Can I remortgage?

N

Nutsy

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Hi Guys

Had a look and didn't see it but apologies if this has been covered previously. APOLOGIES, JUST CAME ACROSS KFC1 POST, MISSED IT EARLIER

I bought an AH in Galway approximately 2 years ago. My mortgage provider is BOI. My personal situation has changed since I purchased, my partner has moved in and we have just gotten engaged:D. Unfortunately we both are carrying some hefty financial baggage, in my case as a result of an expensive divorce and I would really like to refinance. Our combined current (all in inc. bills, maintenance etc) monthly outgoings are in the region of 3400 from a net income of c. 3900 which is really hurting and long term is unsustainable. From the BOI site I believe this could be consolidated by increasing mortgage from 135k over thirty years to 200k over 25 to an approximate 2100 all in which would put 1300 back into our pockets p.m.

My questions are - will the bank consider this and if not why not?

Really appreciaate any of you taking the time to respond, situation is beginning to feel desperate for me.

Thanks Guys.
 
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Hello Nutsy,

Firstly as this is your first post I must declare I work with BOI ....

Having said that, my response would be the same irrespective of who you banked with ...

Looks like short term debt is putting a heavy strain on your disposable income - I'm taking your figures at face value - looks very 'do-able' from what you say. I'm estimating (at the top of my head) that your gross income is c. E60k p.a. The only complicating factor will be the value of your home, it needs to be able to carry the mortgage of E200k.

My suggestion, arrange to meet with your mortgage advisor and put all your cards on the table and see what solution ye can come up with jointly.

Hope it all works out for you.

Regards,

BM
 
Hi BM

First of all many thanks for your encouraging reply.

Gross income is 48k (self) + 30k(partner),we both thankfully hold permanent positions (>10 years) in reasonably secure industries. The house was valued at time of purchase at 300k, obviously this will have changed subtantially but even allowing for a 25/30% drop in valuation it should still be worth in region of 220k? You are absolutely correct about the short term debt, last loan will clear in c 4 years but IMO as things stand we will never make it, just too close to the edge........

Land registry etc is all sorted but the house is in my name only.

Reading responses to Kfc1's post it looks like I would have to buy out the city council to proceed? If that were the case based on clawback the required mortgage would be way too much.

Thanks again.
Nutsy
 
HI Nutsy

MY AH mortgage is with BOI. I also really want to consolidate my personal loan which also has 4 years, I earn about 60k but the loan is killing me. Have twice been told no way can it be done unless I pay the clawback. It's a load of poo!
 
Thanks Discogirl

Looks like we are stuck until the proposed legislation goes through the house of horrors........

Nutsy
 
Looks like we are stuck until the proposed legislation goes through the house of horrors........

Nutsy[/quote]

I was told by Dept of Environment that the legislation is due to be finalised and passed before the summer recess in the Dáil (Dáil goes into recess 1st week in July). Checked the Oireachtas legislation timetable and it's definitely listed to be finalised then, so once that goes through (it has gone through first stages in Dáil already, just waiting to go through 2nd stage in Seanad), then it will be passed in to law and people will be able to remortgage affordable houses, once they remain living in them, without having to pay the clawback :)
 
Doyle73 said:
(it has gone through first stages in Dáil already, just waiting to go through 2nd stage in Seanad)
Click to expand...

It's already gone through the Seanad. It completed second stage in the Dáil today. Still has to go through committee and report stage. It's a big ol' bill so that could take a while.
 
yes it would be great news alright i have been waiting for years to do it so hopefully this is the year :)
 
This has yet to be confirmed but it looks as though the committee won't be starting on the legislation until after the elections. Given the nature and size of the bill there are likely to be a lot of amendments so that could mean it won't be completed before the summer recess.

Time for everyone to get onto their TDs.
 
I hope that doesnt happen..I was really hoping that this would be passed by the summer session..looks like a few emails will have to be sent so,you never know it may make a difference..does anyone know when the next dail session begins then in case it doesnt go through?
 
I've emailed two local TDs, hope everyone else in the same boat will mail them to try hurry it along.
 
Mails sent to local pols also, don't know what good it will do but I guess it can't do any harm.

Heres hoping....

Nutsy
 
this is a reply i got today from my local TD

The Housing Bill completed the second stage at the end of April and will be going through third stage in the coming while - this is the stage where amendments can be made to the Bill.


So fingers crossed i guess
 
Hi there..i got a reply from a TD earlier today which i'm confused about.. he said that the provision in the housing bill that allows you to remortgage without triggering the clawback is only for new purchases and so it wouldnt apply to people who have already made a purchase. He didnt seem completely sure of this but said it was his understanding following "discussions with both the Minister and the Department". Does anyone know if this is correct??
 
Manunited I'm nearly positive it applies to all affordable housing not just new purchases well i hope to god it does
 
Rex I'm with you, hope your right about applying to all housing.... Surely a bit discriminatory if it isn't?

Fingers crossed!

Nutsy
 
manunited said:
Hi there..i got a reply from a TD earlier today which i'm confused about.. he said that the provision in the housing bill that allows you to remortgage without triggering the clawback is only for new purchases and so it wouldnt apply to people who have already made a purchase. He didnt seem completely sure of this but said it was his understanding following "discussions with both the Minister and the Department". Does anyone know if this is correct??
Click to expand...

It's not correct, the Minister himself has said it will apply to existing homeowners as well.
 
Great,i'm delighted to be wrong :) I got the impression he wasnt completely sure of what he was saying anyway.. fingers crossed it will come through soon then.
 
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