Rebuilding Ireland home loan

beanyb · 28-09-2020 10:48am

optogirl wrote: »

Hi guys- got AIP this morning. A bit confused as to what the next steps are? Do we get a solicitor - if so what services are we asking for?
What about life insurance etc? Do we need to get that straight away? Can we now go and make offers on houses?

Congratulations!

The next thing to do is to go find yourself a house and start making offers!

It's a good idea to start looking for a solicitor too as estate agents will want their contact details as soon as you go sale agreed. You are looking for conveyancing services from a solicitor - just tell them you are buying a house and they'll know what to do it's very standard. Ask family and friends for recommendations. It's worth mentioning to the solicitor in advance that you are applying under this scheme as it works slightly differently than standard bank mortgages.

Life insurance is further down the road. You'll get that when you're close to drawing down the mortgage and getting your keys.

optogirl · 28-09-2020 11:08am

beanyb wrote: »

Congratulations!

The next thing to do is to go find yourself a house and start making offers!

It's a good idea to start looking for a solicitor too as estate agents will want their contact details as soon as you go sale agreed. You are looking for conveyancing services from a solicitor - just tell them you are buying a house and they'll know what to do it's very standard. Ask family and friends for recommendations. It's worth mentioning to the solicitor in advance that you are applying under this scheme as it works slightly differently than standard bank mortgages.

Life insurance is further down the road. You'll get that when you're close to drawing down the mortgage and getting your keys.

Thanks so much

Jafin · 28-09-2020 11:20am

smellyoldboot wrote: »

Is there any point to this thing at all? I would likely get a bigger mortgage amount from this than I would from a bank IF it worked like it's supposed to.

But from reading through the thread they apply stricter savings criteria, find fairly ridiculous/harsh reasons to reject applicants and take bloody ages to process application's.

It seems like window dressing and that the scheme isn't really performing it's function (or maybe it is, help a few, Fcuk over plenty, pretend you're doing something).

I'm a council tenant saving for a mortgage and tbh any time I've had to contact them for anything (essential repair, anti-social behaviour) the inefficiency and ineptitude has been mind boggling. The thought of having to approach them and have them play a part in a mortgage application fills me with dread.

I'm thinking just wait it out. The extra time spent waiting for them to do their thing and wanting to see 1 year plus worth of savings I'd probably have another payrise gone through.

Has anyone had a positive experience with this?

I think it really just varies from council to council. I had basically zero issues with my application. The only hitch I had, and it was very minor, is that originally I was told that an online mortgage calculator would be sufficient evidence of an insufficient offer but when I submitted it I was told I needed a proper letter. I was able to sort this fairly quickly myself so it was fine.

Edit: Forgot to mention there was a long delay in my application. I applied in early February and didn't get a decision until mid-July, but that being said it was because of Covid. I was told my application was literally next to go to the credit committee just before the council had to shut down in March because of Covid. If that hadn't happened I probably would have had a decision in April, but that's not their fault.

KH1591 · 28-09-2020 1:49pm

optogirl wrote: »

Hi guys- got AIP this morning. A bit confused as to what the next steps are? Do we get a solicitor - if so what services are we asking for?
What about life insurance etc? Do we need to get that straight away? Can we now go and make offers on houses?

Can I ask what council you're with? Congratulations, the relief to finally have it!!

optogirl · 28-09-2020 2:06pm

KH1591 wrote: »

Can I ask what council you're with? Congratulations, the relief to finally have it!!

DCC - yes a big relief! Now to start house hunting!

KH1591 · 28-09-2020 2:08pm

optogirl wrote: »

DCC - yes a big relief! Now to start house hunting!

Congratulations again, thanks for posting that too! Gives the rest of us some hope!!
Best of luck in your new home! 😃😃

Woody. · 28-09-2020 2:23pm

Hi all, so solicitor was in touch today, received our signed contracts back. All good. Now they will all for drawdown. Its with dcc, does anybody have a rough idea of time frame? I no theres a credit committee meeting in early October, would they need to sign it off? Also on the home insurance we're do I need to add Dublin City Council? Thanks

KH1591 · 28-09-2020 8:43pm

For solicitor fees, did anyone use a gift to cover the fees? Our council like to see the legal fees in our account at the start of the process. Just wondered if they accept the fees as a gift

dawidnowak2005 · 29-09-2020 1:43pm

https://kfmradio.com/news/28092020-0801/dept-housing-issue-recommendations-decline-majority-kildare-rebuilding-ireland

Scr88 · 29-09-2020 2:34pm

Hi everyone. I am in the final stages of the application. I have to submit point 4,6 and 7 of the loan offer. It is a new build and house will not be ready till the end of October. I am worried that the fact I have not yet received sellers engineer cert that this will delay the drawdown? Has anyone used this loan to purchase a newbuild and have this issue? Thanks

raheny red · 30-09-2020 8:18am

smellyoldboot wrote: »

Has anyone had a positive experience with this?

Yep. Just under 2 years in our place. In a house and an area we absolutely love. If it wasn't for this scheme we wouldn't have had a chance of buying it with the banks. Without it, we'd probably be still with the parents / in an area we really disliked / or bought a 2 bed apartment. No offence meant any of them 3 but they were aspects we didn't really fancy. I'd do it all again with the council.

kavo87 · 30-09-2020 11:37am

raheny red wrote: »

Yep. Just under 2 years in our place. In a house and an area we absolutely love. If it wasn't for this scheme we wouldn't have had a chance of buying it with the banks. Without it, we'd probably be still with the parents / in an area we really disliked / or bought a 2 bed apartment. No offence meant any of them 3 but they were aspects we didn't really fancy. I'd do it all again with the council.

We're the same almost 2 years in our house. We love the house and the area we bought in. If not for the scheme we would have never been able to buy where or what we liked.

As some people pointed out the MPI is a lot more expensive than you would source yourself but it is a small price you would pay at the end of the day to be living in a house and area you'll love.

phobia2011 · 30-09-2020 12:41pm

How long after we receive final letter of offer does the process usually take?

extrafluff · 30-09-2020 12:46pm

Hi all,

Has anyone heard from SDCC? Application in since the 15th of July & they requested more details a week later but radio silence ever since - apart from my partner calling them & them saying it's done in chronological order.
Thank you.

optogirl · 30-09-2020 12:51pm

Wondering if anyone is in a similar position - so we have AIP and are going to start looking seriously - we rent at the moment and have been here 6 years so our notice period is 6 months - how do you gauge when to give notice? So afraid of giving notice and then not having somewhere to move especially with Covid as I'm sure my Mam would be nervous about 2 adults & 2 kids coming to live in the house no matter how temporary. Leave it too late and we're overlapping mortgage & rent payments which would be nigh on impossible.

Dankarl · 30-09-2020 2:20pm

optogirl wrote: »

Wondering if anyone is in a similar position - so we have AIP and are going to start looking seriously - we rent at the moment and have been here 6 years so our notice period is 6 months - how do you gauge when to give notice? So afraid of giving notice and then not having somewhere to move especially with Covid as I'm sure my Mam would be nervous about 2 adults & 2 kids coming to live in the house no matter how temporary. Leave it too late and we're overlapping mortgage & rent payments which would be nigh on impossible.

I would say contact your landlord, we rent through an agency and they were very helpful.

If you house can be rented out without any interruption you may be ok

optogirl · 30-09-2020 4:52pm

Dankarl wrote: »

I would say contact your landlord, we rent through an agency and they were very helpful.

If you house can be rented out without any interruption you may be ok

Thanks for that. House would need a few upgrades, paint, new bed etc but could be rented out fairly quickly I'd say.

Thanks again.

extrafluff · 30-09-2020 5:08pm

extrafluff wrote: »

Hi all,

Has anyone heard from SDCC? Application in since the 15th of July & they requested more details a week later but radio silence ever since - apart from my partner calling them & them saying it's done in chronological order.
Thank you.

Sorry to quote myself. I rang SDCC and they told me that our application came back from the housing agency on the 21st of August. There's a queue of 5 to go before the credit committee but they couldn't tell me when they are due to sit.

Hopefully not too much longer.

Seanom90 · 30-09-2020 7:32pm

optogirl wrote: »

Wondering if anyone is in a similar position - so we have AIP and are going to start looking seriously - we rent at the moment and have been here 6 years so our notice period is 6 months - how do you gauge when to give notice? So afraid of giving notice and then not having somewhere to move especially with Covid as I'm sure my Mam would be nervous about 2 adults & 2 kids coming to live in the house no matter how temporary. Leave it too late and we're overlapping mortgage & rent payments which would be nigh on impossible.

Fairly sure it's 84 days notice if less than 8 years but more than 4

optogirl · 01-10-2020 3:03pm

Seanom90 wrote: »

Fairly sure it's 84 days notice if less than 8 years but more than 4

Ah you're right! I was looking at the notice the landlord has to give us. Phew. thanks!

Lauren52 · 02-10-2020 2:47pm

Hi I see a few people asking about where Kildare are on their applications, we applied Sept 2019, our application has just come back from underwriters. So it has been 13 months since our application has went in.

Our application came back from the underwriters declined, however, they have gone back again to question it. Underwriters declined because
1) we had not rented for 6mts
2) calculated we could not repay for what we looked for.

When we applied in 2019 we were renting for 7 years, our house we were renting was up for sale , we wanted to buy it and submited an Application for €225.000 Since then the house was sold within 1 month. We were living with parents for 6mts after this and have now been renting for 6months in our current home. While we were living with parents we saved our regular savings + what we would have paid in rent.

When I phoned the council a lovely lady explained that the council had calculated that we would be approved more so they looked for more. The council and the underwriters also came up with different figures for our total gross income combined , the underwriters had calculated €1000 less than the council, we have now gone back to underwriters again to look at the figures and submitted a new salary cert as there was a pay increase of €3000 since June when we sent in updated application. So hopefully they will come back with some good news. We also did not need as much as the council had calculated we would get , however when going back to underwriters we were told we could not look for less as then it would need to be a new application and we would be starting all over again.

I am really positive , however I am scared that they will decline again, and I just dont see how they could do this as 1) we have proof of rent for 6mts at present and
2) we didnt need as much as council decided to look for.

Anyone been through similar? I'm so nervous to get bad news from them as this has been a long 13mts, we are paying crazy amount of money to rent in Kildare, I just want it done now and its stressing me out that if it's a no , it will be down to someone looking for more money than we asked for.

Any advice much appreciated.

Dankarl · 06-10-2020 5:03pm

Hi,

What external insurance companies have people gone with ?

boi89 · 06-10-2020 6:02pm

Hi,

My partner and I applied back in March with SDCC and got an email looking for updated documents in July. I emailed yesterday and got this response,

"We are currently awaiting for the decision to be signed off on by management and the credit committee. Once done, you will be written out to by post to inform you."

Does that mean its been with the committee already?.

laoise6 · 06-10-2020 9:21pm

Hi,

I applied with wwcc back at the beginning of August, and they’ve just sent my application to the underwriters - anyone have any indication on how long it might sit with the underwriters? I realize there’s a further committee meeting after that which is just held once a month..? which may extend the process longer..

Also, is there anyone on here who knows if mortgage exemptions might be reintroduced any time soon?

Thanks!

kbman · 06-10-2020 9:32pm

laoise6 wrote: »

Hi,

I applied with wwcc back at the beginning of August, and they’ve just sent my application to the underwriters - anyone have any indication on how long it might sit with the underwriters? I realize there’s a further committee meeting after that which is just held once a month..? which may extend the process longer..

Also, is there anyone on here who knows if mortgage exemptions might be reintroduced any time soon?

Thanks!

Hi Laoise,

We have singed up with wwcc, over a year ago now. We waited somewhere around 6 - 8 weeks after applying, this may have been speeded up by the fact that we were already approved an application with dlrcoco. We needed extensions and with those we found the committee meetings weekly, you may check with someone there to find out how this is with new applications.

They tightened up the scheme with the increase of rates in Jan of this year and the health insurance is one of the more expensive around.
Hopefully they don't make it any more difficult.

HTH,

nice1guy · 07-10-2020 1:28pm

Hi, I'm thinking of applying and see it says on the application form that they require 12 months worth of statements. I have a pretty good savings record but slipped up over Christmas and didn't save that month. Would this go against me or do they tend to be lenient?

Thanks

BKWDR · 07-10-2020 1:55pm

nice1guy wrote: »

Hi, I'm thinking of applying and see it says on the application form that they require 12 months worth of statements. I have a pretty good savings record but slipped up over Christmas and didn't save that month. Would this go against me or do they tend to be lenient?

Thanks

Apply, what have you to lose. It it's so bad that you will have to reapply after Christmas anyways you've lost nothing

They might average out your savings over 12 months but will take an overall view.
One hot day doesn't make a summer

Benci · 07-10-2020 5:21pm

Hi there, does anyone knows you can get only once extension, or you can request a second extension as the house is a new build and it is a delay with water supply.
Thank you.

kbman · 07-10-2020 6:16pm

Benci wrote: »

Hi there, does anyone knows you can get only once extension, or you can request a second extension as the house is a new build and it is a delay with water supply.
Thank you.

Hi Benci,

We signed up with wicklow cc last October and first extension expired start of October. We received second extension 2 weeks ago. The house is also a new build.

I'm hoping the same rules apply across county councils.
Best I can suggest is to contact the housing section of your county council to find out. I was told to contact them a month before the expiry date to get a further extension.

Benci · 07-10-2020 7:48pm

We are with Wicklow Coco as well.
That's good news, may I ask you for how long you got the extension 3 or 6 months?
Thank you.

kbman · 07-10-2020 9:05pm

That makes things easier.
The first extension was for 6 months due to the Covid, wasn't too many questions asked.
The second extension was just less than 3 months, 4th October till 31 December 2020.

KH1591 · 07-10-2020 9:58pm

Has anyone heard back from Kildare CC yet for 2020?

Salanky · 07-10-2020 10:13pm

kbman wrote: »

Hi Benci,

We signed up with wicklow cc last October and first extension expired start of October. We received second extension 2 weeks ago. The house is also a new build.

I'm hoping the same rules apply across county councils.
Best I can suggest is to contact the housing section of your county council to find out. I was told to contact them a month before the expiry date to get a further extension.

I got an extension in April to October with Louth and have been sale agreed since July and I emailed the council to see if I needed to extend it as it ran out on the 4th. They told me once I was sale agreed and everything was moving along the clock essentially stops. Maybe its different for a new build, mine is 120+ yrs old.

Jafin · 08-10-2020 10:37am

I have a question for anyone who was sale agreed when we went into lockdown in March and who went on the Wage Subsidy Scheme - Was your entire mortgage put on hold, and when it got back on track did you have to re-submit your financials and be off the Wage Subsidy Scheme for 2-3 months before being able to draw down?

I'm (fingers crossed) going Sale Agreed today and I'm petrified we'll go into Level 5 restrictions at some stage between going Sale Agreed and drawing down the mortgage, especially if I have to go on the Wage Subsidy Scheme again. I know there are bigger things going on in the world and everything has gone to ****, don't get me wrong, it's just very frustrating to get so close after so long and to be mentally preparing to potentially have it all snatched away.

jill_valentine · 08-10-2020 10:41am

jill_valentine wrote: »

Just posting for information's sake - the above post (posting in my application) was from 12/08.

As of yesterday, 18/09, I've been told my app is back from the underwriters and awaiting decision by the DCC Credit Committee. The Committee is expected to meet again sometime early to mid October.

As of today (8/10) I've been told via email I've been approved through DCC after the Credit Committee met yesterday and my correspondence to that effect is on the way.

laoise6 · 08-10-2020 10:51am

jill_valentine wrote: »

As of today (8/10) I've been told via email I've been approved through DCC after the Credit Committee met yesterday and my correspondence to that effect is on the way.

Congratulations ðŸ¥³ really happy news!

how long will it take to get to drawdown do you reckon?

KH1591 · 08-10-2020 3:47pm

jill_valentine wrote: »

As of today (8/10) I've been told via email I've been approved through DCC after the Credit Committee met yesterday and my correspondence to that effect is on the way.

Congratulations!! Must be a huge relief! Best of luck in your new home 😀😀

KH1591 · 08-10-2020 9:16pm

We are about to send our application back in with requested documents, on the section for the Valuation Access, what do we need to put here? Do the council look after this bit?

jill_valentine · 08-10-2020 10:50pm

Just want to clarify, that's my Approval in Principle, so the hunt starts in earnest now. I didn't want to make a move until I had it, rather than get my heart set on something and then get a nasty surprise. I will say I got offered a decent bit more than I expected or the calculator suggested, so I'm made up. I've no dependants, killed my Paddy Power account long ago, and I've been saving well, so I was in a fairly decent position that way.

KH1591, is that the bit on the form about what property you're supposed to be applying for? If so you can just say "TBC" for that stuff.

John Hutton · 08-10-2020 10:53pm

jill_valentine wrote: »

Just want to clarify, that's my Approval in Principle, so the hunt starts in earnest now. I didn't want to make a move until I had it, rather than get my heart set on something and then get a nasty surprise. I will say I got offered a decent bit more than I expected or the calculator suggested, so I'm made up. I've no dependants, killed my Paddy Power account long ago, and I've been saving well, so I was in a fairly decent position that way.

KH1591, is that the bit on the form about what property you're supposed to be applying for? If so you can just say "TBC" for that stuff.

So did you basically just say "property tbc" and the amount "as much as possible"?

jill_valentine · 08-10-2020 11:02pm

John Hutton wrote: »

So did you basically just say "property tbc" and the amount "as much as possible"?

Pretty much

I put "TBC" in all the boxes enquiring about a specific property or the value of the loan I was applying for.

I put a letter in with my application giving permission to the DCC to seek HPL1 forms or relevant information to that effect on my behalf.

I also said I'd left the property valuation info TBC as I'd been advised over the phone by the council, and then wrote a little paragraph to say my priority was the highest buying power I was eligible for (vs a shorter term or better interest rate) and that I was hoping they could advise me of what that sum would be.

KH1591 · 09-10-2020 12:42am

jill_valentine wrote: »

Just want to clarify, that's my Approval in Principle, so the hunt starts in earnest now. I didn't want to make a move until I had it, rather than get my heart set on something and then get a nasty surprise. I will say I got offered a decent bit more than I expected or the calculator suggested, so I'm made up. I've no dependants, killed my Paddy Power account long ago, and I've been saving well, so I was in a fairly decent position that way.

KH1591, is that the bit on the form about what property you're supposed to be applying for? If so you can just say "TBC" for that stuff.

Thanks very much! Ours will be for a particular property we have found so we wondered what to put in that section! We also wondered if we changed our mind while the application was being processed would we have to reapply with 'TBC' in these sections rather than the exact info we have now!

BKWDR · 09-10-2020 7:21am

KH1591 wrote: »

Thanks very much! Ours will be for a particular property we have found so we wondered what to put in that section! We also wondered if we changed our mind while the application was being processed would we have to reapply with 'TBC' in these sections rather than the exact info we have now!

What you put in there won't matter. You won't need to reapply if you decide to look at another property.

You get AIP then you tell them about where you have gone sale agreed. You can only go sale agreed when you have AIP anyways

Lauren52 · 09-10-2020 12:59pm

KH1591 wrote: »

Has anyone heard back from Kildare CC yet for 2020?

Hi, we are a 2019 application from early sept 2019,
We are still waiting for a decision , currently with underwriters.

Lauren52 · 09-10-2020 1:00pm

jill_valentine wrote: »

As of today (8/10) I've been told via email I've been approved through DCC after the Credit Committee met yesterday and my correspondence to that effect is on the way.

Congratulations

Jafin · 09-10-2020 2:32pm

Gone sale agreed as of yesterday in Clare! Thrilled to finally be making progress. I rang the woman who is dealing with my application in the council today to ask a few questions and get information on the next steps. She said I need to get a valuation from an auctioneer who isn't the one selling the house, and I've found someone I'm going to ask to do that. The other thing she said I'd need is an engineering report. Now this is probably a dumb question but for some reason my Google-Fu is failing me today - is an engineering report the same as getting a surveyor in to, um, survey the house? Or is that something entirely different?

ABCD_1234 · 09-10-2020 5:29pm

KH1591 wrote: »

Congratulations!! Must be a huge relief! Best of luck in your new home ðŸ˜€ðŸ˜€

That was really quick! Congratulations! Do they let you know what the offer will be or just tell you that you have been approved?

jill_valentine · 09-10-2020 5:42pm

labyrne22 wrote: »

That was really quick! Congratulations! Do they let you know what the offer will be or just tell you that you have been approved?

When I sent it in way back in August a chap in the office called me to clarify something the day they recieved it. When he did he was able to say the rest of the app looked fine and I could expect to get roughly €147,000 depending on the underwriters.

I mailed last week for an update, was told the credit committee were meeting this week. Mailed again after the CC met, and they replied to say I had been AIP'ed for €147,800 and that a letter to that effect was on the way.

ABCD_1234 · 09-10-2020 5:51pm

jill_valentine wrote: »

When I sent it in way back in August a chap in the office called me to clarify something the day they recieved it. When he did he was able to say the rest of the app looked fine and I could expect to get roughly €147,000 depending on the underwriters.

I mailed last week for an update, was told the credit committee were meeting this week. Mailed again after the CC met, and they replied to say I had been AIP'ed for €147,800 and that a letter to that effect was on the way.

That’s brilliant! I’m 4 months waiting on SDCC, still waiting on the credit committee. Was the amount offered much more or less than the online calculator if you don’t mind me asking?

dcchouse2020 · 09-10-2020 7:26pm

Hi Everyone,

Long time looking in this thread. Just to say I got my approval in principle letter today from Fingal CC.

Applied mid July 2020, so took about 12 weeks.

Lessons learned,
-Follow the checklist on the application
-Include in your application Employment Summary and P21
- Include Revolut statements
- Council committee meets once a month to sign off on applications that the underwriter has approved

Rebuilding Ireland home loan

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