Rebuilding Ireland home loan

BKWDR · 18-10-2019 12:11pm

deedee26 wrote: »

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

I'd say you're the only person in the country who went with a higher rate that could go up during the life of the mortgage
Get on to them and ask to be put on the fixed rate at 2.25%

coco29 · 18-10-2019 12:16pm

JessC1987 wrote: »

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

I am pretty sure DCC bank with AIB,

Good luck with your purchase

JessC1987 · 18-10-2019 12:28pm

coco29 wrote: »

I am pretty sure DCC bank with AIB,

Good luck with your purchase

Thank you for your reply! If DCC were AIB it would be great as my Solicitor's account is AIB, otherwise I shall be waiting longer for cheque to clear! Almost there though, thanks again!

deedee26 · 18-10-2019 12:34pm

BKWDR wrote: »

I'd say you're the only person in the country who went with a higher rate that could go up during the life of the mortgage
Get on to them and ask to be put on the fixed rate at 2.25%

I know it can go up but Variable just gives the option of paying extra on monthly repayments so mortgage can be paid off early with no penalty. With a mortgage of €250,000 interest rate 2.3. Paying and extra €200 per month could potentially pay off your mortgage 5 years and 3 months earlier and save €17,857 in interest.

scheister · 18-10-2019 1:04pm

Anyone fancy looking into a crystal ball and predicting where RBI will end up. At the moment I will be applying next August. I will be applying to Kildare CC but my gut is telling me between one thing and another the RBI pot is likely to be dry by then unless they put proper funding into it between now and then

Darkglasses · 18-10-2019 1:08pm

deedee26 wrote: »

I know it can go up but Variable just gives the option of paying extra on monthly repayments so mortgage can be paid off early with no penalty. With a mortgage of €250,000 interest rate 2.3. Paying and extra €200 per month could potentially pay off your mortgage 5 years and 3 months earlier and save €17,857 in interest.

Fair play for doing the sums

deedee26 · 18-10-2019 1:44pm

Darkglasses wrote: »

Fair play for doing the sums

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Easy when you use an overpayment Calculator.

BKWDR · 18-10-2019 2:23pm

deedee26 wrote: »

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Easy when you use an overpayment Calculator.

Just on that. The LA won't reduce the term but will only reduce your instalment.

To reduce your term would involve a restructure of the loan and taht has to be tended to by a solicitor etc

Davorell · 18-10-2019 3:54pm

Meath CC still not giving interviews or processing new applicatations at all. I phoned again this morn and was told maybe in November now...
if they are even going to keep the scheme going. this is an absolute joke and gives people absolutely No Hope.. just the Run-a-round

I'm from blanchardstown and was hoping to buy down in Navan for reasons of prices. as current prices in D15 are a complete joke.
The woman who answered told me that maybe I could apply to my own current County council and see if the catchment area will extend into Navan... but didnt offer any other help.

We had dropped our application in manually 2 weeks ago and subsequently had it posted back to us, I was depressed at first but then noticed they had stamped some of the documents... so im not even sure if im in the process or not.

coffeyt · 18-10-2019 4:38pm

BKWDR wrote: »

Just on that. The LA won't reduce the term but will only reduce your instalment.

To reduce your term would involve a restructure of the loan and taht has to be tended to by a solicitor etc

With regards to above not 100% as I am on the old council mortgage and therefore the rules may vary slightly but I'm on variable rate and when I overpay they send me a letter once the overpayment reaches €1000 giving me the option to reduce the term or the instalment so worth double checking with them directly.

BKWDR · 18-10-2019 5:11pm

coffeyt wrote: »

With regards to above not 100% as I am on the old council mortgage and therefore the rules may vary slightly but I'm on variable rate and when I overpay they send me a letter once the overpayment reaches €1000 giving me the option to reduce the term or the instalment so worth double checking with them directly.

Might be worth looking into it but to reschedule the term of a loan to reduce it or extend it requires the loan to be re-agreed and tended to by a solicitor. By paying off a 1000 it will lessen your instalment and may mean the loan finishes ahead of schedule but it still has a finish date on the date you agreed at the start.
That also feeds into the original point on is the OP saving by paying less interest?

To be honest! You are better off taking the fixed rate, crazy to not take the lowest fixed rate going in the country for that amount of time.

deedee26 · 19-10-2019 12:27pm

If your on a variable rate. You can make a large single payment off the capital part of your mortgage. This will have the effect of either reducing your monthly repayments or shortening the term of the mortgage, but either way you will repay less interest and save money. With this option it is important that you instruct your mortgage provider to pay the lump sum off the capital part of your mortgage.

You need to let your lender know what you want to do with your overpayments. Reduce your monthly repayments or reduce capital.

Malsos · 19-10-2019 9:05pm

Hi,

1) Any update on Cork City Council?

2) The online calculator states max €239,000. Is that €239,000 + our deposit or €216,000 + €23,000 deposit?

Milenauno · 20-10-2019 8:31am

Malsos wrote: »

Hi,

1) Any update on Cork City Council?

2) The online calculator states max €239,000. Is that €239,000 + our deposit or €216,000 + €23,000 deposit?

€ 239,000 + deposit

coolio83 · 21-10-2019 3:40pm

It would be 239,000 + your deposit of 23,900.

Hudur · 22-10-2019 2:17am

Landlord is selling my apartment and I was thinking buying it. Been reading about this for couple of days and filled some forms already. Seems that I am in sweet spot. Based on my P60, calculator shows I can get max 198250e loan. Apartment price is 220k so for 90% I need 198k so that seemed to match nicely.

Was wondering about the savings. My company got share buying scheme where goes 10% my gross salary every month for last two years. I can get statement from that and cash them out when ever I want, but wondering if that is counted as "regular saving".

For rent information, bank statements showing the payments is enough?

Also anyone has info about situation with Dún Laoghaire-Rathdown County Council?

holliehobbie · 22-10-2019 2:29am

BKWDR wrote: »

Might be worth looking into it but to reschedule the term of a loan to reduce it or extend it requires the loan to be re-agreed and tended to by a solicitor. By paying off a 1000 it will lessen your instalment and may mean the loan finishes ahead of schedule but it still has a finish date on the date you agreed at the start.
That also feeds into the original point on is the OP saving by paying less interest?

To be honest! You are better off taking the fixed rate, crazy to not take the lowest fixed rate going in the country for that amount of time.

You don't need a solicitor to reduce the term of a loan. I paid a lump sum off my mortgage a few years ago and reduced the term by 4 years. Only needed a phone call and a letter from me.

kbman · 22-10-2019 4:37am

Hudur wrote: »

Landlord is selling my apartment and I was thinking buying it. Been reading about this for couple of days and filled some forms already. Seems that I am in sweet spot. Based on my P60, calculator shows I can get max 198250e loan. Apartment price is 220k so for 90% I need 198k so that seemed to match nicely.

Was wondering about the savings. My company got share buying scheme where goes 10% my gross salary every month for last two years. I can get statement from that and cash them out when ever I want, but wondering if that is counted as "regular saving".

For rent information, bank statements showing the payments is enough?

Also anyone has info about situation with Dún Laoghaire-Rathdown County Council?

If you have a question to dlr cc, I would just fire ahead. There's a big enough team there behind them. Once you have the docs together, you meet with someone who confirms the paperwork is in order. My application to dlr took about 4-5 months from application to approval but I wasn't following up with them. I'd imagine with a specific property it may be quicker.

On the matter of savings, I'm not so sure. They want to see it clearly marked that funds are hitting savings account. Again, Id call of email the team there. The lady we dealt with was very helpful, they're one of the better County Councils for information in my opinion.

Good luck with the application

BKWDR · 22-10-2019 9:43am

holliehobbie wrote: »

You don't need a solicitor to reduce the term of a loan. I paid a lump sum off my mortgage a few years ago and reduced the term by 4 years. Only needed a phone call and a letter from me.

But legally if you look for a letter confirming the when your loan will redeemor an overall statement it will be the original date from when you took out the loan. Amounts can change etc but the date a loan starts and finishes a legal contract that dont change without a solicitor. Unless it differs from council to council

Niallfarrell11 · 23-10-2019 4:16pm

Can anyone one tell me what it means when they say your form is waiting on a “ managers order “.

We handed out form 2 back to DCC nearly 3 weeks ago and they have kept saying the above? The said all is ok but it’s just awaiting a signature?

Len_007 · 23-10-2019 4:58pm

I handed my forms in to both DLRCoCo and Wicklow CoCo last April. I heard back from DLR late august saying I had insufficient savings and an unstable income so they were declining me. But Wicklow came back last week saying I was approved.
Trying to figure out the next steps, but overall I think I'm cautious about believing that maybe, just maybe, we could be on the track now of purchasing out own place.
Been a long road so far, hopefully the journey will end well.

kbman · 23-10-2019 5:03pm

that's interesting, but there again highlighting the inconsistencies.
I've noticed even the approvals from both look markably difference in terms of wicklow being more detailed.

I think everyone's in the same boat as you, i'm just as skeptical.

My approval from Wicklow gave me a month to get the acceptance of the loan back to them
Does that match your timelines?

Len_007 · 23-10-2019 8:30pm

kbman wrote: »

that's interesting, but there again highlighting the inconsistencies.
I've noticed even the approvals from both look markably difference in terms of wicklow being more detailed.

I think everyone's in the same boat as you, i'm just as skeptical.

My approval from Wicklow gave me a month to get the acceptance of the loan back to them
Does that match your timelines?

Yes that’s right, I have one month to return a signed letter from me and my solicitor. But the six month window of having the approval starts from the date I received the initial offer, although I was told on the phone I could appeal to extend the approval if needed.

From what I hear though the 2.25 fixed for 30 years is a great deal

Salanky · 23-10-2019 9:29pm

Len_007 wrote: »

Yes that’s right, I have one month to return a signed letter from me and my solicitor. But the six month window of having the approval starts from the date I received the initial offer, although I was told on the phone I could appeal to extend the approval if needed.

From what I hear though the 2.25 fixed for 30 years is a great deal

Louth coco didnt say anything about getting back to them to accept the offer, it says the offer is valid for 6 months from the date on the letter. Funny how different councils have different criteria along the way, so much for a centralised scheme......

kbman · 24-10-2019 9:24am

Salanky wrote: »

Louth coco didnt say anything about getting back to them to accept the offer, it says the offer is valid for 6 months from the date on the letter. Funny how different councils have different criteria along the way, so much for a centralised scheme......

Exactly my earlier point, Dun Laoghaire CC like Louth CC gave 6 months to accept the offer also. Both I found very different in terms of detail and some content such as the time period.

Momento Mori · 24-10-2019 11:04am

Len_007 wrote: »

From what I hear though the 2.25 fixed for 30 years is a great deal

While it is a good deal I would always opt for the 25 years at 2% fixed. Your monthly payments will be slightly higher but you pay significantly less over the loan term.

Tchaikovsky · 24-10-2019 12:10pm

I handed in my application to the local council about 3 weeks ago, without specifying a property that I want to buy. One has come up in the last week that's ideal (next to where I am now) however.

Would it be worth going into the council and giving them the details of the property, in the hope of speeding the process up?

duffman13 · 24-10-2019 12:18pm

Wondering if anyone can shed some light on DCC process. Someone buying my house using DCC RBI loan and their surveyor was happy 2 months ago, nothing has happened since and purchaser is apparently awaiting the formal loan to be issued. How long does it usually take, it's killing me at this stage cause I'm at risk of losing the property im buying

Momento Mori · 24-10-2019 1:01pm

duffman13 wrote: »

Wondering if anyone can shed some light on DCC process. Someone buying my house using DCC RBI loan and their surveyor was happy 2 months ago, nothing has happened since and purchaser is apparently awaiting the formal loan to be issued. How long does it usually take, it's killing me at this stage cause I'm at risk of losing the property im buying

Took us over a month from our solicitor requesting the cheque to the council actually sending it out to him. It's different for everyone but the waiting around for the council is one of the drawbacks of the RBI scheme.

kbman · 24-10-2019 5:39pm

Tchaikovsky wrote: »

I handed in my application to the local council about 3 weeks ago, without specifying a property that I want to buy. One has come up in the last week that's ideal (next to where I am now) however.

Would it be worth going into the council and giving them the details of the property, in the hope of speeding the process up?

You'd be best to just give them an email and call, some councils are quicker than others, it's unclear to me how they work. I had an impression that it goes to the housing agency and you're waiting until it gets looked at by someone there, and if you haven't got one in mind it'll take closer to 3 month's at best case.

Some councils may hold priority over others however this is all speculation. You're best call to find out.

Bob2019 · 25-10-2019 11:06am

Hello! Have a few questions about how the self build mortgage works! Firstly, I have a agreement with to buy land near my home house in kerry. 5 acres of land for 40k. I have a pre-planning meeting next week to see if I can get planning (very good chance I will). There is a hitch! The owner of the land wants to sell a house on the land for an additional 90k. The house is on a cross roads with no room to extend south or east. Very limited site. He wants to sell as one lot. I could buy both and sell the house for a similar sum.
My wage is just under 50k so if I do get the green light for the mortgage it would be near 225k. I have 36k savings and the HTB would return 12,500.
I would have about 150k to build the house, which I am happy with. I am an architectural technologist so would do all planning etc. myself and family are builders so would be happy to work with the 150k + any savings I gather over the next 18 months.

How does the self build mortgage work? Would a first lump payment of 100k for the site and house (other 30 from savings) be a "no-go"with KCC?
If anyone has experience of a self build with this mortgage could they please share their experiences?! Do the council send engineers to site to sign off on stage payments or is it done by the house owners engineer?

Banks allowed a mortgage of 175k so that is not an option!

Thanks for any help!!

kbman · 25-10-2019 12:27pm

Hi,

How long does it take from the time of approval in principle to full approval?
Did anybody go through this with a new build?

Not sure how long this normally takes or what to expect in terms of stages.

Thanks for any help on this

beanyb · 25-10-2019 6:31pm

I went into Dublin City Council this morning to apply. He was very helpful and said the wait for decisions is currently 5 weeks, which is great to know.

After chatting to him, I am going to hold off on applying until January. Apparently as I changed jobs in November 2017 and October 2018 (with a nice salary bump each time), they might take the average of all my salaries rather than just what I'm earning now. The job I was in pre-November 2017 would bring down the average quite substantially. The man in DCC advised me to come back in November with a letter from my last employer and a P21 for 2017, but because of that pre-November 2017 salary, I think I'm better waiting until January to just clear 2017 from any calculations entirely.

It'll be hard to wait as I had gotten my hopes up about moving on this now but it's only a few extra weeks, and if I apply in late November/early December, decisions would probably get delayed because of Christmas anyway, so the extra few weeks might not make that much of a difference!

jann18 · 29-10-2019 3:17pm

Hi, currently sale agreed on a new build to be compleated next year, no offical dates confirmed yet.

On returning Form 3 would it be acceptable to write start & end datw 'To Be Confirmed' anyone with any help would be Great from CCC

kbman · 29-10-2019 3:23pm

jann18 wrote: »

Hi, currently sale agreed on a new build to be compleated next year, no offical dates confirmed yet.

On returning Form 3 would it be acceptable to write start & end datw 'To Be Confirmed' anyone with any help would be Great from CCC

So you get Form 3 after giving Form 2 and loan acceptance letter back?
Was that the order things happened with you?
I have no official dates either on a new build, estate agent saying one thing and builders saying later dates.

BelleO · 29-10-2019 11:43pm

Does anyone know do they take commission into account when calculating if you are within the 75k limit for couples?

kbman · 30-10-2019 10:07am

BelleO wrote: »

Does anyone know do they take commission into account when calculating if you are within the 75k limit for couples?

I found the below response when searching through the thread here.
This may be the same or different to how your County Council approach it.
Also, there's a field for it on the application form, They would have to take some portion of your commission, although whether the percentage varies based on your particular conditions and ability to payback, who knows?
I would assume these rules are set out by the Housing agency but not published as I couldn't find them in the Credit Policy yet.

Sammylok1977 wrote: »

Finally have an appointment today with DCC. Officer <snip> she is very nice And helpful. If you have a gift from your family make sure you have 3% of your gift amount. They don't consider bonus so only take 10% of my commissions and overtime. As my age 41, so the loan Year is 29. I didn't put the amount of mortgage so <snip> the very nice officer she did the calculation for me. No point to put in on your own. Better let them do the calculation! Finger cross and prayed for me!!

If there's still doubts, I would contact the county council you're trying to apply to, as they're the only ones who'll give you the best answer on that. It may take time depending on their resources, but it's the only option you've got to get in touch with them.

Best of luck

kbman · 31-10-2019 1:35pm

Can anybody tell me what the process is after you sign and hand back the Form 2?
We've given the house address on this form and signed the acceptance and all sent back to the county council, person working on the desk there is off for a week, so nobody to check with for a week.

At the stage of submitting help to buy, but have yet to receive contract from solicitor to complete this.

Does anybody know how many steps more until you get the full approval and if there's any further signing with solicitor to be sent back to the Council?

Frustration is increasing here with delays on all sides...

Thanks in advance

JessC1987 · 01-11-2019 9:13pm

So after a long wait we finally got our keys last Thursday! We applied 17th April, approval in principle giving 7 weeks later, sale agreed 28th June and got our keys 24th Oct! We had some delays with contracts and an issue with a boundary wall but we finally got there! Long process but so worth it when you get your hands on your keys! Very best of luck to everyone and big thanks to everyone who helped on this thread along the way&#55357;&#56842;

kotac24 · 05-11-2019 12:06am

Hi everyone, have to say that i found bunch of useful info in this thread that helped me collect and prepare all the documents for the upcoming meeting with Fingal council.
I have one question though, regarding the deposit, if you are aiming for lets say 250k, would you need to have 25k in savings or is it more like 25k + stamp duty + all the fees etc... which is more like 30k ?

This is it · 05-11-2019 12:11am

kotac24 wrote: »

Hi everyone, have to say that i found bunch of useful info in this thread that helped me collect and prepare all the documents for the upcoming meeting with Fingal council.
I have one question though, regarding the deposit, if you are aiming for lets say 250k, would you need to have 25k in savings or is it more like 25k + stamp duty + all the fees etc... which is more like 30k ?

You'll need the deposit plus your fees. In reality unless it's a turn key house you'll probably need a lot more than the 30k to fit it out too.

kotac24 · 05-11-2019 1:30am

This is it wrote: »

You'll need the deposit plus your fees. In reality unless it's a turn key house you'll probably need a lot more than the 30k to fit it out too.

Yes i get that, i was more thinking in terms of council giving you money. Are they strictly looking that you have 25k + around 5k for fees on the savings account in order to approve you for 250k, or they just need 25k(exactly 10%)...
I have some additional source of income from freelancing but i wouldnt want to show that because i am afraid i might go over the limit etc...

JJ_2019 · 05-11-2019 11:56am

JessC1987 wrote: »

So after a long wait we finally got our keys last Thursday! We applied 17th April, approval in principle giving 7 weeks later, sale agreed 28th June and got our keys 24th Oct! We had some delays with contracts and an issue with a boundary wall but we finally got there! Long process but so worth it when you get your hands on your keys! Very best of luck to everyone and big thanks to everyone who helped on this thread along the way��

Hi, can u give a rough figure of how lomg it takes to get the keys after submitting the medical certs stage.

Thanks in advance

JJ_2019 · 05-11-2019 12:07pm

Hi,

Can anyone give a rough figure, how long it takes to get the keys after submitting the medical cert forms?
Long wait from Limerick cc.

JessC1987 · 05-11-2019 2:27pm

JJ_2019 wrote: »

Hi, can u give a rough figure of how lomg it takes to get the keys after submitting the medical certs stage.

Thanks in advance

We submitted all documents to DCC, forms 1, 2, 3 and GP letters, etc on the 22nd July and got our keys on the 24th Oct, however, we had some delays with queries on boundary walls & delayed contracts, without these delays I feel we would have received our keys sooner!

JessC1987 · 05-11-2019 2:33pm

kotac24 wrote: »

Yes i get that, i was more thinking in terms of council giving you money. Are they strictly looking that you have 25k + around 5k for fees on the savings account in order to approve you for 250k, or they just need 25k(exactly 10%)...
I have some additional source of income from freelancing but i wouldnt want to show that because i am afraid i might go over the limit etc...

We had extra savings set aside for the stamp duty, solicitor fees, etc that we could show to DCC, however, by the time we needed to pay all of these and from the time of submitting all our documents we had actually continued to save money every week and made up all the fees, I would definitely enquire about whether you need to show you have already saved these fees or perhaps ask can you continue to save for them while your application is being processed!

kbman · 05-11-2019 3:13pm

not sure how DCC work but CC didn't look for availability of legal funding etc until our application was processed and loan approved in principle.
I applied to 2 County Councils and it took almost 3 months in one and 5 months in another, that's plenty of time to save depending on how much you can save, also there'll be the structural report/valuation depending on what your buying (2nd hand /new)

JJ_2019 · 05-11-2019 10:51pm

JessC1987 wrote: »

We submitted all documents to DCC, forms 1, 2, 3 and GP letters, etc on the 22nd July and got our keys on the 24th Oct, however, we had some delays with queries on boundary walls & delayed contracts, without these delays I feel we would have received our keys sooner!

Thank you for the reply, I submitted my all form 1,2,3 and gp letter yesterday, so do you reckon I should be ok to have keys before Christmas

JessC1987 · 06-11-2019 1:50pm

JJ_2019 wrote: »

Thank you for the reply, I submitted my all form 1,2,3 and gp letter yesterday, so do you reckon I should be ok to have keys before Christmas

Oh I really couldn't say for sure!

We had a delay of 3 weeks for the other side to just confirm boundary walls and then we went sale agreed on the 28th June and our Solicitor did not receive our contracts until almost 8 weeks after this date, which I am now aware is a ridiculously long wait it should be more like 3 weeks after going sale agreed when your Solicitor should receive your contracts from the vendors!

JJ_2019 · 07-11-2019 8:36am

JessC1987 wrote: »

Oh I really couldn't say for sure!

We had a delay of 3 weeks for the other side to just confirm boundary walls and then we went sale agreed on the 28th June and our Solicitor did not receive our contracts until almost 8 weeks after this date, which I am now aware is a ridiculously long wait it should be more like 3 weeks after going sale agreed when your Solicitor should receive your contracts from the vendors!

We had our sale agreed long ago, u mean council solicitor will send the mortgage documentation to my solicitor and then my solicitor would send it to vendors solicitor for signatures, is that what u mean and once that is done we are talking 3 week then, is it?

Rebuilding Ireland home loan

Comments