Rebuilding Ireland home loan

Hey guys, waiting for approval at the mo, I believe my application came back from the underwriters and is waiting to go to the credit committee. They asked me for a couple of extra documents, which I've now provided (namely proof of full deposit funding showing in my account - before I had submitted a gift letter, but they wanted to see the money actually in my account), which I've now sent off. They said they don't need anything else from me at this stage, so I'm just waiting to hear back after whenever the credit committee meeting is (DCC).

Question is, does this bode well for my application? I don't want to get my hopes up, but I'm hoping the fact I wasn't rejected by the underwriters is a good sign. What do the credit committee look for, and is it common to get rejected at that stage?

Another question I have is about the 6 month time limit, if I get approved - is that 6 months to draw down or 6 months to sale agreed? I'm concerned that doesn't give a lot of time for house hunting and solicitors etc if it's 6 months to draw down, especially with Christmas in the mix.

Also, do they ask for any additional documentation etc at the draw down stage or is all the assessment done at the approval stage?

Thanks!

jessimirish wrote: »

Hey guys, waiting for approval at the mo, I believe my application came back from the underwriters and is waiting to go to the credit committee. They asked me for a couple of extra documents, which I've now provided (namely proof of full deposit funding showing in my account - before I had submitted a gift letter, but they wanted to see the money actually in my account), which I've now sent off. They said they don't need anything else from me at this stage, so I'm just waiting to hear back after whenever the credit committee meeting is (DCC).

Question is, does this bode well for my application? I don't want to get my hopes up, but I'm hoping the fact I wasn't rejected by the underwriters is a good sign. What do the credit committee look for, and is it common to get rejected at that stage?

Another question I have is about the 6 month time limit, if I get approved - is that 6 months to draw down or 6 months to sale agreed? I'm concerned that doesn't give a lot of time for house hunting and solicitors etc if it's 6 months to draw down, especially with Christmas in the mix.

Also, do they ask for any additional documentation etc at the draw down stage or is all the assessment done at the approval stage?

Thanks!

I got an extension at the end of my 6 months because of covid but once I went sale agreed the clock essentially stopped. As long as drawn down isnt months and months away they wont stick to the six months. Some people are able to buy new houses with this scheme and they could be waiting a year or more for it to be built.

jessimirish wrote: »

Hey guys, waiting for approval at the mo, I believe my application came back from the underwriters and is waiting to go to the credit committee. They asked me for a couple of extra documents, which I've now provided (namely proof of full deposit funding showing in my account - before I had submitted a gift letter, but they wanted to see the money actually in my account), which I've now sent off. They said they don't need anything else from me at this stage, so I'm just waiting to hear back after whenever the credit committee meeting is (DCC).

Question is, does this bode well for my application? I don't want to get my hopes up, but I'm hoping the fact I wasn't rejected by the underwriters is a good sign. What do the credit committee look for, and is it common to get rejected at that stage?

Another question I have is about the 6 month time limit, if I get approved - is that 6 months to draw down or 6 months to sale agreed? I'm concerned that doesn't give a lot of time for house hunting and solicitors etc if it's 6 months to draw down, especially with Christmas in the mix.

Also, do they ask for any additional documentation etc at the draw down stage or is all the assessment done at the approval stage?

Thanks!

Thats amazing! When you say they asked for proof of full deposit, was that not in the statements you sent originally? Just asking as our deposit is in the statements we sent.
Also which extra documents did they ask for?
I would say now its gone to the credit committee it looks positive!

Hi Im just filling the application form now, it asks for details of the house to be mortgaged. Is this not going in reverse order? i.e i submit the details of a house i like by the time i get a approval that house could be long gone. Am I misunderstanding here?

Bitconfused wrote: »

Hi Im just filling the application form now, it asks for details of the house to be mortgaged. Is this not going in reverse order? i.e i submit the details of a house i like by the time i get a approval that house could be long gone. Am I misunderstanding here?

I was told to just put in the general area you are looking in, for me it was south Louth as I hadnt picked a particular part.

I might have to rescind some of my praise for DCC, they're being a bit strange about this Continuity of Employment letter and I'm getting quite stressed out.

I work for a large company, so getting any non standard correspondence through our HR department is a huge merrygoround. Having finally gotten this letter from them, DCC is querying the look of the signature on the document?!

It's pretty sickening to know I've gotten this far and actually been approved but can't get my documents over a PDF layout I have no control over. I've gone back with the OG mails I was sent, but I genuinely don't know how to proceed with this if they're still not happy.

laoise6 wrote: »

Just ask them to phone your hr dept and confirm the letter - contact details should be on the letter.. it’s strange they got back to you with that, surely confirming that themselves would be standard?!

They've been very odd about this in a way that makes me think it comes down to the individual guy looking at my app. I phoned when they first requested this and confirmed with a lady over the phone Salary Cert would serve the purpose. Had to phone again for follow up when I received no docs to enquire, and was told by the chap I'm mostly dealing with I'd need this specific letter to say I'd never be in receipt of the Covid subsidy. HR, being the HR, don't commit to anything in perpetuity even though there's no chance at all I will be, so getting anything to that effect on paper was a massive song and dance.

Have forwarded them the mails I got from HR, if that's no good I'll do as you suggest, that's a good idea. His issue is that it looks to him like the sig has been copy and pasted I think, but that's just the format of our HR stuff because the body of the letter is digital with a scan of an analog signature. I'd be very surprised if they haven't seen that before?

jill_valentine wrote: »

They've been very odd about this in a way that makes me think it comes down to the individual guy looking at my app. I phoned when they first requested this and confirmed with a lady over the phone Salary Cert would serve the purpose. Had to phone again for follow up when I received no docs to enquire, and was told by the chap I'm mostly dealing with I'd need this specific letter to say I'd never be in receipt of the Covid subsidy. HR, being the HR, don't commit to anything in perpetuity even though there's no chance at all I will be, so getting anything to that effect on paper was a massive song and dance.

Have forwarded them the mails I got from HR, if that's no good I'll do as you suggest, that's a good idea. His issue is that it looks to him like the sig has been copy and pasted I think, but that's just the format of our HR stuff because the body of the letter is digital with a scan of an analog signature. I'd be very surprised if they haven't seen that before?

Sorry to hear this, sounds like a nightmare! I've worked for big companies in the past so know how hard it can be to get anything non-standard. I'd also advise getting them to call.

Can I ask, at what stage did they ask for this? Was it after your application went to the credit committee, or before? I'm concerned the same thing might happen to me so might start preparing just in case.

jill_valentine wrote: »

This is after the app came back from the Credit Committee, I've already been told by mail I've been approved, but they won't actually send out my documents until they're happy with this. I'm worried this is running down the clock on how long I'll have Approval for, too, but I don't know.

Forwarded him my HR's contact details and asked him to get in touch to verify, he just came back repeating the question about why it's not signed.

That’s infuriating! Can you ask him to call you and actually talk to him? And if you get nowhere ask for him manager!! Good luck.

Jafin wrote: »

Question about structural surveys for anyone who has gone through all this already. I got my structural survey report last Friday and sent it off to the council. I've looked through it myself and there is a system of three colours: Green for no repairs needed, Amber for defects needing repair or replacement but not considered urgent and Red for defects which should be addressed to avoid degradation of the property. Almost everything was Green, a few Amber and no Red thankfully. Off the top of my head two of the Amber ones were that there was poor ventilation in some areas and that the engineer recommended to replace some of the doors with fire doors as the ones there currently do not meet building regulations.

My question is will the council force any of these things to be done before letting me draw down the money? I'm sure I'm worrying for nothing, but I'm so close to getting everything finished I'm just panicking about anything that might cause a delay.

Our solicitor said the report was just for ourselves. We won’t be getting half of the items done

Dankarl wrote: »

Our solicitor said the report was just for ourselves. We won’t be getting half of the items done

Good to know, thanks!

jill_valentine wrote: »

So in the end, I CC'd my HR rep into the email back and forth and she confirmed the letter was legit and that there hadn't been any issues with their format before. He accepted that so we're all good again.

Will update the little guide I posted here before if people think it would be useful, I want to add the bit about the Gift Letter too.

That’s great news - at least you’ve finally sorted it out. Do you know how long your application was with the underwriters? And do you need to provide any further documentation at drawdown?

laoise6 wrote: »

That’s great news - at least you’ve finally sorted it out. Do you know how long your application was with the underwriters? And do you need to provide any further documentation at drawdown?

I strongly suspect they'll probably ask me for the payslips, salary cert and letter again :pac: but I don't know for sure yet.

I'll give you a full timeline so far -

07/08/20 - Posted Application to Dublin City Council (note that this was a Friday, so bear in mind two days of weekend to follow)
12/08/20 - Got a follow up query requesting a Gift Letter, scanned and returned this by email same day. Was advised all else was in order and it would go to the Underwriters, and this would take 6-8 weeks.
18/09/20 - Emailed for update, advised app was back from Underwriters and would go on to the Credit Committee, which was to meet mid October.
08/10/20 - Emailed for update, was advised it was just back from Credit Committee and that I'd been approved, that there was a declaration of Continuity of Employment on the way out to me to be signed, and that I'd be required to submit proofs to this effect (2 Payslips, a Salary Cert and a letter from my employer to say I would not be on the Covid subsidy and my circumstances of employment had not changed since my initial application)
12/10/20 - Received Declaration in post, signed and returned along with requested 2 payslips. Could not get a non-standard letter from my employer in a timely fashion, so I phoned DCC to ask what else might suffice. Was assured the Salary Cert was all that was required for this (NB - This was NOT the case, see below) and sent Declaration, Payslips and Salary Cert off that day.
21/10/20 - Emailed for update after not receiving documents. DCC phoned me to tell me Salary Cert was actually not sufficient to demonstrate continuity of employment, I would require a signed letter from my company on headed paper to this effect.
23/10/20 - Obtained above letter from employer in digital format, emailed it in.
27/10/20 - DCC queried the e-sign signature on the letter as they thought it looked like it was cut and pasted. After a very stressed out back and forth, I CC'd my HR Department rep who confirmed it was legit, this was then accepted.

After going sale agreed and getting the valuation and survey and sending all requested pre purchase details to the council.... What happens next?????? Thank you for any info.

KH1591 wrote: »

Application is currently with the underwriters, during this level 5 lockdown I have been laid off of work but my partner has not. Would this affect anything during this stage? We've our full deposit saved and everything is in order. I've heard it shouldn't affect anything until you go to drawdown the mortgage but just want to be certain!

In the same Boat
So frustrating,
I am hoping that it is only at draw down stage also, But I dont know the Answer. I was laid off in first lockdown also. But when going to underwriters had proof of being off the payment. First went to underwriters In September. Still waiting for decision.
You are Kildare also arnt You? 2020 application?
Fingers crossed we get the decision soon.