Rebuilding Ireland home loan

kbman · 15-11-2019 12:27pm

Tumbleweed2 wrote: »

Hi,

Yes, I was about 7 weeks for Wexford, they advised 6-8 weeks.
My brother was advised 6 to 8 weeks with Wicklow but he ended up waiting 13 weeks due to staffing issues apparently.

But it answer your question 8 weeks would be normal but it may vary.
Best of luck

I had a fair wait with Wicklow too due to the staff changes aswell.
We had one month to confirm if we'd accept the loan and provide them details of the property.

But once we got that, we met with solicitor and it took time but the docs were provided to Wicklow who confirmed they received them by the time that month was up.

We are now awaiting the legal pack due to arrive with solicitor next week, I hear.
Contracts are signed and deposit excluding help to buy has been given.
Just awaiting the Rebuilding loan contract to apply for help to buy.

The difficulty i've found so far, is that there seems to be only so few people working in specific positions that if that person goes on some type of leave, the application(s) just sit there until that person returns which can delay the process by a week or more depending on the amount of leave they're on and the amount of applications in front of yours.

Shonalou16 · 15-11-2019 1:59pm

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!

Shellzer123 · 15-11-2019 3:41pm

I applied with Fingal CC at the start of October and they told me 10- 12 weeks before I hear anything. Someone mentioned giving them a call to see what way it worked around Christmas and they said it would more than likely be the New Year at this stage. Awful long wait to be told Yes or No.. Its so nerve wracking...

Anyone else been told 10-12 weeks with Fingal recently?

GlowStick · 16-11-2019 7:15pm

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!

That's awful. Could you appeal it and say you've family/friends who'll do the work for you? Or that they'll gift you a new kitchen? I know it sounds ridiculous but it might be worth an appeal. Surely it's your own business/problem that the house needs things done. As long as you can pay your mortgage, why should they be interested in the state of your house. I'm actually raging for you

Hudur · 18-11-2019 12:27pm

Last week I submit my application, but more papers needed.

I have a bit of hard time explaining the difference between basic salary and numbers in P60. I get yearly bonus from work which has been pretty much the same for last years, but HR is willing to write only "regular - up to x%" which coco will consider 0 euros. Same with overtime, even though it has been 1-2k per year for last 10 years, 0 of it is literally guaranteed.

If I would find a form which would have average bonus / overtime for last 3 years for example, that would be ok for HR and coco. I checked different mortgage forms from different banks and didn't find anything like that. Anyone has seen anything that could help?

Shellzer123 · 19-11-2019 1:15am

kotac24 wrote: »

Yes i get that, i was more thinking in terms of council giving you money. Are they strictly looking that you have 25k + around 5k for fees on the savings account in order to approve you for 250k, or they just need 25k(exactly 10%)...
I have some additional source of income from freelancing but i wouldnt want to show that because i am afraid i might go over the limit etc...

No they didnt ask for that when i applied. They just want to know u have your deposit. Did they give u a time frame as to when u will hear back from them or have u submitted your application yet?

Tumbleweed2 · 19-11-2019 4:17pm

GlowStick wrote: »

That's awful. Could you appeal it and say you've family/friends who'll do the work for you? Or that they'll gift you a new kitchen? I know it sounds ridiculous but it might be worth an appeal. Surely it's your own business/problem that the house needs things done. As long as you can pay your mortgage, why should they be interested in the state of your house. I'm actually raging for you

Unfortunately they do need to know as they essentially own it until you pay your mortgage, if the applicant defaults and it comes to repossession, it'll be them looking to sell it. Having said that, I would always appeal until that's been exhausted, realistically you could just get approval in principle and look at other houses?

Hudur wrote: »

Last week I submit my application, but more papers needed.

I have a bit of hard time explaining the difference between basic salary and numbers in P60. I get yearly bonus from work which has been pretty much the same for last years, but HR is willing to write only "regular - up to x%" which coco will consider 0 euros. Same with overtime, even though it has been 1-2k per year for last 10 years, 0 of it is literally guaranteed.

If I would find a form which would have average bonus / overtime for last 3 years for example, that would be ok for HR and coco. I checked different mortgage forms from different banks and didn't find anything like that. Anyone has seen anything that could help?

Having worked for 2 mortgage lenders previously, OT and Bonus payments are grey area. They can be used to strengthen an already strong case but can't be used to get a marginal case over the line. One of the mortgage lenders I worked for had zero tolerance, if its not guaranteed on the contract of employment and salary cert signed by HR, it's zero, the other accepted non guaranteed Bonus payments (not OT) provided you could prove that you had received the same bonus payment for the last three consecutive years, normally a letter from HR and we would calculate the difference between the basic on salary cert and the amount you were paid on your P60 for that year.

I know it doesn't do much to help you, but just trying to offer some clarity on what you are up against. Hope you get sorted.

Tumbleweed2 · 19-11-2019 4:23pm

Tumbleweed2 wrote: »

Hi,

Just in relation to this also, I have been approved and currently in the process of drawing down and I've been hit with a 1700 euro bill for councils legal fees. Has anyone else got this?
.

Anyone interested in this I got an update. Apparently all the big councils Dublin, Cork, Galway, Limerick etc etc have internal legal departments that cover all the costs of RI in their areas, however smaller counties (I'm applying in Wexford) do not have legal departments and outsource all their legal work to local solicitor firms. My invoice was reviewed and amended it's now costing €500 + Vat + outlines ( c.€475) instead of the original €1700. Annoying but at least I have a reason why I am on the hook for it..

Marie2221 · 19-11-2019 4:30pm

Hi everyone, I'm new here.
I would like to know if anyone here has tried the loan between private individuals?

givyjoe · 19-11-2019 7:31pm

Marie2221 wrote: »

Hi everyone, I'm new here.
I would like to know if anyone here has tried the loan between private individuals?

Tell me more, and would you like my debit card details or my savings in an envelope?

Shellzer123 · 19-11-2019 8:00pm

givyjoe wrote: »

Tell me more, and would you like my debit card details or my savings in an envelope?

Brilliant!!!

Hudur · 19-11-2019 11:07pm

Tumbleweed2 wrote: »

Having worked for 2 mortgage lenders previously, OT and Bonus payments are grey area. They can be used to strengthen an already strong case but can't be used to get a marginal case over the line. One of the mortgage lenders I worked for had zero tolerance, if its not guaranteed on the contract of employment and salary cert signed by HR, it's zero, the other accepted non guaranteed Bonus payments (not OT) provided you could prove that you had received the same bonus payment for the last three consecutive years, normally a letter from HR and we would calculate the difference between the basic on salary cert and the amount you were paid on your P60 for that year.

I know it doesn't do much to help you, but just trying to offer some clarity on what you are up against. Hope you get sorted.

Thanks, problem was that HR wouldn't believe that someone would be so picky. Two banks were happy to take numbers from last 3 years and calculate X% of that top of the basic income and usually people get these certificates from HR for banks.

It's funny that if P60 would show 50001e because of bonus and OT, it is instant decline, but then it's so hard to get them to be counted as actual income.

When I showed the email from coco to HR, they finally believed it is true that this is not normal case and I got corrected paper with the needed info. All should be good now

kbman · 19-11-2019 11:50pm

Hudur wrote: »

Thanks, problem was that HR wouldn't believe that someone would be so picky. Two banks were happy to take numbers from last 3 years and calculate X% of that top of the basic income and usually people get these certificates from HR for banks.

It's funny that if P60 would show 50001e because of bonus and OT, it is instant decline, but then it's so hard to get them to be counted as actual income.

When I showed the email from coco to HR, they finally believed it is true that this is not normal case and I got corrected paper with the needed info. All should be good now

Exactly that, all against us. Good luck with the application stage. Hardest thing throughout this is keeping the patience. It'll take some Té most likely but should be worth it

lauraITT · 20-11-2019 12:33pm

Aparently KCC are drawing down my loan this Friday 22nd. Does anyone know what happens after that?

Went sale agreed 3 months ago and feeling like I am never going to be in the house.

JJ_2019 · 21-11-2019 7:25am

Hi, I signed my loan acceptance 8 days ago, how long do I have to wait for loan draw down and what are the next steps I have to do after that? Can u please write me in detail?

Thanks

lauraITT wrote: »

Aparently KCC are drawing down my loan this Friday 22nd. Does anyone know what happens after that?

Went sale agreed 3 months ago and feeling like I am never going to be in the house.

lauraITT · 21-11-2019 10:42am

I wish I could give you detail but honestly the next step is just to wait. I signed loan pack on 8th October, got sent back because my solicitor missed something on 23rd October. The council then asked me yet again for a 12 month history of all my bank accounts and a letter from my solicitor that states my financial situation has not changed. Also at this point I had to arrange house insurance and list KCC as interested party and send all those documents into them. That brings me to today where I am waiting for them to draw down the loan tomorrow. After that I have no clue what happens, never bought a house before and my solicitor is impossible to get through to, have been attempting to contact him since 1st Nov.

JJ_2019 · 21-11-2019 11:14am

Thank u Laura, it's a hectic process &#55357;&#56874;

lauraITT wrote: »

I wish I could give you detail but honestly the next step is just to wait. I signed loan pack on 8th October, got sent back because my solicitor missed something on 23rd October. The council then asked me yet again for a 12 month history of all my bank accounts and a letter from my solicitor that states my financial situation has not changed. Also at this point I had to arrange house insurance and list KCC as interested party and send all those documents into them. That brings me to today where I am waiting for them to draw down the loan tomorrow. After that I have no clue what happens, never bought a house before and my solicitor is impossible to get through to, have been attempting to contact him since 1st Nov.

Marie2221 · 21-11-2019 1:14pm

givyjoe wrote: »

Tell me more, and would you like my debit card details or my savings in an envelope?

why would I need your banking information? I just wanted some information about it, someone told me to give me a loan of 15000 € and I wanted to know if it's possible.

SuporT · 24-11-2019 1:24am

lauraITT wrote: »

I wish I could give you detail but honestly the next step is just to wait. I signed loan pack on 8th October, got sent back because my solicitor missed something on 23rd October. The council then asked me yet again for a 12 month history of all my bank accounts and a letter from my solicitor that states my financial situation has not changed. Also at this point I had to arrange house insurance and list KCC as interested party and send all those documents into them. That brings me to today where I am waiting for them to draw down the loan tomorrow. After that I have no clue what happens, never bought a house before and my solicitor is impossible to get through to, have been attempting to contact him since 1st Nov.

Hi, do you know when is closing date?

Laurazal · 26-11-2019 1:45pm

DanyTargaryen wrote: »

Hi Evie,

I think the requirements differ slightly for different councils. I got approval in principle and have just recently got to the sale agreed phase on a place.

When I got my approval in principle, the letter said I needed to submit my booking deposit receipt, final sale agreed price, solicitor details and a valuation fee of 150 euro.

So for me the process was:
Received approval in principle which gives 6 month timeframe to find a property
Bid on a property and eventually win a bid
Pay a booking deposit to the estate agent (refundable until you sign sale contract)
Find a solicitor
Go to county council and submit documentation mentioned above
get a surveyor to look at property

And that's as far as I've gotten, I should have an answer next week from the council on whether or not my loan is approved. I mentioned to the estate agent when I was bidding that I was using this loan and it didn't seem to be a problem.

I saw another thread where people mentioned that council legal fees were 1700 euro and there was a lot of annoyed people and understandably so. Not all councils do this though, my one hasn't mentioned this.

Hi Danny, did you get any updates from the Council?
Can I ask you about the process of getting a valuation - did you have to find who would do the valuation and pay them and supply valuation report to the council? i find this part in council's letter a bit vague and want to be ready when it comes to this stage (we are about to pay a booking fee on a new built). Thanks!!!

nate1984 · 26-11-2019 1:46pm

Hi All,

We received our provisional approval a little over5 weeks ago. We then applied for final approval as we have placed a reserve on a house.

We were told that there were a few more hoops to jump through such as Mortgage protection and legal amongst others.

4 weeks later we are still stuck at mortgage approval awaiting a response from the provider Utmost. We chase the county council daily but they simply reply stating they are still awaiting feedback. We fear we are going to lose our house now. Has anybody experienced anything similar or able to give a rough outline of how long we should be waiting. The estate agents / builders are losing patience more and more as the days go on

Tumbleweed2 · 26-11-2019 2:07pm

Hey all,

Just updating again.
I have gone through all the hoops.
New build property, surveyed and valued. Gone from mortgage approval in principle to actual approval letter.
Signed all documents, Paid Council legal fee of 1k. Home insurance and MPI approved. Paid full deposit. Requested funds to be draw down. They said I'll have it before the 6th of December (wexford Coco don't do drawdown from 6th of December to 10th of January apparently, christmas break or something).
Also worth noting that the council issues a cheque which you'll need to allow 5 days to clear, so its another small delay.
So looks like I should have keys before Christmas.

If you have any questions on my experience feel free to ask, I'll try to help.

Laurazal · 26-11-2019 3:41pm

Tumbleweed2 wrote: »

Hey all,

Just updating again.
I have gone through all the hoops.
New build property, surveyed and valued. Gone from mortgage approval in principle to actual approval letter.
Signed all documents, Paid Council legal fee of 1k. Home insurance and MPI approved. Paid full deposit. Requested funds to be draw down. They said I'll have it before the 6th of December (wexford Coco don't do drawdown from 6th of December to 10th of January apparently, christmas break or something).
Also worth noting that the council issues a cheque which you'll need to allow 5 days to clear, so its another small delay.
So looks like I should have keys before Christmas.

If you have any questions on my experience feel free to ask, I'll try to help.

First of all - Congratulations and well done!
Do you mind me asking if you need to supply more documents for final approval? We are about to pay the booking deposit and get valuation done, but I would like to know if there is anything I can prepare in advance for final mortgage approval? Will we need to get our credit rating?
Thanks!

Tumbleweed2 · 26-11-2019 4:57pm

Laurazal wrote: »

First of all - Congratulations and well done!
Do you mind me asking if you need to supply more documents for final approval? We are about to pay the booking deposit and get valuation done, but I would like to know if there is anything I can prepare in advance for final mortgage approval? Will we need to get our credit rating?
Thanks!

Thank you, it was a battle sometimes but Wexford sound a lot better than other councils from stories I've heard.

So after approved in principle and I picked a house and had my booking deposit paid, I had to attend a mortgage meeting, where I provided:
1. Confirmation of address and purchase price of property, official document from the vendor was required
2. A copy of my valuation report with colour picture included
3. A copy of my surveyor report with colour picture (as it was new build)
4. My filled out MPI form if eligible they'll take it there and then, side note:turns out I may not have been eligible for this due to having asthma and my inhalers being considering "Long term medication" so I had a teleinterview with the provider of the MPI and got approved a week later.
5. My solicitor details
6. Revenue access number, available on Revenue online ( I forgot this but was allowed to email it to them the following day.)

I'm led to believe that some counties do the mortgage meeting before you even have the mortgage approval in principle, a friend of mine had her meeting before she was approved at all, where they discussed the product and she actually submitted her application form there and then. She applied in Louth and she was just able to post the above to the council.

Nothing required from the Irish Credit Bureau, they seem to have access to that. If you and a non national or worked abroad, UK, OZ, USA etc you may be required to provide a credit check from that country, normally an experian check or equivalent. That being said if you are applying for this you've been working here for at least 3 year, so I dont see how that would even come up.

I hope this helps. Best of luck with your application, it can be long and stressful, believe me, but it will be worth it when you are in your new home

coolio83 · 26-11-2019 5:54pm

Hi, in regards to the fixed rate option, can an overpayment of 10% be made, such as with regular lenders fixed rate overpayments policies? Thanks

Eg. "Fixed rates the maximum monthly overpayment is 10% of the monthly mortgage repayment, or €65, whichever is greater." ~ From BOI

Tumbleweed2 · 26-11-2019 6:28pm

coolio83 wrote: »

Hi, in regards to the fixed rate option, can an overpayment of 10% be made, such as with regular lenders fixed rate overpayments policies? Thanks

Eg. "Fixed rates the maximum monthly overpayment is 10% of the monthly mortgage repayment, or €65, whichever is greater." ~ From BOI

I asked about overpayment, adhoc payments and clearing your loan early. I was advised that overpayment and adhocs cannot be made. You are entitled to clear your loan early which is subject to breakage fees.

To be honest, it's not something I am looking at right now, so I wasn't questioning this too much in depth, so I'd recommend contacting the mortgage dept of your council to confirm.

Purplejess27 · 27-11-2019 12:45am

Hi all
Just discovered this! Applied in August, approval in principal October. Sale agreed 10 Nov. Booking deposit paid, survey and valuation completed. Just waiting on MPI Tele interview😱. Just wondered if anyone would mind sharing experience of this? Anyone been refused council MPI? A bit worried about it to be honest. I'm awaiting a procedure which will mean taking a couple of weeks off work and OH on long-term medication.

nate1984 · 27-11-2019 8:54am

Hi All,

We received our provisional approval a little over5 weeks ago. We then applied for final approval as we have placed a reserve on a house.

We were told that there were a few more hoops to jump through such as Mortgage protection and legal amongst others.

4 weeks later we are still stuck at mortgage approval awaiting a response from the provider Utmost. We chase the county council daily but they simply reply stating they are still awaiting feedback. We fear we are going to lose our house now. Has anybody experienced anything similar or able to give a rough outline of how long we should be waiting. The estate agents / builders are losing patience more and more as the days go on

deedee26 · 27-11-2019 10:13am

Purplejess27 wrote: »

Hi all
Just discovered this! Applied in August, approval in principal October. Sale agreed 10 Nov. Booking deposit paid, survey and valuation completed. Just waiting on MPI Tele interviewðŸ˜±. Just wondered if anyone would mind sharing experience of this? Anyone been refused council MPI? A bit worried about it to be honest. I'm awaiting a procedure which will mean taking a couple of weeks off work and OH on long-term medication.

I had my Tele Interview the other day. 17 min phone call. Went something like:
Have you ever had stroke, heart problems, ect.
Has a doctor ever recommended that you take long term medication for any problems. What is the name of the medication and dose. How long have you been diagnosed with it.
How many times a year do you see your doctor regarding this issue. Have you had any tests in the last few years what was the outcome. Have you had any operations in the past? Are you currently awaiting treatment, do you have any issues you have not yet discussed with your doctor? Any long term periods of sick leave.

Tumbleweed2 · 27-11-2019 11:20am

Purplejess27 wrote: »

Hi all
Just discovered this! Applied in August, approval in principal October. Sale agreed 10 Nov. Booking deposit paid, survey and valuation completed. Just waiting on MPI Tele interview&#55357;&#56881;. Just wondered if anyone would mind sharing experience of this? Anyone been refused council MPI? A bit worried about it to be honest. I'm awaiting a procedure which will mean taking a couple of weeks off work and OH on long-term medication.

Yeah as the comment above says. Its fairly intrusive, but I guess it has to be.
I have asthma my whole life, they wanted me to confirm when I first noticed the symptoms, approx what age was I diagnosed (which was before I was even 1 I believe), when was my first asthma attack (some time in primary school). Some tough details to recall.
They are especially keen on if you have ever missed work, so be prepared to do a lot of explaining if you have. I broke an ankle playing football and missed two days, and they were quizzing me on it, even to the point of asking me if I was still playing football or do I plan on playing football again.
I thought it was strange the level of details given the only reason Im on the call is due to having to take standard inhalers every once in a while for mild asthma.
I was also waiting about a week to find out I have been approved, I got some of my own quotes elsewhere, in case I was ineligible and had to provide my own cover to the same level of the council MPI, it was significantly cheaper, which I thought was interesting, found myself hoping a little bit that I was ineligible for it :pac:
Best of luck with it though!

Rebuilding Ireland home loan

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