Munsterdude
Registered User
- Messages
- 169
tml said:have never come across the exact situation but try EBS or BOI (not ICS) think EBS are a bit more flexible with their home access product.....but am open to correction on this!
ClubMan said:Munsterdude - just curious: is there no industry source for advice on stuff like this? I'm just fascinated that a mortgage broker would be stuck on a technical point like this and be forced to resort to asking about it on a public bulletin board? This is a genuine query with no sarcastic/ironic intent.
Molly,Molly said:Munsterdude,
Im a broker and have never encountered any lender willing to allow the council or any other party for that matter retain a second charge on the property. A lender will want a first and only charge on it. The only way they will be able to refinance is if there is enough equity in the property plus repayment capacity to allow them borrow to repay the council the buy out figure plus the clawback, if there is not enough equity they will not be able to do it.. The council clawback reduces yearly, maybe they should hold off for a year or two.
Yeah - thanks. Definitely no sarcasm/irony intended but I just thought I'd play it safe and declare that up front!Munsterdude said:Clubman,
Are you sure there is no sarcastic/ironic intent!!!! (Joking)
I hear what you are saying, but this is very much non standard stuff. I have been to the obvious places - County council department, department of Environment, several specialist solicitors etc. I honestly think I am making all efforts on behalf of the client. In addition i have had various underwriters in various banks trying to get to the bottom of this also. I agree with you about resorting to a public bulletin board. Normal techinical points can be clarified with the specific lender. In this case its a government department which seriously adds to the confusion! I suppose this is a last resort - I dont want to leave the client down. I would rather look a bit stupid, but be able to sort this for the client, than leave the client down.
Other general industry sources would probably be IMAF, PIBA, etc who I personally find to be weak enough on this sort of info. Cant say I blame them, as this whole area is a bit grey. Does this answer your query?
Munsterdude
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?