Rebuilding Ireland home loan

Lee3b

yeah I have put in our incomes and our outgoings and it is giving us en estimate im very happy with however I still have doubts in my mind. im well able to rent and save for deposit at the same time because I have done so. I just feel like giving up

stryker mcqueen

Lee3b wrote: »

yeah I have put in our incomes and our outgoings and it is giving us en estimate im very happy with however I still have doubts in my mind. im well able to rent and save for deposit at the same time because I have done so. I just feel like giving up

When you go into the council to have your meeting they will give you a figure which will take everything into account and including the MPI

Cazzums

Lee3b wrote: »

Hi everyone im just wondering can someone shed some light for me ... iv gotten my two insufficient offers from banks however they are so low its even putting me off applying to the council in case i am just laughed at i am looking for the max or near enough but the banks are even only offering us half had anyone gotten a much better offer or am i being so unrealistic and never going to own a home😭 im sick of renting i do have two children and yes i have a cu loan i thought nearly the whole country did no ? 😂

One of my insufficient loan offers was for €70k. What one could possible buy for 70k I have no idea or where they even got that figure. Anyway I got approved from the council for over €200k so huge difference!!

Lee3b

On my god really ?? Well i did get one for 148 so heres hoping im in the higher area also of Dublin im going to apply for the 320 but hoping to but for 295 it would be great you have shed some light for me

rachieqtpie

Lee3b wrote: »

On my god really ?? Well i did get one for 148 so heres hoping im in the higher area also of Dublin im going to apply for the 320 but hoping to but for 295 it would be great you have shed some light for me

Do you mean buy a house for 320/295? The max loan is 288! Our refusals were quite low from back and we got near max from council

Lee3b

Yeah sorry so the house prices are that i didnt explain properly... yeah just waiting on aip from the banks in writing and i will send the application in my nerves are gone... we are not earning near 75k so hoping

Cazzums

Lee3b wrote: »

Yeah sorry so the house prices are that i didnt explain properly... yeah just waiting on aip from the banks in writing and i will send the application in my nerves are gone... we are not earning near 75k so hoping

The council advised me to write in “the maximum amount available to me” instead of an exact amount as you may be refused the amount you request and not given a lower offer then you would have to reapply for a lower amount. You should meet with your council before they send off your application. They will tell you the maximum you will be given. Mortgage protection is added to your repayments too which is around €100 per month so the online calculator isn’t accurate! I did a single application and have kids so I was happy with my offer! Much better than the banks and totally affordable! Have gone sale agreed so waiting on the next step off the council now!

Lee3b

I will do that apply for the highest... delighted you have been given approval and sale agrees best of luck with it all i love to hear when someone gets what they deserve... i have a very cheeky question did you get near the highest offer with yours i only ask as i want to get an idea of what we face . Even the highest loan amount you haveto pay back is cheaper than our rent

Laney835

bubbles46 wrote: »

If i start saving regularly saving now to get €4000,id be afraid the bank wouldnt refuse me 😂

You would need 4000 in savings your rent just shows capacity to repay but it's not your actual savings so you will need some of your own that you have built up. With 30000 a year salary the highest mortgage the bank will offer you is 105000 so if you are looking for 150000 the banks will refuse you even with savings. Yep your local County council will answer any questions you might have and set you up on the right path. It takes a bit of organisation to get your finances in order so give yourself the right start by finding out all the information you need. Even though you are looking at a large deposit they are still accessing a 150000 mortgage and the deposit is only a small part of it. Every single person refused this scheme has had a deposit in place so it's not a guarantee.

Cazzums

Lee3b wrote: »

I will do that apply for the highest... delighted you have been given approval and sale agrees best of luck with it all i love to hear when someone gets what they deserve... i have a very cheeky question did you get near the highest offer with yours i only ask as i want to get an idea of what we face . Even the highest loan amount you haveto pay back is cheaper than our rent

No I got 210k which was the most they would give me. I did ask for the possibility of 240 and at my meeting with the council they said 215 would be the highest I would be offered when they put it in their calculator but my official offer that came back was 210. The repayments are well below what I pay on rent also so I don’t think they take your rent record into account but I’m happy out anyway! I hope it all goes well for you!! It’s soul destroying trying to get sorted! Iv been told now it could take another 12 weeks or so to draw down. I refuse to get excited until I literally have the keys in my hand!

Colemania

Hi all,

Thinking of applying for a mortgage under this scheme mid to late 2019 as my wife and I are well below the income threshold. Now what I think could be a big sticking point is that she is leaving her employment in the next month or so and starting up her own business, i.e. becoming self-employed. I know they want 2 years of accounts for self-employed applicants but that wouldn't be possible until August 2020.

In this case, is there any point in even applying next year?

bri007

Can you not apply this year?

Colemania wrote: »

Hi all,

Thinking of applying for a mortgage under this scheme mid to late 2019 as my wife and I are well below the income threshold. Now what I think could be a big sticking point is that she is leaving her employment in the next month or so and starting up her own business, i.e. becoming self-employed. I know they want 2 years of accounts for self-employed applicants but that wouldn't be possible until August 2020.

In this case, is there any point in even applying next year?

Colemania

bri007 wrote: »

Can you not apply this year?

Would love to but my wife's wage up to July will not be much and I'm on under 40k myself. Would need 250k or so as looking to buy in dublin

Darkglasses

Colemania wrote: »

Hi all,

Thinking of applying for a mortgage under this scheme mid to late 2019 as my wife and I are well below the income threshold. Now what I think could be a big sticking point is that she is leaving her employment in the next month or so and starting up her own business, i.e. becoming self-employed. I know they want 2 years of accounts for self-employed applicants but that wouldn't be possible until August 2020.

In this case, is there any point in even applying next year?

If her new business is the same sector as her current employment, there's a chance the local authority might accept it as a continuous period of employment. If not, I'd say it's extremely unlikely to be accepted if she's going to be the primary earner.

Colemania

Darkglasses wrote: »

If her new business is the same sector as her current employment, there's a chance the local authority might accept it as a continuous period of employment. If not, I'd say it's extremely unlikely to be accepted if she's going to be the primary earner.

Very similar sector yes

bri007

Did you try the calculator on the rebuilding Ireland website to get an idea on how much you both would get?

Colemania wrote: »

Would love to but my wife's wage up to July will not be much and I'm on under 40k myself. Would need 250k or so as looking to buy in dublin

Colemania

bri007 wrote: »

Did you try the calculator on the rebuilding Ireland website to get an idea on how much you both would get?

I did alright but as I mentioned, with the change to self employment, they may not even accept it as a reliable source of income.

VW08

Hi, has anyone submitted an application for a new build. I'm finding the application form tricky as I'm only at the design stage and its asking for the completion date, and asks if I have structural defects insurance. Is this needed?

Also it asks about bonus per annum, I do get a bonus but its not fixed...varies every year. Not sure what to put there!

Then it asks about the purchase price/valuation...is that the cost of the build plus the site (site is gifted). No idea what the total price would be! And does a new build need a valuation assessment?

Has anyone just gone in for a chat with their local authority for clarity on the application form? I think I might find it helpful.

Thanks...and good luck everyone!

LK1988

We put in our application form about 4 weeks ago and was told it would be reviewed at the credit committee SDCC tomorrow so we would know sometime next week. Is the credit committee the people who decide whether to give it to you or not? Or does it then go to an underwriters?

SNNUS

LK1988 wrote: »

We put in our application form about 4 weeks ago and was told it would be reviewed at the credit committee SDCC tomorrow so we would know sometime next week. Is the credit committee the people who decide whether to give it to you or not? Or does it then go to an underwriters?

Usually if it goes to credit committee it means it was approved by underwriters.

When mine went to credit committee I rang after the meeting and they told me how it went.

LK1988

SNNUS wrote: »

Usually if it goes to credit committee it means it was approved by underwriters.

When mine went to credit committee I rang after the meeting and they told me how it went.

Do you mind me asking were you approved?

SNNUS

LK1988 wrote: »

Do you mind me asking were you approved?

Yeah I was, they should not make you wait for a decision but I have heard of only bad things about DSCC

LK1988

SNNUS wrote: »

Yeah I was, they should not make you wait for a decision but I have heard of only bad things about DSCC

Ah great congratulations, hopefully it going to the credit committee has a positive outcome for us.

Sam2904

Has anyone got approval for a new build/self build if so how long do you get mortgage approval for. We applied and our house isnt ready until february. Just wondering will we have to start the whole process again!

Sam2904

Hey! Has anyone got approval for a new build/self build if so how long do you get mortgage approval for. We applied and our house isnt ready until february. Just wondering will we have to start the whole process again

LK1988

Ailbag wrote: »

DCC, the longest wait was the credit committee but they seem to have weekly meetings now, rather than fortnightly, so that will be faster once they clear the backlog. It was just under 10 weeks in the end.

How long did it take to get word after the credit committee?

Darkglasses

Sam2904 wrote: »

Has anyone got approval for a new build/self build if so how long do you get mortgage approval for. We applied and our house isnt ready until february. Just wondering will we have to start the whole process again!

Approval is valid for 6 months, Councils have the ability to extend approval subject to no disimprovement in your financial situation.

Alk866

I recieved my whole application back after 3 weeks saying I need computer generated p60s. I know for a fact they got our original ones as the woman at the desk made sure we had that and our p21. Anyone else have issues like this. Feel like they have done this to sabotage our chances as we qualify.

stryker mcqueen

Alk866 wrote: »

I recieved my whole application back after 3 weeks saying I need computer generated p60s. I know for a fact they got our original ones as the woman at the desk made sure we had that and our p21. Anyone else have issues like this. Feel like they have done this to sabotage our chances as we qualify.

Yea we got our application back because of something similar , south Dublin cc ...... Absolutely boobs.

Sammylok1977

This is my 6 weeks after apply to DCC and I still haven't hear from anything!! I
I think is gonna take long!! I wonder if the call you or send the post ??

Sam2904

Darkglasses wrote: »

Approval is valid for 6 months, Councils have the ability to extend approval subject to no disimprovement in your financial situation.

We got approval yesterday and it stated it was valid for 3 months when i enquired i was told we needed to reapply if it went passed 6 months. We have just recieved our contract for the new build and im not sure if we should sign it after todays call to the council.

stryker mcqueen

Sammylok1977 wrote: »

This is my 6 weeks after apply to DCC and I still haven't hear from anything!! I
I think is gonna take long!! I wonder if the call you or send the post ??

We were 9 weeks yesterday , a friend heard bang on 10 weeks so I'm not panicking

LK1988

Alk866 wrote: »

I recieved my whole application back after 3 weeks saying I need computer generated p60s. I know for a fact they got our original ones as the woman at the desk made sure we had that and our p21. Anyone else have issues like this. Feel like they have done this to sabotage our chances as we qualify.

Was it SDCC?

Sammylok1977

SNNUS wrote: »

LK1988 wrote: »

Do you mind me asking were you approved?

Yeah I was, they should not make you wait for a decision but I have heard of only bad things about DSCC

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Sammylok1977

SNNUS wrote: »

LK1988 wrote: »

Do you mind me asking were you approved?

Yeah I was, they should not make you wait for a decision but I have heard of only bad things about DSCC

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Sammylok1977

stryker mcqueen wrote: »

Sammylok1977 wrote: »

This is my 6 weeks after apply to DCC and I still haven't hear from anything!! I
I think is gonna take long!! I wonder if the call you or send the post ??

We were 9 weeks yesterday , a friend heard bang on 10 weeks so I'm not panicking

After this post and I have received my loan approval just almost 7 weeks with DCC ..

SNNUS

Sammylok1977 wrote: »

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Woo hoo! Congrats! Any houses looked at?

Sammylok1977

SNNUS wrote: »

Sammylok1977 wrote: »

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Woo hoo! Congrats! Any houses looked at?

Not yet , may I ask which form I have to sign and send back to council? I have 3 form but I haven't find any property yet !! What about yourself? Did you find anything?

bri007

Is it original P60s you give or photocopies of an original P60, read on requirements it cannot be computer generated!

Bit confused!

Sammylok1977

bri007 wrote: »

Is it original P60s you give or photocopies of an original P60, read on requirements it cannot be computer generated!

Bit confused!

You can photocopy

bri007

Thanks,

And congrats on getting passed on your mortgage

Sammylok1977 wrote: »

You can photocopy

Sammylok1977

bri007 wrote: »

Thanks,

And congrats on getting passed on your mortgage

Sammylok1977 wrote: »

You can photocopy

Thank you and best of luck to you

Lolle06

Sammylok1977 wrote: »

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

That’s fantastic news, Sammylok! Congrats & happy house hunting :-)

Sammylok1977

Lolle06 wrote: »

Sammylok1977 wrote: »

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

That’s fantastic news, Sammylok! Congrats & happy house hunting :-)

Thank you soooo much!! Hopefully I will get house soon xxx

SNNUS

Sammylok1977 wrote: »

Not yet , may I ask which form I have to sign and send back to council? I have 3 form but I haven't find any property yet !! What about yourself? Did you find anything?

Not sure which form you are referring to, When I got approved I got a letter of approval and had to reply in writing to accept offer.

My house is about a month off completion so have done a lot of the paperwork legwork already if you need any advice

Sammylok1977

SNNUS wrote: »

Sammylok1977 wrote: »

Not yet , may I ask which form I have to sign and send back to council? I have 3 form but I haven't find any property yet !! What about yourself? Did you find anything?

Not sure which form you are referring to, When I got approved I got a letter of approval and had to reply in writing to accept offer.

My house is about a month off completion so have done a lot of the paperwork legwork already if you need any advice

I have checked it so I going to sign and post!! Congratulations to you new house very happy for you !! I would love to have your legal advice, hopefully I will get the property soon!! Thank you in advance:-)

metricspaces

Sammylok1977 wrote: »

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Was it 7 weeks from when you handed your application into the council? Or 7 weeks after the council said your application was submitted to the underwriters?

Sammylok1977

metricspaces wrote: »

Sammylok1977 wrote: »

Hello SNNUS I got my loan approval today almost 7 weeks waiting with DCC.

Was it 7 weeks from when you handed your application into the council? Or 7 weeks after the council said your application was submitted to the underwriters?

I received a letter of loan approval

bubbles46

I almost have all paperwork ready for my application. 2 things I need help with-The form I need to get signed by the Revenue Commissioners-Do I have to bring in the entire application with me or just that page and anything else beside I.D?And also in the 'For those renting' section it says you have to show a rent book or proof of payment,wont my 6 mths bank statements suffice or do I need a seperate letter from my landlord to say I have paid on time every month?Thanks.

stryker mcqueen

bubbles46 wrote:

I almost have all paperwork ready for my application. 2 things I need help with-The form I need to get signed by the Revenue Commissioners-Do I have to bring in the entire application with me or just that page and anything else beside I.D?And also in the 'For those renting' section it says you have to show a rent book or proof of payment,wont my 6 mths bank statements suffice or do I need a seperate letter from my landlord to say I have paid on time every month?Thanks.

We just highlighted out rent payments on our bank statements.... I posted my hpl1 form into the council and they sent it back complete, so I don't think you'll even need ID , best of luck