Re-mortgaging AH?

[kfc1]

We want to add an extension to house and was advised by WCC to remortgage with another lender as they dont do top ups. BOI just informed us they will not accept our mortgage application as WCC still have a 3rd party interest in house (we are in house 7 years - clawback 10 yrs) depite WCC telling us clawback doesnt have to be paid unless selling the house. Anyone else had this? Is worth going to another lender or are we wasting our time?

 

[Artois]

If you wish to remortgage your affordable home you will trigger the clawback and will have to buy out the WCC interest. Do not bank on WCC having a clue about how the scheme works.
Buying out the Wcc will not be a concern if the property is now worth less that you paid for it when you purchased it. In any event I do not believe that a financial institution will allow you to put a second legal charge on an affordable home unless you have had the charging order redeemed. Remortgage with another institution and loose Wcc.

 

[Brooklyn]

Plenty of threads about this already. Legislation currently going through the Dáil will allow affordable homeowners to remortgage without triggering the clawback. Hopefully will be enacted before the Dáil goes on summer break, but you never know.