carrighead
Registered User
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just wondering is it possible to remortgage on an AH? would like to build an extension... i know there was a thread on here before, but i cant seem to find it at the moment.
thanks
thanks
I'm in an A/H house in cork since 2002 and have been told by the CC on numerous times that I can't re-mortage under any circumstances.
Brooklyn, did you manage to remortgage, remove the clawback and legally move out of the property, thereby converting it into an investment property?
zen said:I was informed by DCC
if I remortgaged the property clawback would still remain!
I could remortgage but there was no clawback for me to repay. I am still obliged to repay the clawback if I sell within 20 years (assuming that the value goes back up again).
If you remortgage you do not trigger the clawback as you are still the owner of the house. All that changes is your lending provider.
Cheeus said:Does this mean that the best time to remortgage would be when it is worth just marginally more than you paid for it?
No, we've been over this time and time again. The original legislation was drafted, apparently inadvertently, in such a way as to include remortgage as a clawback-triggering event. Gormley as Minister met with Affordable Housing homeowners and agreed that this was never the intention and and promised to introduce amending legislation to remove this provision. Unfortunately, the legislation that was introduced contained another error, so that only future AH owners would be able to remortgage without triggering the clawback - existing AH owners remained subject to the original provision.
Have you a copy of the legislation? I purchased in 2004 and Cork CC have informed me that the clawback is not triggered if a remortgage happens. As I said already it only applies if you sell the house.
Have you a copy of the legislation? I purchased in 2004 and Cork CC have informed me that the clawback is not triggered if a remortgage happens. As I said already it only applies if you sell the house.