Rebuilding Ireland home loan

Ukelele! · 21-07-2019 5:27pm

jill_valentine wrote: »

This is going to be a very basic stupid question, but I just want to be sure - you submit your RI application and THEN try for a particular property, right? Because what I'm reading seems to suggest you need to have identified the property you're trying to buy, and then started the application process, am I just goggly eyed from reading all this stuff and missing the obvious?

Thanks all

Yes, you apply first, get your approval and then start your property search. There's a section on the application that asks for the address of the property you're purchasing. You're probably not gonna know that yet, so I put "TBC" to be confirmed.

jill_valentine · 21-07-2019 5:53pm

Ukelele! wrote: »

Yes, you apply first, get your approval and then start your property search. There's a section on the application that asks for the address of the property you're purchasing. You're probably not gonna know that yet, so I put "TBC" to be confirmed.

Thank you so much!

Shanvp · 22-07-2019 11:14am

Hi all, we have gone sale agreed and are just waiting for the final approval to go through after having our final meeting with Fingal CC. How long did this take for anyone? Do FCC inform you or does the pack just go straight to our solicitor?

Dave087 · 22-07-2019 1:17pm

JustBeHonest wrote: »

Hi Dave, I'm just wondering did you hear anything from South Dublin Coco yet? We lodged an application in January as well but I have been on the phone weekly since. I have also been banging on the doors of politicains & actually got an email back from Eoghan Murphy a few weeks back to say he has issued a sanction to the HFA to issue new funding to any LA looking for funds. I confirmed this with South Dublin coco and they told me two weeks ago that they are starting to work through approvals but we haven't got a letter yet from them. I'm wondering if anyone else has got their's as we were told when they were working through them they would be working in a chronological order and since we first applied in January, you would imagine we would be first? South Dublin coco received funding in May but I found out this was to fund approvals that they issued up to the end of 2018 so we should be first in line with this new round of funding

Hi, just off the phone to the council and was told we were approved and that the letter will be with us in a few days. Delighted! Hope you hear back soon.

Evie19 · 24-07-2019 11:12pm

Has anyone bought a house through this scheme? How long does the process take from finding a house to drawing down the loan? Do you have to tell the estate agent that you are using this loan and not from the bank?

Also if you do find a suitable house do you put an offer in first or send the house valuation report to the council?

I recently applied with single application and got approved in the letter it states that you have to pay for the councils legal fees but yet they cannot tell me how much this would be.
There seems to be a lot of paperwork work involved
Any advice on this would be helpful

MrPropertyGuru · 25-07-2019 10:16am

Hey Evie:

It takes about 6 months to buy a house, however this varies from move to move. On average it's 20-90 days to find a house, 15-30 days to receive a mortgage offer, 20-30 days to find a solicitor and exchange contracts then 10-30 days to complete and get the keys.

I hope that I could help you.

MrsDrennan · 25-07-2019 3:30pm

We just handed in our 2nd application for RI home loan this time with Meath coco. Who have stopped taking appointments. Just a waiting game now to hear back from Fingal and Meath. Has anyone else applied for more than one council ?

Jackdub92 · 26-07-2019 11:18am

Hi all got approved from DCC after 4 weeks over the moon!!!

Evenstevens · 26-07-2019 7:34pm

Just picked up my keys today. Surreal feeling altogether but I'll get use to it!
Got my loan with DCC.

Best of luck to everyone applying. This forum really has been a great help. It can be a long road but it's worth it.

Dave087 · 27-07-2019 3:37pm

Can anybody who applied to SDCC suggest a solicitor? We have just been approved but would ideally like to get a solicitor who is familiar with the rebuilding Ireland home loan process. Appreciate any feedback.

Salanky · 28-07-2019 8:26pm

Hi All, new here and I put an application in to Louth Coco in October of last year but got it refused on the basis of insufficient repayment ability ie. my monthly savings didnt cover the mortgage amount. So I have upped my savings and am now putting away 50% of my monthly wages between savings and money to my parents as "rent".

Anyway long story short, I found a place I would like to try buy but Im a little unsure now about the forms. I have read through bits of the thread (Ill admit not all of it so apologies for no doubt repeating already asked questions) and have seen some people just put "maximum available" for the loan amount. Does this work or should I put the amount the calculator gave which was €143,000? Also the valuation access, cant remember what I put there the last time but Im assuming thats the estate agent for the house I want. Im looking at something thats up for €150,000 but will go for more so in the declaration should I put €150,00+ with the amount of loan as the €143,000?

Sorry if these are silly questions but its much easier to ask people who have gone through it and come out the other side rather than guessing and then messing it all up. Also, has anyone applied to Louth lately and gotten approval or is it all still on hold? TIA

Amary · 28-07-2019 8:50pm

Salanky wrote: »

Hi All, new here and I put an application in to Louth Coco in October of last year but got it refused on the basis of insufficient repayment ability ie. my monthly savings didnt cover the mortgage amount. So I have upped my savings and am now putting away 50% of my monthly wages between savings and money to my parents as "rent".

Anyway long story short, I found a place I would like to try buy but Im a little unsure now about the forms. I have read through bits of the thread (Ill admit not all of it so apologies for no doubt repeating already asked questions) and have seen some people just put "maximum available" for the loan amount. Does this work or should I put the amount the calculator gave which was €143,000? Also the valuation access, cant remember what I put there the last time but Im assuming thats the estate agent for the house I want. Im looking at something thats up for €150,000 but will go for more so in the declaration should I put €150,00+ with the amount of loan as the €143,000?

Sorry if these are silly questions but its much easier to ask people who have gone through it and come out the other side rather than guessing and then messing it all up. Also, has anyone applied to Louth lately and gotten approval or is it all still on hold? TIA

Don’t put down a house it might not be available by the time you get approved. I just put down unknown in that section and Maximum available in the amount I was looking for. I got approved for €2458 less than the calculator.

The_Brood · 28-07-2019 9:13pm

Regarding solicitors: Are we mandated to have one? If so, what is the process...do we first agree on a house sale and then find a solicitor, or should we first find a solicitor before searching for a house? Anyone have recommendations for a good solicitor with the RE process?

Thank you

Salanky · 29-07-2019 8:26am

Amary wrote: »

I got approved in Louth 2 weeks ago. Don’t put down a house it might not be available by the time you get approved. I just put down unknown in that section and Maximum available in the amount I was looking for. I got approved for €2458 less than the calculator.

Brilliant, I imagine the house I'm looking at now will be gone but I've got all the paperwork nearly done just waiting on the banks to ring today and laugh at me down the phone again. If I put unknown for the house then I obviously can't put anything for the valuation part either so is that unknown as well then?

JessC1987 · 29-07-2019 11:57am

Evenstevens wrote: »

Just picked up my keys today. Surreal feeling altogether but I'll get use to it!
Got my loan with DCC.

Best of luck to everyone applying. This forum really has been a great help. It can be a long road but it's worth it.

Congratulations! I'm dreaming of receiving our keys at the moment, cannot wait to experience that surreal feeling!

Can I ask how long it took your solicitor to receive the pack after submitting all your docs to DCC for final approval? Also, did you have to wait 3 weeks to accept the offer or could you just sign and return immediately? Much appreciated!:)

Evenstevens · 29-07-2019 1:00pm

JessC1987 wrote: »

Congratulations! I'm dreaming of receiving our keys at the moment, cannot wait to experience that surreal feeling!

Can I ask how long it took your solicitor to receive the pack after submitting all your docs to DCC for final approval? Also, did you have to wait 3 weeks to accept the offer or could you just sign and return immediately? Much appreciated!:)

Not exactly sure but looking back on emails etc I submitted final docs to DCC on 14th May and I think by start of June my solicitor had the loan pack.
Not sure what the 3 weeks thing is?

Amary · 29-07-2019 1:45pm

Salanky wrote: »

Brilliant, I imagine the house I'm looking at now will be gone but I've got all the paperwork nearly done just waiting on the banks to ring today and laugh at me down the phone again. If I put unknown for the house then I obviously can't put anything for the valuation part either so is that unknown as well then?

As far a I remember I just put Unknown and then left everything after that about house and solicitor blank. Did you book a meeting with Louth CC?I had to wait a month to get one.
I got a really nice woman in AIB on the phone told her I wanted a letter for RBI was no problem. Got a not so nice man on the phone from BOI but I got the PDF online very quick.

Salanky · 29-07-2019 6:46pm

Amary wrote: »

As far a I remember I just put Unknown and then left everything after that about house and solicitor blank. Did you book a meeting with Louth CC?I had to wait a month to get one.
I got a really nice woman in AIB on the phone told her I wanted a letter for RBI was no problem. Got a not so nice man on the phone from BOI but I got the PDF online very quick.

I haven't booked a meeting, last time I did and she said I didn't really need to and could have just dropped the forms in once I was sure it was all filled out. Might email her and see if I can do that.

BOI are my bank so won't have any issues with them and am waiting on AIB to get back to me. I did it with KBC the last time and had to send in the whole form even though the guy had already laughed at me down the phone and said they wouldn't even entertain me.

Amary · 29-07-2019 7:59pm

Salanky wrote: »

I haven't booked a meeting, last time I did and she said I didn't really need to and could have just dropped the forms in once I was sure it was all filled out. Might email her and see if I can do that.

BOI are my bank so won't have any issues with them and am waiting on AIB to get back to me. I did it with KBC the last time and had to send in the whole form even though the guy had already laughed at me down the phone and said they wouldn't even entertain me.

That’s just rude. I think it was KBC I tried to apply online and when I put in my earnings it wouldn’t let me go any further it said they only lend if your salary is over a certain amount. All the rest seem to be ok.
I was told I had to have an appointment. Maybe you don’t now if you already applied before.

Salanky · 29-07-2019 8:49pm

Amary wrote: »

That’s just rude. I think it was KBC I tried to apply online and when I put in my earnings it wouldn’t let me go any further it said they only lend if your salary is over a certain amount. All the rest seem to be ok.
I was told I had to have an appointment. Maybe you don’t now if you already applied before.

Yeah I tried to do it online with them and AIB and I cant get any further on AIB than where you add your savings so I just put in for a call back. The KBC dude was grand until he asked me my salary and then he started laughing at me and said they wouldnt touch me as I dont earn enough to be worth lending to but to get that in writing I had to send in all the forms anyway. BOI just had a chat on the phone and sent me the letter no bother.

Might ring the council in the morning and see what the story is, will put me way behind if its another month to see someone to send it in followed by another 6 or 8 weeks for them to make a decision.....

JessC1987 · 29-07-2019 9:12pm

Evenstevens wrote: »

Not exactly sure but looking back on emails etc I submitted final docs to DCC on 14th May and I think by start of June my solicitor had the loan pack.
Not sure what the 3 weeks thing is?

Great, thanks for your reply! I was told there was a 3 week cooling off period when final approval comes in but i think my solicitor should be receiving pack soon so I'll wait it out, what's another few weeks after all this time! Congrats again and best of luck with your new home

decky1 · 30-07-2019 8:26am

Did anyone apply for a council loan to buy a house? my daughter and her partner have been refused twice although they have 25.000 in savings[both working] the council are saying they need to see them saving more each month?

Fr_Dougal · 30-07-2019 9:04am

I don’t have any experience with council loans, but they might want to see frequent savings each month that would cover a mortgage if they got one. Are they saving each month, or is it most months?

Graham · 30-07-2019 10:34am

Mod Note

decky1, I have moved your post to the Rebuilding Ireland Home Loan thread. To the best of my knowledge, this has largely (entirely) replaced council loans.

Laurazal · 30-07-2019 4:18pm

decky1 wrote: »

Did anyone apply for a council loan to buy a house? my daughter and her partner have been refused twice although they have 25.000 in savings[both working] the council are saying they need to see them saving more each month?

How much rent are they paying? It is clearly stated on their bank accounts? Rent plus regular monthly savings show your repayment capacity.

decky1 · 30-07-2019 10:55pm

Laurazal wrote: »

How much rent are they paying? It is clearly stated on their bank accounts? Rent plus regular monthly savings show your repayment capacity.

they have stated their rent and are saving more than enough to cover the loan repayments.they were told that they needed 12'000 in savings to apply for the loan.

Laurazal · 31-07-2019 9:50am

decky1 wrote: »

they have stated their rent and are saving more than enough to cover the loan repayments.they were told that they needed 12'000 in savings to apply for the loan.

Oh that must be frustrating.

From my experience: when we were applying for the loan, we had our rent clearly mart as RENT on our bank statements and monthly savings called SAVINGS that went to our savings account. And savings account statements for 12 months that showed regular deposits to the account. This may help if your daughter will try again. Best of luck.

elizunia87 · 31-07-2019 4:23pm

Hi,

Can I ask you for the advice?

We do apply for the mortgage at the beginning of September. The problem is... we do pay rent by cash.

The city council sent me something like this:

TENANTS IN PRIVATE RENTED ACCOMMODATION MUST HAVE A CLEAR RENT ACCOUNT FOR 6 MONTHS PRIOR TO APPLYING, AND BE ABLE TO SHOW A RENT BOOK OR PROOF OF PAYMENT

We have rent book. Is this enough ?

As we pay cash, how can we prove now? I am thinking maybe from tomorrow we should do the bank transfer?

Please help

31-07-2019 4:24pm

get a rent book and backdate it

elizunia87 · 31-07-2019 4:32pm

BrownFinger wrote: »

get a rent book and backdate it

Sorry, what does it mean backdate?

Like ask the landlord to fill out for the last one year for example ?

Would this be enough ?

Graham · 31-07-2019 4:41pm

elizunia87 wrote: »

TENANTS IN PRIVATE RENTED ACCOMMODATION MUST HAVE A CLEAR RENT ACCOUNT FOR 6 MONTHS PRIOR TO APPLYING, AND BE ABLE TO SHOW A RENT BOOK OR PROOF OF PAYMENT

We have rent book. Is this enough ?

If you already have a rent book from your landlord and it shows all of your payments, that should be enough.

elizunia87 · 31-07-2019 4:44pm

Graham wrote: »

If you already have a rent book from your landlord and it shows all of your payments, that should be enough.

That is the problem. I called to the office and she told me they rather see the proof of payment ( online transfer). But how i suppose to do this now? How can I prove the payments?
My Husband lives in this house 10 years, always was giving cash...

Graham · 31-07-2019 4:49pm

You can't prove something you haven't done.

Tell whoever it is that you have the rent book as requested in the letter.

elizunia87 · 31-07-2019 4:59pm

Graham wrote: »

You can't prove something you haven't done.

Tell whoever it is that you have the rent book as requested in the letter.

Thank you.

That is all we can do.

Should we start paying the next year by bank transfer?

LauraAaron · 31-07-2019 5:27pm

elizunia87 wrote: »

Thank you.

That is all we can do.

Should we start paying the next year by bank transfer?

Yes I would advise setting up a bank transfer and clearly state RENT on it. We were in the same position we paid our landlord cash for 7 years the last year we started paying through bank transfer so it is easily tracked xx best of luck xxx

elizunia87 · 31-07-2019 5:31pm

LauraAaron wrote: »

Yes I would advise setting up a bank transfer and clearly state RENT on it. We were in the same position we paid our landlord cash for 7 years the last year we started paying through bank transfer so it is easily tracked xx best of luck xxx

Thank you for the suggestions.

That how we are going to do for this month. We can not loose the chance of buying a dream house just because of the lack of proof.

LauraAaron · 31-07-2019 5:32pm

elizunia87 wrote: »

Thank you for the suggestions.

That how we are going to do for this month. We can not loose the chance of buying a dream house just because of the lack of proof.

I wish you all the best xxx

elizunia87 · 31-07-2019 5:34pm

LauraAaron wrote: »

I wish you all the best xxx

Thank you.

Godspeed2773 · 31-07-2019 10:22pm

Dave087 wrote: »

Can anybody who applied to SDCC suggest a solicitor? We have just been approved but would ideally like to get a solicitor who is familiar with the rebuilding Ireland home loan process. Appreciate any feedback.

Congratulations on your approval wish you all the best! How long did the whole process take for you?

Shanvp · 01-08-2019 8:51am

Evenstevens wrote: »

Just picked up my keys today. Surreal feeling altogether but I'll get use to it!
Got my loan with DCC.

Best of luck to everyone applying. This forum really has been a great help. It can be a long road but it's worth it.

That's brilliant news congratulations! Can I ask how long the process took for you from approval to getting your keys?

Salanky · 01-08-2019 10:43am

So apparently Louth are not taking any applications despite the minister saying they are to take them. This means even though I have everything ready to go and I have a place in mind they won't even entertain me bringing the forms in or even give me a time frame of when they may start accepting them again. She wasn't even sure they would get any money allocated this year meaning that no one will be approved for anything in Louth for the forseeable future. So much for this scheme being a help to first time buyers.....

Darkglasses · 01-08-2019 11:21am

Salanky wrote: »

So apparently Louth are not taking any applications despite the minister saying they are to take them. This means even though I have everything ready to go and I have a place in mind they won't even entertain me bringing the forms in or even give me a time frame of when they may start accepting them again. She wasn't even sure they would get any money allocated this year meaning that no one will be approved for anything in Louth for the forseeable future. So much for this scheme being a help to first time buyers.....

I would get that in a letter and send a copy of it to the Minister's office. He can't say one thing and have a Council doing another.

Evenstevens · 01-08-2019 2:12pm

Shanvp wrote: »

That's brilliant news congratulations! Can I ask how long the process took for you from approval to getting your keys?

I was approved at the start of Dec 18. Went sale agreed at start of April. Submitted final form 3 documents mid May(not DCC's fault, I had trouble getting access to have survey done). Solicitor got pack start of June. Got keys on 26th July.

Godspeed2773 · 01-08-2019 2:23pm

Evenstevens wrote: »

I was approved at the start of Dec 18. Went sale agreed at start of April. Submitted final form 3 documents mid May(not DCC's fault, I had trouble getting access to have survey done). Solicitor got pack start of June. Got keys on 26th July.

Congrats on your keys! Such a big achievement. May I ask why it took so long to go sale agreed. We’re there any complications?

Evenstevens · 01-08-2019 2:46pm

Godspeed2773 wrote: »

Congrats on your keys! Such a big achievement. May I ask why it took so long to go sale agreed. We’re there any complications?

Well these days it can take time to find one! There's a lot of competition.
I only started properly looking for a house in January 19. Bid on a number of houses and was outbid every time. The house I got was one I had seen in late Feb and had been outbid on originally. Got a call weeks later to say original buyer had pulled out and they offered me first refusal as I was underbidder.

scheister · 01-08-2019 3:26pm

Salanky wrote: »

So apparently Louth are not taking any applications despite the minister saying they are to take them. This means even though I have everything ready to go and I have a place in mind they won't even entertain me bringing the forms in or even give me a time frame of when they may start accepting them again. She wasn't even sure they would get any money allocated this year meaning that no one will be approved for anything in Louth for the forseeable future. So much for this scheme being a help to first time buyers.....

The main issue here is while the minister is saying one thing councils are saying another. You can see the logic from the council if they dont have the money and no word on getting the money why do the work with the form when they cant be approved.
The minister was expected to announce in June extra funding for RBI that would bring it to an annual amount but this never happened. I am looking to buy next year so hoping it is announced in the budget.

DamoNolan · 01-08-2019 4:24pm

When do that take the first payment.i know it's the first of every month..but how do they know when you move in??

Salanky · 01-08-2019 5:21pm

Darkglasses wrote: »

I would get that in a letter and send a copy of it to the Minister's office. He can't say one thing and have a Council doing another.

I may well give her another ring and get it in a letter and send it in. Its not her fault, shes following what her boss is telling her to do but its still hugely frustrating for people who only have this as an option to get their own place.

Shamboo1801 · 01-08-2019 6:36pm

You're mistaken with the first of every month, as ours is paid on the 21st of each month, so I'd check that out. From what I remember, we got our keys the end of November, contacted the council, or there was a letter sent out, and they told us how much the first months would be, pro rata. This will be charged from your drawdown date. We then set up a standing order, not a dd as it will reduce yearly if on a fixed rate, and it's been taken on the 21st ever since.

DamoNolan · 01-08-2019 6:52pm

Shamboo1801 wrote: »

You're mistaken with the first of every month, as ours is paid on the 21st of each month, so I'd check that out. From what I remember, we got our keys the end of November, contacted the council, or there was a letter sent out, and they told us how much the first months would be, pro rata. This will be charged from your drawdown date. We then set up a standing order, not a dd as it will reduce yearly if on a fixed rate, and it's been taken on the 21st ever since.

Thanks for that.On my forms its stated as the 1st of every month by dd..I'm getting the keys next week and am just wondering what way its gona work.i suppose it's better to just email fingal and ask them to be sure.

Rebuilding Ireland home loan

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