Rebuilding Ireland home loan

Lauren52

unclejoe89 wrote: »

Hi,

I currently have a rebuild Ireland Home Loan for the past 2 years.

I would now like to Rent the house out and move to a different house.
Is there a requirement that I have to live in the house?

Will the council allow me to rent the house out?

Thanks

5 Years You have to stay in the house from what I have read

pearsebhoy

Lauren52 wrote: »

I replied to this on the wrong reply , 84,000 is shocking did You speak with a Mortgage Adviser.

We felt the same as You, but finally we are getting somewhere 18mts later.

Best Of Luck

Yeah, we’ve spoken with two different mortgage advisors unfortunately. We’re just going to apply for this and hope for the best. It seems to be our only option unfortunately.

deedee26

Lauren52 wrote: »

5 Years You have to stay in the house from what I have read

Council MPI is quite higher than average. Regarding mortgage protection, if you are no long residing in the property, you no longer meet the definition of eligibility for the monthly disability element and agreement is cancelled.

BaguMka

Hi everyone. I received approval in principle from CoCoKildare. Does anyone know what to do with valuation form if my house hasn't been built yet. It says I have to post this form along with form 1 and 2 back to a council..

bonelesscalvin

My application with DCC has passed through their underwriters and is waiting for the credit committee. Anyone know when the next one is? And what steps are after if it gets approved by the committee?

BaguMka

bonelesscalvin wrote: »

My application with DCC has passed through their underwriters and is waiting for the credit committee. Anyone know when the next one is? And what steps are after if it gets approved by the committee?

You will get documents in the post with approval in principle valid for 6months. So you can start home hunting

I got email and phone call saying that I got loan approved and will get all documents in the next two weeks was told that can start looking for home

bonelesscalvin

BaguMka wrote: »

You will get documents in the post with approval in principle valid for 6months. So you can start home hunting

I got email and phone call saying that I got loan approved and will get all documents in the next two weeks was told that can start looking for home

Thanks

I already have a house I’m purchasing off a family friend. So I guess once I get the approval I can forward everything to my solicitor and get an evaluation done?

BaguMka

bonelesscalvin wrote: »

Thanks

I already have a house I’m purchasing off a family friend. So I guess once I get the approval I can forward everything to my solicitor and get an evaluation done?

Yes this is correct. Best of luck

SCLW89

Hi all, wondering does anyone have any idea how often the credit committee meet in cork co co??? Are credit committees even still meeting on account of covid?? Any insight would be great!

Lauren52

BaguMka wrote: »

Hi everyone. I received approval in principle from CoCoKildare. Does anyone know what to do with valuation form if my house hasn't been built yet. It says I have to post this form along with form 1 and 2 back to a council..

Hi, we are with Kildare Also, Our house is being in the process of being built so we got Pearse Fagen to do the valuation, he was able to go out and value it for us and has in the report that he will do a final valuation once it is complete. We put it in with the form 2 and sent it in Monday. Hoping it will be ok.

Lauren52

pearsebhoy wrote: »

Yeah, we’ve spoken with two different mortgage advisors unfortunately. We’re just going to apply for this and hope for the best. It seems to be our only option unfortunately.

You might get more than the online Caluclator. Hopefully it will be a positive outcome. I understand your frustration completly. We were exactly the same. We have a lot less than You saved and finally found somewhere so You will get there.

Dankarl

SCLW89 wrote: »

Hi all, wondering does anyone have any idea how often the credit committee meet in cork co co??? Are credit committees even still meeting on account of covid?? Any insight would be great!

I heard that they are closing off 2020’s budget this week so no new loans can be issued till middle of next week

pearsebhoy

Lauren52 wrote: »

You might get more than the online Caluclator. Hopefully it will be a positive outcome. I understand your frustration completly. We were exactly the same. We have a lot less than You saved and finally found somewhere so You will get there.

Thanks Lauren. It’s hard to stay positive to be honest. Boggles my mind that there are no human beings working in the banks. You can pay x amount of rent for decades, but wouldn’t be able to afford a mortgage payment that’s most likely going to be similar in size or smaller? It’s criminal and the government doesn’t give a toss because all the politicians are mixed up in the banks

kenhan2015

Does anyone have any examples of “online calculator” as an example of insufficient funds that was ACCEPTED by their council? Thank you

Lauren52

pearsebhoy wrote: »

Thanks Lauren. It’s hard to stay positive to be honest. Boggles my mind that there are no human beings working in the banks. You can pay x amount of rent for decades, but wouldn’t be able to afford a mortgage payment that’s most likely going to be similar in size or smaller? It’s criminal and the government doesn’t give a toss because all the politicians are mixed up in the banks

It is disgraceful!! Our monthly repayments (the max the allowed is 950) including all extras , our rent is 1200 and we have saving 800 or more on top for so long. It's a joke I really felt where you are thought it would never happen. Keep positive.

Pcgamer

Do you just apply to the two banks the normal way, get all your paperwork done etc and see how much they offer you or is it much quicker to tell them your looking for say 200k but 3.5 times salary is 140,000.

Whats the best way with the banks to get the two rejections?

pearsebhoy

https://www.irishexaminer.com/property/homeandoutdoors/arid-40203614.html?type=amp

Has anyone seen this? Any truth to it you think? Every mortgage advisor I’ve spoken to says banks don’t offer mortgage exceptions end of.

Jafin

pearsebhoy wrote: »

https://www.irishexaminer.com/property/homeandoutdoors/arid-40203614.html?type=amp

Has anyone seen this? Any truth to it you think? Every mortgage advisor I’ve spoken to says banks don’t offer mortgage exceptions end of.

I'm in a Facebook group called First Time Buyers Ireland and I read a comment today where someone said they went back to BOI and asked about getting an exemption and they were offered 50k more than their initial offer, so it seems like banks are starting to do it again now. I'm seriously considering this myself as the hoops we have to jump through for RIHL are really starting to get to me now and making me worry about things I wouldn't have to worry about with a bank mortgage. I already lost one apartment, along with €500+ in valuation and engineer report fees, because there were some repairs needed to the property and the CoCo wouldn't give me the money, whereas my solicitor said any bank would have had no problem lending the money even with the needed repairs outstanding.

pearsebhoy

Jafin wrote: »

I'm in a Facebook group called First Time Buyers Ireland and I read a comment today where someone said they went back to BOI and asked about getting an exemption and they were offered 50k more than their initial offer, so it seems like banks are starting to do it again now. I'm seriously considering this myself as the hoops we have to jump through for RIHL are really starting to get to me now and making me worry about things I wouldn't have to worry about with a bank mortgage. I already lost one apartment, along with €500+ in valuation and engineer report fees, because there were some repairs needed to the property and the CoCo wouldn't give me the money, whereas my solicitor said any bank would have had no problem lending the money even with the needed repairs outstanding.

The whole thing is getting to me. At this point if Waterford council doesn’t approve our application when we put it in, we’re ****ed. We’re also waiting a few more months to put in the application because they require 12 months account statements and banks don’t. They also require a good portion of your deposit is saved in that 13 month period and we’ve had ours for a few years

Sidmonton1

Hi All, I am currently filling out the application form. In terms of the 12months Bank statements can you print them as e-statements? My bank will charge €3 per page to print out statements. Thanks

Benci

Sidmonton1 wrote: »

Hi All, I am currently filling out the application form. In terms of the 12months Bank statements can you print them as e-statements? My bank will charge €3 per page to print out statements. Thanks

Yes, you can print the e-statements .

BaguMka

Guys, I got offer in principle. Need to send form 2 and 3 back. It is a new build(pre construction stage) and obviously no valuation report can be made at this stage. What do I do ? Still have to send form 3 but without valuation report ?

Benci

BaguMka wrote: »

Guys, I got offer in principle. Need to send form 2 and 3 back. It is a new build(pre construction stage) and obviously no valuation report can be made at this stage. What do I do ? Still have to send form 3 but without valuation report ?

We sent back without the valuation report, then later on we sent a pre valuation. When the house will be ready then you need anyway a final valuation.

BaguMka

Benci wrote: »

We sent back without the valuation report, then later on we sent a pre valuation. When the house will be ready then you need anyway a final valuation.

Thanks for your swift answer. Could you tell me more about this stage when form 2 and 3 to be sent back to council. It says along with form 3 all bank statements (since application was submitted to date) must be sent too..Is it really necessary at this stage to gather all bank statements again?

Benci

BaguMka wrote: »

Thanks for your swift answer. Could you tell me more about this stage when form 2 and 3 to be sent back to council. It says along with form 3 all bank statements (since application was submitted to date) must be sent too..Is it really necessary at this stage to gather all bank statements again?

If they are asking for statements, then yes you need to send them up to date.

BaguMka

Benci wrote: »

If they are asking for statements, then yes you need to send them up to date.

Thanks. So what happens next after council received all forms and documents? Will they issue a loan pack to me and my solicitor?

Jafin

pearsebhoy wrote: »

The whole thing is getting to me. At this point if Waterford council doesn’t approve our application when we put it in, we’re ****ed. We’re also waiting a few more months to put in the application because they require 12 months account statements and banks don’t. They also require a good portion of your deposit is saved in that 13 month period and we’ve had ours for a few years

Huh, really? That was never said to me when I put in my application. I had been saving regularly for about two years at that stage so maybe most of my deposit had been saved in the most recent 12/13 months, but nothing like that was ever said to me. They just needed to see that I was saving regularly over a 12 month period.

Benci

BaguMka wrote: »

Thanks. So what happens next after council received all forms and documents? Will they issue a loan pack to me and my solicitor?

They will send the Loan pack to your solicitor.
I not sure about further steps, depends if it is a new built house(is finished yet!) or second hand house.

BaguMka

Benci wrote: »

They will send the Loan pack to your solicitor.
I not sure about further steps, depends if it is a new built house(is finished yet!) or second hand house.

Thank you. It is a new built that has not been finished yet. Actually construction has started now only

Lauren52

BaguMka wrote: »

Guys, I got offer in principle. Need to send form 2 and 3 back. It is a new build(pre construction stage) and obviously no valuation report can be made at this stage. What do I do ? Still have to send form 3 but without valuation report ?

Hey, still get Your valuation. They will do off plans or if house is semi built they can still do one but a final one is needed on completion.

We were told this morning that a loan pack would not be issued till house is complete.
I then replied stating that if loan pack was not sent to solicitor then they would not complete. They are now going to send loan pack but there will be a condition that another valuation would have to be completed before drawdown which obviously will be. So definitely get what You can.