B
Breathnach
Guest
Has anyone tried this yet?
Am hoping to switch mortgage and consolidate my loans in one move!
Am hoping to switch mortgage and consolidate my loans in one move!
This is standard with all affordable housing buy outs, you availed of a property at below market value and therefore a clawback is payable if you wish to buy the council out, the clawback reduces yearly and doesnt apply after 10 years ( differs form council to council)My county council is insisting I pay the claw back % even though i'm buying out the house myself.
not true so long as you meet the criteria an affordable housing buy out is no different to processing any other remortgagesome banks won't accept an application that whiffs of affordable housing.Yesterday 05:35 PM
you should'nt be getting this kind of a response, if the total borrowing ,ie the amount to refinance local authority mortgage plus buy out figure plus clawback does not exceed the banks maximum loan to value ratio for remortgaging ( 85% to 90%) then your application should not be treated any different to any other remortgage application.I was meeting the criteria for alot of banks but they declined on the grounds of having to deal with affordable housing and the claw back, I've had to apply in person to other banks as they'll only consider a personal application.
Why can't you simply post the details here?Molly said:do you want to PM me the details and I can advise you which lender to approach