Rebuilding Ireland home loan

ABCD_1234 · 18-11-2020 12:58pm

jill_valentine wrote: »

Oof. For some reason it hadn't occurred to me Tallaght wouldn't be covered by DCC. Off to apply to SDCC just in case.

Do you happen to know what areas are covered by SDCC, I tried to find a map detailing this but can’t seek to find one. Also, be prepared for the long wait for SDCC.

extrafluff · 18-11-2020 12:58pm

jenpenjelly wrote: »

Hi, this board has been so helpful to me in the last few months thank you.
We applied for SDCC in mid September, our application is back from the underwriters and is in the queue for the credit committee. Has anyone any experience with SDCC? As in how long the wait for the credit committee will be?
Thanks

Hey.

We applied in July with SDCC & we're still waiting. It has come back from the underwriters previously but they can never tell me whether our application has been seen by the credit committee - only that they seem to have a meeting every week. It's so frustrating.
You could be waiting a while. SDCC only approved 9 applications in the first 6 months of the year.

ABCD_1234 · 18-11-2020 12:59pm

jenpenjelly wrote: »

Hi, this board has been so helpful to me in the last few months thank you.
We applied for SDCC in mid September, our application is back from the underwriters and is in the queue for the credit committee. Has anyone any experience with SDCC? As in how long the wait for the credit committee will be?
Thanks

Hi,

I applied in June and my application is with the credit committee the past few weeks. Hope this helps

jill_valentine · 18-11-2020 1:26pm

ABCD_1234 wrote: »

Do you happen to know what areas are covered by SDCC, I tried to find a map detailing this but can’t seek to find one. Also, be prepared for the long wait for SDCC.

Yeah, it's a bit of a killer. I'm not actually fussy where exactly I end up, I just need somewhere within arm's length of the city that I can afford, so this does mean theoretically I'll be applying to three different councils at least just *in case* something comes up in one in my price bracket.

Frustratingly difficult to find a detailed map of the different Council jurisdictions, this is the handiest I've found as yet:

1.1.6-Live-county-areas-local-authorities-map_full-size.jpg

1.1.6-Live-county-areas-local-authorities-map_full-size.jpg

jessimirish · 18-11-2020 1:29pm

Just got my AIP letter from Fingal CC! (Sent the application in on September 9)

I applied for DCC as well at the same time and am still waiting for them, to be honest I will hopefully end up buying in the DCC area, but at least I can start looking somewhere while I'm waiting and it bodes well for my DCC application.

Delighted!

ABCD_1234 · 18-11-2020 2:50pm

jill_valentine wrote: »

Yeah, it's a bit of a killer. I'm not actually fussy where exactly I end up, I just need somewhere within arm's length of the city that I can afford, so this does mean theoretically I'll be applying to three different councils at least just *in case* something comes up in one in my price bracket.

Frustratingly difficult to find a detailed map of the different Council jurisdictions, this is the handiest I've found as yet:

That’s great! Thanks for that!

Hopefully something will come up for you soon. I’m hoping prices take a drop ðŸ˜…

jill_valentine · 18-11-2020 3:53pm

jessimirish wrote: »

Just got my AIP letter from Fingal CC! (Sent the application in on September 9)

I applied for DCC as well at the same time and am still waiting for them, to be honest I will hopefully end up buying in the DCC area, but at least I can start looking somewhere while I'm waiting and it bodes well for my DCC application.

Delighted!

Congratulations, all the best in your search!

Auld Jim Halpin · 18-11-2020 6:32pm

Hello All,

Can anyone tell me if it is possible to add more than the 10% deposit contribution to the overall buying price?

I believe it is not allowed but others have said it is possible.

By way of example, lets say I am Approved for a €100k RIHL mortgage from council, plus my 10% deposit, I can now buy for up to €110k.

Can I then add another 10k of my own money (from my bank account) and buy for €120K in theory?

Thank You.

janandbren · 18-11-2020 7:10pm

Hi everyone,
Would you know if RIHL will take loan repayments as repayment capacity?
We've been paying loan of 500 per month the past few years. 70 a week into savings. We now have paid off the loan and have kept the direct debit for it to go straight into savings. We also pay HAP 400 a month. We've recently gotten insurance settlement to cover a deposit and have 5k savings to put towards it. But I'm not sure will they want to see we have saved the higher amount the past 12 months?

Lauren52 · 18-11-2020 7:48pm

Auld Jim Halpin wrote: »

Hello All,

Can anyone tell me if it is possible to add more than the 10% deposit contribution to the overall buying price?

I believe it is not allowed but others have said it is possible.

By way of example, lets say I am Approved for a €100k RIHL mortgage from council, plus my 10% deposit, I can now buy for up to €110k.

Can I then add another 10k of my own money (from my bank account) and buy for €120K in theory?

Thank You.

Of course You can , we will be putting more towards ours.

ABCD_1234 · 19-11-2020 10:06am

KH1591 wrote: »

So we got news back yesterday that the credit committee / council approved us but the housing agency did not. Something about employment not being sustainable during the current situations with lockdowns. Very confusing as we are both in full time contracts and being off of work is out of our control of we are forced to close.
The council are fighting this decision for us and hoping to a different outcome.

Just wondered if anyone has been in a similar situation? Very disappointing as the credit committee would have approved us but don't like to over turn the Housing Agency decision!

Really sorry to hear that! Hopefully they will over turn their decision.

Zoza · 19-11-2020 10:56am

Hello , we got a letter from underwriter and they said:
1 . Net income ratio outside of policy
2. Unsatisfactory savings record/source of equity

Now what should I do ? The monthly repayment is less the 35% of net income
and i can privide the source of deposit as well.
Did anyone had the same problems? Thank you !

Antho12 · 19-11-2020 11:01am

Auld Jim Halpin wrote: »

Hello All,

Can anyone tell me if it is possible to add more than the 10% deposit contribution to the overall buying price?

I believe it is not allowed but others have said it is possible.

By way of example, lets say I am Approved for a €100k RIHL mortgage from council, plus my 10% deposit, I can now buy for up to €110k.

Can I then add another 10k of my own money (from my bank account) and buy for €120K in theory?

Thank You.

Yes you can, I’m adding about 30% of my own funds towards to price of the property

Good luck

optogirl · 19-11-2020 11:03am

Auld Jim Halpin wrote: »

Hello All,

Can anyone tell me if it is possible to add more than the 10% deposit contribution to the overall buying price?

I believe it is not allowed but others have said it is possible.

By way of example, lets say I am Approved for a €100k RIHL mortgage from council, plus my 10% deposit, I can now buy for up to €110k.

Can I then add another 10k of my own money (from my bank account) and buy for €120K in theory?

Thank You.

There are 2 different questions here I think? I have been told by DCC that you cannot bid more than the maximum (eg: loan amont + 10% of the property price [your deposit]). I believe you can however pay more than 10% of the deposit in order to draw down less and make repayments smaller.

Lauren52 · 19-11-2020 11:23am

optogirl wrote: »

There are 2 different questions here I think? I have been told by DCC that you cannot bid more than the maximum (eg: loan amont + 10% of the property price [your deposit]). I believe you can however pay more than 10% of the deposit in order to draw down less and make repayments smaller.

That seems crazy to me, what is the reasoning behind this?

We have just been approved , however it was a lot less than they had originally looked for, we have savings over the 10% amount.

I have just emailed Rebuilding Ireland to check this as that just does not seem right to me.

If You have Mortgage Approval with the likes of EBS for 175 you can use as much of your own money why not RI?

Sorry to the previous person I responded to saying You could, I'll come back on once I have got clarification from RI.

What a Joke If this is correct.

optogirl · 19-11-2020 11:28am

Lauren52 wrote: »

That seems crazy to me, what is the reasoning behind this?

We have just been approved , however it was a lot less than they had originally looked for, we have savings over the 10% amount.

I have just emailed Rebuilding Ireland to check this as that just does not seem right to me.

If You have Mortgage Approval with the likes of EBS for 175 you can use as much of your own money why not RI?

Sorry to the previous person I responded to saying You could, I'll come back on once I have got clarification from RI.

What a Joke If this is correct.

I totally agree. We are getting outbid everywhere & would be able to add 10k of our own savings to boost our bid however when I asked DCC the response was :

'. Just to let you know that maximum you can purchase a property for under this scheme is €320,000.'

gandalfio · 19-11-2020 11:36am

Zoza wrote: »

Hello , we got a letter from underwriter and they said:
1 . Net income ratio outside of policy
2. Unsatisfactory savings record/source of equity

Now what should I do ? The monthly repayment is less the 35% of net income
and i can privide the source of deposit as well.
Did anyone had the same problems? Thank you !

We were rejected due to the net income ratio as well as something else. I responded to the Housing Dept in FCC explaining that they had made clear errors in their assessment of the details of our application. They accepted this and and it's now being fully reviewed by the underwriters.
I've asked a few times what the net income ratio percentage actually is, and have received no response.
To me, the whole process and administration of this scheme is a complete shambles. The mistakes they make when reading and interpreting basic information is bizarre.

Lauren52 · 19-11-2020 11:36am

Zoza wrote: »

Hello , we got a letter from underwriter and they said:
1 . Net income ratio outside of policy
2. Unsatisfactory savings record/source of equity

Now what should I do ? The monthly repayment is less the 35% of net income
and i can privide the source of deposit as well.
Did anyone had the same problems? Thank you !

Ours came back from underwriter declined also, the council said the underwriters used a lesser amount in calculations of our income than the council had.

The council went back to them, however we had a wage increase to add.

Finally we got AIP yesterday, however for a lot less than what the council had looked for.

We have proof of savings and rent for over 12 mts of more than 2000 pm, we were approved for 900 pm.

I dont get it! If You know You have it go back to the council and ask them to send it to the housing agency again, add in any updates you have , more savings etc.

Good Luck

gandalfio · 19-11-2020 11:38am

optogirl wrote: »

I totally agree. We are getting outbid everywhere & would be able to add 10k of our own savings to boost our bid however when I asked DCC the response was :

'. Just to let you know that maximum you can purchase a property for under this scheme is €320,000.'

This is correct though. You cannot purchase a home with a value of mow than 320,000. That's one thing they are clear and consistent about.

Lauren52 · 19-11-2020 11:42am

optogirl wrote: »

I totally agree. We are getting outbid everywhere & would be able to add 10k of our own savings to boost our bid however when I asked DCC the response was :

'. Just to let you know that maximum you can purchase a property for under this scheme is €320,000.'

That's because You cant go over the maximum in your area? Unfortunately for You Dublin prices are insane and that should be changed.

It is 320,000 for Kildare, however we have been approved 221,000 (40,000) less than originally thought and a lot less than calculator.

However , if a house is for sale for 300,000 and I had 79,000 I should be able to use this to add to the 221,000 in order to buy the house for 300,000 ?

optogirl · 19-11-2020 11:44am

Lauren52 wrote: »

That's because You cant go over the maximum in your area? Unfortunately for You Dublin prices are insane and that should be changed.

It is 320,000 for Kildare, however we have been approved 221,000 (40,000) less than originally thought and a lot less than calculator.

However , if a house is for sale for 300,000 and I had 79,000 I should be able to use this to add to the 221,000 in order to buy the house for 300,000 ?

Yes I think that's right.

gandalfio · 19-11-2020 11:45am

Something else for potential applicants to be aware of. When filling in the section where you state how much of a loan you want, don't put in a specific figure. Write 'maximum allowable' or words to that effect.
FCC's policy in situations where the net income ratio is breached, is to make you reapply all over again from scratch, rather than just approving you for the maximum you'd qualify for within the net income ratio.

Lauren52 · 19-11-2020 11:48am

gandalfio wrote: »

Something else for potential applicants to be aware of. When filling in the section where you state how much of a loan you want, don't put in a specific figure. Write 'maximum allowable' or words to that effect.
FCC's policy in situations where the net income ratio is breached, is to make you reapply all over again from scratch, rather than just approving you for the maximum you'd qualify for within the net income ratio.

Thankfully we done this also, the council calculated we would get 260,000 , came back AIP yesterday from credit comittee meeting for 221,000 some difference but grateful non the less.

Waiting to see the letter now to see where they got the new figure from.

Good luck to you with yours.

ABCD_1234 · 19-11-2020 11:52am

Lauren52 wrote: »

That's because You cant go over the maximum in your area? Unfortunately for You Dublin prices are insane and that should be changed.

It is 320,000 for Kildare, however we have been approved 221,000 (40,000) less than originally thought and a lot less than calculator.

However , if a house is for sale for 300,000 and I had 79,000 I should be able to use this to add to the 221,000 in order to buy the house for 300,000 ?

I think what you’re saying is correct, you just can’t purchase a house for over €320k.

Did they say why you got less than the online calculator? I’m waiting nearly 6 months now and just dreading what they come back with.

gandalfio · 19-11-2020 11:52am

Lauren52 wrote: »

Thankfully we done this also, the council calculated we would get 260,000 , came back AIP yesterday from credit comittee meeting for 221,000 some difference but grateful non the less.

Waiting to see the letter now to see where they got the new figure from.

Good luck to you with yours.

I'm beginning to think they make stuff up as they go along. It seems to be designed to approve the least amount of people, for the smallest amount of credit. The mistakes they make just don't seem possible by anyone with any sort of intelligence.

Lauren52 · 19-11-2020 12:43pm

ABCD_1234 wrote: »

I think what you’re saying is correct, you just can’t purchase a house for over €320k.

Did they say why you got less than the online calculator? I’m waiting nearly 6 months now and just dreading what they come back with.

TBH I got the email and was so happy the amount didnt register with me till after.

I wont have the letter till tomorrow hopefully it is outlined then. I might ask if not.

We were approved for 175,000 with EBS and 221,000 with RI so still a massive difference. Just means we wont get the house we actually wanted but at least we will get a house where as we couldnt for 175. We have to kids aswel so that is more than likely a factor. I am also on PUP till Dec 1st so that is prob a factor also.

We were waiting over a year - But we are an exception to this as I think there had to of been a **** up. Sent in updated app in June so really you could base it on that time.

Best Of Luck

ABCD_1234 · 19-11-2020 1:01pm

Lauren52 wrote: »

TBH I got the email and was so happy the amount didnt register with me till after.

I wont have the letter till tomorrow hopefully it is outlined then. I might ask if not.

We were approved for 175,000 with EBS and 221,000 with RI so still a massive difference. Just means we wont get the house we actually wanted but at least we will get a house where as we couldnt for 175. We have to kids aswel so that is more than likely a factor. I am also on PUP till Dec 1st so that is prob a factor also.

We were waiting over a year - But we are an exception to this as I think there had to of been a **** up. Sent in updated app in June so really you could base it on that time.

Best Of Luck

Congratulations! Seems like a tough task to gett RI approval.. fingers crossed for the rest of us now

Juca161 · 19-11-2020 10:30pm

Can anyone help please.. I'm losing all confidence. We are with wexford and for MPI, I am taking nexium because I have a hiatial hernia, its too small to operate on and the treatment is 20mg nexium once a day for acid reflux. I have a monthly prescription so brought this up on the prescription question and the nurse rang me last Thursday, so a week ago, and I am still waiting to hear if I've been accepted or not for MPI. The contracts and the loan offer are ready to be signed and I'm wondering does anyone have experience with this or have you had to get your own MPI and if so, with who??!? My husband has been accepted but the council are telling me of I have to get my own that it might be too expensive or even impossible to continue. I'm so worried about it all. Please has anyone any advice or anything?? Thank you.

ABCD_1234 · 20-11-2020 3:57pm

Juca161 wrote: »

Can anyone help please.. I'm losing all confidence. We are with wexford and for MPI, I am taking nexium because I have a hiatial hernia, its too small to operate on and the treatment is 20mg nexium once a day for acid reflux. I have a monthly prescription so brought this up on the prescription question and the nurse rang me last Thursday, so a week ago, and I am still waiting to hear if I've been accepted or not for MPI. The contracts and the loan offer are ready to be signed and I'm wondering does anyone have experience with this or have you had to get your own MPI and if so, with who??!? My husband has been accepted but the council are telling me of I have to get my own that it might be too expensive or even impossible to continue. I'm so worried about it all. Please has anyone any advice or anything?? Thank you.

There’s a FB page “First Time Buyers Ireland” They’ve been discussing MPI issues recently this may help you. If you add the page and enter MPI in the search bar lots of similar posts should apprear.

Lauren52 · 20-11-2020 4:14pm

Has the interest rate gone down again?

Jafin · 20-11-2020 4:17pm

Lauren52 wrote: »

Has the interest rate gone down again?

No.

Lauren52 · 20-11-2020 4:29pm

Lauren52 wrote: »

Has the interest rate gone down again?

Anyone here got it this year but applied last year and got the lower interest rate? Or once Jan 2020 it was up to this years rate?

optogirl · 20-11-2020 4:34pm

Outbid yet again despite having enough additional savings to go higher if the scheme allowed. So disheartening

Lauren52 · 20-11-2020 4:43pm

optogirl wrote: »

Outbid yet again despite having enough additional savings to go higher if the scheme allowed. So disheartening

This is so ****. Really sorry to hear this.

beanyb · 20-11-2020 5:09pm

Lauren52 wrote: »

Anyone here got it this year but applied last year and got the lower interest rate? Or once Jan 2020 it was up to this years rate?

I applied in January 2020 and was approved under the lower interest rate. Haven't drawn down yet but hoping it'll stick to that once I do (hopefully in the next few weeks)!

kbman · 20-11-2020 6:46pm

beanyb wrote: »

I applied in January 2020 and was approved under the lower interest rate. Haven't drawn down yet but hoping it'll stick to that once I do (hopefully in the next few weeks)!

I'm in the same boat.
Contracts signed October last year, completed first snag, waiting for check these are complete and then hopefully draw down with the original rate.

That should be it, as the monthly payments and amount loaned is stated on the letter.

Fingers crossed

Financesetc. · 21-11-2020 9:59am

Has anyone here applied for the mortgage allowance scheme through the council?

Hudur · 21-11-2020 11:22am

Applied over 12 months ago, get rejected based on savings history (company saving scheme was too confusing for them). Asked them to review again and then everything got stuck because of Corona. Now I got letter finally and didn't even bother to open it for a day as surely rejected still...

Actually got approval this time. 185k for South Dublin. It's old interest rate and more than 35k more than bank would give so not complaining. Perhaps I get lucky and find something.

ABCD_1234 · 21-11-2020 11:25am

Hudur wrote: »

Applied over 12 months ago, get rejected based on savings history (company saving scheme was too confusing for them). Asked them to review again and then everything got stuck because of Corona. Now I got letter finally and didn't even bother to open it for a day as surely rejected still...

Actually got approval this time. 185k for South Dublin. It's old interest rate and more than 35k more than bank would give so not complaining. Perhaps I get lucky and find something.

Brilliant! Congratulations!! I’m also waiting on South Dublin County Council, this gives me a bit of hope

Caz lynn · 21-11-2020 4:06pm

Hi

Has anyone applied to Galway County Council for the Rebuild Ireland Home Loan?

I'm looking for information on how long it took to get AIP and further information on the process.

TIA

jessimirish · 21-11-2020 7:55pm

Anyone send in an application around September time to DCC? Still waiting to hear back, seems to be taking longer than usual for them.

estabon · 23-11-2020 6:35am

For those who have had success with this scheme.. After going sale agreed do the council ask for all updated docs again? Ie bank statements payslips salary certs?

Financesetc. · 23-11-2020 10:15am

Hi, has anyone applied or got the "Mortgage allowance scheme" from the council?
Thanks

jessimirish · 23-11-2020 11:01am

Possible spanner in the works - my employer was on TWSS and has moved to EWSS. Since moving to EWSS the subsidy is no longer showing on my payslips.

Anyone have experience of trying to draw down while on EWSS? It's no longer showing on my payslips.

Antho12 · 23-11-2020 11:58am

estabon wrote: »

For those who have had success with this scheme.. After going sale agreed do the council ask for all updated docs again? Ie bank statements payslips salary certs?

They do, current and savings account from the date you first applied up until final approval application as well as a recent payslip, they didn’t ask me for a salary cert the second time around. This might differ depending on the council, I’m with DCC.

Good luck

kbman · 24-11-2020 3:04pm

Hi guys,

I'm running into some tight deadlines for drawdown before end of year.
Curious if anybody is still here who has experience of the drawdown process?

We're on a new build that's complete and docs will move from builders solicitor on 7th December as the water will have only just been connnected, valuer says once foreman tells him it's connected he'll inform us and County Council.

Wicklow CC have told me to allow 2 weeks for legalities and credit committee to take place.

And also, the last date for release of funds is 18th December.

Anyone's experiences of this will be most helpful.

Cheers

Zoza · 24-11-2020 3:32pm

Hi , we been rejected becouse of net income ratio outside of policy and unsatisfactory savings record .
Could you recommend any solicitors wich they are good with this ?and reapply with full set of documents.
We wait 3 months for answers from FCC and finely it was rejected ðŸ™ˆ that’s why i want to go forward with some one wich know what to do .
Thank you .

BKWDR · 24-11-2020 4:08pm

kbman wrote: »

Hi guys,

I'm running into some tight deadlines for drawdown before end of year.
Curious if anybody is still here who has experience of the drawdown process?

We're on a new build that's complete and docs will move from builders solicitor on 7th December as the water will have only just been connnected, valuer says once foreman tells him it's connected he'll inform us and County Council.

Wicklow CC have told me to allow 2 weeks for legalities and credit committee to take place.

And also, the last date for release of funds is 18th December.

Anyone's experiences of this will be most helpful.

Cheers

I think it will take your LA about 2 weeks to raise a cheque and they will only do that once all the necessary legal back and forth is done. As in your solicitor has provided all the requested info to the Councils solicitor, and it is then up to your solicitor to request the cheque from the LA.

the 18th sounds tight as in, the LA could be closing completely on the 18th. Just get your solicitor to check. But in all honesty , you have your final approval and everything else? There is nothing else that goes to the credit committee after that.
Id imagine if things get delayed they just pick it up in the new year, which in the scheme of things isnt massive. It can be stressful but just talk to your own solicitor, they should be in touch with the LA solicitor and have the up to date position.

Zoza wrote: »

Hi , we been rejected becouse of net income ratio outside of policy and unsatisfactory savings record .
Could you recommend any solicitors wich they are good with this ?and reapply with full set of documents.
We wait 3 months for answers from FCC and finely it was rejected &#55357;&#56904; that’s why i want to go forward with some one wich know what to do .
Thank you .

Why you need a solicitor? They don't have anything to do with applying to the scheme
Did the Council not explain what it means?
Did you ask for an amount of money that is outside of the calculator/ ratio?
And did you have 12 months of consistent savings?

Maybe ask to have a chat with the council and see what you need to do

Jafin · 24-11-2020 4:14pm

I don't want to put the frighteners on anyone, and it's very possible that it's different for every LA, but when I was sale agreed my LA did tell me that they needed all the documents in by the end of November if I had any hope of drawing down before Christmas because they have some kind of end of year report to do, and that's the deadline. I was told that if I didn't have everything in by then that it would likely be March 2021 before I could proceed, or February at the very earliest. It's all moot now anyway as the sale fell through, but I would check these things with your LA if you can. Like I said though, it's very possible these time frames are different for each LA, and just because gave me those timeframes doesn't mean it's the same for yours.

beanyb · 24-11-2020 4:18pm

Jafin wrote: »

I don't want to put the frighteners on anyone, and it's very possible that it's different for every LA, but when I was sale agreed my LA did tell me that they needed all the documents in by the end of November if I had any hope of drawing down before Christmas because they have some kind of end of year report to do, and that's the deadline. I was told that if I didn't have everything in by then that it would likely be March 2021 before I could proceed, or February at the very earliest. It's all moot now anyway as the sale fell through, but I would check these things with your LA if you can. Like I said though, it's very possible these time frames are different for each LA, and just because gave me those timeframes doesn't mean it's the same for yours.

It's definitely different for each LA, as that is not the situation I am in with DCC at all.

Rebuilding Ireland home loan

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