Rebuilding Ireland home loan

Colemania · 02-07-2018 2:18pm

Hi all,

Thinking of applying for a mortgage under this scheme mid to late 2019 as my wife and I are well below the income threshold. Now what I think could be a big sticking point is that she is leaving her employment in the next month or so and starting up her own business, i.e. becoming self-employed. I know they want 2 years of accounts for self-employed applicants but that wouldn't be possible until August 2020.

In this case, is there any point in even applying next year?

bri007 · 02-07-2018 4:02pm

Can you not apply this year?

Colemania wrote: »

Hi all,

Thinking of applying for a mortgage under this scheme mid to late 2019 as my wife and I are well below the income threshold. Now what I think could be a big sticking point is that she is leaving her employment in the next month or so and starting up her own business, i.e. becoming self-employed. I know they want 2 years of accounts for self-employed applicants but that wouldn't be possible until August 2020.

In this case, is there any point in even applying next year?

Colemania · 02-07-2018 4:12pm

bri007 wrote: »

Can you not apply this year?

Would love to but my wife's wage up to July will not be much and I'm on under 40k myself. Would need 250k or so as looking to buy in dublin

Darkglasses · 02-07-2018 4:26pm

Colemania wrote: »

Hi all,

Thinking of applying for a mortgage under this scheme mid to late 2019 as my wife and I are well below the income threshold. Now what I think could be a big sticking point is that she is leaving her employment in the next month or so and starting up her own business, i.e. becoming self-employed. I know they want 2 years of accounts for self-employed applicants but that wouldn't be possible until August 2020.

In this case, is there any point in even applying next year?

If her new business is the same sector as her current employment, there's a chance the local authority might accept it as a continuous period of employment. If not, I'd say it's extremely unlikely to be accepted if she's going to be the primary earner.

Colemania · 02-07-2018 4:50pm

Darkglasses wrote: »

If her new business is the same sector as her current employment, there's a chance the local authority might accept it as a continuous period of employment. If not, I'd say it's extremely unlikely to be accepted if she's going to be the primary earner.

Very similar sector yes

bri007 · 02-07-2018 6:02pm

Did you try the calculator on the rebuilding Ireland website to get an idea on how much you both would get?

Colemania wrote: »

Would love to but my wife's wage up to July will not be much and I'm on under 40k myself. Would need 250k or so as looking to buy in dublin

Colemania · 02-07-2018 7:52pm

bri007 wrote: »

Did you try the calculator on the rebuilding Ireland website to get an idea on how much you both would get?

I did alright but as I mentioned, with the change to self employment, they may not even accept it as a reliable source of income.

VW08 · 02-07-2018 10:55pm

Hi, has anyone submitted an application for a new build. I'm finding the application form tricky as I'm only at the design stage and its asking for the completion date, and asks if I have structural defects insurance. Is this needed?

Also it asks about bonus per annum, I do get a bonus but its not fixed...varies every year. Not sure what to put there!

Then it asks about the purchase price/valuation...is that the cost of the build plus the site (site is gifted). No idea what the total price would be! And does a new build need a valuation assessment?

Has anyone just gone in for a chat with their local authority for clarity on the application form? I think I might find it helpful.

Thanks...and good luck everyone!

LK1988 · 03-07-2018 8:37pm

We put in our application form about 4 weeks ago and was told it would be reviewed at the credit committee SDCC tomorrow so we would know sometime next week. Is the credit committee the people who decide whether to give it to you or not? Or does it then go to an underwriters?

SNNUS · 03-07-2018 8:49pm

LK1988 wrote: »

We put in our application form about 4 weeks ago and was told it would be reviewed at the credit committee SDCC tomorrow so we would know sometime next week. Is the credit committee the people who decide whether to give it to you or not? Or does it then go to an underwriters?

Usually if it goes to credit committee it means it was approved by underwriters.

When mine went to credit committee I rang after the meeting and they told me how it went.

LK1988 · 03-07-2018 9:15pm

SNNUS wrote: »

Usually if it goes to credit committee it means it was approved by underwriters.

When mine went to credit committee I rang after the meeting and they told me how it went.

Do you mind me asking were you approved?

SNNUS · 03-07-2018 9:24pm

LK1988 wrote: »

Do you mind me asking were you approved?

Yeah I was, they should not make you wait for a decision but I have heard of only bad things about DSCC

LK1988 · 03-07-2018 9:26pm

SNNUS wrote: »

Yeah I was, they should not make you wait for a decision but I have heard of only bad things about DSCC

Ah great congratulations, hopefully it going to the credit committee has a positive outcome for us.

Sam2904 · 04-07-2018 5:01pm

Has anyone got approval for a new build/self build if so how long do you get mortgage approval for. We applied and our house isnt ready until february. Just wondering will we have to start the whole process again!

Sam2904 · 04-07-2018 5:22pm

Hey! Has anyone got approval for a new build/self build if so how long do you get mortgage approval for. We applied and our house isnt ready until february. Just wondering will we have to start the whole process again

LK1988 · 04-07-2018 5:26pm

Ailbag wrote: »

DCC, the longest wait was the credit committee but they seem to have weekly meetings now, rather than fortnightly, so that will be faster once they clear the backlog. It was just under 10 weeks in the end.

How long did it take to get word after the credit committee?

Darkglasses · 04-07-2018 5:50pm

Sam2904 wrote: »

Has anyone got approval for a new build/self build if so how long do you get mortgage approval for. We applied and our house isnt ready until february. Just wondering will we have to start the whole process again!

Approval is valid for 6 months, Councils have the ability to extend approval subject to no disimprovement in your financial situation.

Alk866 · 04-07-2018 6:04pm

I recieved my whole application back after 3 weeks saying I need computer generated p60s. I know for a fact they got our original ones as the woman at the desk made sure we had that and our p21. Anyone else have issues like this. Feel like they have done this to sabotage our chances as we qualify.

stryker mcqueen · 04-07-2018 6:08pm

Alk866 wrote: »

I recieved my whole application back after 3 weeks saying I need computer generated p60s. I know for a fact they got our original ones as the woman at the desk made sure we had that and our p21. Anyone else have issues like this. Feel like they have done this to sabotage our chances as we qualify.

Yea we got our application back because of something similar , south Dublin cc ...... Absolutely boobs.

Sammylok1977 · 04-07-2018 6:11pm

This is my 6 weeks after apply to DCC and I still haven't hear from anything!! I
I think is gonna take long!! I wonder if the call you or send the post ??

Sam2904 · 04-07-2018 6:18pm

Darkglasses wrote: »

Approval is valid for 6 months, Councils have the ability to extend approval subject to no disimprovement in your financial situation.

We got approval yesterday and it stated it was valid for 3 months when i enquired i was told we needed to reapply if it went passed 6 months. We have just recieved our contract for the new build and im not sure if we should sign it after todays call to the council.

stryker mcqueen · 04-07-2018 6:51pm

Sammylok1977 wrote: »

This is my 6 weeks after apply to DCC and I still haven't hear from anything!! I
I think is gonna take long!! I wonder if the call you or send the post ??

We were 9 weeks yesterday , a friend heard bang on 10 weeks so I'm not panicking

LK1988 · 04-07-2018 6:56pm

Alk866 wrote: »

I recieved my whole application back after 3 weeks saying I need computer generated p60s. I know for a fact they got our original ones as the woman at the desk made sure we had that and our p21. Anyone else have issues like this. Feel like they have done this to sabotage our chances as we qualify.

Was it SDCC?

Sammylok1977 · 06-07-2018 3:28pm

SNNUS wrote: »

LK1988 wrote: »

Do you mind me asking were you approved?

Yeah I was, they should not make you wait for a decision but I have heard of only bad things about DSCC

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Sammylok1977 · 06-07-2018 3:28pm

SNNUS wrote: »

LK1988 wrote: »

Do you mind me asking were you approved?

Yeah I was, they should not make you wait for a decision but I have heard of only bad things about DSCC

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Sammylok1977 · 06-07-2018 3:30pm

stryker mcqueen wrote: »

Sammylok1977 wrote: »

This is my 6 weeks after apply to DCC and I still haven't hear from anything!! I
I think is gonna take long!! I wonder if the call you or send the post ??

We were 9 weeks yesterday , a friend heard bang on 10 weeks so I'm not panicking

After this post and I have received my loan approval just almost 7 weeks with DCC ..

SNNUS · 06-07-2018 3:41pm

Sammylok1977 wrote: »

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Woo hoo! Congrats! Any houses looked at?

Sammylok1977 · 06-07-2018 3:43pm

SNNUS wrote: »

Sammylok1977 wrote: »

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Woo hoo! Congrats! Any houses looked at?

Not yet , may I ask which form I have to sign and send back to council? I have 3 form but I haven't find any property yet !! What about yourself? Did you find anything?

bri007 · 06-07-2018 7:24pm

Is it original P60s you give or photocopies of an original P60, read on requirements it cannot be computer generated!

Bit confused!

Sammylok1977 · 06-07-2018 8:34pm

bri007 wrote: »

Is it original P60s you give or photocopies of an original P60, read on requirements it cannot be computer generated!

Bit confused!

You can photocopy

Rebuilding Ireland home loan

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