42pm

Just wondering if printed out electronic statements from the bank (AIB) will be accepted by Coco or do they still require them in colour?

Jmk725 · 25-06-2019 2:45pm

Laurazal wrote: »

Just wondering if printed out electronic statements from the bank (AIB) will be accepted by Coco or do they still require them in colour?

That will depend on the Co. Council, some do and some don't.
Contact your council and see what they say, get it in writing though.

mirabella1 · 25-06-2019 9:59pm

Laurazal wrote: »

I believe these are letters saying that you do not qualify for the loan or insufficient offers from the banks. I am going to Coco tomorrow. I have two letters: one is from EBS stating that we do not qualify for the loan (they were very kind and provided the letter without application process); the other letter I got from AIB - I starter an electronic mortgage application process and received an email with approval in principle for the amount lesser than the one I will be applying to Coco.
Hopefully these will be sufficient.

Thank you. Yes I have the same principle letter from Bank of Ireland and then I applied in Aib, she said she will do for me that decline letter.
I think you can use online calculator and do screen shots aswell.

mirabella1 · 25-06-2019 10:05pm

Hello I have one more question. My husband has full time job, so all paperworks is based on that, but he should have now good chance to change job(i know it's not good timing).
My question is, is it problem if he will have different job, because on application form they saying you have to be in continuous employment , but he will have job just different, straight away go from one job to another job. I hope it's understanding. Thank you.

Jmk725 · 26-06-2019 8:42am

mirabella1 wrote: »

Hello I have one more question. My husband has full time job, so all paperworks is based on that, but he should have now good chance to change job(i know it's not good timing).
My question is, is it problem if he will have different job, because on application form they saying you have to be in continuous employment , but he will have job just different, straight away go from one job to another job. I hope it's understanding. Thank you.

Their can be a 4 week gap in employment, you will be okay.

elizunia87 · 26-06-2019 10:18am

My Husband probation ends in September. I rang to the South Council and he said it is okey, do not see any issue to apply now, that but he sounded not 100%sure. He mentioned as well if we rwfuswd on this grounds we can apply again.

Can someone advise me or maybe has experience with probation period? I am worried they Will stop taking applications soon

Stekell · 27-06-2019 2:09pm

We have just been accepted today by the DCC for 288,000, now for the next phase. Just a quick question does anyone know if we only need for example 250,000 could we still take the 288,000 to go towards refurbishments?

Rebuilding Ireland home loan

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