Info on re-morg & working part-time!!!

A

ASH83

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Hi All,

I bought under the affordable housing 4 years ago by myself.

Myself and my husband now want to relocate down to the country, with the clawbacks its not realistic to sell, so were were thinking of re-morg. and renting this property out.

My husband works full time so his P60 is fine.
I work part-time as I have been on maternity leave and have recently returned to work.

Do I need to be working full time in order to re-morg & get a new morg.?
I work 3 days per week and sign on for the other 3 bringing in nearly a full time wage anyways, and if I was to go back full time and pay full time childcare id prob be bringing home the same income!

Can anyone advice the best way to do what im thinking of doing, can I carry on Part-time or do I need to go back full time?

Would I be able to re-morg with my husband and rent this peoperty out and buy another property down the country to live in?

If so am I best going to a broker who can do the whole lot for us?

Your advice would be appriciated!
 
Pretty sure you can not rent out a property that is under the affordable housing scheme
 
possibly one for the Affordable Housing thread.

I don't understand how the clawback on sale affects you negatively.

If the place has fallen in value then you get your money back.

If it has risen in value, the amount you originally put in will have risen proporionately.

You'd have to live there for another 16 years to get your hands on the full share of the proceeds
 
Hi Guys,

I know what way the claw back works, thats why im not selling I want to re-morg so it no longer has any connection to SDCC leaving me free to rent the property! - I have also had the property valued and with the claw back will trebbel the money I myself put into it if I was to sell. But renting is the better option.

I really just need to know in order to re morg. and get a new morg. with my husband (works full-time) Do I need to return to work full time?

It works out somewhat finacialy the same working part-time as it does full-time when i deduct childcare ect.

But in order to get the morg. would I need to have Full-time down on paper!
 
More details required Ash.
In order to remortgage you will not need to work full time if your husbands salary is strong enough to support the mortgage on his own.
 
Well he would be on €34k per annum.
If I was to go back full time I would be getting €30k per annum!

Maybe the best thing to do on this one is to go back fulltime until we re-morg, then I always have the option of returning to work part time again!

Just seems awful working 5 full days a week for exactly what I am getting for working 3 days a week! But sure what has to be done has to be done :D
 
Ash83
not sure if you can remortgage yet with the affordable housing without paying a clawback they were introducing a housing bill that would change that but not sure yet if it has been passed does anyone know??
 
Hi Rex,

I did hear something about that on the radio and from what i gattered it will come into play in 2009 but not for people who have already signed contracts. So it will be for anyone buying from 2009
 
ASH83 said:
I work 3 days per week and sign on for the other 3 bringing in nearly a full time wage anyways, and if I was to go back full time and pay full time childcare id prob be bringing home the same income!
Click to expand...


Is it possible to sign on for 3 days a week if you are choosing to work part-time, rather than full time?
 
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