Rebuilding Ireland home loan

Ukelele! · 20-03-2019 1:18pm

kellsbells86 wrote: »

Hi Guys -

We applied back in July Last year and it took around 10 weeks to come back with an approval. We started looking for a house once we got the approval and went sale agreed at the start of December.

We are due to get the keys on Friday, the council's solicitor gave us the go ahead to sign contracts and things on 6th of March, and she was advised on the same day by our solicitor that closing would be happening on 22nd. We have heard nothing about any payment even though our solicitor is chasing the council for a payment date. I am getting anxious now as I have to be out of my rented house before the end of March.

My question is - does anyone have a rough time frame of how long they waited for the draw down to actually happen, has anyone received the keys around the date they were advised or were they waiting a lot longer? Bear in mind we have been waiting 3 weeks for the draw down already.

Thanks in Advance

Was told I'd be able to drawdown around the 13th March. Rang today and been told the council have changed it to the 12th April. The council are dragging this out. They only draw down on 2 days every month. So I've missed the 13th march, through no fault of my own. And now I'm gonna miss the next march draw down date of around the 28th. Realistically now, I'd say it'll be draw down the 12th April, but as to when i actually get the keys, who knows. My current landlord is very flexible, luckily. Otherwise I'd have to move home (to a different county) for a few weeks. The dates the council are giving are just not realistic

Quinnciara · 20-03-2019 1:20pm

Ukelele! wrote: »

Was told I'd be able to drawdown around the 13th March. Rang today and been told the council have changed it to the 12th April. The council are dragging this out. They only draw down on 2 days every month. So I've missed the 13th march, through no fault of my own. And now I'm gonna miss the next march draw down date of around the 28th. Realistically now, I'd say it'll be draw down the 12th April, but as to when i actually get the keys, who knows. My current landlord is very flexible, luckily. Otherwise I'd have to move home (to a different county) for a few weeks. The dates the council are giving are just not realistic

This is awful which CoCo is this ??

Jmk725 · 20-03-2019 1:22pm

Ukelele! wrote: »

Was told I'd be able to drawdown around the 13th March. Rang today and been told the council have changed it to the 12th April. The council are dragging this out. They only draw down on 2 days every month. So I've missed the 13th march, through no fault of my own. And now I'm gonna miss the next march draw down date of around the 28th. Realistically now, I'd say it'll be draw down the 12th April, but as to when i actually get the keys, who knows. My current landlord is very flexible, luckily. Otherwise I'd have to move home (to a different county) for a few weeks. The dates the council are giving are just not realistic

That is terrible, I would make an official complaint about them. It is scandalous that you have to wait so long.

Ukelele! · 20-03-2019 1:23pm

Quinnciara wrote: »

This is awful which CoCo is this ??

Clare Coco ðŸ™„ they've been extremely helpful, but it seems it's their solicitor that's busy and I'm just not a priority maybe.

Has anyone actually drawn down for 2019 yet?

Quinnciara · 20-03-2019 1:24pm

Ukelele! wrote: »

Clare Coco &#55357;&#56900; they've been extremely helpful, but it seems it's their solicitor that's busy and I'm just not a priority maybe.

Has anyone actually drawn down for 2019 yet?

I'm waiting 17 days for the formal loan offer to be sent to my solicitor

Ukelele! · 20-03-2019 1:26pm

Quinnciara wrote: »

I'm waiting 17 days for the formal loan offer to be sent to my solicitor

I'm starting to panic that my funding isn't actually there, given all the stuff that's going on with this scheme. Suppose this is the difference between dealing with the council and a bank, the council are much slower

Jmk725 · 20-03-2019 1:26pm

Ukelele! wrote: »

Clare Coco &#55357;&#56900; they've been extremely helpful, but it seems it's their solicitor that's busy and I'm just not a priority maybe.

Has anyone actually drawn down for 2019 yet?

Co. Monaghan Solicitor seems to be quick enough, got loan pack last week after only 2 weeks. Haven't drawn down yet, must contact my council and see how long they take.

Ukelele! · 20-03-2019 1:28pm

Jmk725 wrote: »

Co. Monaghan Solicitor seems to be quick enough, got loan pack last week after only 2 weeks. Haven't drawn down yet, must contact my council and see how long they take.

My solicitor has been brilliant to be fair, and is really putting the pressure on. Hopefully, I'll get some positive news soon!

Jmk725 · 20-03-2019 1:37pm

Quinnciara wrote: »

I'm waiting 17 days for the formal loan offer to be sent to my solicitor

I would advise you to get onto the council again and get them to contact the solicitor, you shouldn't have to wait this long.
Also, get in writing from the council that they have done this.
What council are you with?

Jmk725 · 20-03-2019 1:39pm

Ukelele! wrote: »

I'm starting to panic that my funding isn't actually there, given all the stuff that's going on with this scheme. Suppose this is the difference between dealing with the council and a bank, the council are much slower

The funding will be there.
But I would get the council to confirm in writing when the funds will be made available to you.
That way if they do delay again you can make an official complaint and have the emails/letters to back up your complaint.
Threaten to make an official complaint if the money isn't received.

delboy08 · 21-03-2019 11:16am

Hi all.
Just an update really. I got approval from DCC yesterday and that they will post out loan offer letter. They never said anything about funds not available? I rang last week to see what was happening and they said there still going ahead with new applications.

Does anyone know whats the next step I need to take (is there forms I need to be getting) I just want to be one step ahead and move things along on my end because as iv been reading they are slow.

Jmk725 · 21-03-2019 11:31am

delboy08 wrote: »

Hi all.
Just an update really. I got approval from DCC yesterday and that they will post out loan offer letter. They never said anything about funds not available? I rang last week to see what was happening and they said there still going ahead with new applications.

Does anyone know whats the next step I need to take (is there forms I need to be getting) I just want to be one step ahead and move things along on my end because as iv been reading they are slow.

I had to Return Signed Forms 1 & 2, provided by the council with loan offer.
How you picked out a house yet?
Next step is to go sale agreed.
From Monaghan County Council, I was then asked for :
Valuation Report of property, organised by council but paid by me.
Structural Report.
Form 3 signed and returned.
DD Mandate filled in and returned.
MPI Form completed and returned.
Up-to-date bank statements, current & deposit.
Up-to-date payslip.
Letter from employer confirming not out sick in last 3 years apart from flu, back ache, influenza.
Same as last one but from GP.

All items required by your council will be on the loan offer letter you get out anyway.
I have heard of other councils not requesting all I was asked for, seems to depend on the council.
When you do send everything back in, make sure to get all promises/timeframes in writing.

Maryvind · 21-03-2019 12:08pm

Hi delboy08,
From the date your application went to DCC to notification of approval...how many weeks/months were you waiting? And did they just ring you to let you know you have been approved?

Quinnciara · 21-03-2019 1:36pm

Jmk725 wrote: »

I would advise you to get onto the council again and get them to contact the solicitor, you shouldn't have to wait this long.
Also, get in writing from the council that they have done this.
What council are you with?

I'm with DCC they just emailed today to say that I needed to send in a draft family home declaration form, I thought I didn't need to do that until the signing of the contracts..hopefully my solicitor gets it to me today and I can email it over to the council. They said they person who was processing my application is out sick.

Jmk725 · 21-03-2019 1:51pm

Quinnciara wrote: »

I'm with DCC they just emailed today to say that I needed to send in a draft family home declaration form, I thought I didn't need to do that until the signing of the contracts..hopefully my solicitor gets it to me today and I can email it over to the council. They said they person who was processing my application is out sick.

You send in the draft one now and sign the official one when signing contract.

kellsbells86 · 21-03-2019 6:24pm

Just an update on my original question. My solicitor rang me yesterday evening at almost 5pm to let me know that the council had contacted him to say they had been experiencing a technical glitch with their systems for almost a month - and didn't bother to let us know. TWO DAYS before we are due to get the keys they have not issued our cheque and have to wait until next Thursday, which means my solicitor won't get it to the following week. I know its not the end of the world, but they have know about the problem since we emailed them 3 weeks ago and didn't bother to tell us......gutted doesn't even cover it. hopefully my landlord can let me stay another week. Fingers crossed for next week

PainterGal · 21-03-2019 10:06pm

Looking for any and all advise here! I've had my paperwork returned by SDCC, claiming my letters of insufficient offers were old, both were from early last year. It doesn't say anywhere that the letters should be within a time frame does it?
Also, I put down I was looking for the maximum, Eur288,000 and they've said that that was too high. They didn't indicate WHAT would be a number for consideration.
Has anyone had any dealing with SDCC that could steer me in the right direction?

swarmberg · 21-03-2019 10:21pm

PainterGal wrote: »

Looking for any and all advise here! I've had my paperwork returned by SDCC, claiming my letters of insufficient offers were old, both were from early last year. It doesn't say anywhere that the letters should be within a time frame does it?
Also, I put down I was looking for the maximum, Eur288,000 and they've said that that was too high. They didn't indicate WHAT would be a number for consideration.
Has anyone had any dealing with SDCC that could steer me in the right direction?

It states on the website that the insufficient offer documentation should be within 4 weeks of the application date.

SNNUS · 22-03-2019 12:19am

Ukelele! wrote: »

Clare Coco ðŸ™„ they've been extremely helpful, but it seems it's their solicitor that's busy and I'm just not a priority maybe.

Has anyone actually drawn down for 2019 yet?

I found Clare co co to be good but it is very slow plus their solicitors can slow it further!

VW08 · 22-03-2019 8:35am

PainterGal wrote: »

Looking for any and all advise here! I've had my paperwork returned by SDCC, claiming my letters of insufficient offers were old, both were from early last year. It doesn't say anywhere that the letters should be within a time frame does it?
Also, I put down I was looking for the maximum, Eur288,000 and they've said that that was too high. They didn't indicate WHAT would be a number for consideration.
Has anyone had any dealing with SDCC that could steer me in the right direction?

The online rebuilding Ireland calculator will tell you how much you can get.

DamoNolan · 22-03-2019 2:08pm

Hi all

I have gone sale agreed on a house and am just waiting for the sale agreed pack to be sent out.I am with Fingal coco does anybody know what information they look for in this pack as i've read every council seems to be looking for different things.

harmarsuperstar · 25-03-2019 2:18pm

I assume the caps on this scheme is pretty strict right? We've been outbid on a place but I think a bid of €255k would bring it home for us but we can't make that bid under the rules.

Is it possible to make side deals, like say €5k for contents? Is that something that happens in ordinary property sales?

Jmk725 · 25-03-2019 2:20pm

harmarsuperstar wrote: »

I assume the caps on this scheme is pretty strict right? We've been outbid on a place but I think a bid of €255k would bring it home for us but we can't make that bid under the rules.

Is it possible to make side deals, like say €5k for contents? Is that something that happens in ordinary property sales?

You can bid 255k if you want, but you won't get any extra of a mortgage.
They will only give you 90% of the value up to the max limit.
Hope this makes sense.

harmarsuperstar · 25-03-2019 2:28pm

Jmk725 wrote: »

You can bid 255k if you want, but you won't get any extra of a mortgage.
They will only give you 90% of the value up to the max limit.
Hope this makes sense.

Unfortunately I don't think that is correct, my understanding was that the value of the property was capped at €250k (€320k in Dublin and certain other countries) under the scheme, irrespective of how much finance you can provide yourself.

Jmk725 · 25-03-2019 2:32pm

harmarsuperstar wrote: »

Unfortunately I don't think that is correct, my understanding was that the value of the property was capped at €250k (€320k in Dublin and certain other countries) under the scheme, irrespective of how much finance you can provide yourself.

Perhaps im wrong, I took it to mean the max mortgage you could get was 90% of the 250k or the 320k.
You should contact Rebuilding Ireland to make sure, wouldn't want you missing out on the house if possible.

Graham · 25-03-2019 2:38pm

Maximum market values of the property that can be purchased or self-built are:

€320,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and
€250,000 in the rest of the country.

http://rebuildingirelandhomeloan.ie/calculator/

BelleO · 26-03-2019 12:01am

Has anyone had any issues going sale agreed on a property because sellers/agents don’t feel secure with the Rebuilding Ireland scheme?

We were approved in January & recently made an offer on a property. We were highest offer but seller accepted a lower offer from a first time buyer who was bank approved as they didn’t know enough about the Rebuilding Ireland process and the time line in terms of how quickly they could close the deal. The agent didn’t know much about it either & couldn’t get much info from the council. I got all the information I could in terms of the process and gave it to the agent but there was no clear time line. The sellers solicitor advised them to go with bank approved offer.
So frustrating as this is supposed to help first time buyers and improve the housing crisis yet sellers/agents don’t seem to have any faith in the scheme.

Graham · 26-03-2019 12:05am

Mod Note

Merged with the Rebuilding Ireland Home Loan Thread.

Maryvind · 26-03-2019 1:21am

Has anyone been approved since it was announced in the media that funding had run out? We are waiting to hear back... very long stressful wait

harmarsuperstar · 26-03-2019 9:31am

Maryvind wrote: »

Has anyone been approved since it was announced in the media that funding had run out? We are waiting to hear back... very long stressful wait

Yeah we did. I think it depends on the individual council and if they have used all their funding or not.

Evenstevens · 26-03-2019 10:26am

BelleO wrote: »

Has anyone had any issues going sale agreed on a property because sellers/agents don’t feel secure with the Rebuilding Ireland scheme?

We were approved in January & recently made an offer on a property. We were highest offer but seller accepted a lower offer from a first time buyer who was bank approved as they didn’t know enough about the Rebuilding Ireland process and the time line in terms of how quickly they could close the deal. The agent didn’t know much about it either & couldn’t get much info from the council. I got all the information I could in terms of the process and gave it to the agent but there was no clear time line. The sellers solicitor advised them to go with bank approved offer.
So frustrating as this is supposed to help first time buyers and improve the housing crisis yet sellers/agents don’t seem to have any faith in the scheme.

Can I ask what CoCo you are with?That's really upsetting after getting approved. I would have thought a loan from a county council was viewed as a secure thing though I know with public services that urgency is not their forte.
I've been approved too and it's disheartning to hear that might go against you.

Jmk725 · 26-03-2019 10:45am

I was sale agreed a month and a half ago and the seller/agent had no problem with it being a mortgage from the council.
They just went with the highest offer.
Heading in tomorrow to solicitor to sign all contracts and will be requesting money then.

swarmberg · 26-03-2019 10:48am

Jmk725 wrote: »

I was sale agreed a month and a half ago and the seller/agent had no problem with it being a mortgage from the council.
They just went with the highest offer.
Heading in tomorrow to solicitor to sign all contracts and will be requesting money then.

In fairness that was before it was all over the media that the scheme was out of money etc. If I was selling and read the comments from the government I wouldn't be that keen on accepting a bid either given they still haven't clarified if there will be more funds for new applicants and what is the story going forward.

Jmk725 · 26-03-2019 10:49am

swarmberg wrote: »

In fairness that was before it was all over the media that the scheme was out of money etc. If I was selling and read the comments from the government I wouldn't be that keen on accepting a bid either given they still haven't clarified if there will be more funds for new applicants and what is the story going forward.

Thats true, it only really came out after I was sale agreed, although it was known in Kildare from last November.

BelleO · 26-03-2019 2:53pm

Evenstevens wrote: »

Can I ask what CoCo you are with?That's really upsetting after getting approved. I would have thought a loan from a county council was viewed as a secure thing though I know with public services that urgency is not their forte.
I've been approved too and it's disheartning to hear that might go against you.

We are approved with Fingal CoCo. Agent seemed happy with our proof of mortgage initially but wanted more information on the process and a rough time frame as the sellers were keen to close the sale. Fingal couldn’t provide me with much information other than it was a very similar process to the banks and generally takes 4-8 weeks. Agent just said the sellers weren’t confident that it would be as quick a process as the banks and therefore accepted a lower offer. Perhaps it was a once off with this particular seller but very disheartening if a bank approved mortgage is seen as the safer option. I really think the government should be providing agents with more information about the process and indeed agents should be researching the whole scheme to reassure their clients that it’s a safe option.

BelleO · 26-03-2019 2:54pm

Jmk725 wrote: »

I was sale agreed a month and a half ago and the seller/agent had no problem with it being a mortgage from the council.
They just went with the highest offer.
Heading in tomorrow to solicitor to sign all contracts and will be requesting money then.

That’s reassuring to know, thank you.

Quinnciara · 26-03-2019 3:51pm

BelleO wrote: »

Has anyone had any issues going sale agreed on a property because sellers/agents don’t feel secure with the Rebuilding Ireland scheme?

We were approved in January & recently made an offer on a property. We were highest offer but seller accepted a lower offer from a first time buyer who was bank approved as they didn’t know enough about the Rebuilding Ireland process and the time line in terms of how quickly they could close the deal. The agent didn’t know much about it either & couldn’t get much info from the council. I got all the information I could in terms of the process and gave it to the agent but there was no clear time line. The sellers solicitor advised them to go with bank approved offer.
So frustrating as this is supposed to help first time buyers and improve the housing crisis yet sellers/agents don’t seem to have any faith in the scheme.

I've had agency's definately suddenly come uninterested and unresponsive after I had told them it was the rebuild ireland mortgage, they new very little about it and just kept calling it a 'council mortgage then I've had agents be nothing but helpful. One in particular actually told me not to mention when viewing a property that it's this scheme because agents look at it as lengthy. But i am sale agreed and my estate agent and others were more than helpful. There's more helpful ones than unhelpful.

BelleO · 26-03-2019 7:04pm

Quinnciara wrote: »

I've had agency's definately suddenly come uninterested and unresponsive after I had told them it was the rebuild ireland mortgage, they new very little about it and just kept calling it a 'council mortgage then I've had agents be nothing but helpful. One in particular actually told me not to mention when viewing a property that it's this scheme because agents look at it as lengthy. But i am sale agreed and my estate agent and others were more than helpful. There's more helpful ones than unhelpful.

It’s great you got sorted in the end. Yes, I worry that this is just the beginning of agents and sellers not wanting to accept an offer with this scheme. I imagine the recent news coverage on it isn’t helping their confidence in it. It Really doesn’t make sense considering this is supposed to help the housing crisis and give 1st time buyers a fair chance at buying a home. Hopefully we won’t come across this again and different agents will be helpful & supportive of it.

delboy08 · 27-03-2019 12:19am

if this is the case then dont be afraid to name and shame them on this. the agents are having it all good now but that can come to a halt anytime. I just think your best off saying nothing about having a RBI loan.

BelleO · 27-03-2019 8:30am

delboy08 wrote: »

if this is the case then dont be afraid to name and shame them on this. the agents are having it all good now but that can come to a halt anytime. I just think your best off saying nothing about having a RBI loan.

Agent passed it off that it was the owners decision. Generally when you make an offer, the agent will ask for proof of mortgage approval so it’s quite difficult to conceal where tour mortgage is from.

swalsh86 · 29-03-2019 10:48am

Hey folks. Our mortgage application is going before Cork City Council credit committee today. My nerves are shattered. Would it be worth my while ringing them later today to see if we got accepted???

Jmk725 · 29-03-2019 11:08am

swalsh86 wrote: »

Hey folks. Our mortgage application is going before Cork City Council credit committee today. My nerves are shattered. Would it be worth my while ringing them later today to see if we got accepted???

Best of luck.
Even though it is going before the committee today the person you speak to may not know the answer today.
No harm in ringing though.

swalsh86 · 29-03-2019 11:34am

Jmk725 wrote: »

Best of luck.
Even though it is going before the committee today the person you speak to may not know the answer today.
No harm in ringing though.

Do the credit committees usually meet 1st thing in the morning.

Darkglasses · 29-03-2019 4:32pm

swalsh86 wrote: »

Do the credit committees usually meet 1st thing in the morning.

Can meet at any time of day, it might not be an all day job if they meet semi-regularly. I'd say just
try to relax and wait til Monday to ring.

fithotbabe · 30-03-2019 1:11pm

Guys,
My Husband was working in one hotel for 3 years. In march started in new place (higher position, no breaks in between). Does it count as continuous employment for Rebuilding Ireland? I was changing jobs a lot in 2018 (no long breaks). Do you think we can qualify?

trudy2222 · 30-03-2019 1:15pm

fithotbabe wrote: »

Guys,
My Husband was working in one hotel for 3 years. In march started in new place (higher position, no breaks in between). Does it count as continuous employment for Rebuilding Ireland? I was changing jobs a lot in 2018 (no long breaks). Do you think we can qualify?

Yes it counts once there’s no probation, it’s a permanent job and there’s no more than a 4 week break

fithotbabe · 30-03-2019 1:19pm

Thank you ! Do we need to pass probation periods? Mine is finish in June, his in September

trudy2222 · 30-03-2019 1:21pm

fithotbabe wrote: »

Thank you ! Do we need to pass probation periods? Mine is finish in June, his in September

Yes you both have to be out of probation, that’s what our meeting is about I’ll post what they say on here

fithotbabe · 30-03-2019 1:22pm

Thank you. We will wait the till September

Stekell · 01-04-2019 10:35am

Hello can anyone advise, I have received this from BOI is that deemed acceptable for the rebuilding Ireland home loan as a loan amount refusal? would that be enough to use when applying for RI?

Thank you for taking my call today in relation to your recent mortgage enquiry. As discussed, please see the below list of documents that will be required to proceed to an application.

As discussed if you are to draw down a mortgage of EUR213,500 over 35 years please find rates & monthly repayments as of today:
Variable Rate @ 4.5% EUR1,008
1 & 2 year fixed rate @ 2.9% EUR809
3 year fixed rate @ 3% EUR821
5 year fixed rate @ 3.2% EUR846
10 year fixed rate @ 3.7% EUR906

With your funding that you have EUR16k in savings plus EUR16k of a gift it will allow a purchase price of EUR238,000
Please find as discussed the additional cost 1% stamp duty of EUR2380, Solicitor Fees EUR2000, fixture and fittings EUR2000 and a valuation report fee of EUR150.

If there is anything further please don’t hesitate to let me know.

Rebuilding Ireland home loan

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