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Rebuilding Ireland home loan

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Comments

  • Registered Users Posts: 695 ✭✭✭gandalfio


    Hi. We submitted the application last week. Received a letter today to say it has been referred to the Housing Agency for their assessment and recommendation.
    Any idea how long this process takes?


  • Registered Users Posts: 4 Woody.


    BKWDR wrote: »
    Probate can be seamless or probate can be a nightmare (thats what you've read online im sure)

    Basically, if the vendors solicitor has painted a picture that it is straight forward to your solicitor and has said 4 weeks, that's positive. The family or LPR could have commenced probate long before. Probate is a seperate legal activitiy going on inside your purchase and you have no control over it really.

    You have 6 months from your Final approval to complete the transaction so there should be no problem. What i would say to you is this, continue to ACT like you are saving for your loan. Don't change ANYTHING. Continue to save your amount. Don't take a loan out. Don't splurge big money on anything. CERTAINLY don't change jobs. Just act like you did when you were preparing to send in your application.

    The last thing you want is for DCC to run a credit cheque ahead of issuing the final cert of approval and see you have taken out a 15k loan for a new car or you changed jobs and are on probation.

    Thanks very much, yes we are just going to keep saving as if we are applying, sometimes ye feel like your never going to get the keys, hopefully it goes through quickly. Thanks again.


  • Registered Users Posts: 32 Cheesepuffs


    Hi,

    We are currently at the solicitor side of things hoping to sign off soon.

    My question is, my partner just accepted a new job. She couldn’t turn it down.
    Do they ask for more payslips etc before issusing cheque!

    C


  • Registered Users Posts: 38 Dankarl


    Hi,

    Has anyone got their keys to their property since March ?

    Dan
    (CorkCoCo)


  • Registered Users Posts: 695 ✭✭✭gandalfio


    gandalfio wrote: »
    Hi. We submitted the application last week. Received a letter today to say it has been referred to the Housing Agency for their assessment and recommendation.
    Any idea how long this process takes?

    Bump. Anyone that's been through the process got any feedback?
    It's Fingal Co Co btw


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  • Registered Users Posts: 22 NM2020


    gandalfio wrote: »
    Bump. Anyone that's been through the process got any feedback?
    It's Fingal Co Co btw

    im applying through Fingal CC too and was told its a minimum 12 week wait from when they send it for assessment :/


  • Registered Users Posts: 695 ✭✭✭gandalfio


    NM2020 wrote: »
    im applying through Fingal CC too and was told its a minimum 12 week wait from when they send it for assessment :/

    Thanks. Is this the stage where the next response will be to tell us whether or not our application has been approved?


  • Registered Users Posts: 37 jessimirish


    Hey guys, great to find this forum! I, like many, have a lot of questions.

    I'm applying as a single applicant. My salary at the moment is 47k and I tend to get a 2k annual bonus. My final earning from my P60 last year was 48.5k (my salary at the time was 45k+a 2k bonus, plus extra bits here and there, lunch subsidy, VHI funding etc).

    I'm sending off my forms tomorrow, complete with my P60 from 2019. With a total earning of 48.5k, I'm under the 50k threshold for the RI scheme.

    My question is, what happens if I go over 50k in 2020? Given that I'm only sending off my forms now and will likely be waiting a few weeks for approval (sending to Fingal, Dublin City, South Dublin and DL-Rathdown), I'm concerned that this whole process will likely drag on into next year.

    I'm wondering, once I get approved based on my current salary, does that approval stand even if I go over 50k total for the year? Technically my salary is €47,000 but I'm just worried about what shows up in my P60 with the extras. Also if I get a payrise in December that pushes me over 50, would that cancel me out?

    Say for example, I go sale agreed in February, and I've already been approved based on my current circumstances (47,000 plus 2,000 discretionary bonus). But by February I have a P60 for 2020 that shows slightly over 50k, and my salary has since been bumped up to 50.1k or some such. Would they then not let me draw down?


  • Registered Users Posts: 64 ✭✭Jess2019


    Hi,

    I was just told today that it is based off your p21 earnings from last year. Once thats under the 50k you should be fine.
    We submitted our application with SDCC 2 weeks ago and they emailed us about it today.
    Hey guys, great to find this forum! I, like many, have a lot of questions.

    I'm applying as a single applicant. My salary at the moment is 47k and I tend to get a 2k annual bonus. My final earning from my P60 last year was 48.5k (my salary at the time was 45k+a 2k bonus, plus extra bits here and there, lunch subsidy, VHI funding etc).

    I'm sending off my forms tomorrow, complete with my P60 from 2019. With a total earning of 48.5k, I'm under the 50k threshold for the RI scheme.

    My question is, what happens if I go over 50k in 2020? Given that I'm only sending off my forms now and will likely be waiting a few weeks for approval (sending to Fingal, Dublin City, South Dublin and DL-Rathdown), I'm concerned that this whole process will likely drag on into next year.

    I'm wondering, once I get approved based on my current salary, does that approval stand even if I go over 50k total for the year? Technically my salary is €47,000 but I'm just worried about what shows up in my P60 with the extras. Also if I get a payrise in December that pushes me over 50, would that cancel me out?

    Say for example, I go sale agreed in February, and I've already been approved based on my current circumstances (47,000 plus 2,000 discretionary bonus). But by February I have a P60 for 2020 that shows slightly over 50k, and my salary has since been bumped up to 50.1k or some such. Would they then not let me draw down?


  • Registered Users Posts: 37 jessimirish


    Jess2019 wrote: »
    Hi,

    I was just told today that it is based off your p21 earnings from last year. Once thats under the 50k you should be fine.
    We submitted our application with SDCC 2 weeks ago and they emailed us about it today.

    Ah fab! And do you know is that based off the time of approval in principle? Or the time of sale agreed?

    I've the fear of god my P60 will push me over the 50k this year for 2020, but sending in my application now based off my 2019 earnings/current salary. Hopefully if they approve me on that they won't ask for P60 again when I go to draw down.


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  • Registered Users Posts: 2,172 ✭✭✭BKWDR


    Ah fab! And do you know is that based off the time of approval in principle? Or the time of sale agreed?

    I've the fear of god my P60 will push me over the 50k this year for 2020, but sending in my application now based off my 2019 earnings/current salary. Hopefully if they approve me on that they won't ask for P60 again when I go to draw down.

    At point of AIP. you'll be fine, once you get approved . Put in your application

    Tbh with the minister saying that the affordable threshold will be going to 90k for a couple they probably will raise the single.


  • Registered Users Posts: 38 Dankarl


    Hi,

    Has anyone got their keys in the past few weeks ?

    Need to ask something

    DK


  • Registered Users Posts: 22 NM2020


    gandalfio wrote: »
    Thanks. Is this the stage where the next response will be to tell us whether or not our application has been approved?

    yeah, as far as i know anyway :)


  • Registered Users Posts: 28 Benci


    Does anyone knows if you need to drawdown and close the sale before your Letter of offer expires, or you can start drawdown on the last day, and still counts. Hope make sense. Thanks.


  • Registered Users Posts: 104 ✭✭KH1591


    Has anyone in Kildare been contacted about their application yet?
    We're in a que but worried about the long wait


  • Registered Users Posts: 253 ✭✭dawidnowak2005


    KH1591 wrote: »
    Has anyone in Kildare been contacted about their application yet?
    We're in a que but worried about the long wait

    I got email yesterday, they still deal with 2019 applications so it’s gonna be looong wait


  • Registered Users Posts: 2,172 ✭✭✭BKWDR


    Benci wrote: »
    Does anyone knows if you need to drawdown and close the sale before your Letter of offer expires, or you can start drawdown on the last day, and still counts. Hope make sense. Thanks.

    Once within the 3 months you're fine.

    If you are leaving it this fine, talk to your LA about it. Closing or drawing down doesn't happen in a day. Don't get caught


  • Registered Users Posts: 765 ✭✭✭Jafin


    BKWDR wrote: »
    Once within the 3 months you're fine.

    If you are leaving it this fine, talk to your LA about it. Closing or drawing down doesn't happen in a day. Don't get caught

    Sorry, I know you were replying to someone else but what three months are you referring to? I've had approval since the middle of July and there has been absolutely nothing suitable on the market where I am so haven't found anywhere yet. Since I'm two months into my approval are you basically saying I need to find somewhere and put an offer in in the next month in order to leave the last three months of approval there to get all the paperwork done?

    I was under the impression we just had to be sale agreed within the 6 month validity period since going from sale agreed to actually living in the place can take a long time.


  • Registered Users Posts: 6 Laylaflower


    Hi,

    I was hoping somebody could help me.
    We applied for the Rebuilding Ireland Loan mid July and I got a call this morning saying the credit committee had their meeting this morning and we have been approved, which is amazing, and official paperwork will be posted out today to us.

    We have already found our property and have gone sale agreed, as while we were waiting for Rebuilding Ireland we got approved by another bank (not as much as RI is offering).
    My question is would it be worth it to peruse the RI application? Obviously their interest rate is much lower than the bank, but from what Iv read the time to actual drawdown is a long one. Can anyone give an estimate on how long it takes from approved in principal to drawdown of mortgage? Also do you have to go with the councils valuation people and engineer? We were buying a second hand house with the bank but with RI we may swap to a new build we viewed as we would be able to afford this now. Just looking for time frames and any advise please?
    Thanks so much


  • Registered Users Posts: 2,172 ✭✭✭BKWDR


    Jafin wrote: »
    Sorry, I know you were replying to someone else but what three months are you referring to? I've had approval since the middle of July and there has been absolutely nothing suitable on the market where I am so haven't found anywhere yet. Since I'm two months into my approval are you basically saying I need to find somewhere and put an offer in in the next month in order to leave the last three months of approval there to get all the paperwork done?

    I was under the impression we just had to be sale agreed within the 6 month validity period since going from sale agreed to actually living in the place can take a long time.

    Slip on my behalf , you have 6 months, yes.

    Always read what is in your letter. It will say 6 months.

    You have 6 months to go sale agreed, and then your final approval will be issued and that will have a time limit on it , 6 months, to close and complete the sale transaction


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  • Registered Users Posts: 1,291 ✭✭✭phobia2011


    In similar situation, would it take 6 months to complete the legal stage?


  • Registered Users Posts: 28 Benci


    BKWDR wrote: »
    Once within the 3 months you're fine.

    If you are leaving it this fine, talk to your LA about it. Closing or drawing down doesn't happen in a day. Don't get caught


    So my approval ends on 10th of December, so the solicitor can request the check on 9th? Bit confused Thank you :)


  • Registered Users Posts: 2,172 ✭✭✭BKWDR


    Benci wrote: »
    So my approval ends on 10th of December, so the solicitor can request the check on 9th? Bit confused Thank you :)

    when they request the cheque and when it issues can be seperate. ONce the LA are happy to release the cheque is the main date to focus on.
    Again, if you are cutting it fine, your solicitor should be talking to the LA 's solicitor about it


  • Registered Users Posts: 765 ✭✭✭Jafin


    BKWDR wrote: »
    Slip on my behalf , you have 6 months, yes.

    Always read what is in your letter. It will say 6 months.

    You have 6 months to go sale agreed, and then your final approval will be issued and that will have a time limit on it , 6 months, to close and complete the sale transaction

    Ah yes I get what you meant now, I had a little moment of panic there when I read your original post because I was at work and the letter was at home so I couldn't read it to double check. Thanks for the clarification.:)


  • Registered Users Posts: 31 Lwoods90


    Hi,

    In regards to Home Insurance, do you just select the lender as your local authority or do you need to do something else ?

    L


  • Registered Users Posts: 104 ✭✭KH1591


    Has anyone in Kildare heard back from the council yet? Seems to be a huge hold up!


  • Registered Users Posts: 253 ✭✭dawidnowak2005


    KH1591 wrote: »
    Has anyone in Kildare heard back from the council yet? Seems to be a huge hold up!

    I got email few days ago, they still deal with 2019 applications! It will take forever with Kildare council


  • Registered Users Posts: 104 ✭✭KH1591


    I got email few days ago, they still deal with 2019 applications! It will take forever with Kildare council

    Nightmare!! We've been waiting a few months already


  • Registered Users Posts: 253 ✭✭dawidnowak2005


    KH1591 wrote: »
    Nightmare!! We've been waiting a few months already

    Yea I know we same, it’s looks like co Kildare are only so slow


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  • Registered Users Posts: 104 ✭✭KH1591


    Quick question, has anyone on here paid a booking deposit on a new home before their R.I mortgage was approved? Our application is looking good but still waiting for approval and afraid we'll lose the house we found.

    Just wondered if anyone else done it this way!
    Thanks


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