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Rebuilding Ireland home loan

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Comments

  • #352
    autumnbelle
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭autumnbelle


    Does anyone who has drawn down know- one of the requirements is to show the balance of the funds in your account, we are using the help to buy scheme we dont have this in our account, is it enough to show the balance and then the print off of the help to buy amount


  • #353
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Hi I'm back after all the information thank you . So I put all my documents into the council 2 days ago and my stomach has been sick ever since ... I'm terrified . There are new builds going up in our area and we are hoping for one of them... absolutely petrified


  • #354
    autumnbelle
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭autumnbelle


    Also it stated in our letter of offer that we will be liable for councils legal fees, does anyone have ball park figure of what this will cost or when it has to be paid


  • #355
    SNNUS
    Registered Users Posts: 768 ✭✭✭SNNUS


    autumnbelle wrote: »
    Does anyone who has drawn down know- one of the requirements is to show the balance of the funds in your account, we are using the help to buy scheme we dont have this in our account, is it enough to show the balance and then the print off of the help to buy amount

    Show the balance to who? The drawdown goes to your solicitor who pass on the funds once completed to sellers solicitor.


  • #356
    autumnbelle
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭autumnbelle


    SNNUS wrote: »
    Show the balance to who? The drawdown goes to your solicitor who pass on the funds once completed to sellers solicitor.

    On our letter of approval in principal it asks for the documentation to show the full amount of the balance of remaining funds in our accounts, to the council


  • #357
    redmond08
    Registered Users Posts: 165 ✭✭redmond08


    So after nearly 16 weeks I finally got word back on Friday and we got approved the €288000. I'm so delighted, me and my partner have a booking deposit on a new house already, but it won't be ready till late December. Just waiting for the letter in the post, so what's the next stage?


  • #358
    Laney835
    Registered Users Posts: 9 ✭Laney835


    How long did you wait to hear an answer of if you received the loan after the application went back to your county council. Our Coco received our application back from underwriters a week ago.... How much longer before i hear anything else?


  • #359
    SNNUS
    Registered Users Posts: 768 ✭✭✭SNNUS


    redmond08 wrote: »
    So after nearly 16 weeks I finally got word back on Friday and we got approved the €288000. I'm so delighted, me and my partner have a booking deposit on a new house already, but it won't be ready till late December. Just waiting for the letter in the post, so what's the next stage?

    Finally ! Congratulations , they made you sweat it!

    Next stage is the approval letter , you accept that in writing. Give them the details of the house you have the deposit on and advise them of your solicitor.

    You then get draft loan documents sent to you and they will be sent to your solicitor one month later. You have lots of time with your house so none of this will delay you.

    Sort out your Help to buy application with revenue and start shopping for bits and bobs!

    Drawdown the funds before the 6 months expire but should not be an issue.

    Ask if you can get your own MPI in place and house insurance closer to the time 😊


  • #360
    redmond08
    Registered Users Posts: 165 ✭✭redmond08


    SNNUS wrote: »
    Finally ! Congratulations , they made you sweat it!

    Next stage is the approval letter , you accept that in writing. Give them the details of the house you have the deposit on and advise them of your solicitor.

    You then get draft loan documents sent to you and they will be sent to your solicitor one month later. You have lots of time with your house so none of this will delay you.

    Sort out your Help to buy application with revenue and start shopping for bits and bobs!

    Drawdown the funds before the 6 months expire but should not be an issue.

    Ask if you can get your own MPI in place and house insurance closer to the time 😊

    Yeah I have my code ready for my HTB. So when I get the letter for my approval, I upload that and signed contracts to revenue.ie, or is another letter the council send out that I upload?


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  • #361
    redmond08
    Registered Users Posts: 165 ✭✭redmond08


    Laney835 wrote: »
    How long did you wait to hear an answer of if you received the loan after the application went back to your county council. Our Coco received our application back from underwriters a week ago.... How much longer before i hear anything else?

    We rang on Friday morning and he said that he had a meeting with the credit committee about our application that morning and would ring us in the evening. 4 hours later he rang us and said we got approved. If you reach the credit committee then that's a very good sign that the underwriters/housing agency were happy with your application!


  • #362
    Mark Hamill
    Registered Users, Registered Users 2 Posts: 7,781 ✭✭✭Mark Hamill


    SNNUS wrote: »
    I did not have to provide any updated payslips etc..

    I had to give updated bank statements, no payslips though.


  • #363
    Mark Hamill
    Registered Users, Registered Users 2 Posts: 7,781 ✭✭✭Mark Hamill


    autumnbelle wrote: »
    Also it stated in our letter of offer that we will be liable for councils legal fees, does anyone have ball park figure of what this will cost or when it has to be paid

    Based on the bill I got, the fee is in two parts -
    1) Registry fees totalling €780 (these are set and would have to be paid even if your solicitor was doing them).
    2) Professional fees - I was billed ~€680 (could be different depending on the solicitor though).

    It would likely have to paid before drawdown (I haven't reached that yet and I am disputing the fees).


  • #364
    autumnbelle
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭autumnbelle


    Mark Hamill wrote: »
    Based on the bill I got, the fee is in two parts -
    1) Registry fees totalling €780 (these are set and would have to be paid even if your solicitor was doing them).
    2) Professional fees - I was billed ~€680 (could be different depending on the solicitor though).

    It would likely have to paid before drawdown (I haven't reached that yet and I am disputing the fees).


    Can you let us know how you get on please


  • #365
    djan
    Registered Users, Registered Users 2 Posts: 1,872 ✭✭✭djan


    Has anybody been able to get their own MPI on this scheme? The quoted 10% of monthly repayments isn't ideal...


  • #366
    LK1988
    Registered Users Posts: 29 ✭LK1988


    Just wondering has anybody been rejected after the credit commitee?

    My application seems to have passed underwriters and housing agency to get to credit commitee but if they have approved what does the credit committee do?


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  • #367
    Mark Hamill
    Registered Users, Registered Users 2 Posts: 7,781 ✭✭✭Mark Hamill


    autumnbelle wrote: »
    Can you let us know how you get on please

    Will do, but that sale fell through and I'm currently only a week sale agreed on another property so it might be a while before I hear anything back.


  • #368
    redmond08
    Registered Users Posts: 165 ✭✭redmond08


    LK1988 wrote: »
    Just wondering has anybody been rejected after the credit commitee?

    My application seems to have passed underwriters and housing agency to get to credit commitee but if they have approved what does the credit committee do?

    The underwriters/housing agency give their recommendations and then it's the council's credit committee who give the final say. But if it's got to the credit committee then that's very positive.


  • #369
    Cocobean1
    Registered Users Posts: 31 ✭Cocobean1


    LK1988 wrote: »
    Just wondering has anybody been rejected after the credit commitee?

    My application seems to have passed underwriters and housing agency to get to credit commitee but if they have approved what does the credit committee do?

    Do you mind if ask if you got a letter telling you it had gone to the credit committee or did you ring and ask? I haven't heard anything yet my application went in 3 weeks ago.


  • #370
    LK1988
    Registered Users Posts: 29 ✭LK1988


    Cocobean1 wrote: »
    Do you mind if ask if you got a letter telling you it had gone to the credit committee or did you ring and ask? I haven't heard anything yet my application went in 3 weeks ago.


    I pretty much have SDCC on speed diall at this stage. I called and they told me it was with the credit commitee.


  • #371
    Cocobean1
    Registered Users Posts: 31 ✭Cocobean1


    LK1988 wrote: »
    I pretty much have SDCC on speed diall at this stage. I called and they told me it was with the credit commitee.

    Thanks. I might give them a ring tomorrow just to see if there's any progress, no harm I suppose.


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  • #372
    raheny red
    Registered Users, Registered Users 2 Posts: 2,591 ✭✭✭raheny red


    ladam wrote: »
    So have most people who have got approved had to show updated statements and/or payslips?
    Our situation has changed since we applied so we will be rightly fecked if that's the case! I hate this ****ein country ��

    Dublin City's approval letter said we will have to provide updated statements, can't remember if payslips was mentioned. Fingal's didn't mention it.


  • #373
    zamzam1983
    Registered Users Posts: 8 ✭zamzam1983


    Hi I’m just wondering how many months bank statements you had to give when applying for this loan? Many thanks


  • #374
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    They look for twelve months and 12 months savings also best of luck


  • #375
    bri007
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭bri007


    Anyone help me out, just wondering how are people doing the 2 bank refusals, I read people are doing it online but which banks online, we went to a bank last week but they said we have to make a full application before they issue us with a letter of what we would be approved or refused for?

    Thanks in advance


  • #376
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Bank of Ireland do it over the phone and aid also but u need to send documents to them and they take about a week to get the letter


  • #377
    stryker mcqueen
    Registered Users Posts: 1,288 ✭✭✭stryker mcqueen


    bri007 wrote:
    Anyone help me out, just wondering how are people doing the 2 bank refusals, I read people are doing it online but which banks online, we went to a bank last week but they said we have to make a full application before they issue us with a letter of what we would be approved or refused for?

    bri007 wrote:
    Thanks in advance


    AIB was the easiest I found , approval in principal letter provided without having to speak to someone ha


  • #378
    bri007
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭bri007


    Did you just do the application online and then send in salary certs, pay slips etc?
    stryker mcqueen wrote: »
    AIB was the easiest I found , approval in principal letter provided without having to speak to someone ha


  • #379
    stryker mcqueen
    Registered Users Posts: 1,288 ✭✭✭stryker mcqueen


    bri007 wrote: »
    Did you just do the application online and then send in salary certs, pay slips etc?

    Just did the application , and letter was provided straight away to download , I never sent them a thing


  • #380
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    They told me it would be that easy if i was a member with them it still only tool a week where as I was a with boi and had my letter within the day .. Do u mind me asking mine is gone off to be assessed but I'm afraid the letters are too vague


  • #381
    stryker mcqueen
    Registered Users Posts: 1,288 ✭✭✭stryker mcqueen


    Lee3b wrote: »
    They told me it would be that easy if i was a member with them it still only tool a week where as I was a with boi and had my letter within the day .. Do u mind me asking mine is gone off to be assessed but I'm afraid the letters are too vague

    https://aib.ie/our-products/mortgages

    Use this link, answer a few questions, you'll get AIP and you can print the letter


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  • #382
    bri007
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭bri007


    Quick question, do you have to go into the revenue office to get the form HPL1 form stamped by the revenue commissioner or can I post it in and they send it back to me?


  • #383
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    No you send it to them and they post it back to you very quick service


  • #384
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Hey can anyone tell me what percentage of overtime the loan takes into consideration hoping it will bump us up a bit and how much they take out for each child as I have two


  • #385
    bri007
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭bri007


    Thanks Lee3b, so i fill out the top half myself , name address and pps details and then they fill in the rest and post back?

    Lee3b wrote: »
    No you send it to them and they post it back to you very quick service


  • #386
    Lee3b
    Registered Users Posts: 42 ✭Lee3b


    Yes that is exactly it they will stamp and sign it and send it straight back


  • #387
    Cocobean1
    Registered Users Posts: 31 ✭Cocobean1


    bri007 wrote: »
    Thanks Lee3b, so i fill out the top half myself , name address and pps details and then they fill in the rest and post back?

    You can send it as an attachment through "my enquiries" on the online service, comes back very quick.


  • #388
    Colemania
    Registered Users, Registered Users 2 Posts: 4,119 ✭✭✭Colemania


    I will be applying for a mortgage under this scheme as the sole applicant, as my wife has gone self employed and her previous PAYE income won't be taken into account. I assume I can still use our joint account bank statements as proof of funds even though she puts funds into the account from her savings in Australia now and again.

    Also, I was going to apply to Fingal Co Co but realistically we are looking towards Swords or the Greater Dublin area which would be outside their jurisdiction. What is the protocol here? Can I not look for houses in 2 different areas if applying to a particular council?


  • #389
    surrender monkey
    Registered Users, Registered Users 2 Posts: 230 ✭✭surrender monkey


    Generally a married couple are required to purchase a family home jointly so not sure your plan will work.


  • #390
    Colemania
    Registered Users, Registered Users 2 Posts: 4,119 ✭✭✭Colemania


    surrender monkey wrote: »
    Generally a married couple are required to purchase a family home jointly so not sure your plan will work.

    Well I explained the situation to Fingal Co Co and they said my wife's income couldn't be taken into account but that I could apply as the sole applicant. There's an option to apply for a 1 income joint application


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  • #391
    surrender monkey
    Registered Users, Registered Users 2 Posts: 230 ✭✭surrender monkey


    Strange, banks usually require a married couple purchasing a family home to both be on title. In any event you can do a voluntary transfer when you complete the sale. Ask your solicitor about doing this. Then you will both be registered owners!


  • #392
    Diddlersdoyle
    Registered Users Posts: 7 ✭Diddlersdoyle


    My daughter has gone through the entire process and got her keys of her new home two weeks ago. She started the application as soon as the scheme was announced. I think she was one of the first to draw down the funds with DCC. HANG IN THERE. ITS A TEDIOUS AND SLOW PROCESS BUT WORTH IT IN THE END.


  • #393
    bri007
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭bri007


    We don’t meet the employment criteria to apply as a couple and both incomes taken into account, however the coco said we can apply as a couple and tick one income on application.

    Not sure how to go about it now but will look into it, so maybe be similar to what they said to you and your wife?

    Obviously would limit us to what we would get approved for just taking into consideration one income and not two.

    Only option we have currently so will give it a try, we will have to read it as it doesn’t state how to fill it out on one income just has options of working or not working so unsure what to put in it.


  • #394
    VW08
    Registered Users Posts: 61 ✭✭VW08


    Has anyone on here used it to build? We’re you able to do everything with the time constraints?

    I was told yesterday that I’d have 3 months to draw down the first instalment. Seems very tight to me. Then 6 months to get engineers documents etc in. If you didn’t get all this done in time they’d request up to date bank statements etc.


  • #395
    autumnbelle
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭autumnbelle


    VW08 wrote: »
    Has anyone on here used it to build? We’re you able to do everything with the time constraints?

    I was told yesterday that I’d have 3 months to draw down the first instalment. Seems very tight to me. Then 6 months to get engineers documents etc in. If you didn’t get all this done in time they’d request up to date bank statements etc.
    We are hoping to get it to build, is there timeframes on each stage or just the first? Are you going contractor or direct labour


  • #396
    metricspaces
    Registered Users, Registered Users 2 Posts: 793 ✭✭✭metricspaces


    Got my response back yesterday after 10 weeks. Declined! Two reasons were given:
    • Not showing repayment capacity
    • Not showing source of savings

    At a high level this scheme is a bit of a joke and a lottery it seems. For two banks two offer me mortgages in two to three week time frames (and with stricter criteria as they stress test your repayment capacity) and the Council spend ten weeks fannying about and offer nothing. Something is clearly wrong.

    Few questions if anyone can help with:

    1) Appealing Decision

    To appeal the decision is it basically going through the same process again and waiting another 10 weeks? Or if there was a mistake made by the Council could it be looked into quicker?

    2) Is it unusual to get an outright refusal with not even an offer for a lower amount?

    When submitting the application the person I met in Fingal CC told me to put in the max amount allowed by their calculator. She worked it out. She said there was no harm putting in the max and they would still offer a lower amount.

    My application included approval in principle letters from two banks. So it's mind boggling that the Council would give a blank refusal and not offer even a lower amount than I requested.

    3) For anyone who got refused on showing source of savings. How did you deal with this in an appeal?

    My submission included bank statements going back as far as my SSIA (Government Savings Scheme) which is over 10 years ago! All my savings have been accounted for. The lady who helped with my submission in Fingal was happy with it too. This makes me wonder if the underwriters/credit committee got all the documentation I submitted or that there has been some cock up along the line.

    It is the same with displaying ability to repay. I included 12 months savings and rent statements that cover more than the amount I would need to repay.

    It's not like the Council stress test your repayment capacity like a bank as the Government mortgage provides a guaranteed interest rate so the repayment amount will never change.

    4) After a refusal. Did anyone meet face to face with the Council for a more detailed explanation of why they were refused and how the situation can be resolved to the satisfaction of the Council?

    From my perspective my submission included documentation that displayed both repayment capacity and source of savings. Without further details from Council I'm snookered.


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  • #397
    VW08
    Registered Users Posts: 61 ✭✭VW08


    autumnbelle wrote: »
    We are hoping to get it to build, is there timeframes on each stage or just the first? Are you going contractor or direct labour


    I'm with a contractor. I think once the first drawdown happens your covered. But there are forms from the engineer etc that they need. Don't know all the in's and out's though.


  • #398
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Anyone know of the two tougest banks to get mortgages for? I'd like to get rejected. :)


  • #399
    power pants
    Registered Users, Registered Users 2 Posts: 2,907 ✭✭✭power pants


    I applied in first week of March and received approval end of June

    Have 200k but finding it next to impossible to find somewhere in fingal for that price for a 2 bed


  • #400
    bri007
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭bri007


    Congrats on getting passed.

    Did you try around swords? Realistically it will be tough to get a house for that price but swords would be only place that may have apartments duplex available for 200’s but you may have to put a lot more towards it than current 20k deposit!

    Just in your application, was it a single or joint application?
    power pants wrote: »
    I applied in first week of March and received approval end of June

    Have 200k but finding it next to impossible to find somewhere in fingal for that price for a 2 bed


  • #401
    power pants
    Registered Users, Registered Users 2 Posts: 2,907 ✭✭✭power pants


    bri007 wrote: »
    Congrats on getting passed.

    Did you try around swords? Realistically it will be tough to get a house for that price but swords would be only place that may have apartments duplex available for 200’s but you may have to put a lot more towards it than current 20k deposit!

    Just in your application, was it a single or joint application?


    Thanks, single application and lone parent too ,

    Yes, swords seem to be as expensive for the apartments too

    It’s unfortunate as apartment prices in fingal for 2 beds were around 160k this time last year, just goes to show how fast it goes

    I think the rebuilding Ireland loans contributed to this too

    Effectively in the same position now as I was last year with the lower mortgage approvals from banks and building societies

    Can’t afford to rent anymore and can’t afford to buy

    Unbelievable really


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