Rebuilding Ireland home loan

BaguMka

Lauren52 wrote: »

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.

Hi. It is strange as contracts should be signed at early stage (even if the house hasn't started building yet) that's what my friend explained to me.. valuation report can be done at later stage but loan pack definitely was.sent to my friends way before house was completed.
I'm buying in Rathangan manor (our house won't be completed before summer)..

kbman

BaguMka wrote: »

Hi. It is strange as contracts should be signed at early stage (even if the house hasn't started building yet) that's what my friend explained to me.. valuation report can be done at later stage but loan pack definitely was.sent to my friends way before house was completed.
I'm buying in Rathangan manor (our house won't be completed before summer)..

This is very strange.
We only did one valuation and that was done just before we got the keys.( a couple of weeks ago)

We signed contracts for build and approval accepting Mortgage at the same time the build started a year ago. (Oct 2019)

I'd talk to your Council. Is it possible that each council operates differently?

BaguMka

kbman wrote: »

This is very strange.
We only did one valuation and that was done just before we got the keys.( a couple of weeks ago)

We signed contracts for build and approval accepting Mortgage at the same time the build started a year ago. (Oct 2019)

I'd talk to your Council. Is it possible that each council operates differently?

Well what you wrote is similar what my council told me. Valuation report can be done later it isn't compulsory at signing contract stage.

Lauren52

BaguMka wrote: »

Hi. It is strange as contracts should be signed at early stage (even if the house hasn't started building yet) that's what my friend explained to me.. valuation report can be done at later stage but loan pack definitely was.sent to my friends way before house was completed.
I'm buying in Rathangan manor (our house won't be completed before summer)..

Hey I PMd You

Lauren52

kbman wrote: »

This is very strange.
We only did one valuation and that was done just before we got the keys.( a couple of weeks ago)

We signed contracts for build and approval accepting Mortgage at the same time the build started a year ago. (Oct 2019)

I'd talk to your Council. Is it possible that each council operates differently?

They have issued Loan Offer to Solicitor today - Seems they dont know themselves. Emails back and forth got us there in the end. (We did have a valuation done so this helped will have final done when house complete)

Vikings

Anyone know roughly how long draw down takes from time of request - South Dublin county council?

donfers

Timeframes guys?

I have seen a few posts saying it took a year or more than a year from time of application to getting the keys

What is best case scenario in terms of everything going smoothly and few hiccups for time lapse between time of application and keys in hand?

Benci

donfers wrote: »

Timeframes guys?

I have seen a few posts saying it took a year or more than a year from time of application to getting the keys

What is best case scenario in terms of everything going smoothly and few hiccups for time lapse between time of application and keys in hand?

We applied in May 2019, new build. We got an extension in the summer, we requested a second extension as the house is not ready yet. The extension has been declined, we appeal the decision, waiting for response.
For us is a very long process, hope other people have a better experience.

ABCD_1234

Vikings wrote: »

Anyone know roughly how long draw down takes from time of request - South Dublin county council?

Interested in this too..

bonelesscalvin

Anyone know when the next DCC credit committee is meeting?

valarmorghulis

Hi all,

Does anyone know if the shared equity scheme is just for new builds?

HTB is useless for most people looking to buy in Dublin,I was hoping this scheme would help bridge the gap but now hearing it will be just for new builds.

Can anyone explain why there is no help for the majority of people who won’t be able to afford a new build ,there’s a tiny amount,none are affordable,none are in central areas and the prices have already been inflated by developers.

donfers

Does anybody know how strict the savings requirement is? We have been paying rent that would be more than double our likely mortgage repayment so am wondering if that would be sufficient. We have saved a bit over the last 6 months or so but not a lot.

I want to know how set in stone the rule is that we must have 12 months of savings and that we must have 3% of deposit amount saved. Is it possible to successfully apply without these?

Lauren52

Can someone tell me what the difference between the loan offer and a loan pack is?

KCC Sent the loan offer to our Solicitor, now she is looking for the pack. I have emailed KCC asking have they done this, yet to hear back.

TIA

surrender monkey

Lauren52 wrote: »

Can someone tell me what the difference between the loan offer and a loan pack is?

KCC Sent the loan offer to our Solicitor, now she is looking for the pack. I have emailed KCC asking have they done this, yet to hear back.

TIA

The letter of loan offer is a legal document detailing the terms of the loan, the sum offered, interest, term, mpi etc. It is part of the loan pack issued by the council, you will sign it in front of your solicitor and they will witness your signature

surrender monkey

Vikings wrote: »

Anyone know roughly how long draw down takes from time of request - South Dublin county council?

Two to three weeks I think 🙂

Lauren52

surrender monkey wrote: »

The letter of loan offer is a legal document detailing the terms of the loan, the sum offered, interest, term, mpi etc. It is part of the loan pack issued by the council, you will sign it in front of your solicitor and they will witness your signature

Thank You, so the solicitor has received the loan offer but is now looking for loan pack, I am confused.

surrender monkey

Lauren52 wrote: »

Thank You, so the solicitor has received the loan offer but is now looking for loan pack, I am confused.

The letter of loan offer should be with the loan pack but maybe your council does things a little differently and their solicitor will issue the loan pack soon and the council themselves issue the letter of loan offer

williaint

Hello everyone, thanks for all the info. I have just applied to Kildare Coco and Wicklow Coco as a single applicant in permanent employment. I am just under the income limit.

Does anyone have any idea how long it will take the above Councils to process my application?

And also is the income limit definitely based on last year's earnings? My salary is due to go up in Q4 of this year, does this mean I am no longer eligible even if last year my income was below €50k?

Sidmonton1

Hi All - Completing the application form. The HPL1 form do you send it to your local revenue office?

Or should you request the local authority to obtain this information?

Benci

Sidmonton1 wrote: »

Hi All - Completing the application form. The HPL1 form do you send it to your local revenue office?

Or should you request the local authority to obtain this information?

We sent to our local revenue office, and received two days later by post.

kbman

Sidmonton1 wrote: »

Hi All - Completing the application form. The HPL1 form do you send it to your local revenue office?

Or should you request the local authority to obtain this information?

Is that the form that needs to be stamped by Revenue?
I submitted it as a request through revenue.ie , and called revenue and it was done the same day.

Come to think of it, it took a few days later for the stamped version to arrive.

estabon

Anyone know how long the housing agency takes with your application? Also anyone on pup payment get there application through? My wife is coming off maternity in Feb but her employer wants her to go on pup for awhile until it gets busier.. Will this affect us when it comes to drawdown?

Jafin

estabon wrote: »

Anyone know how long the housing agency takes with your application? Also anyone on pup payment get there application through? My wife is coming off maternity in Feb but her employer wants her to go on pup for awhile until it gets busier.. Will this affect us when it comes to drawdown?

I presume it will be a joint application with your wife? You have to be off PUP/Subsidy Scheme for three months before you can draw down. So basically if you find a house in March for example and she has been put on PUP you will not be able to draw down. As for whether or not it will affect the actual application, I'm not sure. I was put on the subsidy scheme after I put in my application but before I got approval, and when I went back to work in May I had to wait until I had four normal payslips to show I was off the scheme before they could proceed with my application.

estabon

Jafin wrote: »

I presume it will be a joint application with your wife? You have to be off PUP/Subsidy Scheme for three months before you can draw down. So basically if you find a house in March for example and she has been put on PUP you will not be able to draw down. As for whether or not it will affect the actual application, I'm not sure. I was put on the subsidy scheme after I put in my application but before I got approval, and when I went back to work in May I had to wait until I had four normal payslips to show I was off the scheme before they could proceed with my application.

Thanks
Yeah joint application I rang the council last week and they reckoned it wouldn't have any bearing on the application and they were going to send it on to the housing agency as is for now.

TaDa

Jafin wrote: »

I presume it will be a joint application with your wife? You have to be off PUP/Subsidy Scheme for three months before you can draw down. So basically if you find a house in March for example and she has been put on PUP you will not be able to draw down. As for whether or not it will affect the actual application, I'm not sure. I was put on the subsidy scheme after I put in my application but before I got approval, and when I went back to work in May I had to wait until I had four normal payslips to show I was off the scheme before they could proceed with my application.

People have been on here before and posted about going through the process while on subsidy schemes.

It’s seems it can be done but not sure how or what kind of info is taken into account.

When did they ask you for the 4 payslips to show you were off the scheme? I’m just curious as to when the additional info is required in the process. Is it as Approval/letter of offer/when funds are about to be released?

Lauren52

estabon wrote: »

Anyone know how long the housing agency takes with your application? Also anyone on pup payment get there application through? My wife is coming off maternity in Feb but her employer wants her to go on pup for awhile until it gets busier.. Will this affect us when it comes to drawdown?

I was on PUP when got approval just needed a letter from employer to say I would be returning on the 1st of Dec. We got the AIP but got less than we would have got had I not of been on it. We are going through the offer stage now and they needed me to fill out decloration again to say I was still employed , luckily this time I was not put on PUP.

BaguMka

Lauren52 wrote: »

I was on PUP when got approval just needed a letter from employer to say I would be returning on the 1st of Dec. We got the AIP but got less than we would have got had I not of been on it. We are going through the offer stage now and they needed me to fill out decloration again to say I was still employed , luckily this time I was not put on PUP.

Hi Lauren,

Any updates on your loan pack ?

Lauren52

BaguMka wrote: »

Hi Lauren,

Any updates on your loan pack ?

Hey , KCC replied today , it will be sent by solicitor in KCC to our Solicitor as they gave instructions to do so , Our solicitor has not got back to us yet

BaguMka

Lauren52 wrote: »

Hey , KCC replied today , it will be sent by solicitor in KCC to our Solicitor as they gave instructions to do so , Our solicitor has not got back to us yet

That's good best of luck

Jafin

TaDa wrote: »

People have been on here before and posted about going through the process while on subsidy schemes.

It’s seems it can be done but not sure how or what kind of info is taken into account.

When did they ask you for the 4 payslips to show you were off the scheme? I’m just curious as to when the additional info is required in the process. Is it as Approval/letter of offer/when funds are about to be released?

I went back to work in May last year after being off for 7 weeks during the first lockdown. I think just before I went back to work the lady dealing with my application phoned me to check what my situation was and I explained to her I was going back to work and she said that when I had four "normal" payslips to email them to her and they could proceed with my application. This was before it went to the credit committee. Funnily enough she said my application was next to go to the credit committee just before the lockdown came into place.

Got told today (after making my post in here) by my boss that we're all going back on the subsidy scheme for at least the next few weeks, so now I'll have to ring the council tomorrow to see where that leaves me with my application.