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Rebuilding Ireland home loan

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    #692
    raheny red
    Registered Users Posts: 2,575 ✭✭✭raheny red


    BrownFinger wrote: »
    Guys,
    where are you getting the two letters of lower offers?

    Screenshot the banks online calculators.


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    #693
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    raheny red wrote: »
    Screenshot the banks online calculators.

    Have you actually used this successfully ?


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    #694
    Colemania
    Registered Users Posts: 4,110 ✭✭✭Colemania


    raheny red wrote: »
    Screenshot the banks online calculators.

    Every council is different I suppose but I was told that the screenshots wouldn't suffice


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    #695
    raheny red
    Registered Users Posts: 2,575 ✭✭✭raheny red


    They were accepted by both Dublin City Council and Fingal County Council.


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    #696
    power pants
    Registered Users Posts: 2,907 ✭✭✭power pants


    raheny red wrote: »
    They were accepted by both Dublin City Council and Fingal County Council.


    When I applied back in March, they weren't accepted by fingal. It could be a case of whoever is reviewing the application at the time or they have changed the procedure slightly since.


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    #697
    Viktoria99
    Registered Users Posts: 22 ✭Viktoria99


    Darkglasses wrote: »
    Varies massively, depends on the conveyance process. Any planning/Land Reg issues could unexpectedly delay it. Ask your solicitor how it's going, you're paying them handsomely for it

    Thank you for your reply


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    #698
    delkel38
    Registered Users Posts: 28 ✭delkel38


    Has anyone been approved by offaly coco?
    We are self building and were approved in July then rejected. We appealed then we're reapproved in September sent in everything they asked for and are now banging our heads against a wall waiting for the loan pack. It's probably the most stressful thing waiting around while the council do nothing.
    The lady who is looking after our application has changed roles now so god knows if we ever get the money.


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    #699
    millieb
    Registered Users Posts: 8 ✭millieb


    munkymanmatt wrote: »
    Hi all,

    Thinking of applying for this but I'm on a fairly low gross salary. Confident I can afford repayments etc. as I'm already paying rent equivalent to what my monthly payment would be.

    I have 15k deposit and want to borrow 135k.

    Aware of the 3.5 times your salary rule however their online calculator is saying I can borrow up to 5x salary on the 30 year fixed rate option.

    Has anyone earning under 30k applied by themselves and had it approved?

    Hi Munky I applied on my own self employed... earnings 40k deposit 40 k asked for 80 k declined at the moment been paying rent @ 800 per month for last 12 years have local Td's trying to help me DISASTER


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    #700
    Viktoria99
    Registered Users Posts: 22 ✭Viktoria99


    delkel38 wrote: »
    Has anyone been approved by offaly coco?
    We are self building and were approved in July then rejected. We appealed then we're reapproved in September sent in everything they asked for and are now banging our heads against a wall waiting for the loan pack. It's probably the most stressful thing waiting around while the council do nothing.
    The lady who is looking after our application has changed roles now so god knows if we ever get the money.

    When did your solicitor request the funds? are you really waiting for the money since september???

    This seems so concerning, if our will take that long then we might get pulled out of sale! Did anyone go through this process?


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    #701
    GaGa21
    Registered Users Posts: 652 ✭✭✭GaGa21


    delkel38 wrote:
    Has anyone been approved by offaly coco? We are self building and were approved in July then rejected. We appealed then we're reapproved in September sent in everything they asked for and are now banging our heads against a wall waiting for the loan pack. It's probably the most stressful thing waiting around while the council do nothing. The lady who is looking after our application has changed roles now so god knows if we ever get the money.


    We applied in September and rang last week to check on our application as no reply to emails.
    They have no clue of our application at all! They were going to look into it last week but have had no word back since. Don't know what's going on there at all...


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    #702
    delkel38
    Registered Users Posts: 28 ✭delkel38


    Viktoria99 wrote: »
    When did your solicitor request the funds? are you really waiting for the money since september???

    This seems so concerning, if our will take that long then we might get pulled out of sale! Did anyone go through this process?

    Our solicitor has not received the loan pack for us to sign. I sent back all the paperwork they requested, this is after you get the approval letter mind you.
    They won't answer my calls or email only if we both bombard them with mails do they reply with poor excuses like your self building and we are changing roles etc. It's very disheartening when you think you're going to get positive results.
    It's hard to believe but we first applied back in early may for this.😡


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    #703
    Colemania
    Registered Users Posts: 4,110 ✭✭✭Colemania


    delkel38 wrote: »
    Our solicitor has not received the loan pack for us to sign. I sent back all the paperwork they requested, this is after you get the approval letter mind you.
    They won't answer my calls or email only if we both bombard them with mails do they reply with poor excuses like your self building and we are changing roles etc. It's very disheartening when you think you're going to get positive results.
    It's hard to believe but we first applied back in early may for this.😡

    We only recently submitted our application with Meath Co Co but if/when approved, I couldn't imagine this kind of carry on happening with them. The guys at meath Co have been so friendly and efficient so far and I imagine when we get to the stage you're at, the loan pack will be sent off as soon as possible.

    Its annoying that every council operates differently alright


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    #704
    Viktoria99
    Registered Users Posts: 22 ✭Viktoria99


    delkel38 wrote: »
    Our solicitor has not received the loan pack for us to sign. I sent back all the paperwork they requested, this is after you get the approval letter mind you.
    They won't answer my calls or email only if we both bombard them with mails do they reply with poor excuses like your self building and we are changing roles etc. It's very disheartening when you think you're going to get positive results.
    It's hard to believe but we first applied back in early may for this.��

    This seems so unfair, anyways I hope you get sorted soon! We applied in June and now waiting for the funds - I hope they will be ready before Christmas!
    This scheme is great but also so stressful for everybody, everything just seems out of control and the ''unknown'' is worst..


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    #705
    delkel38
    Registered Users Posts: 28 ✭delkel38


    Colemania wrote: »
    We only recently submitted our application with Meath Co Co but if/when approved, I couldn't imagine this kind of carry on happening with them. The guys at meath Co have been so friendly and efficient so far and I imagine when we get to the stage you're at, the loan pack will be sent off as soon as possible.

    Its annoying that every council operates differently alright

    Thats how offaly were at the start of the process very helpful and got results from the credit committee. Only when we got first approval things ground to a halt. I got political help also when I appealed so maybe they are annoyed with that.


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    #706
    delkel38
    Registered Users Posts: 28 ✭delkel38


    Viktoria99 wrote: »
    This seems so unfair, anyways I hope you get sorted soon! We applied in June and now waiting for the funds - I hope they will be ready before Christmas!
    This scheme is great but also so stressful for everybody, everything just seems out of control and the ''unknown'' is worst..

    Don't for there is a 3 week cooling off period when you sign the contract. Best of luck with it anyway youre waiting as long as us.


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    #707
    Darkglasses
    Registered Users Posts: 14,526 ✭✭✭✭Darkglasses


    Colemania wrote: »
    We only recently submitted our application with Meath Co Co but if/when approved, I couldn't imagine this kind of carry on happening with them. The guys at meath Co have been so friendly and efficient so far and I imagine when we get to the stage you're at, the loan pack will be sent off as soon as possible.

    Its annoying that every council operates differently alright

    It is an awful pity - huge sympathy for people dealing with CoCo staff who might not know how the scheme operates or how mortgages work. More training and deadlines would help.


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    #708
    Viktoria99
    Registered Users Posts: 22 ✭Viktoria99


    delkel38 wrote: »
    Don't for there is a 3 week cooling off period when you sign the contract. Best of luck with it anyway youre waiting as long as us.

    I didn't realise that there is a 3 week cooling off period after signing the contract. What does it mean? Is it that we will get the funds after three weeks, or that it will take longer?


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    #709
    cas2kx
    Registered Users Posts: 82 ✭✭cas2kx


    I just want to thank everyone who posted in this thread has been the best for advice. I got approved from 3 of the 4 county council's I applied too with the same application.

    Does anyone have any experience about how long South Dublin County Council take for the legal pack and full drawdown?


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    #710
    delkel38
    Registered Users Posts: 28 ✭delkel38


    Viktoria99 wrote: »
    I didn't realise that there is a 3 week cooling off period after signing the contract. What does it mean? Is it that we will get the funds after three weeks, or that it will take longer?

    When you get the application forms it says it in the questions answered section. I hope you realise that you more or less have to apply again after your initial approval with fresh bank statements, payslips valuation etc etc.


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    #711
    Darkglasses
    Registered Users Posts: 14,526 ✭✭✭✭Darkglasses


    delkel38 wrote: »
    When you get the application forms it says it in the questions answered section. I hope you realise that you more or less have to apply again after your initial approval with fresh bank statements, payslips valuation etc etc.

    That is not the case with all County Councils - some do not ask for any new statements or payslips.


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    #712
    delkel38
    Registered Users Posts: 28 ✭delkel38


    Darkglasses wrote: »
    That is not the case with all County Councils - some do not ask for any new statements or payslips.

    Typical Ireland so one set of rules for one and another set for another.what about the 3 week cooling off period?


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    #713
    surrender monkey
    Registered Users Posts: 230 ✭✭surrender monkey


    There might be a cooling off period after signing your letter of loan offer but there is no cooling off period after you sign the contract for sale in respect of the property. If you sign the contract with your solicitor you are then obliged to purchase the property. Most solicitor will make it a condition of the contract that it is signed subject to the purchaser being able to secure finance, that way if the loan falls through the purchasers can withdraw from the contract.


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    #714
    Darkglasses
    Registered Users Posts: 14,526 ✭✭✭✭Darkglasses


    delkel38 wrote: »
    Typical Ireland so one set of rules for one and another set for another.what about the 3 week cooling off period?

    Just Council staff trying to muddle through a new scheme without guidance or training.


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    #715
    delkel38
    Registered Users Posts: 28 ✭delkel38


    surrender monkey wrote: »
    There might be a cooling off period after signing your letter of loan offer but there is no cooling off period after you sign the contract for sale in respect of the property. If you sign the contract with your solicitor you are then obliged to purchase the property. Most solicitor will make it a condition of the contract that it is signed subject to the purchaser being able to secure finance, that way if the loan falls through the purchasers can withdraw from the contract.
    I'm self building so there's probably a difference there. Any other self builders on this thread? As far as I know there's no difference when it comes to drawing the money down be it the full amount or stage payment.


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    #716
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    Started the whole process in July, picked a house in September and got our keys last Friday. We are now home owners. Its stressful, extremely stressful, but stick at it. Our solicitor, and even the EA both said it was the toughest sale either of them had gone through. Keep calm it'll all be worth it in the end.


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    #717
    Viktoria99
    Registered Users Posts: 22 ✭Viktoria99


    delkel38 wrote: »
    When you get the application forms it says it in the questions answered section. I hope you realise that you more or less have to apply again after your initial approval with fresh bank statements, payslips valuation etc etc.

    We have already submitted our payslip nad sałaty certs twice during the process, this is not an issue as we both have permanent jobs. I'm just concerned if the drowdown will take more than three weeks and we get pull out of sale because the delay...


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    #718
    Viktoria99
    Registered Users Posts: 22 ✭Viktoria99


    Shamboo1801 wrote: »
    Started the whole process in July, picked a house in September and got our keys last Friday. We are now home owners. Its stressful, extremely stressful, but stick at it. Our solicitor, and even the EA both said it was the toughest sale either of them had gone through. Keep calm it'll all be worth it in the end.

    Thanks for that! May I ask how long did it take to drowdown from the day your solicitor requested the funds? Is it really three weeks or more?


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    #719
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    Viktoria99 wrote:
    Thanks for that! May I ask how long did it take to drowdown from the day your solicitor requested the funds? Is it really three weeks or more?

    Viktoria99 wrote:
    Thanks for that! May I ask how long did it take to drowdown from the day your solicitor requested the funds? Is it really three weeks or more?


    The drawdown only took a little over a week. The council only meet one day so the funds were released the week after requested.


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    #720
    Viktoria99
    Registered Users Posts: 22 ✭Viktoria99


    Shamboo1801 wrote: »
    The drawdown only took a little over a week. The council only meet one day so the funds were released the week after requested.

    Thanks for the reply and congratulations on your new house!

    We also went sale agreed in September but still didn't get the keys, I dont know why it is taking ages.. we were waiting for all the required documents for so long and now waiting for the funds.


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    #721
    Shamboo1801
    Registered Users Posts: 105 ✭✭Shamboo1801


    Viktoria99 wrote:
    Thanks for the reply and congratulations on your new house!

    Viktoria99 wrote:
    We also went sale agreed in September but still didn't get the keys, I dont know why it is taking ages.. we were waiting for all the required documents for so long and now waiting for the funds.


    I had been told that the volumes are large and there are backlogs. Get your solicitor to keep contacting the council. Ours was brilliant and kept the pressure on. Best of luck with it, but keep the faith. You will get there and it's the greatest feeling when you do.


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