Rebuilding Ireland home loan

jenpenjelly wrote: »

We're almost at 7 months now sdcc seem to be one of the slowest councils unfortunately. Your application would have been sent to the underwriters there usually very quick ours was back after 2 weeks, then it has to be viewed by the credit committee for final approval. This is were it slows down, they seem to have a heavy backlog. They don't really tell you any information, anytime I asked I was just told our application was in the queue for review but they won't give a timeline. I'd keep in touch with them
because once they have all your information it's radio silence from them unless you get in touch. Hopefully it will be quicker for you.

Brilliant thank you il be on annoying them please God yours is back soon best of luck

Hello all,
Haven't posted here in a while.
Just curious if anyone has had to apply for an extension due to the lockdown?
Apparently you can get an extension if you have a house and deposit paid but wondered if anyone has had to apply for one yet.
Thanks

Jafin wrote: »

I asked for an extension in March as my offer was due to expire, but was refused and told I had to re-apply from scratch. I wasn't sale agreed on a property or anything though.

That must have been frustrating. Were you approved the second time?
We are sale agreed and the lockdown will push us a few days over, they have told us under these circumstances we will be fine but just wondered if anyone else has done it yet.
This lockdown really has caused such stress!

Jafin wrote: »

I haven't gotten a decision yet. It took a lot longer this time for me to get the two letters of insufficient offers from banks so I only actually submitted the application about three weeks ago.

Yeah I think for people that are sale agreed the clock essentially stops and there isn't a hard time limit on when you have to get everything finished. Well, unless it's something ridiculously long like a year or something. Don't even get me started on the lockdown. If this hadn't happened I probably would have moved into a house by last summer. :P

Its such a nightmare isnt it? We were delighted when the sites opened back up last week! It really has delayed everyone and caused so much hassle!
I'm sure if you were approved before, you'll be approved again!

Thats good to know about the extension, we have to pay for additional stuff for the house this week and slightly worried about doing it but they've told us we should be fine as its only going over by a short amount of time! We can't apply for it until a few weeks from the deadline so its a bit up in the air but im sure we will be ok!

Jafin wrote: »

Oh yeah I've no doubt I'll be approved again, it's just the waiting game at this stage. Just very annoying and stressful but sure look, it is what it is.

Fingers crossed it'll all work out for you anyway. Best of luck!

Thanks so much! You too!
I'll keep you posted!

M65378 wrote: »

Hello All. I hope you're well and safe.
I am new here and at the beginning of the process.
We paid a booking deposit for the house that should be ready by December but wont get enough funds from the banks. We got two AIPs from the banks today and will be applying for Rebuilding Ireland. I am terrified and don't really know where to start . Was anyone feeling the same before applying?

We were the same! Its a longer process than the banks but stick with it, go through the motions and I'm sure you'll have a great outcome!

extrafluff wrote: »

Hey all.

Does anyone know how long it takes for final loan approval with SDCC?
We were told it was signed off last week & they'd contact our solicitor but he can't get in touch with anyone in the Council.

Vendors are looking for an update.

Getting a bit scared that they'll pull out because of the delay.

Thank you.

It goes through a couple of stages before they pass it to their legal team.
valuation is returned from whoever does this on their behalf then they have to prepare a file for final approval once the final approval is signed off they send it their legal dept. Seems to take a few weeks.

M65378 wrote: »

Thank you for replying. I hope it will all go well .

Guys, how long did you wait for HTB to be approved?

We applied 2 weeks ago and it is still under review... I called yesterday to see are they missing anything from us but the man told me they have everything and that there is a huge back log. I hope we will get this sorted soon.

I applied 7 weeks ago and haven’t heard back apart from letting me know they have got everything they need

Hi there. Anyone knows what's happening after you send the final valuation report (new build house) for the council?
Thank you

M65378 wrote: »

That's bad, I thought it would be a few working days.
We have to wait so...

Up to 12 weeks i heard

deise121 wrote: »

what council was this? we're sending everything offf to waterford council this week ourselves

I meant Revenue's Help to Buy scheme, that I thought would take days not months...

M65378 wrote: »

I meant Revenue's Help to Buy scheme, that I thought would take days not months...

Oh sorry i was talking about RBI. But i did get on to Revenue to see how much I could get with HTB. Took a few weeks to get back to me. And when they did get back to me they said i owe tax from 2018 and can’t get anything till its paid

M65378 wrote: »

Oh, good news so. I got so worried I wont be able to apply for RI before July and then it would be too late for the house we have booked.

Hopefully Revenue will approve our Help to Buy soon, I have all papers ready and just waiting for Revenue...

I’m sure they will. They did say if you are good to go now just call them and they will sort it. So give them a buzz in the morning

My Back Pages wrote: »

Just trying this again here, anyone had any experience with this?

I have been searching frantically but the only semi-encouraging reference I can kind is housing minister's answer here (https://www.oireachtas.ie/en/debates/question/2020-11-03/598/#pq-answers-595_597_598_600_635):

"...There are exceptions to this approach. In the case of a joint application where only one party is on TWSS or EWSS, the application can also proceed to drawdown if repayment capacity can be assured based on the other person’s income."

So it might be ok if the amount from the party on EWSS was only contributing a v small amount to overall income.

This whole EWSS issue is very frustrating, especially for childcare where the business does not even need to have shown 30% reduction in turnover to qualify. So the argument that EWSS shows the business is not solid/viable doesn't seem to me to hold up

Have you contacted DCC and asked them directly? If you're not having any luck asking here that might be the next best thing to do.

deise121 wrote: »

Has anyone used the tsb online mortgage calculator? My council stated they would accept it, but every time I try to use it I get the following error "Please fill in all the relevant details above and calculate again to view your results." I have everything filled out on the screen, really can't see where I'm going wrong. A lot of the fields have zeros in them as I don't receive a bonus or commission and my partner does not work.

Try go into the boxes that you are leaving as 0. When I try it, it auto formats to 0.00 or just change each of them to that format & it should work.

Jack00f wrote: »

I'm unsure of which county I'd like to buy in, do you have to apply for the RIHL through each different County Council?

With a bank I would only qualify for 110k as a single person and according to the calculator I could receive 147k with this scheme and the repayments would be €620 is there any hidden extras you have to pay each month?

You need to apply for each county, depends where do you want to buy. Also on top of repayment you will have the mortgage protection fees as well.

Mortgage protection fees are laid out in one of the documents you receive. It's a certain percentage of the outstanding balance on the mortgage, and is reduced every year accordingly since the amount you owe is reduced. I think it's 0.5% but I don't have the documents at hand at the moment so I'm not completely sure. Assuming the 0.5% number is correct then the way it works is at the start of each year they calculate how much there is left on your mortgage (minus the interest), get 0.5% of that and then divide it by 12 for the monthly MPI payment.

For example if you were to get a mortgage of €115,000 then the MPI in the first year would be €575, which you then divide by 12 to get a monthly payment of €47.92.

wuck question for everyone who have applied already, did you fill out the solicitor information on the application form? we don't have one yet and there's really no need to get one until we are approved and have a home ready to purchase

I left it blank and it was no problem.

deise121 wrote: »

wuck question for everyone who have applied already, did you fill out the solicitor information on the application form? we don't have one yet and there's really no need to get one until we are approved and have a home ready to purchase

That's great info thanks!

Lauren52 wrote: »

Hey, they meet early
Wednesday morning. They have one organised for tomorrow if they get through your application tomorrow You should have you answer by Friday in the Post.

DMLXP wrote: »

I left it blank and it was no problem.

Thanks lad. To be honest there’s quite a bit on the application that actually gets left blank. I suppose they’re more interested in the documentation you send in rather than the application itself.