Rebuilding Ireland home loan

Huntline · 19-07-2018 11:56pm

Hi all, just after applying for the Rebuilding Ireland scheme from Roscommon County Council. Just wondering if anyone on here has been through the process and how did they find it and if anyone was successful in their application it would be great to here. Thanks

raheny red · 20-07-2018 11:13pm

We got approved by Dublin Coco

stryker mcqueen · 20-07-2018 11:30pm

raheny red wrote: »

We got approved by Dublin Coco

City or fingal? Just asking to gauge the waiting time with fingal in case you think I'm being nosy

That's great news , congrats

raheny red · 21-07-2018 11:12pm

stryker mcqueen wrote: »

City or fingal? Just asking to gauge the waiting time with fingal in case you think I'm being nosy

That's great news , congrats

Cheers.

Sorry, Dublin City Council.

Still a long way to go but absolutely thrilled. It's a long wait but best off applying and putting it to the back of your mind. It'll fly by.

johnnyskeleton · 22-07-2018 10:44pm

Does anyone else find it baffling that the government scheme has the lowest rates on the market, offers the highest income multiples on the market and yet requires two banks applying central bank lending criteria to reject you as a loan prospect in order to lend to you?

Its a bit like the government opening a nightclub with the cheapest drink in town which stays open well past normal closing time, but they only allow people who have been refused from two other clubs to get in!

It actually creates an incentive to be rejected by the banks!

Mark Hamill · 23-07-2018 10:42am

SNNUS wrote: »

Any update on this, are you liable for their fees?

Well, here's the thing, I was looking at the legal statue for this rebuilding Ireland home loan online and in sections 10 (e) and (f) it says:

10. (1)Before making a home loan a housing authority shall be satisfied that—
(e) the Consumer Credit Act 1995 requirements and all other relevant statutory requirements have been met, and

(f) it is in receipt of an undertaking from the borrower’s solicitor to—
(i) give effect to the execution of an instrument referred to under this Regulation,
(ii) furnish good marketable title to ownership to the housing authority,
(iii) attend to stamping and registration of all title deeds, and
(iv) hold all title documents in trust for the housing authority until the requirements of Regulation 10(1)(f) (iii) have been met, following which all title deeds must be lodged with the housing authority together with a certificate of title in the form of the Law Society of Ireland approved standard form.

So to me, that says that I (the borrower) am not liable for their fees (the Consumer Credit Act 1995 part 125 says a borrower cannot be liable for a mortgage lenders fees) and that my solicitor should be the one registering titles, deeds and mortgage anyway

So I called the CoCo this morning and they were adamant that I was liable (they aren't a bank so none of that applies to them, even though it says mortgage lender not bank specifically) and that they would have said as much during the application. They said they will pull out the terms and conditions that say so and send them to me. I guess I need to send an email to the housing ministers office to get to the bottom of this.

DUB924 · 23-07-2018 10:46am

Hi, rang the CoCo on Thursday and they said it had gone to Credit Committee Wednesday a letter would be in the post will this go to both applicants? Also has anyone been rejected after gone to credit committee?

SNNUS · 23-07-2018 12:24pm

Mark Hamill wrote: »

Well, here's the thing, I was looking at the legal statue for this rebuilding Ireland home loan online and in sections 10 (e) and (f) it says:

So to me, that says that I (the borrower) am not liable for their fees (the Consumer Credit Act 1995 part 125 says a borrower cannot be liable for a mortgage lenders fees) and that my solicitor should be the one registering titles, deeds and mortgage anyway

So I called the CoCo this morning and they were adamant that I was liable (they aren't a bank so none of that applies to them, even though it says mortgage lender not bank specifically) and that they would have said as much during the application. They said they will pull out the terms and conditions that say so and send them to me. I guess I need to send an email to the housing ministers office to get to the bottom of this.

It's so crazy and vague, have no solid answer on it either...

23-07-2018 2:03pm

What were people rejected for? Would the banks not give 3.5x with a 10% deposit or is the Rebuilding Ireland loan offering more than that without saying so?

Odhfi61 · 23-07-2018 2:10pm

DUB924 wrote: »

Hi, rang the CoCo on Thursday and they said it had gone to Credit Committee Wednesday a letter would be in the post will this go to both applicants? Also has anyone been rejected after gone to credit committee?

When did you apply?

DUB924 · 23-07-2018 2:40pm

Odhfi61 wrote: »

When did you apply?

I applied 16th May so will be 10 weeks when I receive the letter. They didn't give me any indication on the phone if we were approved/rejected though

autumnbelle · 24-07-2018 1:07pm

DUB924 wrote: »

Hi, rang the CoCo on Thursday and they said it had gone to Credit Committee Wednesday a letter would be in the post will this go to both applicants? Also has anyone been rejected after gone to credit committee?

bumping this as Im wondering the same

DebDynamite · 24-07-2018 1:48pm

johnnyskeleton wrote: »

Does anyone else find it baffling that the government scheme has the lowest rates on the market, offers the highest income multiples on the market and yet requires two banks applying central bank lending criteria to reject you as a loan prospect in order to lend to you?

Its a bit like the government opening a nightclub with the cheapest drink in town which stays open well past normal closing time, but they only allow people who have been refused from two other clubs to get in!

It actually creates an incentive to be rejected by the banks!

Absolutely. I'm all for this scheme helping out people who can't qualify for a bank mortgage as they don't meet certain criteria, but can afford the repayments. The scheme should help these people get a mortage, but not at more favourable rates, or allow them to borrow more than the 3.5 multiple, etc. The conditions should be the same as any of the banks out there

Suzistar · 24-07-2018 2:27pm

bubbles46 wrote: »

I rang my local authority in Limerick to ask a general question and she said that after I hand in my application,it will take 4-6 weeks at least to be called for an interview. This is the first time Im hearing of an interview. To anyone who has done this,what happened in this interview,I assume they just go through the form again to double check facts?

We applied with Limerick Co Co too, we submitted our application in April and got called for a "Pre - Loan Interview" in June. They went through our application again and they also have their own checklist - this includes having P21 forms. They then looked for more up to date statements from us as she felt ours were dated - which they weren't when we submitted the application, but after sitting there for how many weeks of course they were going to become dated! I supplied up to date statements, which they then lost and have still yet to find. As far as I am aware our application still has not been forwarded to Underwriters in Dublin as they have to wait for someone to return from holidays to sign off on it and then when it does get sent there is another 6 - 8 week wait I was told. Been a disaster from the beginning!!

24-07-2018 2:58pm

DebDynamite wrote: »

Absolutely. I'm all for this scheme helping out people who can't qualify for a bank mortgage as they don't meet certain criteria, but can afford the repayments. The scheme should help these people get a mortage, but not at more favourable rates, or allow them to borrow more than the 3.5 multiple, etc. The conditions should be the same as any of the banks out there

Lower deposit would be the sensible option in certain cases IMO. To get a deposit together I need to spend 2 years saving as much as I pay in rent then when I get the mortgage I'll be paying less than I currently pay in rent. Makes sense. :pac:

LK1988 · 24-07-2018 8:42pm

DUB924 wrote: »

Hi, rang the CoCo on Thursday and they said it had gone to Credit Committee Wednesday a letter would be in the post will this go to both applicants? Also has anyone been rejected after gone to credit committee?

Which Coco was this?

Pussyhands · 24-07-2018 8:50pm

Stupid questions:

Is there an end date for this scheme?
Let's say I apply for a 400k mortgage in a bank and get declined, can I apply for 200k mortgage in this scheme or does it have to be the same?
Is there any banks that are really tough on giving mortgages? I have 60k savings and earning 40k but would obviously prefer to have a lower rate.

Dve28 · 24-07-2018 10:50pm

Hi Ruthie,

Have u sign the contract?
I have mortgage approved and I'm on sale agreed, but waiting for the next stage. As far as I know
council has to do an inspection but so far they haven't contact our solicitor neither the agency!

Thanks

Dve28 · 24-07-2018 10:52pm

Has anybody gone through the whole process?

SNNUS · 24-07-2018 10:54pm

Dve28 wrote: »

Has anybody gone through the whole process?

Yes more or less!

raheny red · 24-07-2018 11:20pm

DUB924 wrote: »

Hi, rang the CoCo on Thursday and they said it had gone to Credit Committee Wednesday a letter would be in the post will this go to both applicants? Also has anyone been rejected after gone to credit committee?

The letter goes to the main applicant.

Dve28 · 25-07-2018 12:44am

SNNUS wrote: »

Yes more or less!

I have my mortgage approved and sale agreed on a house, what's the next step?
I've heard council has to perform an inspection did u got it?
Any other update after sale agreed?

GingerLily · 25-07-2018 2:52am

Pussyhands wrote: »

Stupid questions:

Is there an end date for this scheme?
Let's say I apply for a 400k mortgage in a bank and get declined, can I apply for 200k mortgage in this scheme or does it have to be the same?
Is there any banks that are really tough on giving mortgages? I have 60k savings and earning 40k but would obviously prefer to have a lower rate.

You have to apply for the same amount you've been rejected for, otherwise we'd all basically qualify!

Cathy77 · 25-07-2018 4:47am

Hi wondering if anyone has gone to the final stage of this process we have been approved ( crazy low amount) but found a house and now have sale agreed. We had to move out of rented property cos landlord selling and me and 3 kids living with my parents, very cramped! And other half with his parents. No school sorted for kids yet under six weeks till they start back!

SNNUS · 25-07-2018 6:31am

Dve28 wrote: »

I have my mortgage approved and sale agreed on a house, what's the next step?
I've heard council has to perform an inspection did u got it?
Any other update after sale agreed?

Hello there, there was no inspection although I did have to arrange a valuation report and send it to the council , most estate agents bar the one you went sale agreed with will do a valuation .

Organise a solicitor at this stage also and push for the contracts from the other side.

Have you received your draft loan documents yet? Your solicitor will not receive these until a month after you do so best to get those documents from the council as soon as possible.

Get your MPI in place and also do some house insurance shopping and have these in place a week or 2 before request of funds.

It may take the council 3 weeks to receive the funds from Dublin so make sure you get a closing date so your solicitor will request the funds a few weeks prior.

DUB924 · 25-07-2018 8:15am

LK1988 wrote: »

Which Coco was this?

DCC.. still waiting on the letter to arrive we rang and looks like its going to be another 3 month wait for us..

Dve28 · 25-07-2018 8:18am

SNNUS wrote: »

Hello there, there was no inspection although I did have to arrange a valuation report and send it to the council , most estate agents bar the one you went sale agreed with will do a valuation .

Organise a solicitor at this stage also and push for the contracts from the other side.

Have you received your draft loan documents yet? Your solicitor will not receive these until a month after you do so best to get those documents from the council as soon as possible.

Get your MPI in place and also do some house insurance shopping and have these in place a week or 2 before request of funds.

It may take the council 3 weeks to receive the funds from Dublin so make sure you get a closing date so your solicitor will request the funds a few weeks prior.

Soo strange, I've paid my booking deposit three weeks ago and everytime I call it some different person, always get different answers, but they mention they have to arranged their inspection.

I do have my solicitor and he is also pushing Council for an update, but he told me to better no push with the contracts until we have an answer from Council. I did survey report and valuation of the property, I sent both of them, a letter from agency and a letter with solicitor details.

Is the draft loan documents same as the Notification of provisional loan approval?

MPI I have it at home but it says to dont send it to council until they let me know. Also any recommendation for home insurance?

DUB924 · 25-07-2018 8:30am

Does anyone know if your savings to prove you can save the required mortgage amount needs to be in the one bank account or can it be across 2 accounts?

autumnbelle · 25-07-2018 9:14am

DebDynamite wrote: »

Absolutely. I'm all for this scheme helping out people who can't qualify for a bank mortgage as they don't meet certain criteria, but can afford the repayments. The scheme should help these people get a mortage, but not at more favourable rates, or allow them to borrow more than the 3.5 multiple, etc. The conditions should be the same as any of the banks out there

https://www.independent.ie/life/home-garden/home-truths-rebuilding-ireland-loans-caveat-emptor-36778655.html

autumnbelle · 25-07-2018 9:15am

SNNUS wrote: »

Hello there, there was no inspection although I did have to arrange a valuation report and send it to the council , most estate agents bar the one you went sale agreed with will do a valuation .

Organise a solicitor at this stage also and push for the contracts from the other side.

Have you received your draft loan documents yet? Your solicitor will not receive these until a month after you do so best to get those documents from the council as soon as possible.

Get your MPI in place and also do some house insurance shopping and have these in place a week or 2 before request of funds.

It may take the council 3 weeks to receive the funds from Dublin so make sure you get a closing date so your solicitor will request the funds a few weeks prior.

Had you to pay councils solicitor?

autumnbelle · 25-07-2018 9:17am

DUB924 wrote: »

DCC.. still waiting on the letter to arrive we rang and looks like its going to be another 3 month wait for us..

3 months to hear back from credit commitee?:eek:

DUB924 · 25-07-2018 9:37am

autumnbelle wrote: »

3 months to hear back from credit commitee?:eek:

They want us to show we can save the mortgage amount over 3 months before they will approve us which is what I thought was in our accounts. does anyone know does this savings have to be in the 1 joint account or can it be across both applicant accounts??

autumnbelle · 25-07-2018 9:52am

DUB924 wrote: »

They want us to show we can save the mortgage amount over 3 months before they will approve us which is what I thought was in our accounts. does anyone know does this savings have to be in the 1 joint account or can it be across both applicant accounts??

Have you been paying rent from your bank? Ours is over both applicants

SNNUS · 25-07-2018 10:04am

Dve28 wrote: »

Soo strange, I've paid my booking deposit three weeks ago and everytime I call it some different person, always get different answers, but they mention they have to arranged their inspection.

I do have my solicitor and he is also pushing Council for an update, but he told me to better no push with the contracts until we have an answer from Council. I did survey report and valuation of the property, I sent both of them, a letter from agency and a letter with solicitor details.

Is the draft loan documents same as the Notification of provisional loan approval?

MPI I have it at home but it says to dont send it to council until they let me know. Also any recommendation for home insurance?

The draft documents are about 10 pages of terms etc that will be sent to you and official ones to your solicitor one month later. If you provided them with a valuation report I do not know why they need an inspection but as witnessed here the councils seem to differ a lot.

Allianz were the best quote that I got for home insurance .

DUB924 · 25-07-2018 10:29am

autumnbelle wrote: »

Have you been paying rent from your bank? Ours is over both applicants

No we are both back living with parents at the minute. Tried to call this morning it looks like it can be across both applicants accounts so will have to see what they say as we have got the required amount every month. Will have to see if not it will be another 3 months of savings for us.

Dve28 · 25-07-2018 10:39am

SNNUS wrote: »

The draft documents are about 10 pages of terms etc that will be sent to you and official ones to your solicitor one month later. If you provided them with a valuation report I do not know why they need an inspection but as witnessed here the councils seem to differ a lot.

Allianz were the best quote that I got for home insurance .

Ok, I havn't get the draft documents. It's what I was thinking, why they asked me to do an inspection/valuation when they will perform another one? :S I just called them again few minutes ago but they told me the same!! So I guess they will send me draft documents once the inspection is done.

Pussyhands · 25-07-2018 10:47am

Is there an end date for this scheme?

autumnbelle · 25-07-2018 10:50am

DUB924 wrote: »

No we are both back living with parents at the minute. Tried to call this morning it looks like it can be across both applicants accounts so will have to see what they say as we have got the required amount every month. Will have to see if not it will be another 3 months of savings for us.

Thats so strange. Have you the six months showing the savings or maybe they look for 12

SNNUS · 25-07-2018 11:56am

Pussyhands wrote: »

Is there an end date for this scheme?

No end date

autumnbelle · 25-07-2018 12:25pm

SNNUS wrote: »

No end date

SNNUS had you to pay council solicitors?

SNNUS · 25-07-2018 12:49pm

autumnbelle wrote: »

SNNUS had you to pay council solicitors?

I have not been advised that I need to...

Sukie · 26-07-2018 1:18pm

Submitted our application last month and today my partner was told he will be getting a pay rise. I'm worried this will affect our application. Does anyone know if you need to re-submit payslips etc before closing?

Sukie · 26-07-2018 3:31pm

After a long rigmarole with brokers and banks (starting last November) we applied to south Dublin coco last month and they've told us we'll have an answer by the end of August.
Today my partner was told he's getting a pay rise.. Great news! but I'm worried this will affect our application as it might push us over the threshold.

Has anyone else experienced this?
Does anyone know if payslips need to be resubmitted at any time?

Thanks

surrender monkey · 26-07-2018 6:17pm

Yes pay slips and bank statements have to be re submitted in the final stages. I'd ask for a hold on that pay rise if I were you.

autumnbelle · 26-07-2018 10:01pm

surrender monkey wrote: »

Yes pay slips and bank statements have to be re submitted in the final stages. I'd ask for a hold on that pay rise if I were you.

Resubmitted before drawdown is it?

surrender monkey · 26-07-2018 10:11pm

Up dated information will be requested before drawdown

SNNUS · 26-07-2018 10:47pm

surrender monkey wrote: »

Up dated information will be requested before drawdown

I did not have to provide any updated payslips etc..

raheny red · 26-07-2018 11:00pm

With DCC I'll have to resubmit before drawdown.

surrender monkey · 26-07-2018 11:18pm

SNNUS wrote: »

surrender monkey wrote: »

Up dated information will be requested before drawdown

I did not have to provide any updated payslips etc..

Have you completed yet? It's evident from this thread that different councils have different methods. It would be usual enough to have to submit updated pay slips and bank statements before drawdown. An eagle eyed staff member could notice a new loan or reduced earnings , just don't borrow money, keep saving and keep your wages the same certainly don't suddenly start earning over the thresholds cos if you do you may not qualify for the scheme.

Sukie · 27-07-2018 12:41am

SNNUS wrote: »

I did not have to provide any updated payslips etc..

What council did you apply to?

This pay rise will put us over the limit (just about), it's already processed so it should show up in his next month pay slip.

Rebuilding Ireland home loan

Comments