Rebuilding Ireland home loan

ad1234 · 18-09-2018 6:36pm

is our 6 month term of approval from the point the solicitor gets the loan pack or from when we accept the loan offer or from when the loan offer is issued would anyone know?

Sherif callie · 19-09-2018 11:05am

raheny red wrote: »

We got approved by Dublin Coco

Hi do yuou know if dcc will allow you to but outside of the administrative area. I seen some in Lidl and have approval. Tia

stryker mcqueen · 19-09-2018 11:08am

Sherif callie wrote: »

Hi do yuou know if dcc will allow you to but outside of the administrative area. I seen some in Lidl and have approval. Tia

None of the councils will allow you to buy outside of their catchment area , so if DCC approve you , you cant buy in Tallaght for instance .

Suzistar · 19-09-2018 11:16am

bubbles46 wrote: »

Hi,It has been 9 weeks this week since I posted in my application form to Limerick CoCo..When I rang them last week they said that I'm next to be called to come in to discuss it. My friend applied to Cork CoCo 5 wks ago and got a letter in the post saying she got approved for the loan without needing to go in for 'a discussion'. Could this mean that I'm less likely to be approved or that there is something wrong with my application?Or is Cork just less lenient?

Hiya,
We submitted ours in April and were called in for a "pre loan interview" with them in June. They just go through your application with you and also have their own county council check list they want to tick. One of the things they look for are P21's - so if you didn't put these in with the application, bring them with you on the day to avoid any further delay. I'd write down any questions you might have and bring them with you too.

mytom · 20-09-2018 12:24am

Hi we are in the last stage , one week before snag list ,
I got message from our foreman
" you need organize life cover , direct debit , home insurance and make sure you have the bank evaluation lined up "

what does it mean "bank evaluation lined up" ???

we did valuation in the beginning

Diggler_83 · 20-09-2018 8:47pm

Do you have to apply to the specific council for the county you are looking to buy in ie. Can you buy in meath if you got approval from Kildare co co. I don't see anything on the rebuilding Ireland loan scheme website that says this.

Sammylok1977 · 20-09-2018 9:13pm

Diggler_83 wrote: »

Do you have to apply to the specific council for the county you are looking to buy in ie. Can you buy in meath if you got approval from Kildare co co. I don't see anything on the rebuilding Ireland loan scheme website that says this.

If your loan in Kildare you are not allowed to buy in Meath. 3 weeks ago I wanted to buy the property in Dublin 24 which belong to south Dublin city but my loan approval is Dublin city Council, so I got rejected. They told me they can't transfer my loan, if I want to buy the house in South Dublin CoCo, I need to reapply. It was so upsetting. I have waisted my money to have the structural and valuation report done.

raheny red · 20-09-2018 10:53pm

Sorry to hear that but it's mentioned a number of times in the documentation.

Sammylok1977 · 21-09-2018 5:19am

raheny red wrote: »

Sorry to hear that but it's mentioned a number of times in the documentation.

Didn't realise Dublin have so many coco I didn't write the place where I want to purchase when first time feel in application, coco didn't say anything, so it was big mistake!!

suemurray · 21-09-2018 7:09am

Are there any properties within your price range in the council region where you applied?
If you have a specific area in mind ,(In council area you have not applied ) gather all your documentation and get them submitted, you will find it ‘easier’ now you know all the forms and bits and pieces they ask for.
Best of luck

stryker mcqueen · 21-09-2018 8:08am

We've been sale agreed for a few weeks , submitted form 3 and updated docs awaiting contract being sent to our solicitor 3 weeks ago , so 3 weeks of limbo , chasing DCC with little response, still with their legal team apparently.

All the while the vendor is pressuring us and threatening to pull out of the sale , I have to say I'm finding this part of the process much more stressful than the waiting for approval.

Anyone who went with DCC give an indication how long this took?

Thanks

suemurray · 21-09-2018 9:04am

Similar issue - different council - my solicitor had to physically go to the council office to speak with someone which helped speed things up eventually but the delay getting the legal pack out was frustrating - I was in different boat - I was buying new build so no major hurry - I hope u get sorted but please get your solicitor to keep on top of calling and ringing their (council) legal team that’s what they are paid to do - fingers crossed for u - I know how stressful whole thing is

stryker mcqueen · 21-09-2018 9:29am

suemurray wrote: »

Similar issue - different council - my solicitor had to physically go to the council office to speak with someone which helped speed things up eventually but the delay getting the legal pack out was frustrating - I was in different boat - I was buying new build so no major hurry - I hope u get sorted but please get your solicitor to keep on top of calling and ringing their (council) legal team that’s what they are paid to do - fingers crossed for u - I know how stressful whole thing is

Thanks , I have no contact in the legal department , we have only spoken to the person we submitted the doc's too, and after speaking to them i get the impression its out of their hands and they share the frustration.

Anyway 3 weeks & 1 day now so hopefully hear something soon

bubbles46 · 21-09-2018 11:55am

Does anyone know how long it takes from the preliminary interview to getting approved or denied?Im sure its different in every county but are we talking months again or weeks?

Tells · 22-09-2018 12:11pm

Lots of good information here and advice however some is also misleading. Here's our experience of using the RIS.

Background info: both mid thirties with 1 young child. 1 full time job and 1 part time job, total earnings €69,500 per annum. We saved our €40,000 while renting for the past five years.

Before we even heard about it, we tried to meet with several banks for a mortgage application. PTSB we're offering us €220,000 at 3.5% over 35 years. BOI offered us €202,000 at 3.25% over 35 years. EBS, AIB and KBC were awful to deal with and we could not get a meeting with them.

We heard about the RIS and decided to apply. We applied to three local authorities including Wicklow CoCo, South Dublin CoCo and Dun Laoghaire Rathdown CoCo just to play it safe. It took about 9 weeks to hear back and we were approved by all three county councils. We didn't need to be rejected for a mortgage at all. We just needed to show how much two banks were willing to offer us and highlight how we could not buy a reasonable house with these mortgage offers.

We decided to put an offer in on a house in the SDCC area. We then contacted the local authority and began the next phase of processing. Initially, they tried to charge us 2.25% interest over 30 years even though DLRCC and WicklowCC offered us 2% over 25 years. We fought a long battle with them and finally got the 2% over 25 years, with a total saving of €28,500 over the life of our mortgage and five years shaved off. This delayed things by 4 weeks. We went sale agreed 10 weeks ago and will hopefully collect our keys this coming Monday. It is definitely a slower process but patience and diligence is key.

It's a great scheme and we are delighted that we will be home owners and not paying the greedy banks a profit of €140,000!! Over the life of our mortgage.

Our European counterparts pay on average 1.77% interest on their mortgages so getting ours at 2% is not bad giving the average mortgage repayment is at 3.25% here in Ireland.

The government need to roll out more schemes like this and put pressure on banks to reduce their interest rates.

If anyone has any questions I'd be happy to answer.

raheny red · 22-09-2018 1:01pm

stryker mcqueen wrote: »

We've been sale agreed for a few weeks , submitted form 3 and updated docs awaiting contract being sent to our solicitor 3 weeks ago , so 3 weeks of limbo , chasing DCC with little response, still with their legal team apparently.

All the while the vendor is pressuring us and threatening to pull out of the sale , I have to say I'm finding this part of the process much more stressful than the waiting for approval.

Anyone who went with DCC give an indication how long this took?

Thanks

Ugh FFS. We're sale agreed and waiting to meet Fingal Coco. "It'll take 8-10 weeks" thereafter according to them.

jesso22 · 22-09-2018 7:57pm

Laois here. We were waiting about 6 weeks I think, after we handed all our stuff into them. I rang them at one stage and they said 6-8 weeks. The county council looks through it first, then it gets sent off somewhere before approval is granted. We are still no closer to getting a house. Our 6 months are up, but they kindly extended it for us for another 2 months after submitting a month's payslip and bank info. They granted us way more than the banks were offering, we never thought they would grant us what we asked for. If we had known though, we would have asked for a more realistic amount so that we could get a decent home. Because we realize now that for the budget we are unlikely to get anywhere that would meet their approval. So aim for a reasonable amount, they might decline but they may tell you the maximum they would offer

Tells · 22-09-2018 8:20pm

jesso22 wrote: »

Laois here. We were waiting about 6 weeks I think, after we handed all our stuff into them. I rang them at one stage and they said 6-8 weeks. The county council looks through it first, then it gets sent off somewhere before approval is granted. We are still no closer to getting a house. Our 6 months are up, but they kindly extended it for us for another 2 months after submitting a month's payslip and bank info. They granted us way more than the banks were offering, we never thought they would grant us what we asked for. If we had known though, we would have asked for a more realistic amount so that we could get a decent home. Because we realize now that for the budget we are unlikely to get anywhere that would meet their approval. So aim for a reasonable amount, they might decline but they may tell you the maximum they would offer

We applied for the max which was €285,000 and ended up only needing to borrow €279,500. Can you resubmit and ask for max amount?

Cocobean1 · 24-09-2018 9:54am

Tells wrote: »

Lots of good information here and advice however some is also misleading. Here's our experience of using the RIS.

Background info: both mid thirties with 1 young child. 1 full time job and 1 part time job, total earnings €69,500 per annum. We saved our €40,000 while renting for the past five years.

Before we even heard about it, we tried to meet with several banks for a mortgage application. PTSB we're offering us €220,000 at 3.5% over 35 years. BOI offered us €202,000 at 3.25% over 35 years. EBS, AIB and KBC were awful to deal with and we could not get a meeting with them.

We heard about the RIS and decided to apply. We applied to three local authorities including Wicklow CoCo, South Dublin CoCo and Dun Laoghaire Rathdown CoCo just to play it safe. It took about 9 weeks to hear back and we were approved by all three county councils. We didn't need to be rejected for a mortgage at all. We just needed to show how much two banks were willing to offer us and highlight how we could not buy a reasonable house with these mortgage offers.

We decided to put an offer in on a house in the SDCC area. We then contacted the local authority and began the next phase of processing. Initially, they tried to charge us 2.25% interest over 30 years even though DLRCC and WicklowCC offered us 2% over 25 years. We fought a long battle with them and finally got the 2% over 25 years, with a total saving of €28,500 over the life of our mortgage and five years shaved off. This delayed things by 4 weeks. We went sale agreed 10 weeks ago and will hopefully collect our keys this coming Monday. It is definitely a slower process but patience and diligence is key.

It's a great scheme and we are delighted that we will be home owners and not paying the greedy banks a profit of €140,000!! Over the life of our mortgage.

Our European counterparts pay on average 1.77% interest on their mortgages so getting ours at 2% is not bad giving the average mortgage repayment is at 3.25% here in Ireland.

The government need to roll out more schemes like this and put pressure on banks to reduce their interest rates.

If anyone has any questions I'd be happy to answer.

That's great congratulations. We went sale agreed 2 weeks ago. Can I ask what the biggest delay was in drawing down the mortgage? Everything is with solicitor now, engineer is doing report today. Is it just a matter of waiting now or is there more rigmarole to come?

power pants · 24-09-2018 11:39am

My landlord has agreed to sell his apartment to me , the apartment was never on the open market

I have mortgage approval and the apartment is in the catchment area and within my budget

I am unsure of the next step. Letter from coco states to provide:

Address, price, type, bedroom etc

That’s all self explanatory however then asks for

Estate agent handling sale - I get this from my landlord?

My solicitor- I don’t have one as yet, is it just a case of finding one nearby and cheap or is there a better selection process? Word of mouth?

I’m in over my depth at the moment

Thanks

c6ysaphjvqw41k · 24-09-2018 12:09pm

This post has been deleted.

august12 · 24-09-2018 12:27pm

Lorenna wrote:

This post has been deleted.

If the house wasn't registered in your name, then you didn't own a house, that would be my interpretation, you may have got some of the proceeds of the estate though after his death.

c6ysaphjvqw41k · 24-09-2018 12:31pm

This post has been deleted.

Evenstevens · 24-09-2018 8:37pm

Hi

Just wondering from anyone who has successfully applied. Are Estatements acceptable to show current accounts etc or do they insist on original paper copies?

Also, is the HPL1 form for Revenue straightforward to have completed? Did any of you post it in or do you need to bring it in person?

Thanks

raheny red · 24-09-2018 10:14pm

Evenstevens wrote: »

Hi

Just wondering from anyone who has successfully applied. Are Estatements acceptable to show current accounts etc or do they insist on original paper copies?

Also, is the HPL1 form for Revenue straightforward to have completed? Did any of you post it in or do you need to bring it in person?

Thanks

We printed off e-statements in one of AIB's branches. HPL1 form was stamped by one of the Revenue officers just off O'Connell Street. In and out after 5 mins.

Sailorboi · 25-09-2018 1:54pm

Evenstevens wrote: »

Hi

Just wondering from anyone who has successfully applied. Are Estatements acceptable to show current accounts etc or do they insist on original paper copies?

Also, is the HPL1 form for Revenue straightforward to have completed? Did any of you post it in or do you need to bring it in person?

Thanks

I used estatements for my current account and even a screenshot for one of the accounts and they were fine. For the HPL1 I submitted it on ROS and it was posted back to me within a week but my partners took 6 weeks to be sent back.

Evenstevens · 25-09-2018 9:25pm

raheny red wrote: »

We printed off e-statements in one of AIB's branches. HPL1 form was stamped by one of the Revenue officers just off O'Connell Street. In and out after 5 mins.

Thank you.

Evenstevens · 25-09-2018 9:26pm

Sailorboi wrote: »

I used estatements for my current account and even a screenshot for one of the accounts and they were fine. For the HPL1 I submitted it on ROS and it was posted back to me within a week but my partners took 6 weeks to be sent back.

Thanks

august12 · 25-09-2018 9:58pm

Lorenna wrote:

This post has been deleted.

Why not apply, i am not familiar with the application process but if there is a question with regard to house ownership, then you can truthfully answer you never owned a house.

Sean420 · 26-09-2018 12:09pm

Hi,

Just wondering has/is anyone applying for this home loan for a self-build?

I applied but when the cost of the house to build and the value site is taken into account the value of the two combined exceeds the max value of €250,000. I bought the site a number of years ago and it is all paid for. has anyone come across this, as I want to try to get the maximum but when taking the site into account it won't work. anyone come across this or something similar?

Thanks

Underground · 26-09-2018 9:01pm

Got my salary cert today, anyone know how long these things are good for under this scheme? I would have guessed six months max, am I wrong?

Darkglasses · 26-09-2018 9:03pm

Underground wrote: »

Got my salary cert today, anyone know how long these things are good for under this scheme? I would have guessed six months max, am I wrong?

Sounds about right. Salary certs generally show one's income going forward, and one would expect that to vary somewhat from year to year.

DeleteSystem32 · 26-09-2018 9:33pm

Suzistar wrote: »

Going on 19 weeks since we submitted our application. Extremely frustrating process. Does anyone know how long the files are with the underwriters for? Have been getting conflicting information and none the wiser!

Late coming to this but have gotten approval from Limerick council. <snip>. I had awful hassle, was rejected initially and all. Has anyone any experience with the valuation report, in that what happens if the property comes in under valued. We are starting to worry our offer on our property will be seen as high however the area the property is in doesnt have much property for sale and there is huge leaps in the sale price every time a house does go up for sale

Graham · 26-09-2018 10:33pm

Mod Note:

DeleteSystem32 please do not mention any individuals again and tone down your posts.

Other posters, please don't comment on the snipped comment.

raheny red · 26-09-2018 10:47pm

We had to get salary certs filled out at 2 different stages with Fingal

bubbles46 · 27-09-2018 2:02pm

Had my interview today with Limerick Co.Co ,10 wks after submitting my application form. Once her form goes to the underwriters,they will take about 3 weeks before they send their recommendation to the credit committee and they only meet once a month. It'll be nearly Xmas before i get an actual decision I bet. After submitting it mid-July....craziness!!!!

power pants · 27-09-2018 3:32pm

bubbles46 wrote: »

Had my interview today with Limerick Co.Co ,10 wks after submitting my application form. Once her form goes to the underwriters,they will take about 3 weeks before they send their recommendation to the credit committee and they only meet once a month. It'll be nearly Xmas before i get an actual decision I bet. After submitting it mid-July....craziness!!!!

Handed my application in first week in March

Received my approval first week in July

bubbles46 · 27-09-2018 3:36pm

power pants wrote: »

Handed my application in first week in March

Received my approval first week in July

About the same time as mine will be so. Turns out that I may only be granted an extra €15k from this scheme than what a bank could give me and id have the bank mortgage paid off a few yrs earlier!Not sure what to do now.

Darkglasses · 27-09-2018 8:15pm

bubbles46 wrote: »

Had my interview today with Limerick Co.Co ,10 wks after submitting my application form. Once her form goes to the underwriters,they will take about 3 weeks before they send their recommendation to the credit committee and they only meet once a month. It'll be nearly Xmas before i get an actual decision I bet. After submitting it mid-July....craziness!!!!

Did she say what was happening with your application for the 10 weeks? If all the documents were right the first time, did she say why they weren't sent to the underwriters much earlier?

bubbles46 · 27-09-2018 8:21pm

Darkglasses wrote: »

Did she say what was happening with your application for the 10 weeks? If all the documents were right the first time, did she say why they weren't sent to the underwriters much earlier?

I had to bring in up to date bank statements and also my tax clearance cert. The credit committee in Limerick only meets once a month so if the underwriters havent seen in their recommendations in time next mth,it'll fall into November..Its a pity the wait is so long.

autumnbelle · 27-09-2018 8:26pm

bubbles46 wrote: »

About the same time as mine will be so. Turns out that I may only be granted an extra €15k from this scheme than what a bank could give me and id have the bank mortgage paid off a few yrs earlier!Not sure what to do now.

Does anyone know how overpayments can be done or are they completely not allowed?

Darkglasses · 27-09-2018 10:57pm

autumnbelle wrote: »

Does anyone know how overpayments can be done or are they completely not allowed?

Currently you cannot do any overpayments if you've chosen a fixed rate. You can make early payments on the variable.

TheMilkyPirate · 02-10-2018 9:35am

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 but just wondering if there will be any leeway with the council.

Viktoria99 · 03-10-2018 11:14am

Hi Guys,

We have had final approval meeting with fingal county council two weeks ago signed all the papers, now we are waiting for the legal team to contact our solicitor. Anyone has gone through this stage? how long should we wait for a reply? Is it possible that we can still get rejected even if we got an approval in principal?

We have put a deposit on a house and gone sale agreed three weeks ago.

Viktoria99 · 03-10-2018 11:16am

Hi Guys,

We have had final approval meeting with fingal county council two weeks ago signed all the papers, now we are waiting for the legal team to contact our solicitor. Anyone has gone through this stage? how long should we wait for a reply? Is it possible that we can still get rejected even if we got an approval in principal?

We have put a deposit on a house and gone sale agreed three weeks ago.

Skaterpeemp · 03-10-2018 4:48pm

Hi does anyone know if this scheme is open to people who previously owned a house but have gone through a PIA (Personal Insolvency Agreement) so no longer own it ( and never really did ). What is their definition of second time buyer?

autumnbelle · 04-10-2018 3:26pm

Skaterpeemp wrote: »

Hi does anyone know if this scheme is open to people who previously owned a house but have gone through a PIA (Personal Insolvency Agreement) so no longer own it ( and never really did ). What is their definition of second time buyer?

If you already owned a house you wont qualify

asdf85 · 05-10-2018 7:43pm

Hi guys I'm in a similar position, have gone sale agreed on a property and just waiting on the survey to submit my form 3 and other documents but just had a few questions

Has anyone had their mortgage declined at this stage and if so for what reasons?

I didn't realize I'd have to submit my bank account statements again so was splashing the cash a bit so worried this will negatively impact the application, also a bit worried regarding the doctors letter, I take medication for anxiety which my GP referenced in the letter, would this impact on my ability to get mortgage? I've never been off work from it and is quite manageable but worried the council will take a hard line.

All advice welcome and to hear about experiences of anyone who is at the same stage as me, so nervous and don't want to get my hopes up!

sandra dunne · 06-10-2018 8:54am

Hi

I am at the underwriters stage with Laois county council,

I have a few questions if any one could help please

What is the next step after underwriters ?
Other than MPI do I need any other insurance ?
Do I need to budget for any other hidden expenses ?
Has any one being through this process with Laois CC if so how did you find then time wise etc ?

Jellapino15 · 07-10-2018 3:36pm

I have a few questions for anyone who has been through the process for a new build.

I was approved in June after an initial rejection and appeal, but had to get a 3month extension till December as the property I wanted (a new build) hadn't been released yet and my initial 3 months was almost up. I got an extension till December and was told after this I will have to resubmit a new RIHL application. Yesterday morning I put down my booking deposit on the house finally and am delighted! However my concerns now are around drawing down the mortgage.
I know I will not be drawing it down till building is complete and house is ready but this could take 9-12 months as construction hasn't even begun. As this will be after December will there be an issue with having to reapply or will sending my receipt of deposit and the property details count as getting the process going? My solicitor said usually the bank would send out the loan pack next so she expects CC will work in the same way?

What are the next steps? Has anyone been through the process with a new build? If you share your experience I'd be very grateful

Rebuilding Ireland home loan

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