Re-mortgaging an affordable house

Re: Re-mortagaging an affordable house

hi scatriona,
well i rang them like you checked the EBS website and nothing about it. Spoke to a mortgage adviser and firstly he said yes you can remortgage but you can't get any extra money which for me would be a waste because i was looking to get an extra 20,000 or so. The he said hang on a minute and left me holding and came back to me and mentioned redemption figures i told him that i presumed then that was the clawback he said yes so i guess they don't do it, he was very vague though about the whole thing. Did say though that they were currently looking at the option of remortgaging and maybe in the future, shame i was getting my hopes up too soon i guess!
 
Re: Re-mortagaging an affordable house

Thanks Rex

I reckon that no matter what institution offers re-mortgaging, the clawback has to be paid back in order to remortgage, thereby removing the council from the scenario altogether so the final agreement is just between the property owner and the bank or building soc. offering the new mortgage. A response from teh council to my query was: 'The Council will faciltate you if you wish to remortgage, however we include the Clawback in any settlement/ redemption figure.'

Good luck!

S
 
thanks scatriona you are probably right having said that completely different information was given to me from the EBS than what given to someone else who spoke to a different person. I'm determined to find out and see if it can at all be done, i think i'm getting desperate at this stage. If i can't remortgage i think i will have to cut my losses and sell seems a shame and possibly my own fault but should have asked from the outset was remortgage a possibility.
 
Anyone know what the situation is if you want to remortgage an affordable house where the original mortgage is with a bank (and not through the council).

I signed a Charging Order for the unit back in July but solicitor has asked me to re-sign one (whether he lost it or this is an updated form, I have my suspicions).

This one specifically mentions remortgaging...

Just wondering what the deal is, going to chat to solicitor as well but nice to know what others make of it.
 
Slightly off topic but this is the way it is dealt with in Sligo County Council.

Redemption:

The purchaser will have the right to repay the mortgage early in whole or part, without having to pay a redemption fee. However, if a house purchased under the scheme is resold within five years, the discount in the sale price (i.e. the difference between the original market value and the sale price) will be payable by the purchaser Sligo County Council. If a house is sold between five and ten years after original purchase a tapered repayment of the discount will apply as follows:

5 - 6 years80% of discount6 - 7 years60%7 - 8 years40%8 - 9 years20%9 - 10 years10%After 10 yearsNil

 
HI Lorrie,

I have an affordable house and housign loan through Cork County Council.

Very interesting info. Are you saying that you successful re-mortgaged your affordable home? What bank did you use?

juannjo
 
Juannjo
No I have not done it yet but am thinking of it. I am in house 6 years this March. I generally want to buy them right out - am hoping to find out more figures from them soon in relation to my own house. If I wait for ten years to be up I think I don't have to pay clawback - well thats what I take from the Redemption excerpt off their website. All the County Councils seem to have different rules etc.
 
I cant believe some people want to pay the clawback to release some equity in their home. Would you not just get a loan from a credit union or bank for home improvements?

Mad if you pay the clawback.
 
im trying to remortgage have house nearly 6 years with fingal county council but does not look like i can remortgage without paying clawback which i certainly won't do it would mean paying back c. 90,000 which is crazy. i just don't remember when i bought house ever being told that remortgage was not an option i guess i should have read the small print. Always thought that the clawback was only payable if you sell before 20 years.
 
Hi,

Just wondering if anyone has any update on this.

thanks,

Larry
 
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