Rebuilding Ireland home loan

jill_valentine wrote: »

No, it's a bit of a pain in the arse for Dublin in particular - you can only buy in the catchment of the council who approves your loan. That means for Dublin you probably have to apply to the three different councils and SDCC in particular takes 6+ months to approve.

You can only apply to four councils at most iirc too

About the 6 months, as far as i know, same practice in other banks, they need to see let's call it "positive tendency" on your account, at least one of the broker was explaining that somewhere

Hi

Has anyone recently been bought a house recently with Wicklow county council? I am wondering what documents they will ask for drawdown stage?
Thanks

89char9 wrote: »

Hey, I've been saving but I had to withdraw some money from my savings. Since I withdrew the money I've continued to save and will have the 30%of the deposit saved when I apply. I'm just wondering if that time I withdrew some of my savings will be a problem. Anyone know? Thank you in advance.

No one can no for certain. Once you have your deposit saved I don’t see why it should be a problem.

c.m.a wrote: »

Hi

Has anyone recently been bought a house recently with Wicklow county council? I am wondering what documents they will ask for drawdown stage?
Thanks

Hey, we’re just waiting on Wicklow coco to release funds this week. We were asked for last 3 payslips , proof of funds and letters from work stating we don’t receive any subsidies due to the pandemic.

c.m.a wrote: »

Perfect thanks. We are signing contracts this week . Vendor is getting fed up waiting on us because the whole process is so slow. Can I ask how long it has been for you from signing contracts to drawdown ?

We signed contracts on the 9th June and then we both had to have telephone interviews for the Mortgage Protection which slowed us down and then I had to wait on hospital results which slowed us down again. And then the funds are being released Thursday so not too bad considering we had a few bumps in the road

c.m.a wrote: »

Thank you for the info , hopefully it will be just as quick for us too .So worth it when you get to the end .Good luck in your new home.

No problem. The Revenue side of things seem to be a lot faster at handling things than the rest of process. Thanks you too!

Anyone know average time cork city council takes for a decision?

antimatterx wrote: »

Why do they ask for an address in the "DETAILS OF PROPERTY TO BE MORTGAGED"? The amount I get will dictate the property I will buy.

my local council said to leave it blank

Hi Anyone get recently approved? Waiting 8 weeks now and no reply...

Deleted User wrote: »

Looks like RI interest rates will drop and, more importantly (if im reading it right) the MPI cost will now be built-in to the price of the loan (rather than an extra cost?)


https://www.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html

and they're also increasing the income requirements instead of increasing the max value property can be? very little can be bought for for 250k in most areas and 320k in the other areas.

jill_valentine wrote: »

Depends which council you're applying to. DCC accepted the one my company generates automatically, SDCC would only accept the RI template filled out by my HR people.

Cool. That's fine so, thanks for that. Separately, there are some other things I am unsure of if you know I'd appreciate it.

1) They ask how much did I ask for and get refused for off a bank. I only did the online calculator for the bank. Can I just send in a screenshot of that and say I wanted X amount above it or whatever?

2) Do I need to get credit union statement if I don't use it? It's a years old account and could be difficult to get a statement.

3) Did you hand it into the council in person or via post/email? I read they said it could be delayed due to omissions if sent by post which I could see happening as many fields I am unsure of, but equally don't want to spend a day driving around to 4 different council buildings as I am pretty sure I may not be entitled to this yet due to the requirement for saving for one year.

4) I presume property mortgage details can be left empty? And same for the property cost etc?

Thanks

Finally got approval from our local council. Credit comittee won't meet until next month, but was notified via email this morning. It's a bit less than what I thought it would be to be honest. They literally only went with by base salary and not with anything on my P60. What's the **** point of sending in your P60 then if no income from that is actually counted? Boils my blood. My P60 from last 5 years is 15k over my base salary.

it actually appears to be 4.5 times my salary to be honest

Hi guys so. Jumping on here to share our experience with RI. We count ourselves as the lucky ones I guess as the experience have been relatively straight forward (Apart from South Dublin which we are still waiting). We've applied for a joint mortgage with my girlfriend to every Council in Dublin and are now close to closing a house (Hopefully). The application was straight forward depending on how organized you guys are with preparing the documents needed and replying back to them with any of their queries or additional documents. In order to expedite everything I dropped the additional documents they asked to the actual council as to avoid the delay time of postage and the peace of mind that it has arrived. Our application was well laid out with every single sections separated using post it notes with the title of the paperwork it contained. We Poly pocketed our paperwork in relation to our individual documents. They appreciated that as one email said it helped out with the sorting of our application. It surely didn't hurt making life easier on them as they have to sort through thousands upon thousands of applications.

Once they were happy they will notify you or you'll have to hound them what the status is on your application. They were more than helpful to cater to any questions we had in relations to our application so I wouldn't expect them to be any different to any of you guys. South Dublin gave us the run around saying it's with the "Committee" for the final evaluation but still no word and this has been more than 6 months. Just be respectful (not saying you people aren't) The councils that got back immediately were DCC with about 2/2.5 months then Fingal with around 3 and as said above we are still waiting for South Dublin. A pity as there were properties we were looking at but couldn't even bid. We also applied for Dun Laoghaire Council because we have nothing to lose and wishful thinking we could afford any property in the area for 320K 😂 , Hey if you don't try, you'll never know. Still awaiting. I assumed the delay was to do with Covid and one person from a council relayed to me that it was.

I do feel like since this is a scheme they do take more time and really get down with a fine tooth comb on your situation. A lot slower than the bank route anyways but then again RI are giving close to 4.5X/5X your wages. I myself make around 22K and my girlfriend 29K. On the calculator they offered 269K but for DCC and Final they offered less at 249,300.

For me personally, I think that capping properties at 320K in this climate is a hard ask. Daft and Myhome on refresh and a 3 Bedroom house just seems to get higher and higher during the bidding wars and can go easily past 400K. We were looking at Drimnagh on a Guide price of 295K and when I rang it had gone up to 450K. In one scenario we missed the it by 10K which we would have been able to add using our deposit but unfortunately reached the cap. There is nothing wrong with this scheme per say. It is the current climate of house shortage on the market. My advice to people that are wanting to use this scheme or are in line with their application is to go for it and be patient. We have been trying to close and ran into so many problems on the sellers side but just be patient. I know it can be quite discouraging not hearing back for ages and with the house prices only going higher you are eager and anxious to at least put a bid down but you will get there. Again, I count ourselves as the lucky ones to be in this position.

This was our experience with it. I can only speak from our side of things. I really hope you guys pull through this and can finally achieve owning your own home.

Hi. I've recently got my loan offer from Kildare county council and while I'm delighted to get it, I can't help but wonder will the rate be reduced as part of the Housing For All plans which are supposed to be announced in August.

https://m.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html

Presuming the rates are lowered, does anyone know if I haven't actually drawdown the mortgage, would I automatically get the lower rates or would I have to apply all over again?

For anyone applying to Kildare County Council, I found them great. When I sent in the paperwork I got an email from the council office asking for clarification on a couple of things, around 4 weeks later we had the offer. I know some people had an awful time with them but hopefully they're on top of things now!

You need 10% of the actual (expected) property price. So if for example your budget is 320k then you need 32k saved. At least 30% of that has to be from your own savings, and up to 70% can be from unborrowed sources, for example a gift from your parents. You also need to show that you've been saving regularly for at least 12 months. Although it does say in the FAQ on the website that rent payments can be used a form of evidence of savings, since obviously you wouldn't be paying rent if you buy a property.