Government is looking at changing the legislation regarding AH clawback.

C

CJESSIE

Guest
Hi All
Just reading all post and thought you may be intrested to know
that the Misnster for Housing is looking at changing the Legislation regarding the clawback beening the 1st on the mortgage.There for allowing us to change our mortgage provider & maybe relase a small % for the Equity.
:)
 
Re: Re Legislation on Clawback

CJESSIE said:
Hi All
Just reading all post and thought you may be intrested to know
that the Misnster for Housing is looking at changing the Legislation regarding the clawback beening the 1st on the mortgage.There for allowing us to change our mortgage provider & maybe relase a small % for the Equity.
:)
Click to expand...
Would you have a link to that info by any chance?
 
Re: Re Legislation on Clawback

No Link
I had a meeting with The Minister Batt O Keeffe towards the end for last year. The Ministers view was that individuals who wish to remortgage their homes should not have the clawback imposed on them i.e it would be activated in cases of selling on and not for remortgaging. The Ministrer has ask his officials to examine the issue of facilitating arrangements for persons in affordable housing who wish to remortgage with private lenders. This will require enabling legislation and this can take time.
 
Re: Re Legislation on Clawback

Have you more info on this--is there anywhere to read up about it--

i'm not looking to remotgage my self but i know a someone who is..

I'd like to put them in the right dircetion
 
Re: Re Legislation on Clawback

Hey All,

Sorry to burst your bubbles but this has been on the cards for a while i.e. they have been talking about it for a while. If you look at how long it takes to get legislation through I think we could be waiting for a long time to see this legislation coming through.

B
 
Re: Re Legislation on Clawback

Hi Bradfield
Yes do know this as i said did meet Minister late last year. His department are looking
at hopefully end of this end of year. I have been at this for over 2 & half years now. Contacting all TD's & County Councilors. So end for this year will do fine for me.
 
Re: Re Legislation on Clawback

Batt O'Keeffe answered this in the Dáil yesterday.

"Current practice requires that if a private lender agrees to provide re-mortgage finance in respect of a house purchased under the Government’s affordable housing schemes, it would be on the basis that their mortgage charge would rank below the clawback charge where such a charge exists. This is consistent with the time sensitive nature of property charges under which the priority of charges is determined by the sequence in which they were placed on the property. The private financial institutions have indicated an unwillingness to advance re-mortgage finance on this basis.

Legislative provision to facilitate arrangements under which a local authority could agree to its clawback charge ranking in second place behind a new or topped-up mortgage charge, thereby facilitating persons in affordable housing wishing to re-mortgage with a private lender, is being considered in the context of the Housing (Miscellaneous Provisions) Bill which is currently being drafted. I expect that this Bill will be published by the end of the current parliamentary session."
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

I stand corrected. I have written to the ombudsman and the affordable housing initiative in the last couple of years and was told this was pending which I intrepreted in the widest possible way i.e. a number of years!!!

CJESSIE do you know if this bill will deal with the whole issue of renting out an affordable house after a number of years as a PPR?

Again apologies for the cynical nature of my previous post.

B
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

Hi all,
OP has it right our group have been told that the legislation will be changed by the end of the year but this only involves re-mortgage. This is fantastic news and is very much welcomed by our group. We have asked to see the draft poposal.We are hoping that it will be changed by the end of the year as promised but we will just have to wait and see. In relation to various other issuse that some people have regarding the clawback the minister is not prepared to look at these at the moment but we are still lobbing on there behalf.
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

Hi Tina
I konw this is going off post but can you tell me a bit more about your group?

Thanks CJESSIE
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

CJESSIE i sent you a pm. If anyone else would like info about our group can pm me. Tina
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

Well done Cjessie

This is very welcome news. Finally, we have official acknowledgment of
the problem with the priortising of the "charges" and the wheels of
bureaucracy have started to turn to address the issue.

The next time I see Batt I will not fail to ask after this matter.

If a draft bill is published by end of this year, can anyone give an educated guess on how long it will take to pass through Oireachtas?
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

Well done Cjessie and Tina
 
Remortgage

Will it be possible to remortgage to a different lender than EBS (Haven), BOI, IIB, First Active?

Haven have come back to say that loan approval at ECB + 1.1% is being raised to 1.35% but have offered a fixed rate instead for 3 yrs. Very disappointing.
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

bradfield said:
CJESSIE do you know if this bill will deal with the whole issue of renting out an affordable house after a number of years as a PPR?



B
Click to expand...

hiya Ive been wondering about this for a while and have put up a few posts asking about it, how does this stand at the moment, I have it in my head that I heard somewhere you can rent out after 5 years but I amen't sure if this is with the affordable housing or just availing of the first time buyers grant when it was about.
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

pAnTs said:
hiya Ive been wondering about this for a while and have put up a few posts asking about it, how does this stand at the moment, I have it in my head that I heard somewhere you can rent out after 5 years but I amen't sure if this is with the affordable housing or just availing of the first time buyers grant when it was about.
Click to expand...
Hey interested in this too... a friend told me recently that after a few years you can rent out.. now Ive never heard this mentioned once with FCC so was wondering if a) she imagined it b) its only with particular councils.. anyone?
 
Re: Min fr Housing is looking at changing the legislation regarding the clawback.

And now the million dollar question is will the new minister for housing whoever that will be have the same interest in this issue as Batt O'Keefe???????
 
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