In the process of trying to remortgage my affordable house

Y

yvonnep

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Hi!

I bought an affordable house 2 years ago. I got approved with Ulster bank for a remortgage (its basically just to consolidate my existing loans into my mortage) a few months back but there was confusion with the application originally and they approved on the basis that it was a normal house. Once they found out that it was an affordable house they withdrew the approval and rejected the application. My mortgage brokers are in the process of resending the application to another mortgage company, they mentioned to me that they were going to try IIB, which I heard are more affordable housing friendly! Has anybody else managed to remortgage there affordable house or had any experience with this. My mortgage is with Irish Nationwide, and I know that they will not remortgage, when I first applied for the mortgage from them they were reluctant to give it to me I was the first affordable mortgage they did and I think the last. I would really appreciate any advice regarding this.
 
I'd be loath to leave Irish Nationwide. You'll receive a windfall from their demutulisation within a matter of months. In fact it would be madness to move your mortgage at this stage simply to consolidate existing loans.

Beware of taking advice on the matter from a broker who'll gain from handling the remortgage transaction.
 
"demutulisation" Sorry I don't understand what you mean. I have a lot of overheads and finding it a struggle to meet my repayments every month otherwise there is no way I'd remortgage. Don't mind struggling with big repayments short term but if I don't remortgage your talking for the next 5 years. I can't even start a pension fund or even dream of saving. Wish the situation was different but I don't think I have a choice
 
Good to see that the Irish Nationwide has kept it's members informed, though I am amazed you're unaware of this.



This should/could/may be worth anything up to E15K to you. And should/could/may be in your pocket by next summer.
 
Oh my god! I can't believe I never heard of this. I would totally qualify. I took my mortgage out in July 2004. So I take it your advice is to sit tight for this to happen. Whats the update on it now? Could it be another few years before it happens or is it going to happen within a year
 
Just on the original question, though as per Howitzer it might not be in your best interests to remortgage right now- Theoretically you should be able to remortgage. In practice it appears that the financial institutions are not interested in such borrowers because each institution has to enter into an agreement with each council before going ahead- and they are not interested in the complications involved. I know of some people who have been turned down by GE Money and Start, and I believe are now also targetting IIB. Early days- a good broker is very helpful in this type of scenario.
 
Vanila, thanks for that! I think I'll be looking into this possible Nationwide pay out first before I proceed any further.
 
yvonne this is defo going to happen. my bank manager has told me that its in feb 07 i should receive my payout roughly.
you need to ensure that there is ALWAYS a minimum balance of €127 in the account in order to qualify.
sit tight and wait for your cash!
 
Wow! It could happen as soon as February. That is fantastic news! Have you got a mortgage with INBS?
 
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