Rebuilding Ireland home loan

NM2020 wrote: »

Hi,

When i was applying i didn't have a solicitor and was told to write TBC for that part. Hope this helps.

Great, thanks mate. Just waiting on BOI to post my 12 months current accoubnt statements and then I'll be able to send it. Just getting the application out is going to be a massive weight off my shoulders.

diceyreilly wrote: »

Could you not ask the bank for an exception.

I would, but have been told by numerous banks that income exceptions are for people who earn a “considerable” amount of money. IE - people who are buying McMansions who just want mansions. There are no exceptions to the 250k with the rebuilding ireland homeloan

When I was getting my AIP from Bank of Ireland I asked the advisor about exceptions (because honestly the Rebuilding Ireland scheme is so much hassle that if I can get an exception from a bank I'd almost rather take that). She told me that it's done on a case by case basis and it's more about the property being a sound investment than whether or not I can actually afford it. Obviously whether or not I could afford it is a factor too, but she said that she could see by looking through my accounts etc. that I could definitely afford it. What I took from that, although not explicitly stated, is that if it's a decent property and not in shambles then it should be fine. Of course there are other factors such as how many exceptions they're allowed to give out and all that, but still I don't think it's really anything about getting a super expensive property.

rob316 wrote: »

That is not true, my mate got a mortgage last year from a bank for 4.5 times, and they were on 65k joint.

We have one income, mine. We also have 4 children and my wife gets DCA for our disabled child. We were told by two banks and one mortgage broker it wasn’t possible.

deise121 wrote: »

I would, but have been told by numerous banks that income exceptions are for people who earn a “considerable” amount of money. IE - people who are buying McMansions who just want mansions. There are no exceptions to the 250k with the rebuilding ireland homeloan

Honestly that is bull****. Go to a broker. Im sure they will sort it.

Sidmonton1 wrote: »

Hi, has anyone received approval for an amount over what the calculator indicated? If so by roughly how much? My application got declined as I indicated a higher amount to what the calculator indicated. Now I have to reapply all over again as there are no grounds for an appeal.

Is the best thing to keep the loan amount empty and see what they offer ?

Just put in maximum available.

[Deleted User] wrote: »

A mortgage advisor i spoke to told me that one of the things a bank will look at, and favour heavily for exceptions, is if you're already a customer. If you've been doing all your banking with them for a long time, and are a "loyal customer", you'll be more likely to get the exception.

Soon as this is hopefully approved, I’m leaving bank of Ireland and doing all banking through my credit union. **** BOI and all other banks in this country

Deleted User wrote: »

Why do you say that? BoI have been great to me, personally. I can't really complain about them, and their interest rate on mortgages is cheaper than my local Credit Union.


although perhaps unrelated: I've really no idea why the CU entered the mortgage race, if their rate was gonna be higher than the mainstream banks in the first place, to be honest.

i have been with them over 15 years, had personal loans paid off well before they were meant to, have a perfect credit score, never been in a negative balance with my current account and have paid off my credit card statements in full every month for the past 10 years. they refused to offer me a mortgage because we have multiple children and my partner can't work due to one of the kids being severly disabled. that's why. i'm a human being, am well able to pay rent that goes out of my boi account that would be 3 times as much as a mortgage would be and i have a history of paying everything on time and early. was basically laughed at by multiple people in person and over the phone asking for an exception. they can **** right off. I have also been in my job for over 10 years and am not going anywhere. I know people who aren't customers with them, got a mortgage, and quit their job 2 weeks after buying their homes. it's ridiculous.

deise121 wrote: »

To those of you that have applied, did your local council let you know they got the application? We applied last week and I emailed and asked them to confirm they received the application but no response yet

Yes, I got a letter in the post confirming receipt but that was about two weeks (possibly a bit longer) after I sent it in.

Hi can anyone tell me a time line for sdcc so I applied 3 weeks ago got a mail to say it was sent to the housing agency what's the next step after this do I ring up and ask when the committee sit or do I wait to be emailed thanks for any help much appreciated

Darren 83 wrote: »

Will they take commission into account when applying for a loan?

Nope, not from my understanding. I was told overtime wouldn’t be counted either

extrafluff wrote: »

Hey.

First thing I'd say about SDCC is get ready to wait. It's likely to take a few months but I'd ring them all the time for an update as the credit committee don't sit all the time. They tend to look at applications in batches & not necessarily in order as far as I know.
Hopefully you get sorted soon. It shouldn't take months but unfortunately it hasn't changed - quite a few people have said the same about SDCC.

Best of luck.

Thanks so much for your help really appreciate it. It's a hard waiting game although probably better off waiting with the way the market is now I wonder will it come back down again I'm hearing horror stories of bidding wars I'm not looking forward to that stress. Please God something will change soon enough.

Conio wrote: »

Hi guys, I saw people mention before that certain documents for the application have to be recent or within a month or so but I can't find where I read it. I was just wondering how recent your bank statements/salary cert/insufficient offers etc have to be? As in can they be within 3 months or do they all have to be within a month of your application submission?

I was told once all documents are within 6 months you will be fine if the process takes longer you may be required to give another bank statement hope this helps

9 weeks since i sent my application off. Not a dicky bird since.

LaurenMcHugh wrote: »

Has anybody any idea what they mean when they say they’ve to send off Managers Orders?

Your loan cheque is waiting to be signed by a manager at the council. Congrats!

Darkglasses wrote: »

Not exactly true. A Manager's Order (or Executive Order as they are now known) is an authorization for advancing the loan, but there is likely to be more steps involved before a cheque is issued.

I’m just repeating what DCC told me when my loan was pending managers order. The cheque was sent to my solicitor a couple of days later.

deise121 wrote: »

Hi lads, the Waterford city council has just emailed me to say my application has progressed to the underwriting stage of assessment and this process will take 3-4 weeks. Does this mean we have been approved? Or can the underwriter still deny it?

They will advise either or, then it goes to the credit committee meeting and then You will find out if approved.

Antho12 wrote: »

I’m just repeating what DCC told me when my loan was pending managers order. The cheque was sent to my solicitor a couple of days later.

Thanks for the responses. I sent all my forms back 2 weeks ago and heard last Friday that managers orders had to be done up and other documentation was to go to their solicitor and that theirs will be in touch with mine

rocha77 wrote: »

Does anyone know how long it takes after going to credit commitee in Fingal CC and when do they meet?

I emailed them yesterday this was the response.

Greetings Mark
Sorry for the delay in getting back to you.

Your application was received, and will be brought to the credit committee at the end of May for final decision. We will inform you of the outcome shortly after that.

Kind Regards
Ciarán