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Rebuilding Ireland home loan

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    #302
    Huntline
    Registered Users Posts: 74 ✭✭Huntline


    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


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    #303
    raheny red
    Registered Users Posts: 2,564 ✭✭✭raheny red


    We got approved by Dublin Coco :)


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    #304
    stryker mcqueen
    Registered Users Posts: 1,284 ✭✭✭stryker mcqueen


    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


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    #305
    raheny red
    Registered Users Posts: 2,564 ✭✭✭raheny red


    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.


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    #306
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,465 Mod ✭✭✭✭johnnyskeleton


    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!


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    #307
    Mark Hamill
    Registered Users Posts: 7,771 ✭✭✭Mark Hamill


    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.


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    #308
    DUB924
    Registered Users Posts: 16 ✭DUB924


    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?


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    #309
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    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...


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    #310
    [Deleted User]
    Posts: 25,611 ✭✭✭✭ [Deleted User]


    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?


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    #311
    Odhfi61
    Registered Users Posts: 3 ✭Odhfi61


    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?


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    #312
    DUB924
    Registered Users Posts: 16 ✭DUB924


    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


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    #313
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    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


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    #314
    DebDynamite
    Registered Users Posts: 2,615 ✭✭✭DebDynamite


    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


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    #315
    Suzistar
    Registered Users Posts: 10 ✭Suzistar


    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!!


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    #316
    [Deleted User]
    Posts: 25,611 ✭✭✭✭ [Deleted User]


    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:


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    #317
    LK1988
    Registered Users Posts: 29 ✭LK1988


    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?


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    #318
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    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. ;)


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    #319
    Dve28
    Registered Users Posts: 6 ✭Dve28


    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


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    #320
    Dve28
    Registered Users Posts: 6 ✭Dve28


    Has anybody gone through the whole process?


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    #321
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    Dve28 wrote: »
    Has anybody gone through the whole process?

    Yes more or less!


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    #322
    raheny red
    Registered Users Posts: 2,564 ✭✭✭raheny red


    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.


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    #323
    Dve28
    Registered Users Posts: 6 ✭Dve28


    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?


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    #324
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    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!


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    #325
    Cathy77
    Registered Users Posts: 1 ✭Cathy77


    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!


  • Options
    #326
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    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.


  • Options
    #327
    DUB924
    Registered Users Posts: 16 ✭DUB924


    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..


  • Options
    #328
    Dve28
    Registered Users Posts: 6 ✭Dve28


    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?


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    #329
    DUB924
    Registered Users Posts: 16 ✭DUB924


    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?


  • Options
    #330
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    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


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    #331
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    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?


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