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Rebuilding Ireland home loan

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Comments

  • Registered Users Posts: 4 MrsDrennan


    That's amazing news we have an appointment this week with Meath coco. We have already applied for fingal coco 3 weeks ago. They told us it will take 12 weeks to hear back. Best of luck home hunting.


  • Registered Users Posts: 106 ✭✭LauraAaron


    From what I have read they will take the children into account but they are nowhere near as harsh as the bank when it comes to how much each child costs. If you go onto rebuildingirelandhomeloan.ie and do the mortgage calculation you may be able to put in dependants and it should give you a rough estimate of what you can borrow.

    Thanks for getting back ♥️


  • Registered Users Posts: 106 ✭✭LauraAaron


    We have a 4 year old, joint salary of just shy of €75k, and we were granted the full €288k, but thankfully didn't need full amount. Didn't seem having one child had any bearing on our limit.

    We actually have 6 children but only 4 will be dependents as of next year I just hope that doesn’t hinder our application xx thanks for getting back x


  • Registered Users Posts: 106 ✭✭LauraAaron


    Just wondering if anyone applied in Donegal and got it? And also did anyone apply with 4 dependents? Just trying to find out as much information as I can and this seems to be the only forum to collect all the data from people who’ve actually been through the process xxx


  • Registered Users Posts: 4 SLK85


    Laurazal wrote: »
    When did you apply? I am with Meat coco as well and wondering how long it takes before the application goes to credit committee.


    We actually called yesterday and the committee had met earlier in the week and we got approved!!! Absolutely over the moon, waiting on the letter now to arrive in the post! It took about 6 weeks since our initial meeting.


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  • Registered Users Posts: 36 Laurazal


    SLK85 wrote: »
    We actually called yesterday and the committee had met earlier in the week and we got approved!!! Absolutely over the moon, waiting on the letter now to arrive in the post! It took about 6 weeks since our initial meeting.
    Congratulations!!! Same here - had a phone call from Meath coco this morning.


  • Registered Users Posts: 17 Amary


    Hi, I’m not sure if anyone has had any issues with this, I’m just wondering how it works.
    Rebuilding Ireland give you a 90% loan but I hear of a lot of people bidding way over the asking price for houses. If you are paying over the value of the house will they only give you a loan for 90% of the value not 90% of the amount you are paying for it?


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


    Amary wrote: »
    Hi, I’m not sure if anyone has had any issues with this, I’m just wondering how it works.
    Rebuilding Ireland give you a 90% loan but I hear of a lot of people bidding way over the asking price for houses. If you are paying over the value of the house will they only give you a loan for 90% of the value not 90% of the amount you are paying for it?

    They give you 90% of the purchase price. The market value of anything is whatever people are willing to pay for it.


  • Registered Users Posts: 17 Amary


    They give you 90% of the purchase price. The market value of anything is whatever people are willing to pay for it.

    Thanks, I wasn’t sure what way it worked.


  • Registered Users Posts: 7,090 ✭✭✭jill_valentine


    This is going to be a very basic stupid question, but I just want to be sure - you submit your RI application and THEN try for a particular property, right? Because what I'm reading seems to suggest you need to have identified the property you're trying to buy, and then started the application process, am I just goggly eyed from reading all this stuff and missing the obvious?

    Thanks all


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  • Registered Users Posts: 34 Ukelele!


    This is going to be a very basic stupid question, but I just want to be sure - you submit your RI application and THEN try for a particular property, right? Because what I'm reading seems to suggest you need to have identified the property you're trying to buy, and then started the application process, am I just goggly eyed from reading all this stuff and missing the obvious?

    Thanks all

    Yes, you apply first, get your approval and then start your property search. There's a section on the application that asks for the address of the property you're purchasing. You're probably not gonna know that yet, so I put "TBC" to be confirmed.


  • Registered Users Posts: 7,090 ✭✭✭jill_valentine


    Ukelele! wrote: »
    Yes, you apply first, get your approval and then start your property search. There's a section on the application that asks for the address of the property you're purchasing. You're probably not gonna know that yet, so I put "TBC" to be confirmed.

    Thank you so much!


  • Closed Accounts Posts: 17 Shanvp


    Hi all, we have gone sale agreed and are just waiting for the final approval to go through after having our final meeting with Fingal CC. How long did this take for anyone? Do FCC inform you or does the pack just go straight to our solicitor?


  • Registered Users Posts: 83 ✭✭Dave087


    Hi Dave, I'm just wondering did you hear anything from South Dublin Coco yet? We lodged an application in January as well but I have been on the phone weekly since. I have also been banging on the doors of politicains & actually got an email back from Eoghan Murphy a few weeks back to say he has issued a sanction to the HFA to issue new funding to any LA looking for funds. I confirmed this with South Dublin coco and they told me two weeks ago that they are starting to work through approvals but we haven't got a letter yet from them. I'm wondering if anyone else has got their's as we were told when they were working through them they would be working in a chronological order and since we first applied in January, you would imagine we would be first? South Dublin coco received funding in May but I found out this was to fund approvals that they issued up to the end of 2018 so we should be first in line with this new round of funding

    Hi, just off the phone to the council and was told we were approved and that the letter will be with us in a few days. Delighted! Hope you hear back soon.


  • Registered Users Posts: 2 Evie19


    Has anyone bought a house through this scheme? How long does the process take from finding a house to drawing down the loan? Do you have to tell the estate agent that you are using this loan and not from the bank?

    Also if you do find a suitable house do you put an offer in first or send the house valuation report to the council?

    I recently applied with single application and got approved in the letter it states that you have to pay for the councils legal fees but yet they cannot tell me how much this would be.
    There seems to be a lot of paperwork work involved
    Any advice on this would be helpful


  • Registered Users Posts: 6 MrPropertyGuru


    Hey Evie:

    It takes about 6 months to buy a house, however this varies from move to move. On average it's 20-90 days to find a house, 15-30 days to receive a mortgage offer, 20-30 days to find a solicitor and exchange contracts then 10-30 days to complete and get the keys.


    I hope that I could help you. :)


  • Registered Users Posts: 4 MrsDrennan


    We just handed in our 2nd application for RI home loan this time with Meath coco. Who have stopped taking appointments. Just a waiting game now to hear back from Fingal and Meath. Has anyone else applied for more than one council ?


  • Registered Users Posts: 2 Jackdub92


    Hi all got approved from DCC after 4 weeks over the moon!!!


  • Registered Users Posts: 196 ✭✭Evenstevens


    Just picked up my keys today. Surreal feeling altogether but I'll get use to it!
    Got my loan with DCC.

    Best of luck to everyone applying. This forum really has been a great help. It can be a long road but it's worth it.


  • Registered Users Posts: 83 ✭✭Dave087


    Can anybody who applied to SDCC suggest a solicitor? We have just been approved but would ideally like to get a solicitor who is familiar with the rebuilding Ireland home loan process. Appreciate any feedback.


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  • Registered Users Posts: 86 ✭✭Salanky


    Hi All, new here and I put an application in to Louth Coco in October of last year but got it refused on the basis of insufficient repayment ability ie. my monthly savings didnt cover the mortgage amount. So I have upped my savings and am now putting away 50% of my monthly wages between savings and money to my parents as "rent".

    Anyway long story short, I found a place I would like to try buy but Im a little unsure now about the forms. I have read through bits of the thread (Ill admit not all of it so apologies for no doubt repeating already asked questions) and have seen some people just put "maximum available" for the loan amount. Does this work or should I put the amount the calculator gave which was €143,000? Also the valuation access, cant remember what I put there the last time but Im assuming thats the estate agent for the house I want. Im looking at something thats up for €150,000 but will go for more so in the declaration should I put €150,00+ with the amount of loan as the €143,000?

    Sorry if these are silly questions but its much easier to ask people who have gone through it and come out the other side rather than guessing and then messing it all up. Also, has anyone applied to Louth lately and gotten approval or is it all still on hold? TIA


  • Registered Users Posts: 17 Amary


    Salanky wrote: »
    Hi All, new here and I put an application in to Louth Coco in October of last year but got it refused on the basis of insufficient repayment ability ie. my monthly savings didnt cover the mortgage amount. So I have upped my savings and am now putting away 50% of my monthly wages between savings and money to my parents as "rent".

    Anyway long story short, I found a place I would like to try buy but Im a little unsure now about the forms. I have read through bits of the thread (Ill admit not all of it so apologies for no doubt repeating already asked questions) and have seen some people just put "maximum available" for the loan amount. Does this work or should I put the amount the calculator gave which was €143,000? Also the valuation access, cant remember what I put there the last time but Im assuming thats the estate agent for the house I want. Im looking at something thats up for €150,000 but will go for more so in the declaration should I put €150,00+ with the amount of loan as the €143,000?

    Sorry if these are silly questions but its much easier to ask people who have gone through it and come out the other side rather than guessing and then messing it all up. Also, has anyone applied to Louth lately and gotten approval or is it all still on hold? TIA

    Don’t put down a house it might not be available by the time you get approved. I just put down unknown in that section and Maximum available in the amount I was looking for. I got approved for €2458 less than the calculator.


  • Closed Accounts Posts: 838 ✭✭✭The_Brood


    Regarding solicitors: Are we mandated to have one? If so, what is the process...do we first agree on a house sale and then find a solicitor, or should we first find a solicitor before searching for a house? Anyone have recommendations for a good solicitor with the RE process?

    Thank you


  • Registered Users Posts: 86 ✭✭Salanky


    Amary wrote: »
    I got approved in Louth 2 weeks ago. Don’t put down a house it might not be available by the time you get approved. I just put down unknown in that section and Maximum available in the amount I was looking for. I got approved for €2458 less than the calculator.

    Brilliant, I imagine the house I'm looking at now will be gone but I've got all the paperwork nearly done just waiting on the banks to ring today and laugh at me down the phone again. If I put unknown for the house then I obviously can't put anything for the valuation part either so is that unknown as well then?


  • Registered Users Posts: 27 JessC1987


    Just picked up my keys today. Surreal feeling altogether but I'll get use to it!
    Got my loan with DCC.

    Best of luck to everyone applying. This forum really has been a great help. It can be a long road but it's worth it.

    Congratulations! I'm dreaming of receiving our keys at the moment, cannot wait to experience that surreal feeling!

    Can I ask how long it took your solicitor to receive the pack after submitting all your docs to DCC for final approval? Also, did you have to wait 3 weeks to accept the offer or could you just sign and return immediately? Much appreciated!:)


  • Registered Users Posts: 196 ✭✭Evenstevens


    JessC1987 wrote: »
    Congratulations! I'm dreaming of receiving our keys at the moment, cannot wait to experience that surreal feeling!

    Can I ask how long it took your solicitor to receive the pack after submitting all your docs to DCC for final approval? Also, did you have to wait 3 weeks to accept the offer or could you just sign and return immediately? Much appreciated!:)

    Not exactly sure but looking back on emails etc I submitted final docs to DCC on 14th May and I think by start of June my solicitor had the loan pack.
    Not sure what the 3 weeks thing is?


  • Registered Users Posts: 17 Amary


    Salanky wrote: »
    Brilliant, I imagine the house I'm looking at now will be gone but I've got all the paperwork nearly done just waiting on the banks to ring today and laugh at me down the phone again. If I put unknown for the house then I obviously can't put anything for the valuation part either so is that unknown as well then?

    As far a I remember I just put Unknown and then left everything after that about house and solicitor blank. Did you book a meeting with Louth CC?I had to wait a month to get one.
    I got a really nice woman in AIB on the phone told her I wanted a letter for RBI was no problem. Got a not so nice man on the phone from BOI but I got the PDF online very quick.


  • Registered Users Posts: 86 ✭✭Salanky


    Amary wrote: »
    As far a I remember I just put Unknown and then left everything after that about house and solicitor blank. Did you book a meeting with Louth CC?I had to wait a month to get one.
    I got a really nice woman in AIB on the phone told her I wanted a letter for RBI was no problem. Got a not so nice man on the phone from BOI but I got the PDF online very quick.
    I haven't booked a meeting, last time I did and she said I didn't really need to and could have just dropped the forms in once I was sure it was all filled out. Might email her and see if I can do that.

    BOI are my bank so won't have any issues with them and am waiting on AIB to get back to me. I did it with KBC the last time and had to send in the whole form even though the guy had already laughed at me down the phone and said they wouldn't even entertain me.


  • Registered Users Posts: 17 Amary


    Salanky wrote: »
    I haven't booked a meeting, last time I did and she said I didn't really need to and could have just dropped the forms in once I was sure it was all filled out. Might email her and see if I can do that.

    BOI are my bank so won't have any issues with them and am waiting on AIB to get back to me. I did it with KBC the last time and had to send in the whole form even though the guy had already laughed at me down the phone and said they wouldn't even entertain me.

    That’s just rude. I think it was KBC I tried to apply online and when I put in my earnings it wouldn’t let me go any further it said they only lend if your salary is over a certain amount. All the rest seem to be ok.
    I was told I had to have an appointment. Maybe you don’t now if you already applied before.


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  • Registered Users Posts: 86 ✭✭Salanky


    Amary wrote: »
    That’s just rude. I think it was KBC I tried to apply online and when I put in my earnings it wouldn’t let me go any further it said they only lend if your salary is over a certain amount. All the rest seem to be ok.
    I was told I had to have an appointment. Maybe you don’t now if you already applied before.

    Yeah I tried to do it online with them and AIB and I cant get any further on AIB than where you add your savings so I just put in for a call back. The KBC dude was grand until he asked me my salary and then he started laughing at me and said they wouldnt touch me as I dont earn enough to be worth lending to but to get that in writing I had to send in all the forms anyway. BOI just had a chat on the phone and sent me the letter no bother.

    Might ring the council in the morning and see what the story is, will put me way behind if its another month to see someone to send it in followed by another 6 or 8 weeks for them to make a decision.....


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