Rebuilding Ireland home loan

scabo33 · 07-10-2019 9:26pm

Malsos wrote: »

Hi,

Can someone help me with below:

1) Are people being offered similar amounts to what the online calculator offers them

2) When is the best time to apply for the loan
- When you see property on daft
- Do you bid on a house & go sale agreed
- Do you apply and see amount offered

Apply immediately and just put down maximum for amount needed. That’s what council told us then you will know what you can play with. It takes weeks for them to get back to you so don’t put all your eggs in this. We did and they rejected us so we went back to the bank.

Gael23 · 07-10-2019 11:47pm

Can you apply to buy in an area where you don’t currently live. Aiming to get out of Dublin and have a chance at buying

Darkglasses · 08-10-2019 10:36am

Gael23 wrote: »

Can you apply to buy in an area where you don’t currently live. Aiming to get out of Dublin and have a chance at buying

Yes, you just apply to the Council in the area you want to buy in

Tells · 08-10-2019 10:56am

We applied to three different councils in Dublin to keep our options open. Got the go ahead from all three.

Milenauno · 08-10-2019 11:48am

Malsos wrote: »

Hi,

Can someone help me with below:

1) Are people being offered similar amounts to what the online calculator offers them

2) When is the best time to apply for the loan
- When you see property on daft
- Do you bid on a house & go sale agreed
- Do you apply and see amount offered

Hi,

1. We have been offered similar amount to what online calculator offered

2. Apply straight away, it takes time to receive the reply, once received you’ll have 6 months to find the house

kbman · 08-10-2019 12:15pm

Milenauno wrote: »

Hi,

1. We have been offered similar amount to what online calculator offered

2. Apply straight away, it takes time to receive the reply, once received you’ll have 6 months to find the house

Not necessarily, one CC i applied to gave me 6 months.

The other said they would withdraw the offer, if I hadn't told them about a property within 1 month.

Each of the Councils are working differently from what I can see.
The only thing that's exactly the same is the MPI, valuation forms from what I can make out.

We were offered almost exactly what the online calculator gave us.
Some CC's will insist on a meeting and make sure they're filled out correctly and help you with the figures, others work off what they have and send it back to you by post to correct and refill. This really delays the process but it's unfortuantely due to the backlog some are or have been under.

But I'd say you'd be best to assume it'll take close to 3 months.
My final paperwork was in on 8th July and I just got approval yesterday from Wicklow CC.

I'd agree with the response previously that the best option is to apply straight away.

SR1990 · 09-10-2019 5:43pm

Hi everyone, finding the information provided here very useful, thanks all. Just wondering if anyone has heard back from DCC recently? I got a call on Sept 17th to say I was approved by underwriters and should here back from them in 2 weeks time after the Credit Committee had met. Its three weeks now so I'm just wondering if anyone else is in the same boat... Have phoned a few times but its ringing out.

Shellzer123 · 09-10-2019 7:40pm

Hi can anybody help? Has anyone been given more than the online calculator states?

Im putting the maximum amount on my application but would love feedback.

kbman · 09-10-2019 8:42pm

Shellzer123 wrote: »

Hi can anybody help? Has anyone been given more than the online calculator states?

Im putting the maximum amount on my application but would love feedback.

With me I put what the calculator gave me.
I think that's the max you'll get, the figure I got back was 2 euro less which should help you have an idea

Good luck with your application

kbman · 09-10-2019 8:46pm

SR1990 wrote: »

Hi everyone, finding the information provided here very useful, thanks all. Just wondering if anyone has heard back from DCC recently? I got a call on Sept 17th to say I was approved by underwriters and should here back from them in 2 weeks time after the Credit Committee had met. Its three weeks now so I'm just wondering if anyone else is in the same boat... Have phoned a few times but its ringing out.

I didn't get this info on my application but all I can suggest is to maybe try calling at different times of the day and emailing the contact In there. I had same problem phoning and getting info also.

Shellzer123 · 09-10-2019 9:12pm

kbman wrote: »

With me I put what the calculator gave me.
I think that's the max you'll get, the figure I got back was 2 euro less which should help you have an idea

Good luck with your application

Great thanks for that. I have a yearly guaranteed bonus aswell on my salary cert. would that increase the mortgage amount do you know?

deedee26 · 09-10-2019 9:32pm

SR1990 wrote: »

Hi everyone, finding the information provided here very useful, thanks all. Just wondering if anyone has heard back from DCC recently? I got a call on Sept 17th to say I was approved by underwriters and should here back from them in 2 weeks time after the Credit Committee had met. Its three weeks now so I'm just wondering if anyone else is in the same boat... Have phoned a few times but its ringing out.

Credit committee meeting tomorrow, in DCC. I was told to ring them on Friday and they would let me know.

kbman · 10-10-2019 7:14am

Shellzer123 wrote: »

Great thanks for that. I have a yearly guaranteed bonus aswell on my salary cert. would that increase the mortgage amount do you know?

I don't think they take bonuses into account, on the other hand you're already being offered more than the banks

deedee26 · 10-10-2019 8:19am

Have they not already done some figures up for you? The guy in DCC done my figures two ways and I picked which one I wanted to apply for. I would imagine it's all going to come down to you proven you have the ability to repay the loan.

Milenauno · 10-10-2019 1:56pm

SR1990 wrote: »

Hi everyone, finding the information provided here very useful, thanks all. Just wondering if anyone has heard back from DCC recently? I got a call on Sept 17th to say I was approved by underwriters and should here back from them in 2 weeks time after the Credit Committee had met. Its three weeks now so I'm just wondering if anyone else is in the same boat... Have phoned a few times but its ringing out.

I don’t remember the exact nomber of days but it took certainly more than 2 weeks between we got approved by underwriters and we received the loan offer. I would say 3/4 weeks, the Commitee is meeting once a week. Try to reply to the email they sent to you and ask about the status of your application. Are you sure that you have the right number? Because, they answered the phone every time I called them.

Shellzer123 · 11-10-2019 7:12am

deedee26 wrote: »

Have they not already done some figures up for you? The guy in DCC done my figures two ways and I picked which one I wanted to apply for. I would imagine it's all going to come down to you proven you have the ability to repay the loan.

My appointment is next week so fingers crossed then ill know what the position is money wise.
Thanks for this it is very helpful.

Salanky · 14-10-2019 5:55pm

Got my approval today from louth coco for just under the max on the calculator. It would have been 5 weeks tomorrow since the application went in so quick enough. Now the clock starts....

Shellzer123 · 14-10-2019 8:05pm

Salanky wrote: »

Got my approval today from louth coco for just under the max on the calculator. It would have been 5 weeks tomorrow since the application went in so quick enough. Now the clock starts....

Thats great news congratulations and thanks for letting us know. Happy House Hunting

Sarahsan · 14-10-2019 8:59pm

Hi All,

I'm submitting my application to DCC this week. How long can I expect it to take to hear back? Has anyone had much success with them recently? I'm feeling very nervous about it!

Thank you!

Zoeziggy123! · 14-10-2019 9:28pm

Milenauno wrote: »

I don’t remember the exact nomber of days but it took certainly more than 2 weeks between we got approved by underwriters and we received the loan offer. I would say 3/4 weeks, the Commitee is meeting once a week. Try to reply to the email they sent to you and ask about the status of your application. Are you sure that you have the right number? Because, they answered the phone every time I called them.

Hi There,

Can I ask what was in your loan offer? Like the terms & conditions?

deedee26 · 14-10-2019 10:34pm

I applied with DCC end of August. Rang on Friday to say loan was approved, that i will receive letter in post.

Shanvp · 15-10-2019 1:52am

This is a long shot but.. has anyone here been through the whole application with money gifted to them? We are at drawn down stage and I'm wondering if any other documents need to be signed by the person giving the gift other than The "confirmation of mortgage" deed.

scheister · 15-10-2019 8:34am

Shanvp wrote: »

This is a long shot but.. has anyone here been through the whole application with money gifted to them? We are at drawn down stage and I'm wondering if any other documents need to be signed by the person giving the gift other than The "confirmation of mortgage" deed.

For money that was gifts have they looked for a gift letter from the person who gave you the gift?

GlowStick · 15-10-2019 8:53am

Shanvp wrote: »

This is a long shot but.. has anyone here been through the whole application with money gifted to them? We are at drawn down stage and I'm wondering if any other documents need to be signed by the person giving the gift other than The "confirmation of mortgage" deed.

I was gifted some money (money that I actually ended up not needing because I went with a cheaper house, but anyway!) So I told the CC at the start and they required a gift letter with my application from the person gifting me the money. At draw down, my solicitor asked if I'd had any money gifted to me. I mentioned this, and, even though I wasn't using the money, sure required a more legal letter stating that should I need the money, this person would have no interest in my property. That ended up making the process about a week longer because they had to post everything. So if I were you, to be on the safe side, I'd mention it to your solicitor - at the end of the day, that's what they're there for! Good luck!

Milenauno · 15-10-2019 9:06am

Zoeziggy123! wrote: »

Hi There,

Can I ask what was in your loan offer? Like the terms & conditions?

There was a list of the documents to be provided once you find the house to buy; forms to be filled, insurance forms to be filled, letters from employer and gp.
The loan offer was valid for 6 months and once you receive the final loans offer ( that is sent to your solicitor, once you go sale agreed) then you have 3 weeks to accept it.

kbman · 15-10-2019 9:10am

Interesting, we didn't need letters from employer or gp unless that's still to come.
We signed letter of acceptance, final approval and about to go through mortgage protection insruance policy signing.

How long was it after you signed all the documents given when you got the approval in principal until you got the final loan offer?

LadyMayBelle · 15-10-2019 12:46pm

Getting ourselves ready to apply in Galway. Am I right in thinking consistently paying rent for 5 years (between 1200-1400pm) is a sign we can manage money? Have fu*k all left over at the end of the month as on one wage, but am I gonna get scuppered by that?

Milenauno · 15-10-2019 1:17pm

kbman wrote: »

Interesting, we didn't need letters from employer or gp unless that's still to come.
We signed letter of acceptance, final approval and about to go through mortgage protection insruance policy signing.

How long was it after you signed all the documents given when you got the approval in principal until you got the final loan offer?

About 3 weeks

SuporT · 15-10-2019 5:47pm

Milenauno wrote: »

About 3 weeks

Is no time frame SDCC. We still waiting loan documents since 5th September.

Shanvp · 15-10-2019 6:07pm

GlowStick wrote: »

I was gifted some money (money that I actually ended up not needing because I went with a cheaper house, but anyway!) So I told the CC at the start and they required a gift letter with my application from the person gifting me the money. At draw down, my solicitor asked if I'd had any money gifted to me. I mentioned this, and, even though I wasn't using the money, sure required a more legal letter stating that should I need the money, this person would have no interest in my property. That ended up making the process about a week longer because they had to post everything. So if I were you, to be on the safe side, I'd mention it to your solicitor - at the end of the day, that's what they're there for! Good luck!

Thanks for the quick reply, we've already got the legal letter signed and witnessed and the gift letter was done upon application, and the solicitor is fully aware. Thank you for clarifying that.

We are just waiting for the council to release funds, we requested drawdown 4 week ago! I guess I'm just overthinking at this stage, the waiting game really is driving me crazy!

Zoeziggy123! · 16-10-2019 9:50am

Thanks a million for this - I was provisionally approved in Nov 2018 and have had a nightmare ever since. I have been told that my solicitor will be receiving the final loan offer today but the mortgage will only go ahead if I agree to the T&Cs of the Mortgage.

I am a single applicant with a Self Build so it has been a very very long, stressful process for me so was just looking for the heads up on what these might be.

Light a candle for me today lol

Zoeziggy123! · 16-10-2019 9:50am

Are you Building or buying @Shanvp?

kbman · 16-10-2019 12:14pm

This is probably already answered but i havent' been able to find the answer.
Did anyone go for new build on this, as for the most part it's designed for second hand house?
I fired couple of questions about Valuation and Structural survey report.
We're buying off plans and have accepted the loan from Wicklow CC,
Was there anything not already mentioned on the requirements that's needed for the CC?
I find it quite interesting how the offer wording is very different from CC to CC.

I'm just trying to speed things up on that side of things.

Rojo · 16-10-2019 3:43pm

I'll be two years in continuous employment in my current job in May... Find it frustrating that I can't apply until then. Will this scheme be operating in 2020? :-/

kbman · 16-10-2019 4:50pm

I'd imagine so, they extended funding up to a certain amount for he next 3 years recently, I don't remember the exact figures on the release. But it should be given extra funding at that stage too if it becomes a problem.

deedee26 · 16-10-2019 5:24pm

Rojo wrote: »

I'll be two years in continuous employment in my current job in May... Find it frustrating that I can't apply until then. Will this scheme be operating in 2020?

If you left your employment to start with your current employer, you just need a letter from your old employer stating the dates you were employed with them.

Rojo · 16-10-2019 7:38pm

kbman wrote: »

I'd imagine so, they extended funding up to a certain amount for he next 3 years recently, I don't remember the exact figures on the release. But it should be given extra funding at that stage too if it becomes a problem.

Fingers crossed!

deedee26 wrote: »

If you left your employment to start with your current employer, you just need a letter from your old employer stating the dates you were employed with them.

Unfortunately I decided to take a few months break from full time employment!

jockey#1 · 16-10-2019 11:35pm

Anybody ever heard of applicants being approved for rebuilding Ireland home loan while being in their current position less than 2 years?

kbman · 17-10-2019 5:49am

I didnt hear of that jockey, but did you try talking to the council where you want to apply? By the time your application gets to review stage, it could well be 3 months from now anyway.

I do see it's written in the credit policy but talking to the council would be the best bet, because they're the ones processing the forms. As it's in the criteria in the credit policy http://rebuildingirelandhomeloan.ie/uploads/files/RIHL%20Redacted%20Credit%20Policy%20-%20Final.pdf, it's quite possible they mightn't be so lenient but always worth a try

Whodanoob · 17-10-2019 10:56am

Does anyone know if it's possible to overpay the monthly repayments?

Laurazal · 17-10-2019 12:40pm

Whodanoob wrote: »

Does anyone know if it's possible to overpay the monthly repayments?

I believe it depends if you are on fixed or flexible interest rates...

Thatgirlthere · 17-10-2019 1:49pm

I am really struggling with the wait from Wicklow County Council, we are 22 weeks waiting for a reply from our initial application. Is this normal? Please let me know how long it was before you heard a yes or no.

kbman · 17-10-2019 2:01pm

Thatgirlthere wrote: »

I am really struggling with the wait from Wicklow County Council, we are 22 weeks waiting for a reply from our initial application. Is this normal? Please let me know how long it was before you heard a yes or no.

Our Application was sent in and dated received on 15th May
First week in July, they sent it back because i hadn't put the figures down, we didn't know the Max we could achieve.

I got that in to them on 7/8th July, We got the approval then dated 4th October.

When we applied, a new girl had started, not sure what happened to her now, but few weeks back another girl took over the position and 2 more people were hired to do the other tasks that were previously all assigned to the same person.

This may have contributed to the delay.
Anyways, we went down a week or 2 before October for a site visit and dropped up to meet the new girl.

She was very pleasant to deal with and following week was asking us for details to get ready for committe meeting or something because we didn't hear anything and then we got the approval in the door on the 7th October.

Have you got a booking deposit down on a House?
I would suggest calling and emailing wicklow, you could call to get email or I can pass it to you in PM. Not sure if it's not acceptable under this thread to post those details here.

The condition i got, was that I needed to tell them the house address within a month and that I was going to accept the offer they gave me for.

Hope this helps with your response, if you need anything else, let me know, happy to answer by PM either

Thatgirlthere · 17-10-2019 2:23pm

kbman wrote: »

Our Application was sent in and dated received on 15th May
First week in July, they sent it back because i hadn't put the figures down, we didn't know the Max we could achieve.

I got that in to them on 7/8th July, We got the approval then dated 4th October.

When we applied, a new girl had started, not sure what happened to her now, but few weeks back another girl took over the position and 2 more people were hired to do the other tasks that were previously all assigned to the same person.

This may have contributed to the delay.
Anyways, we went down a week or 2 before October for a site visit and dropped up to meet the new girl........

This does make me feel better, the lack of response has me tearing my hair out. I have left dozens of messages looking for someone to call me back in the last few weeks and I never get a response. It's incredibly frustrating! Glad to know I'm not the only one who is waiting a long time, but we did send our application in before you and still haven't heard back.

kbman · 17-10-2019 2:32pm

I agree with you, the wait is very frustrating, i suppose for us it was 10 weeks.
I was calling and emailing like yourself.
I half expected the new girl wouldn't meet us, but she's quite nice and quick once she saw the urgency.
I wouldn't be surprised if your application is back sitting there waiting for either credit committe meeting or a senior person's signature.
They followed up with me by telling me the following monday they needed my partner's passport page by the end of the day scanned across to them. I think there's a fair bit of backlog due to the under-resourcing but I wish you the best of luck and am not sure what advice to give, it was very frustrating given we had the house but not the approval.

deedee26 · 17-10-2019 6:44pm

Whodanoob wrote: »

Does anyone know if it's possible to overpay the monthly repayments?

You need to choose a variable rate if you want to pay extra. If your on a Fixed rate you pay a penalty for paying off your mortgage earlier.

BKWDR · 18-10-2019 12:35am

deedee26 wrote: »

You need to choose a variable rate if you want to pay extra. If your on a Fixed rate you pay a penalty for paying off your mortgage earlier.

There is no variable rate on this scheme anymore.

Salanky · 18-10-2019 7:25am

BKWDR wrote: »

There is no variable rate on this scheme anymore.

My approval only showed the two fixed rates though the woman in the council did mention the variable one but only in passing. I was offered 2% over 25 years or 2.25% over 30 years with 13k in the difference. No brainer for me to go with the 2.25 over 30 for the higher amount.

JessC1987 · 18-10-2019 9:53am

I wonder if anyone that has drawn down mortgage with DCC knows what bank the cheque was for the loan? Our cheque is due to be ready on Monday and I wanted to find out which bank the council use, I'm guessing Bank of Ireland but if someone could confirm I would really appreciate it

deedee26 · 18-10-2019 12:08pm

Salanky wrote: »

My approval only showed the two fixed rates though the woman in the council did mention the variable one but only in passing. I was offered 2% over 25 years or 2.25% over 30 years with 13k in the difference. No brainer for me to go with the 2.25 over 30 for the higher amount.

I went with Variable at 2.3% only got approval last week, wonder why they are not going with that option anymore.

Rebuilding Ireland home loan

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