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Rebuilding Ireland home loan

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    #1952
    scabo33
    Registered Users Posts: 82 ✭✭scabo33


    Malsos wrote: »
    Hi,

    Can someone help me with below:

    1) Are people being offered similar amounts to what the online calculator offers them

    2) When is the best time to apply for the loan
    - When you see property on daft
    - Do you bid on a house & go sale agreed
    - Do you apply and see amount offered



    Apply immediately and just put down maximum for amount needed. That’s what council told us then you will know what you can play with. It takes weeks for them to get back to you so don’t put all your eggs in this. We did and they rejected us so we went back to the bank.


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    #1953
    Gael23
    Registered Users Posts: 12,112 ✭✭✭✭Gael23


    Can you apply to buy in an area where you don’t currently live. Aiming to get out of Dublin and have a chance at buying


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    #1954
    Darkglasses
    Registered Users Posts: 14,526 ✭✭✭✭Darkglasses


    Gael23 wrote: »
    Can you apply to buy in an area where you don’t currently live. Aiming to get out of Dublin and have a chance at buying

    Yes, you just apply to the Council in the area you want to buy in


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    #1955
    Tells
    Registered Users Posts: 136 ✭✭Tells


    We applied to three different councils in Dublin to keep our options open. Got the go ahead from all three.


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    #1956
    Milenauno
    Closed Accounts Posts: 96 ✭✭Milenauno


    Malsos wrote: »
    Hi,

    Can someone help me with below:

    1) Are people being offered similar amounts to what the online calculator offers them

    2) When is the best time to apply for the loan
    - When you see property on daft
    - Do you bid on a house & go sale agreed
    - Do you apply and see amount offered


    Hi,

    1. We have been offered similar amount to what online calculator offered

    2. Apply straight away, it takes time to receive the reply, once received you’ll have 6 months to find the house


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    #1957
    kbman
    Registered Users Posts: 119 ✭✭kbman


    Milenauno wrote: »
    Hi,

    1. We have been offered similar amount to what online calculator offered

    2. Apply straight away, it takes time to receive the reply, once received you’ll have 6 months to find the house

    Not necessarily, one CC i applied to gave me 6 months.

    The other said they would withdraw the offer, if I hadn't told them about a property within 1 month.

    Each of the Councils are working differently from what I can see.
    The only thing that's exactly the same is the MPI, valuation forms from what I can make out.

    We were offered almost exactly what the online calculator gave us.
    Some CC's will insist on a meeting and make sure they're filled out correctly and help you with the figures, others work off what they have and send it back to you by post to correct and refill. This really delays the process but it's unfortuantely due to the backlog some are or have been under.


    But I'd say you'd be best to assume it'll take close to 3 months.
    My final paperwork was in on 8th July and I just got approval yesterday from Wicklow CC.

    I'd agree with the response previously that the best option is to apply straight away.


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    #1958
    SR1990
    Registered Users Posts: 3 ✭SR1990


    Hi everyone, finding the information provided here very useful, thanks all. Just wondering if anyone has heard back from DCC recently? I got a call on Sept 17th to say I was approved by underwriters and should here back from them in 2 weeks time after the Credit Committee had met. Its three weeks now so I'm just wondering if anyone else is in the same boat... Have phoned a few times but its ringing out.


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    #1959
    Shellzer123
    Registered Users Posts: 24 ✭Shellzer123


    Hi can anybody help? Has anyone been given more than the online calculator states?

    Im putting the maximum amount on my application but would love feedback.


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    #1960
    kbman
    Registered Users Posts: 119 ✭✭kbman


    Shellzer123 wrote: »
    Hi can anybody help? Has anyone been given more than the online calculator states?

    Im putting the maximum amount on my application but would love feedback.

    With me I put what the calculator gave me.
    I think that's the max you'll get, the figure I got back was 2 euro less which should help you have an idea

    Good luck with your application


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    #1961
    kbman
    Registered Users Posts: 119 ✭✭kbman


    SR1990 wrote: »
    Hi everyone, finding the information provided here very useful, thanks all. Just wondering if anyone has heard back from DCC recently? I got a call on Sept 17th to say I was approved by underwriters and should here back from them in 2 weeks time after the Credit Committee had met. Its three weeks now so I'm just wondering if anyone else is in the same boat... Have phoned a few times but its ringing out.

    I didn't get this info on my application but all I can suggest is to maybe try calling at different times of the day and emailing the contact In there. I had same problem phoning and getting info also.


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    #1962
    Shellzer123
    Registered Users Posts: 24 ✭Shellzer123


    kbman wrote: »
    With me I put what the calculator gave me.
    I think that's the max you'll get, the figure I got back was 2 euro less which should help you have an idea

    Good luck with your application

    Great thanks for that. I have a yearly guaranteed bonus aswell on my salary cert. would that increase the mortgage amount do you know?


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    #1963
    deedee26
    Registered Users Posts: 48 ✭deedee26


    SR1990 wrote: »
    Hi everyone, finding the information provided here very useful, thanks all. Just wondering if anyone has heard back from DCC recently? I got a call on Sept 17th to say I was approved by underwriters and should here back from them in 2 weeks time after the Credit Committee had met. Its three weeks now so I'm just wondering if anyone else is in the same boat... Have phoned a few times but its ringing out.

    Credit committee meeting tomorrow, in DCC. I was told to ring them on Friday and they would let me know.


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    #1964
    kbman
    Registered Users Posts: 119 ✭✭kbman


    Shellzer123 wrote: »
    Great thanks for that. I have a yearly guaranteed bonus aswell on my salary cert. would that increase the mortgage amount do you know?

    I don't think they take bonuses into account, on the other hand you're already being offered more than the banks


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    #1965
    deedee26
    Registered Users Posts: 48 ✭deedee26


    Have they not already done some figures up for you? The guy in DCC done my figures two ways and I picked which one I wanted to apply for. I would imagine it's all going to come down to you proven you have the ability to repay the loan.


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    #1966
    Milenauno
    Closed Accounts Posts: 96 ✭✭Milenauno


    SR1990 wrote: »
    Hi everyone, finding the information provided here very useful, thanks all. Just wondering if anyone has heard back from DCC recently? I got a call on Sept 17th to say I was approved by underwriters and should here back from them in 2 weeks time after the Credit Committee had met. Its three weeks now so I'm just wondering if anyone else is in the same boat... Have phoned a few times but its ringing out.

    I don’t remember the exact nomber of days but it took certainly more than 2 weeks between we got approved by underwriters and we received the loan offer. I would say 3/4 weeks, the Commitee is meeting once a week. Try to reply to the email they sent to you and ask about the status of your application. Are you sure that you have the right number? Because, they answered the phone every time I called them.


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    #1967
    Shellzer123
    Registered Users Posts: 24 ✭Shellzer123


    deedee26 wrote: »
    Have they not already done some figures up for you? The guy in DCC done my figures two ways and I picked which one I wanted to apply for. I would imagine it's all going to come down to you proven you have the ability to repay the loan.

    My appointment is next week so fingers crossed then ill know what the position is money wise.
    Thanks for this it is very helpful.


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    #1968
    Salanky
    Registered Users Posts: 86 ✭✭Salanky


    Got my approval today from louth coco for just under the max on the calculator. It would have been 5 weeks tomorrow since the application went in so quick enough. Now the clock starts....


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    #1969
    Shellzer123
    Registered Users Posts: 24 ✭Shellzer123


    Salanky wrote: »
    Got my approval today from louth coco for just under the max on the calculator. It would have been 5 weeks tomorrow since the application went in so quick enough. Now the clock starts....

    Thats great news congratulations and thanks for letting us know. Happy House Hunting


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    #1970
    Sarahsan
    Registered Users Posts: 79 ✭✭Sarahsan


    Hi All,

    I'm submitting my application to DCC this week. How long can I expect it to take to hear back? Has anyone had much success with them recently? I'm feeling very nervous about it!

    Thank you!


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    #1971
    Zoeziggy123!
    Registered Users Posts: 5 ✭Zoeziggy123!


    Milenauno wrote: »
    I don’t remember the exact nomber of days but it took certainly more than 2 weeks between we got approved by underwriters and we received the loan offer. I would say 3/4 weeks, the Commitee is meeting once a week. Try to reply to the email they sent to you and ask about the status of your application. Are you sure that you have the right number? Because, they answered the phone every time I called them.

    Hi There,

    Can I ask what was in your loan offer? Like the terms & conditions?


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    #1972
    deedee26
    Registered Users Posts: 48 ✭deedee26


    I applied with DCC end of August. Rang on Friday to say loan was approved, that i will receive letter in post.


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    #1973
    Shanvp
    Closed Accounts Posts: 17 ✭Shanvp


    This is a long shot but.. has anyone here been through the whole application with money gifted to them? We are at drawn down stage and I'm wondering if any other documents need to be signed by the person giving the gift other than The "confirmation of mortgage" deed.


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    #1974
    scheister
    Registered Users Posts: 1,309 ✭✭✭scheister


    Shanvp wrote: »
    This is a long shot but.. has anyone here been through the whole application with money gifted to them? We are at drawn down stage and I'm wondering if any other documents need to be signed by the person giving the gift other than The "confirmation of mortgage" deed.

    For money that was gifts have they looked for a gift letter from the person who gave you the gift?


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    #1975
    GlowStick
    Registered Users Posts: 58 ✭✭GlowStick


    Shanvp wrote: »
    This is a long shot but.. has anyone here been through the whole application with money gifted to them? We are at drawn down stage and I'm wondering if any other documents need to be signed by the person giving the gift other than The "confirmation of mortgage" deed.

    I was gifted some money (money that I actually ended up not needing because I went with a cheaper house, but anyway!) So I told the CC at the start and they required a gift letter with my application from the person gifting me the money. At draw down, my solicitor asked if I'd had any money gifted to me. I mentioned this, and, even though I wasn't using the money, sure required a more legal letter stating that should I need the money, this person would have no interest in my property. That ended up making the process about a week longer because they had to post everything. So if I were you, to be on the safe side, I'd mention it to your solicitor - at the end of the day, that's what they're there for! Good luck!


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    #1976
    Milenauno
    Closed Accounts Posts: 96 ✭✭Milenauno


    Zoeziggy123! wrote: »
    Hi There,

    Can I ask what was in your loan offer? Like the terms & conditions?

    There was a list of the documents to be provided once you find the house to buy; forms to be filled, insurance forms to be filled, letters from employer and gp.
    The loan offer was valid for 6 months and once you receive the final loans offer ( that is sent to your solicitor, once you go sale agreed) then you have 3 weeks to accept it.


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    #1977
    kbman
    Registered Users Posts: 119 ✭✭kbman


    Interesting, we didn't need letters from employer or gp unless that's still to come.
    We signed letter of acceptance, final approval and about to go through mortgage protection insruance policy signing.

    How long was it after you signed all the documents given when you got the approval in principal until you got the final loan offer?


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    #1978
    LadyMayBelle
    Registered Users Posts: 5,095 ✭✭✭LadyMayBelle


    Getting ourselves ready to apply in Galway. Am I right in thinking consistently paying rent for 5 years (between 1200-1400pm) is a sign we can manage money? Have fu*k all left over at the end of the month as on one wage, but am I gonna get scuppered by that?


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    #1979
    Milenauno
    Closed Accounts Posts: 96 ✭✭Milenauno


    kbman wrote: »
    Interesting, we didn't need letters from employer or gp unless that's still to come.
    We signed letter of acceptance, final approval and about to go through mortgage protection insruance policy signing.

    How long was it after you signed all the documents given when you got the approval in principal until you got the final loan offer?

    About 3 weeks


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    #1980
    SuporT
    Registered Users Posts: 2 ✭SuporT


    Milenauno wrote: »
    About 3 weeks

    Is no time frame SDCC. We still waiting loan documents since 5th September.


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    #1981
    Shanvp
    Closed Accounts Posts: 17 ✭Shanvp


    GlowStick wrote: »
    I was gifted some money (money that I actually ended up not needing because I went with a cheaper house, but anyway!) So I told the CC at the start and they required a gift letter with my application from the person gifting me the money. At draw down, my solicitor asked if I'd had any money gifted to me. I mentioned this, and, even though I wasn't using the money, sure required a more legal letter stating that should I need the money, this person would have no interest in my property. That ended up making the process about a week longer because they had to post everything. So if I were you, to be on the safe side, I'd mention it to your solicitor - at the end of the day, that's what they're there for! Good luck!

    Thanks for the quick reply, we've already got the legal letter signed and witnessed and the gift letter was done upon application, and the solicitor is fully aware. Thank you for clarifying that.

    We are just waiting for the council to release funds, we requested drawdown 4 week ago! I guess I'm just overthinking at this stage, the waiting game really is driving me crazy!


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