what to do when recession hits

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pAnTs

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Ive just been told that there is a possibility I might lose my job in April. I have an affordable housing apartment for the past 3 years. Im a teacher so the Deptartment of Education is my employer which means I can't exactly try a different employer. I think I would have to rent out the apartment and go away to get a job. The trouble is I can't rent out my apartment under the affordable housing scheme's regulations. What do you think I could do?
 
Ask the council for permission to rent out your apartment and they will let you do this I am sure. They do not want people defaulting on their mortgages.
 
ye I hope they are understanding and obliging. Also has the government ever given any explanation to where the 80million surplus we had a few years back went to?
 
Its been eating up by the deficit this year. 80 millions surplus is a drop in the ocan of a 20 billion deficit that we have at the moment. It went on more garda and more HSE staff etc.
 
is it not 55billion deficit including what we have to borrow? Well at least it went somewhere. It's a very stressful time at the moment and if Im losing my job I will be emigrating till things turn. I also think that the wages the minsters is on is criminal. It's laughable that Brian Cowan is on more than Barack Obama
 
No we are taking in 20 billion less this year than we are making. They want to cut that by 2 billion so its 18 Billion next year and so on. The reason for doing this is, if you are seen to be reducing your deficit you get better rates when you got to borrow money.
 
ye I wonder what'll happen with regards to the affordable housing scheme etc. Im sure a lot of people will be losing their jobs and it'll throw up new questions with regards to the renting clauses!! I think they should relax on that clause anyway perhaps after the person has been living in their property for 5 solid years or something. I know they are allowing affordable home owners release equity on their property but are there any other developments to the affrodable housing scheme apart from the new change where the person will still have to buy the coucil out after 20 years
 
A friend of mine rents out his house in Waterford, he never contacted the council he just did it, he had to move due to work reasons. If u decide to do that be careful where u advertise to rent the property, i know one local authority who scans Daft.ie for affordable homes to rent to catch people out.
 
Holtend82 said:
If u decide to do that be careful where u advertise to rent the property, i know one local authority who scans Daft.ie for affordable homes to rent to catch people out.
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Thanks for the advice! Can you think of any other way to shaft taxpayers?
 
well I dont it's shafting tax payers, I mean I pay a huge amount of tax and contribute to society in more ways than one but if it comes to the point where I can't get a job and have to move away what am Isupposed to do?
 
Vinnie_cork said:
Think its more shaft the Red Tape. Would it not be better for OP to be able to honor the repayments rather than defaulting?
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ye my point exactly. I also think thatthe affordable housing should relaxthat clause by allowing you to rent out your affordable housing propertyafter say 5 - 7years or something. It's tough if you bought the affordable home when you were single (majority of us are coz we would havebeen able to get aproperty with 2 salary's) and plan to one day get married and have children. I live in a 2 bed apartment which would be too small to raise a family in also what if my future hubby owns and affordanle house too????
 
I imagine that when you approach your LA they will show understanding and lienency when you explain your situation given the times that are in it. The rule on not renting out properties bought under the Affordable / Shared Ownership schemes were to prevent people using the schemes for investment purposes as are specifically aimed at people putting a roof over their own heads.
 
at the end of the day what can they really do about it - if you tell them or if you didnt tell them how would they find out!!!
 
pAnTs said:
It's tough if you bought the affordable home when you were single (majority of us are coz we would havebeen able to get aproperty with 2 salary's) and plan to one day get married and have children. I live in a 2 bed apartment which would be too small to raise a family in also what if my future hubby owns and affordanle house too????
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Even though I've bought on the affordable housing scheme myself I wouldn't agree with that. What do people who buy privately do when their apts are no longer big enough for them - they sell and move on, or many of them are in negative equity and they are stuck.

At least we have some protection from negative equity. I don't see why the council should let us rent out a property just so we can keep it forever while we have second properties. It's a bit different if someone loses their job and genuinely wants to keep their AH property as their home.
 
Hi I'm wondering why you might lose your job in April? When I was on Fixed Term contracts I was never told til the last Friday of May/first Friday in June whether there would be hours for me next Sept. Then I sign a blank contact and hope for the full 22 hours.

Have you spoken to the Principal, Iv learned don't sound desperate, its just your finalising some plans and you were wondering where you stood in relation to your school. Good luck.
 
I have the affordable also and i am thinking of emigrating cause was made redundant..Could I get a friend to rent it out with rent allowance? does anyone know..there has to be something out there for us,,either the mortgage doesnt get paid or it does!!!!!
 
OP would you be able to rent a room (up to 10K tax free a year even though I know you'd never make 10K in a year from it anyway) to help with part of the mortgage, plus you will get the dole, they wont cut the dole for a while yet and I doubt they'll cut it much.
 
I would highly recommend the rent a room scheme. It has helped me no end with my mortgage payments. I dont have an AH but I'm sure its allowed under the rules.
 
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