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Government Funds Local Authority Housing Scheme

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Comments

  • Registered Users Posts: 22 Viktoria99


    Only signed contracts yesterday so I will let you know when I do!

    Hello, any update for you? May I ask please which county council did you apply? I hope mine will take max 3 weeks to sent the legal pack to the solicitor I'm with Fingal. It would be great to move to as new home before Christmas...


  • Registered Users Posts: 159 ✭✭redmond08


    I have approval, signed contracts and everything. The builders have said the house will be ready in January, the loan offer is valid for 6 months, which is the end of January. If the house isn't ready by then, do I have to fill out an application all over again? Or do they just give me an extension? Also if I have to fill an application out again, would it be as if I was applying for the first time? Bank statements, loan refusals, etc?


  • Registered Users Posts: 9 remi76


    redmond08, how you got full Loan Offer before valuation? Or you mean Loan Offer = Approv on Principle? Also did you solicitor insert any protection with subject to loan to contract ?


  • Registered Users Posts: 159 ✭✭redmond08


    remi76 wrote: »
    redmond08, how you got full Loan Offer before valuation? Or you mean Loan Offer = Approv on Principle? Also did you solicitor insert any protection with subject to loan to contract ?

    It's a new build, are solicitor got the loan pack off the council, signed them today and signed the contracts for the builder. She has put in protection that if we can't draw down the funds we get our full deposit back. It's just if we need an extension, is it straight forward or more paperwork? I'm just worried the house won't be done in time!

    I just seen your previous post Remi76, your solicitor should get the loan pack, yours is a new build like mine. You can't get a valuation on a new build if it isn't finished yet.


  • Registered Users Posts: 9 remi76


    I supposed it should be like that but I've spoken personally with CC and their Solicitor they both said definetly they not give Loan Pack before valuation and that's are rules of Rebuilduing Ireland Loan. As I see everything is depend from Co.Council.


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  • Registered Users Posts: 159 ✭✭redmond08


    remi76 wrote: »
    I supposed it should be like that but I've spoken personally with CC and their Solicitor they both said definetly they not give Loan Pack before valuation and that's are rules of Rebuilduing Ireland Loan. As I see everything is depend from Co.Council.

    Maybe get your local TD involved, it is very strange they ain't giving the loan pack to your solicitor!


  • Registered Users Posts: 16 DUB924


    Hi, I know this is probably been asked before but..

    We have found the property we want and have made the offer and been accepted and have sent our booking deposit to the estate agent. Do we now go to the council and tell them we have secured a property and do we also need to inform our solicitors or will the estate agent do all that?

    Apologies if this has been asked and answered just unsure what the next process is for us?


  • Registered Users Posts: 29 foodiewarrior


    @DUB924:
    yes. you need to do all of this. of course. the estate agent won't to a.....


  • Registered Users Posts: 91 ✭✭pengaffe


    Hi has anyone been refused mortgages through banks due to a bad credit bureau check but went on to getting a successful rebuild Ireland mortgage??


  • Registered Users Posts: 2,907 ✭✭✭power pants


    pengaffe wrote: »
    Hi has anyone been refused mortgages through banks due to a bad credit bureau check but went on to getting a successful rebuild Ireland mortgage??

    I would highly doubt it. Rebuilding Ireland is as stringent as the rest, moreso in some factors. Eg need 2 year work history
    Worth trying though by all means


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  • Registered Users Posts: 801 ✭✭✭lucast2007us


    So you have to be declined for a mortgage from 2 banks or just not offered what you need is it?

    We were originally going for a mortgage of 140k (this is what our mortgage broker said we would likely get)
    but Haven mortgages would only offer 110k and Bank of Ireland would only offer 115k.

    We are going through a broker and these are the offers we got.
    Would we just have to get the paperwork from him showing the offers and attach them to the application for this?


  • Registered Users Posts: 8,061 ✭✭✭irishfeen


    Hi Guys,

    Just wondering should I appeal the refusal for this scheme, they have just issued me with the following reasons on why I was refused -

    - Repayment Capacity Not Demonstrated - (Passed both AIB and BOI capacity with no bother at all, between savings and household contribution I set aside €700 every single month)

    - Unsatisfactory Savings Record/Source of Equity - (I had €25,000 saved at time of application and now have €30,000, how can they not class this as a savings record?)

    Very down about being totally refused :( .. is it worth appealing?

    Thanks in advance.


  • Registered Users Posts: 16 Jellapino15


    remi76 wrote: »
    I supposed it should be like that but I've spoken personally with CC and their Solicitor they both said definetly they not give Loan Pack before valuation and that's are rules of Rebuilduing Ireland Loan. As I see everything is depend from Co.Council.

    Similar issue here, CC won't send anything on their side till house is built and solicitor doesn't think builders will accept just the AIP letter as no guarantee of extension and house will take up to 10 months. Sick with the nerves over it all


  • Registered Users Posts: 9 remi76


    Exactly, no one guarantee you will get another AIP in future or not change circumstances, either CC , yours or developer. In that situation we had choosed house which had to be ready within 2 months and is ready now. It is always risk waiting but if you will be patient, might you will win but you can lost as well. But nobody knows now.


  • Registered Users Posts: 8 Sam2904


    Similar issue here, CC won't send anything on their side till house is built and solicitor doesn't think builders will accept just the AIP letter as no guarantee of extension and house will take up to 10 months. Sick with the nerves over it all


    We have the same issue with a new build, was told we would have submit new application to get another 6 months. Dont see why stage payments cant be made to builder.


  • Registered Users Posts: 16 Jellapino15


    Sam2904 wrote: »
    We have the same issue with a new build, was told we would have submit new application to get another 6 months. Dont see why stage payments cant be made to builder.

    Do you mind me asking what ye decided to do? Did ye go ahead and sign contracts with clause subject to funds and reapply then?

    I'd just be happier if I could secure house with current letter of offer, worried now I'll lose it because council won't send loan pack.


  • Registered Users Posts: 16 DUB924


    Just wondering did anyone share their Structural survey with the Estate Agent?


  • Registered Users Posts: 34 Househunter16


    Hi, I'm looking to build a house in leitrim hopefully, but I'm from roscommon. Could I go to leitrim co co for one of these loans, thanks.


  • Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Hi, I'm looking to build a house in leitrim hopefully, but I'm from roscommon. Could I go to leitrim co co for one of these loans, thanks.

    You must apply to the county council in which you will be building/buying the property. So if you are building in Leitrim, you should be applying to Leitrim Co Co.


  • Registered Users Posts: 16 Jellapino15


    irishfeen wrote: »
    Hi Guys,

    Just wondering should I appeal the refusal for this scheme, they have just issued me with the following reasons on why I was refused -

    - Repayment Capacity Not Demonstrated - (Passed both AIB and BOI capacity with no bother at all, between savings and household contribution I set aside €700 every single month)

    - Unsatisfactory Savings Record/Source of Equity - (I had €25,000 saved at time of application and now have €30,000, how can they not class this as a savings record?)

    Very down about being totally refused :( .. is it worth appealing?

    Thanks in advance.

    Of the 30k you have in savings has it been a regular amount each month over a period of time? I think this may be something they look at. So while you have great savings they need to see can you sustain it over time? I know that's what a bank told a friend before, she had to go back nearly a year later to show she could as before it had been sporadic amounts going in.

    Also the repayment capacity could be to do with your net income and the amount you applied for. The repayment plus the mortgage protection insurance needs to not be over 1/3 of your net income. I was initially refused because I had applied for the amount the online calculator told me but it doesn't factor in the mpi or your net so it's too high. I ended up appealing after ringing and the council person told me send appeal letter and ask for the maximum amount allowed. Could you try this? Phone them first and see.


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  • Closed Accounts Posts: 5,593 ✭✭✭Wheeliebin30


    If your salary changes does your repayments change?


  • Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    If your salary changes does your repayments change?

    No, it's a normal mortgage.


  • Closed Accounts Posts: 5,593 ✭✭✭Wheeliebin30


    And interest stays the same?

    Is it 1.5%?


  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,033 Mod ✭✭✭✭AlmightyCushion


    And interest stays the same?

    Is it 1.5%?

    This information is available on the website.

    http://rebuildingirelandhomeloan.ie/interestrates/
    A Rebuilding Ireland Home Loan offers three rate products:

    2% fixed for up to 25 years (APR 2.02%)*
    2.25% fixed for up to 30 years (APR 2.27%)*
    2.30% variable (subject to fluctuation) for up to 30 years (APR 2.32%)*


  • Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    And interest stays the same?

    Is it 1.5%?

    Yes, interest has nothing to do with your income. It will either be fixed for the whole lifetime of the mortgage, or you can choose a variable interest rate. Interest rates are dictated by the market, nothing to do with the individual customer.


  • Closed Accounts Posts: 5,593 ✭✭✭Wheeliebin30


    Wow they are some unbelievably low rates.

    Especially for life.


  • Registered Users Posts: 74 ✭✭Huntline


    Hi all,
    Did anyone else who has completed purchase of a property get charged an extra €1000 on top of solicitors fees to "complete after drawdown of mortgage". This had not been previously mentioned to us by our solicitor.


  • Registered Users Posts: 148 ✭✭ad1234


    Huntline wrote: »
    Hi all,
    Did anyone else who has completed purchase of a property get charged an extra €1000 on top of solicitors fees to "complete after drawdown of mortgage". This had not been previously mentioned to us by our solicitor.

    What council are you with, did they charge it? Or was this from your own solicitor who charged this?


  • Registered Users Posts: 74 ✭✭Huntline


    ad1234 wrote: »
    What council are you with, did they charge it? Or was this from your own solicitor who charged this?

    It was from our solicitor.


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  • Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    Are they the land reg fees? You're totally entitled to know what the money was for


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