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Re-mortgaging AH

  • 25-03-2009 9:54pm
    #1
    kfc1
    Registered Users, Registered Users 2 Posts: 83 ✭✭


    We want to add an extension to house and was advised by WCC to remortgage with another lender as they dont do top ups. BOI just informed us they will not accept our mortgage application as WCC still have a 3rd party interest in house (we are in house 7 years - clawback 10 yrs) depite WCC telling us clawback doesnt have to be paid unless selling the house. Anyone else had this? Is worth going to another lender or are we wasting our time?


Comments

  • #2
    jdivision
    Registered Users, Registered Users 2 Posts: 4,260 ✭✭✭jdivision


    The clawback is typically 20 years? Starts to reduce after 10 though.


  • #3
    bobbysands81
    Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭bobbysands81


    kfc1 wrote: »
    We want to add an extension to house and was advised by WCC to remortgage with another lender as they dont do top ups. BOI just informed us they will not accept our mortgage application as WCC still have a 3rd party interest in house (we are in house 7 years - clawback 10 yrs) depite WCC telling us clawback doesnt have to be paid unless selling the house. Anyone else had this? Is worth going to another lender or are we wasting our time?


    AFAIK you should be able to re-mortgage very soon... but not just yet. The Housing (Miscellaneous Provisions) Bill is going through the Houses of the Oireachtas at the moment and this will allow for people who own AH to re-mortgage or top up their mortgages. The Bill is expected to be enacted some time in the next 3/4 months.


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