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Rebuilding Ireland home loan

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Comments

  • Registered Users Posts: 95 ✭✭Jmk725


    Quinnciara wrote: »
    Has anyone any idea how long after handing In all the documents to the council e.g. forms 1 2 3 medical certs work certs etc how long it takes for them to send the loan pack to solicitors. My vendors solicitor has already sent the contracts and transfer deeds on so I'm pretty eager.

    Im in exact same boat as you.
    Council's solicitors got the documentation today, even though Council said they would send it 2 weeks ago!
    Just waiting on their solicitor to contact mine, have already gotten info from sellers solicitor, hope they won't take too long for both of us.

    What Council are you applying with?


  • Registered Users Posts: 44 Quinnciara


    Jmk725 wrote: »
    Im in exact same boat as you.
    Council's solicitors got the documentation today, even though Council said they would send it 2 weeks ago!
    Just waiting on their solicitor to contact mine, have already gotten info from sellers solicitor, hope they won't take too long for both of us.

    What Council are you applying with?

    Hey, how did you find out that the council's solicitors got the documentation? Did you ring them ? I'm with dublin city council what about you ? It's the longest most stressful time ever 🙄


  • Registered Users Posts: 2,940 ✭✭✭Sweet.Science


    VW08 wrote: »
    Someone asked earlier what other CoCos were effected, got a call from Cork CoCo and their funds are on hold too.

    New applications are still being accepted but they won’t go anywhere until the funding is sorted.


    Seems like they are making stuff up as they go along


  • Registered Users Posts: 19 SPurple


    Thats awful,
    They are a bunch of clowns in KCC.
    I did get it in writing and posted a picture of the letter here a few pages back.
    At one stage I called in there in person and was told by reception "they dont answer the phones up there".

    I completely agree. When did you apply? Just curious, as I have received nothing from them and applied months before anyone else I'm hearing about that got a letter.


  • Registered Users Posts: 9 92841


    So I'm sale agreed, paid my solicitor my 10% deposit, signed contracts and all that. I've been given a couple of things to do before i drawdown... One of these is to get "A copy of the Building Insurance Schedule showing the County Council's interest noted in respect of the property"

    Any idea what this is? If it's to do with home insurance, surely I can't get that until I get an exact closing date for the sale because I can't organise home insurance without a start date for my home insurance policy.


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  • Registered Users Posts: 1 Ronnie77


    Anybody ever applied to Wexford Cc or Kilkenny and been successful?
    Does anybody know if it’s worth my while applying now with the news of the funding running out?

    Update
    Rang Wexford cc they said that the 200m funding is just about used up. They are awaiting further news in 2 weeks
    They said that once further funding is acquired the interest rate will prob increased by 1/4 %


  • Registered Users Posts: 95 ✭✭Jmk725


    Quinnciara wrote: »
    Hey, how did you find out that the council's solicitors got the documentation? Did you ring them ? I'm with dublin city council what about you ? It's the longest most stressful time ever 🙄

    Yea, I rang the solicitors to confirm they had received the documentation.
    The council was meant to send it 2 weeks ago when I dropped everything in but apparently they were too busy to send it over.
    I'm with Monaghan, yea it is so stressful, just got documents from sellers solicitor so just waiting on council now.


  • Registered Users Posts: 95 ✭✭Jmk725


    92841 wrote: »
    So I'm sale agreed, paid my solicitor my 10% deposit, signed contracts and all that. I've been given a couple of things to do before i drawdown... One of these is to get "A copy of the Building Insurance Schedule showing the County Council's interest noted in respect of the property"

    Any idea what this is? If it's to do with home insurance, surely I can't get that until I get an exact closing date for the sale because I can't organise home insurance without a start date for my home insurance policy.

    It is to do with the home insurance.
    You should have a rough date that you can move it, explain to the Insurance company that you will need to come back with an exact date.


  • Registered Users, Registered Users 2 Posts: 63 ✭✭klub44


    Got this from Fingal yesterday:

    "Good Afternoon.



    I can confirm we are processing applications for the Rebuilding Ireland Loan Scheme. Please submit your application as soon as you have all of the required documentation.



    Many thanks"


  • Registered Users Posts: 61 ✭✭VW08


    klub44 wrote: »
    Got this from Fingal yesterday:

    "Good Afternoon.



    I can confirm we are processing applications for the Rebuilding Ireland Loan Scheme. Please submit your application as soon as you have all of the required documentation.



    Many thanks"


    Ah that’s great. Good to hear good news! Hopefully progress is being made with the funding. Seems to be massive differences between the CoCos though. At what point are you in the process? I got the mortgage in principle, but now it’s on hold indefinitly for the actual approval.


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  • Registered Users Posts: 2,940 ✭✭✭Sweet.Science


    VW08 wrote: »
    Ah that’s great. Good to hear good news! Hopefully progress is being made with the funding. Seems to be massive differences between the CoCos though. At what point are you in the process? I got the mortgage in principle, but now it’s on hold indefinitly for the actual approval.


    What complete nonsense i actually feel sorry for the people working in the councils. They dont have a clue either. They cant tell people to stop applying until the government actually says something


  • Registered Users, Registered Users 2 Posts: 63 ✭✭klub44


    VW08 wrote: »
    Ah that’s great. Good to hear good news! Hopefully progress is being made with the funding. Seems to be massive differences between the CoCos though. At what point are you in the process? I got the mortgage in principle, but now it’s on hold indefinitly for the actual approval.

    I'm waiting for seller to sign his part of contract, and then we should get money from council.


  • Registered Users Posts: 61 ✭✭VW08


    What complete nonsense i actually feel sorry for the people working in the councils. They dont have a clue either. They cant tell people to stop applying until the government actually says something

    I agree completely. Council is saying one thing and the ministers office is saying another. Rang the ministers office this morning and was pretty much told that it’s business as usual and that I should contact my council if there’s a problem. I explained that their saying the funding is gone. And was told that that wasn’t the case, that their still taking applications and to talk to my council! I said that I was told that yes they’re accepting applications but the applications aren’t going anywhere. Again I was told to contact my council.


  • Registered Users Posts: 9 92841


    Jmk725 wrote: »
    Bubbles46, you get the engineers report, normally 2 copies.
    You should have gotten a letter from council when approved detailing all items needing to be submitted at this stage.
    In my case, I had:
    1. Form 3 that Council gave me
    2. Engineers Report
    3. Up to date current/deposit bank/credit union statements
    4. Recent payslip
    5. Draft Family Home Declaration Form
    6. Valuation Report, normally goes to council from valuer anyway
    7. Mortgage Protection Application
    8. Letter from employer confirming not out sick in last 2 years apart from flu, cold, backache.
    9. Same as above but from G.P.
    10. Completed DD Mandate Form

    All of this should be on a letter received from the Council anyway.

    Such a difference with all the councils... All i had to do was:

    1. Valuation
    2. Engineer's Report
    3. Mortgage Protection Application
    4. Direct Debit Mandate

    Should be ready to drawdown as soon as the vendor's Solicitor finalise 1 or 2 little things.


  • Registered Users Posts: 150 ✭✭DamoNolan


    92841 wrote: »
    Such a difference with all the councils... All i had to do was:

    1. Valuation
    2. Engineer's Report
    3. Mortgage Protection Application
    4. Direct Debit Mandate

    Should be ready to drawdown as soon as the vendor's Solicitor finalise 1 or 2 little things.
    Which coco are you going through ??


  • Registered Users Posts: 409 ✭✭holliehobbie


    92841 wrote: »
    Such a difference with all the councils... All i had to do was:

    1. Valuation
    2. Engineer's Report
    3. Mortgage Protection Application
    4. Direct Debit Mandate

    Should be ready to drawdown as soon as the vendor's Solicitor finalise 1 or 2 little things.

    You will have to have the Family Home Declaration anyway. And house insurance.


  • Registered Users Posts: 150 ✭✭DamoNolan


    VW08 wrote: »
    Ah that’s great. Good to hear good news! Hopefully progress is being made with the funding. Seems to be massive differences between the CoCos though. At what point are you in the process? I got the mortgage in principle, but now it’s on hold indefinitly for the actual approval.
    Which coco are you going through?


  • Registered Users Posts: 61 ✭✭VW08


    DamoNolan wrote: »
    Which coco are you going through?


    I’m with Cork CoCo.


  • Registered Users Posts: 31 Stekell


    Hi

    I am a newbie to the forum, I am applying for the scheme and am just wondering if anyone has been accepted with a gift from a relation to make up the deposit, If so, how do you go about it when applying?

    thanks in advance


  • Registered Users Posts: 67 ✭✭brianmax88


    Stekell wrote: »
    Hi

    I am a newbie to the forum, I am applying for the scheme and am just wondering if anyone has been accepted with a gift from a relation to make up the deposit, If so, how do you go about it when applying?

    thanks in advance

    Have you been saving for a full year without making any withdrawals? I was refused because i withdrew money from my savings account because i got engaged and had 2 weddings close together. Even though i had been saving continuously for over a year..


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  • Registered Users Posts: 31 Stekell


    brianmax88 wrote: »
    Have you been saving for a full year without making any withdrawals? I was refused because i withdrew money from my savings account because i got engaged and had 2 weddings close together. Even though i had been saving continuously for over a year..


    Yes two of us saving and renting for the last year and have saved half the €32,000 but the renting restricts us having the full amount saved so we have been gifted the other half by family...


  • Registered Users Posts: 67 ✭✭brianmax88


    Stekell wrote: »
    Yes two of us saving and renting for the last year and have saved half the €32,000 but the renting restricts us having the full amount saved so we have been gifted the other half by family...

    You should be fine so as long as you can show you have been saving for a full year. Gifts are alllowed.


  • Registered Users Posts: 2,940 ✭✭✭Sweet.Science


    Fingal CoCo have stopped taking applications


  • Registered Users Posts: 95 ✭✭Jmk725


    One step closer, got loan offer signed and returned to council.
    Have to wait for their solicitor to send mortgage contract to my solicitor and then draw down funds.
    Light at the end of the tunnel finally.


  • Registered Users Posts: 6 Maryvind


    Hi all,
    I have read through all of the comments. Myself and my partner both moved back in with parents in order to save deposit. We are living rent free and saving consistently for the past year. We submitted our RIHL application and are due to meet with the council next week. They have asked for further documentaction before meeting. One thing they are looking for is a letter from parents to state we are living at home and rent/contributions we are paying. As previously mentioned, we are not paying rent. We contribute to overall household costs...bills food etc..has anyone else been asked to submit such a letter? And if so... what's the 'ideal' letter they are looking for. Our household contributions would not show up on bank statements. When we initially went for a mortgage with the banks they didn't look for a letter like this as they said our monthly savings show we could afford mortgage and many people are living rent free with parents in order to save. Any information would be greatly appreciated. Mary


  • Registered Users Posts: 95 ✭✭Jmk725


    Just wanted to let everyone know that a new Mortgage Payment Insurance form was issued on the 1st March 2019.
    Anybody who previously got one of the old forms and hadn't sent it to their Council yet may need to get a new form.
    I dropped in mine today and was given the new form to fill out instead.


  • Banned (with Prison Access) Posts: 4,006 ✭✭✭donfers


    On the savings thing am I correct in saying that payment of massive rents can count as evidence of saving? For example if one is applying for mortgage at 1300 per month but has history of paying 1700 a month in rent for more than 12 months then surely they wouldn’t ask for proof of savings on top of that?


  • Registered Users Posts: 44 Quinnciara


    Jmk725 wrote: »
    One step closer, got loan offer signed and returned to council.
    Have to wait for their solicitor to send mortgage contract to my solicitor and then draw down funds.
    Light at the end of the tunnel finally.

    Great news, is this the form the council sent out with approval that you sent back in ? Form 1,2,3 etc ?


  • Registered Users Posts: 95 ✭✭Jmk725


    Quinnciara wrote: »
    Great news, is this the form the council sent out with approval that you sent back in ? Form 1,2,3 etc ?

    No, this is the form after Form 3 lol
    One that both I and my solicitor sign.
    Still have the contract to arrive.


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  • Registered Users Posts: 95 ✭✭Jmk725


    donfers wrote: »
    On the savings thing am I correct in saying that payment of massive rents can count as evidence of saving? For example if one is applying for mortgage at 1300 per month but has history of paying 1700 a month in rent for more than 12 months then surely they wouldn’t ask for proof of savings on top of that?

    They would still be looking for evidence of the 10% deposit that you have to provide.


  • Registered Users Posts: 44 Quinnciara


    Jmk725 wrote: »
    No, this is the form after Form 3 lol
    One that both I and my solicitor sign.
    Still have the contract to arrive.

    Oh dear, the process is so bloody long. Hopefully your almost there


  • Registered Users Posts: 95 ✭✭Jmk725


    Quinnciara wrote: »
    Oh dear, the process is so bloody long. Hopefully your almost there

    Thanks, I hope so too :D


  • Registered Users Posts: 17 swalsh86


    Myself and my partner sent our joint application away with Cork City Council on the 19th of October 2018. Our joint income was well within the threshold and we had €11,000 of our own savings aswell as a €15,000 gift from parents. No loans and bank accounts squeaky clean. We've emailed, phoned and met constantly with the head of housing a few times and he said recently as last week they are still approving and giving out loans. We got a call today to say our application is finally due before the Cork City Council credit Committee on March 29th. Nerves are well and truly setting in. Can anybobody give me some info on what the procedure normally is once the credit committee review your application.


  • Banned (with Prison Access) Posts: 4,006 ✭✭✭donfers


    swalsh86 wrote: »
    Myself and my partner sent our joint application away with Cork City Council on the 19th of October 2018. Our joint income was well within the threshold and we had €11,000 of our own savings aswell as a €15,000 gift from parents. No loans and bank accounts squeaky clean. We've emailed, phoned and met constantly with the head of housing a few times and he said recently as last week they are still approving and giving out loans. We got a call today to say our application is finally due before the Cork City Council credit Committee on March 29th. Nerves are well and truly setting in. Can anybobody give me some info on what the procedure normally is once the credit committee review your application.

    No reason that you shouldn't get it, you have done most of the hard work already...well done and good luck


  • Registered Users Posts: 27 harmarsuperstar


    swalsh86 wrote: »
    Myself and my partner sent our joint application away with Cork City Council on the 19th of October 2018. Our joint income was well within the threshold and we had €11,000 of our own savings aswell as a €15,000 gift from parents. No loans and bank accounts squeaky clean. We've emailed, phoned and met constantly with the head of housing a few times and he said recently as last week they are still approving and giving out loans. We got a call today to say our application is finally due before the Cork City Council credit Committee on March 29th. Nerves are well and truly setting in. Can anybobody give me some info on what the procedure normally is once the credit committee review your application.

    Ours went before the credit committee this week and they told me on the phone today that we got it. I think the hard work is done once you get through the housing agency in Dublin.


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  • Registered Users Posts: 17 swalsh86


    donfers wrote: »
    No reason that you shouldn't get it, you have done most of the hard work already...well done and good luck

    Thanks appreciate it. It's been a long stressful drawn out process up to now so fingers crossed we are finally almost there with getting our loan offer. Feel sorry for people having to wait so long. We've been renting for 2 years as well.


  • Registered Users Posts: 17 swalsh86


    Ours went before the credit committee this week and they told me on the phone today that we got it. I think the hard work is done once you get through the housing agency in Dublin.

    Great news and well done on your approval. Hopefully we'll hear some good news on the 29th.


  • Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Well folks, think I've asked this question before but I'll go again because I'm not clear on it.

    I am eligible on the RI website of getting 160k. If I request 200k from a bank and get rejected, does this count as a rejection or would RI say they wouldn't give me 200k anyways, even if I was happy with the 160k?

    Or how do mortgage applications to banks work? Do they tell me the max they would give or do they approve/reject a request for a certain amount?


  • Registered Users Posts: 34 Ukelele!


    Pussyhands wrote: »
    Well folks, think I've asked this question before but I'll go again because I'm not clear on it.

    I am eligible on the RI website of getting 160k. If I request 200k from a bank and get rejected, does this count as a rejection or would RI say they wouldn't give me 200k anyways, even if I was happy with the 160k?

    Or how do mortgage applications to banks work? Do they tell me the max they would give or do they approve/reject a request for a certain amount?

    So for me, I'm on a pretty low salary. The banks offered me 65,000-75,000. The RI calculator told me I'd get 118,000. I actually put in 140,000 on my application (thinking that if i was rejected for that amount, they'd offer me a lower amount or the 118,000). A mouth after applying they rang me and told me I wouldn't get the 140,000 and told me to resubmit my application. So i reprinted the page that had the amount applied for on it, wrote done 118,000, handed that in (they still had the rest of my other application), and i also had to attach a screenshot of the RI calculator showing my salary and the 118,000 and that was that. I dunno if that helps you in any way, but that's how my application went down.


  • Registered Users Posts: 61 ✭✭VW08


    Pussyhands wrote: »
    Well folks, think I've asked this question before but I'll go again because I'm not clear on it.

    I am eligible on the RI website of getting 160k. If I request 200k from a bank and get rejected, does this count as a rejection or would RI say they wouldn't give me 200k anyways, even if I was happy with the 160k?

    Or how do mortgage applications to banks work? Do they tell me the max they would give or do they approve/reject a request for a certain amount?

    They want to see what’s the max amount the bank is willing to offer you. If the amount your looking for from RI is the same as the banks then the banks amount isn’t a rejection if you get me.


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  • Registered Users Posts: 8,239 ✭✭✭Pussyhands


    VW08 wrote: »
    They want to see what’s the max amount the bank is willing to offer you. If the amount your looking for from RI is the same as the banks then the banks amount isn’t a rejection if you get me.

    Understood.

    And another question you may not know, but how likely are the online mortgage calculators correct in terms of the amount they'll give? For example one says they'll give me 3.5 times my salary and another says 4 times. What's the chances of a bank saying "well you save a lot so we'll give you 4.5 times" or is the figure they give on the online calculator more of a max amount they'll give depending on your salary, savings etc.


  • Registered Users Posts: 61 ✭✭VW08


    Pussyhands wrote: »
    Understood.

    And another question you may not know, but how likely are the online mortgage calculators correct in terms of the amount they'll give? For example one says they'll give me 3.5 times my salary and another says 4 times. What's the chances of a bank saying "well you save a lot so we'll give you 4.5 times" or is the figure they give on the online calculator more of a max amount they'll give depending on your salary, savings etc.

    I think the norm is 3.5 from the bank. I was told that it’s for exceptional circumstances that people get 4 times. That was with AIB maybe the other banks are different. But the norm is 3.5.


  • Registered Users Posts: 8,239 ✭✭✭Pussyhands


    VW08 wrote: »
    I think the norm is 3.5 from the bank. I was told that it’s for exceptional circumstances that people get 4 times. That was with AIB maybe the other banks are different. But the norm is 3.5.

    Do they include bonuses in the 3.5 or just Base salary?


  • Registered Users Posts: 61 ✭✭VW08


    Pussyhands wrote: »
    Do they include bonuses in the 3.5 or just Base salary?

    The bank include guaranteed bonuses. But you’re better confirming it with them. RI look for your P60, which shows everything you earned last year, and if it’s over the max allowed then you won’t qualify.


  • Registered Users Posts: 6 Maryvind


    HI. Did anyone get approval in principal with their county council before application went off to creditors? Or did you have to wait to hear back from creditors on approval?


  • Registered Users Posts: 34 Ukelele!


    Maryvind wrote: »
    HI. Did anyone get approval in principal with their county council before application went off to creditors? Or did you have to wait to hear back from creditors on approval?

    No, mine to had to go to the creditors first and then came back with an approval in principle


  • Registered Users Posts: 104 ✭✭swarmberg


    Maryvind wrote: »
    HI. Did anyone get approval in principal with their county council before application went off to creditors? Or did you have to wait to hear back from creditors on approval?

    The council only review the application to make sure you meet the minimum requirements so that it can be sent to the underwriters. You cant start looking at houses until you have word back from the credit committee that the underwriters approve you. This is taking a few months due to the demand of the scheme.


  • Registered Users Posts: 7 kellsbells86


    Hi Guys -

    We applied back in July Last year and it took around 10 weeks to come back with an approval. We started looking for a house once we got the approval and went sale agreed at the start of December.

    We are due to get the keys on Friday, the council's solicitor gave us the go ahead to sign contracts and things on 6th of March, and she was advised on the same day by our solicitor that closing would be happening on 22nd. We have heard nothing about any payment even though our solicitor is chasing the council for a payment date. I am getting anxious now as I have to be out of my rented house before the end of March.

    My question is - does anyone have a rough time frame of how long they waited for the draw down to actually happen, has anyone received the keys around the date they were advised or were they waiting a lot longer? Bear in mind we have been waiting 3 weeks for the draw down already.


    Thanks in Advance


  • Registered Users Posts: 7 kellsbells86


    Hi Guys -

    We applied back in July Last year and it took around 10 weeks to come back with an approval. We started looking for a house once we got the approval and went sale agreed at the start of December.

    We are due to get the keys on Friday, the council's solicitor gave us the go ahead to sign contracts and things on 6th of March, and she was advised on the same day by our solicitor that closing would be happening on 22nd. We have heard nothing about any payment even though our solicitor is chasing the council for a payment date. I am getting anxious now as I have to be out of my rented house before the end of March.

    My question is - does anyone have a rough time frame of how long they waited for the draw down to actually happen, has anyone received the keys around the date they were advised or were they waiting a lot longer? Bear in mind we have been waiting 3 weeks for the draw down already.


    Thanks in Advance


  • Registered Users Posts: 7 kellsbells86


    Hi Guys -

    We applied back in July Last year and it took around 10 weeks to come back with an approval. We started looking for a house once we got the approval and went sale agreed at the start of December.

    We are due to get the keys on Friday, the council's solicitor gave us the go ahead to sign contracts and things on 6th of March, and she was advised on the same day by our solicitor that closing would be happening on 22nd. We have heard nothing about any payment even though our solicitor is chasing the council for a payment date. I am getting anxious now as I have to be out of my rented house before the end of March.

    My question is - does anyone have a rough time frame of how long they waited for the draw down to actually happen, has anyone received the keys around the date they were advised or were they waiting a lot longer? Bear in mind we have been waiting 3 weeks for the draw down already.


    Thanks in Advance


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