Rebuilding Ireland home loan

delkel38 · 26-11-2018 2:48pm

Viktoria99 wrote: »

When did your solicitor request the funds? are you really waiting for the money since september???

This seems so concerning, if our will take that long then we might get pulled out of sale! Did anyone go through this process?

Our solicitor has not received the loan pack for us to sign. I sent back all the paperwork they requested, this is after you get the approval letter mind you.
They won't answer my calls or email only if we both bombard them with mails do they reply with poor excuses like your self building and we are changing roles etc. It's very disheartening when you think you're going to get positive results.
It's hard to believe but we first applied back in early may for this.ðŸ˜¡

Colemania · 26-11-2018 4:03pm

delkel38 wrote: »

Our solicitor has not received the loan pack for us to sign. I sent back all the paperwork they requested, this is after you get the approval letter mind you.
They won't answer my calls or email only if we both bombard them with mails do they reply with poor excuses like your self building and we are changing roles etc. It's very disheartening when you think you're going to get positive results.
It's hard to believe but we first applied back in early may for this.ðŸ˜¡

We only recently submitted our application with Meath Co Co but if/when approved, I couldn't imagine this kind of carry on happening with them. The guys at meath Co have been so friendly and efficient so far and I imagine when we get to the stage you're at, the loan pack will be sent off as soon as possible.

Its annoying that every council operates differently alright

Viktoria99 · 26-11-2018 4:09pm

delkel38 wrote: »

Our solicitor has not received the loan pack for us to sign. I sent back all the paperwork they requested, this is after you get the approval letter mind you.
They won't answer my calls or email only if we both bombard them with mails do they reply with poor excuses like your self building and we are changing roles etc. It's very disheartening when you think you're going to get positive results.
It's hard to believe but we first applied back in early may for this.��

This seems so unfair, anyways I hope you get sorted soon! We applied in June and now waiting for the funds - I hope they will be ready before Christmas!
This scheme is great but also so stressful for everybody, everything just seems out of control and the ''unknown'' is worst..

delkel38 · 26-11-2018 4:16pm

Colemania wrote: »

We only recently submitted our application with Meath Co Co but if/when approved, I couldn't imagine this kind of carry on happening with them. The guys at meath Co have been so friendly and efficient so far and I imagine when we get to the stage you're at, the loan pack will be sent off as soon as possible.

Its annoying that every council operates differently alright

Thats how offaly were at the start of the process very helpful and got results from the credit committee. Only when we got first approval things ground to a halt. I got political help also when I appealed so maybe they are annoyed with that.

delkel38 · 26-11-2018 4:20pm

Viktoria99 wrote: »

This seems so unfair, anyways I hope you get sorted soon! We applied in June and now waiting for the funds - I hope they will be ready before Christmas!
This scheme is great but also so stressful for everybody, everything just seems out of control and the ''unknown'' is worst..

Don't for there is a 3 week cooling off period when you sign the contract. Best of luck with it anyway youre waiting as long as us.

Darkglasses · 26-11-2018 4:25pm

Colemania wrote: »

We only recently submitted our application with Meath Co Co but if/when approved, I couldn't imagine this kind of carry on happening with them. The guys at meath Co have been so friendly and efficient so far and I imagine when we get to the stage you're at, the loan pack will be sent off as soon as possible.

Its annoying that every council operates differently alright

It is an awful pity - huge sympathy for people dealing with CoCo staff who might not know how the scheme operates or how mortgages work. More training and deadlines would help.

Viktoria99 · 26-11-2018 5:48pm

delkel38 wrote: »

Don't for there is a 3 week cooling off period when you sign the contract. Best of luck with it anyway youre waiting as long as us.

I didn't realise that there is a 3 week cooling off period after signing the contract. What does it mean? Is it that we will get the funds after three weeks, or that it will take longer?

cas2kx · 26-11-2018 7:27pm

I just want to thank everyone who posted in this thread has been the best for advice. I got approved from 3 of the 4 county council's I applied too with the same application.

Does anyone have any experience about how long South Dublin County Council take for the legal pack and full drawdown?

delkel38 · 26-11-2018 8:11pm

Viktoria99 wrote: »

I didn't realise that there is a 3 week cooling off period after signing the contract. What does it mean? Is it that we will get the funds after three weeks, or that it will take longer?

When you get the application forms it says it in the questions answered section. I hope you realise that you more or less have to apply again after your initial approval with fresh bank statements, payslips valuation etc etc.

Darkglasses · 26-11-2018 8:55pm

delkel38 wrote: »

When you get the application forms it says it in the questions answered section. I hope you realise that you more or less have to apply again after your initial approval with fresh bank statements, payslips valuation etc etc.

That is not the case with all County Councils - some do not ask for any new statements or payslips.

delkel38 · 26-11-2018 8:59pm

Darkglasses wrote: »

That is not the case with all County Councils - some do not ask for any new statements or payslips.

Typical Ireland so one set of rules for one and another set for another.what about the 3 week cooling off period?

surrender monkey · 26-11-2018 9:18pm

There might be a cooling off period after signing your letter of loan offer but there is no cooling off period after you sign the contract for sale in respect of the property. If you sign the contract with your solicitor you are then obliged to purchase the property. Most solicitor will make it a condition of the contract that it is signed subject to the purchaser being able to secure finance, that way if the loan falls through the purchasers can withdraw from the contract.

Darkglasses · 26-11-2018 9:21pm

delkel38 wrote: »

Typical Ireland so one set of rules for one and another set for another.what about the 3 week cooling off period?

Just Council staff trying to muddle through a new scheme without guidance or training.

delkel38 · 26-11-2018 9:24pm

surrender monkey wrote: »

There might be a cooling off period after signing your letter of loan offer but there is no cooling off period after you sign the contract for sale in respect of the property. If you sign the contract with your solicitor you are then obliged to purchase the property. Most solicitor will make it a condition of the contract that it is signed subject to the purchaser being able to secure finance, that way if the loan falls through the purchasers can withdraw from the contract.

I'm self building so there's probably a difference there. Any other self builders on this thread? As far as I know there's no difference when it comes to drawing the money down be it the full amount or stage payment.

Shamboo1801 · 26-11-2018 9:48pm

Started the whole process in July, picked a house in September and got our keys last Friday. We are now home owners. Its stressful, extremely stressful, but stick at it. Our solicitor, and even the EA both said it was the toughest sale either of them had gone through. Keep calm it'll all be worth it in the end.

Viktoria99 · 26-11-2018 11:02pm

delkel38 wrote: »

When you get the application forms it says it in the questions answered section. I hope you realise that you more or less have to apply again after your initial approval with fresh bank statements, payslips valuation etc etc.

We have already submitted our payslip nad sałaty certs twice during the process, this is not an issue as we both have permanent jobs. I'm just concerned if the drowdown will take more than three weeks and we get pull out of sale because the delay...

Viktoria99 · 26-11-2018 11:05pm

Shamboo1801 wrote: »

Started the whole process in July, picked a house in September and got our keys last Friday. We are now home owners. Its stressful, extremely stressful, but stick at it. Our solicitor, and even the EA both said it was the toughest sale either of them had gone through. Keep calm it'll all be worth it in the end.

Thanks for that! May I ask how long did it take to drowdown from the day your solicitor requested the funds? Is it really three weeks or more?

Shamboo1801 · 27-11-2018 9:51am

Viktoria99 wrote:

Thanks for that! May I ask how long did it take to drowdown from the day your solicitor requested the funds? Is it really three weeks or more?

The drawdown only took a little over a week. The council only meet one day so the funds were released the week after requested.

Viktoria99 · 27-11-2018 10:55am

Shamboo1801 wrote: »

The drawdown only took a little over a week. The council only meet one day so the funds were released the week after requested.

Thanks for the reply and congratulations on your new house!

We also went sale agreed in September but still didn't get the keys, I dont know why it is taking ages.. we were waiting for all the required documents for so long and now waiting for the funds.

Shamboo1801 · 28-11-2018 12:19am

Viktoria99 wrote:

Thanks for the reply and congratulations on your new house!

Viktoria99 wrote:

We also went sale agreed in September but still didn't get the keys, I dont know why it is taking ages.. we were waiting for all the required documents for so long and now waiting for the funds.

I had been told that the volumes are large and there are backlogs. Get your solicitor to keep contacting the council. Ours was brilliant and kept the pressure on. Best of luck with it, but keep the faith. You will get there and it's the greatest feeling when you do.

TheMilkyPirate · 28-11-2018 11:02am

TheMilkyPirate wrote: »

Would the councils be more lenient than banks with regards to your ICB? By the time we apply my credit union loan will have been cleared in full and cleared early but there is missed payments on it that will show up on my ICB report. My partners ICB will be squeaky clean it's just mine with the missed payments I worry about. I know the bank won't touch us for 5 years but just wondering if there will be any leeway with the council.

Has anybody any insight on this?

BKWDR · 28-11-2018 12:06pm

TheMilkyPirate wrote: »

Has anybody any insight on this?

Have read and seen online that if you fail the ICB test its a decline. But put your form through I suppose and find out?

Darkglasses · 28-11-2018 1:04pm

I'd say pretty unlikely to be approved with such a recent arrears profile on your icb check. If it was a few years ago with no issues since, it would be easier to overcome.

TheMilkyPirate · 28-11-2018 5:02pm

I thought as much. Seems a bit harsh to me to miss a payment or two on a loan and then effectively be frozen out of buying a house for 5 years. Not sure what we are going to do when the time to buy comes now.

Viktoria99 · 28-11-2018 6:39pm

Shamboo1801 wrote: »

I had been told that the volumes are large and there are backlogs. Get your solicitor to keep contacting the council. Ours was brilliant and kept the pressure on. Best of luck with it, but keep the faith. You will get there and it's the greatest feeling when you do.

Thank you!

TheMilkyPirate · 29-11-2018 9:10pm

We are exploring the idea of my partner applying on a single application but her income is only 25k gross. We checked their online calculator and it gave an indicative maximum loan offer of 126k. Do the council not have to adhere to the 3.5x your income rule?

If she could get 126k it would be great as that plus a 30k deposit would get us what we want.

Sorry if I'm dragging the thread off

Shamboo1801 · 29-11-2018 10:57pm

TheMilkyPirate wrote:

We are exploring the idea of my partner applying on a single application but her income is only 25k gross. We checked their online calculator and it gave an indicative maximum loan offer of 126k. Do the council not have to adhere to the 3.5x your income rule?

TheMilkyPirate wrote:

If she could get 126k it would be great as that plus a 30k deposit would get us what we want.

TheMilkyPirate wrote:

Sorry if I'm dragging the thread off

Go for it. We had a combined salary of 68k and got approved for 280k, banks only offered 230k. Didn't need all of it so council were happy we weren't just taking a large loan for the sake of it.

Evenstevens · 30-11-2018 10:47am

I've just been approved by DCC. Can't believe itTook about 6 weeks turnaround. Now just to find a place in budget.....

TeaCupMood · 01-12-2018 11:23pm

I've been thinking about applying for the rebuilding Ireland scheme for a while now but I really need to look in to how much I'd save (roughly anyway since interest rates will change with banks giving mortgages) compared to using a "normal bank".

The MPI makes this trickier to work out unless I'm missing something.

My issue is that I'm on a wage just under 50k and if I get a slight increase this will end up being a bad thing for me. Never thought I'd have to prevent myself from getting an increase.

The savings on say borrowing 200k on this compared to a bank would be pretty big I'd say though?!

Darkglasses · 02-12-2018 1:02pm

TeaCupMood wrote: »

I've been thinking about applying for the rebuilding Ireland scheme for a while now but I really need to look in to how much I'd save (roughly anyway since interest rates will change with banks giving mortgages) compared to using a "normal bank".

The MPI makes this trickier to work out unless I'm missing something.

My issue is that I'm on a wage just under 50k and if I get a slight increase this will end up being a bad thing for me. Never thought I'd have to prevent myself from getting an increase.

The savings on say borrowing 200k on this compared to a bank would be pretty big I'd say though?!

Massive. I'd hugely recommend getting an application in while your earnings are below the threshold. It's free to apply anyway.

TeaCupMood · 02-12-2018 5:55pm

Darkglasses wrote: »

Massive. I'd hugely recommend getting an application in while your earnings are below the threshold. It's free to apply anyway.

Oh definitely. I just need to figure out how massive the difference would be. Even with the 30 year fixed it should be a big difference. It's the mpi that makes it more confusing for me at least.

Edit - and you're right. I really should.

brianmax88 · 02-12-2018 9:43pm

Does anyone know how strict they are on the size of the house been bought or built. It says max is 175 m2. Is there any lee way with that can you stretch it out a bit?

Ailbag · 02-12-2018 10:00pm

Hi guys, just a heads up - I was approved for this loan in June and found a house in August so was looking to draw down a few weeks ago.

All paper work - sent to me and to my solicitor - stated that they needed 5 working days notice in order to arrange the transfer of funds.

However, when my solicitor sent in requisition form - 8 working days before my closing date, the council said there was no way my cheque (not transfer) would be ready. The result was an 8 day delay in my closing date, despite giving them more time than they asked for...

We would have sent in the paperwork earlier, but only received the closing date less than two weeks in advance. Just wanted to let people know!

lucast2007us · 03-12-2018 9:21am

How long did it take to get people's HPL1 forms back from revenue?

stryker mcqueen · 03-12-2018 11:01am

lucast2007us wrote: »

How long did it take to get people's HPL1 forms back from revenue?

2-3 Working days was all

GaGa21 · 03-12-2018 3:09pm

lucast2007us wrote:

How long did it take to get people's HPL1 forms back from revenue?

I went into revenue and they signed and stamped there and then. Only handy if you're Dublin based tho.

lucast2007us · 03-12-2018 3:50pm

GaGa21 wrote:

I went into revenue and they signed and stamped there and then. Only handy if you're Dublin based tho.

Ye thought it would be handy to post but has taken over a week. Maybe they are extra busy!

SPurple · 03-12-2018 5:59pm

I finally got through to someone from Kildare Co. Co. to see where my application from the beginning of July was. I phone ever single week and get told I will be in the next credit committee and just got told today that they've stopped approving. They are being told to hold and are waiting from 'above' for the next step. I am just devastated. Anybody else had this??!

delkel38 · 03-12-2018 8:36pm

SPurple wrote: »

I finally got through to someone from Kildare Co. Co. to see where my application from the beginning of July was. I phone ever single week and get told I will be in the next credit committee and just got told today that they've stopped approving. They are being told to hold and are waiting from 'above' for the next step. I am just devastated. Anybody else had this??!

Sorry to hear that did they give you any timeline for when you might approve you?
We were told that the loan pack will be sent to our solicitor last Friday but no sign of it despite being told that it will be sent. Same old story no answer to emails. It's a painful process.

SPurple · 03-12-2018 9:50pm

delkel38 wrote: »

Sorry to hear that did they give you any timeline for when you might approve you?
We were told that the loan pack will be sent to our solicitor last Friday but no sign of it despite being told that it will be sent. Same old story no answer to emails. It's a painful process.

I was told there'll be talks to see if there is more funding available but the funding that was initially assigned to the scheme is gone. No more approvals for now. Heart breaking. It was literally within arms reach and then gone!
Fingers crossed for your loan pack. How long were you waiting for approval?

gral6 · 03-12-2018 9:52pm

Hi much should you have saved to apply for Rebuild Ireland Home Loan?

delkel38 · 03-12-2018 10:04pm

SPurple wrote: »

I was told there'll be talks to see if there is more funding available but the funding that was initially assigned to the scheme is gone. No more approvals for now. Heart breaking. It was literally within arms reach and then gone!
Fingers crossed for your loan pack. How long were you waiting for approval?

Reapproved in September submitted paperwork October. Heard only 36 loans have been drawn down country wide to date that was said on matt Cooper show tonight sure that wouldn't add to 200 million?

delkel38 · 03-12-2018 10:06pm

gral6 wrote: »

Hi much should you have saved to apply for Rebuild Ireland Home Loan?

10% but show regular savings .

SPurple · 03-12-2018 10:35pm

delkel38 wrote: »

Reapproved in September submitted paperwork October. Heard only 36 loans have been drawn down country wide to date that was said on matt Cooper show tonight sure that wouldn't add to 200 million?

I agree. It's crazy. 15 million was the figure mentioned to me today. That must be just KCC. But surely they haven't assigned all of that! I've begun emailing TDs to find out what's happening.

Darkglasses · 04-12-2018 12:55am

delkel38 wrote: »

Reapproved in September submitted paperwork October. Heard only 36 loans have been drawn down country wide to date that was said on matt Cooper show tonight sure that wouldn't add to 200 million?

https://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity

There's the county by county breakdown (the last few spreadsheets are most relevant - look at loans paid rather than approvals). No way there's 200 million drawn down yet.

delkel38 · 04-12-2018 6:33am

brianmax88 wrote: »

Does anyone know how strict they are on the size of the house been bought or built. It says max is 175 m2. Is there any lee way with that can you stretch it out a bit?

We were 5.5 sqm over the max size and were rejected. This was after we were approved initially. Long story short we got some political help and appealed and were reapproved but still waiting for the funds. We are self building and were able to tweek the plans to reduce the size. That obviously won't work if buying though.

delkel38 · 04-12-2018 6:37am

Darkglasses wrote: »

https://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity

There's the county by county breakdown (the last few spreadsheets are most relevant - look at loans paid rather than approvals). No way there's 200 million drawn down yet.

I'm wondering maybe the council's want the funds for themselves

GaGa21 · 04-12-2018 1:26pm

SPurple wrote:

just got told today that they've stopped approving. They are being told to hold and are waiting from 'above' for the next step. I am just devastated. Anybody else had this??!

Is this all councils or just Kildare? Maybe they have just reached their own individual budget? My application was only processed last week after applying in October and there was no mention of approvals being stopped with Offaly CC. Hoping to hear back next week if successful or not. Now am worried it's too late...

SPurple · 04-12-2018 5:54pm

GaGa21 wrote: »

Is this all councils or just Kildare? Maybe they have just reached their own individual budget? My application was only processed last week after applying in October and there was no mention of approvals being stopped with Offaly CC. Hoping to hear back next week if successful or not. Now am worried it's too late...

I heard back from TDs that Kildare has reached it's 15 million budget so they have to stop until the minister decides if the scheme will continue and allocate funding. Not sure about other CoCos. It's so frustrating. If I hadn't continually phoned, they would never have informed me.

TeaCupMood · 04-12-2018 7:17pm

Curious at what stage do most people go in face to face to talk about applying for this? Is it when you've got the application fully filled out or? I'm waiting one of the councils to reply by email about something that's blocking me from going further but I've a feeling I won't get a reply any time soon.

Rebuilding Ireland home loan

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