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Stuck in clawback

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    #62
    Victor
    Registered Users Posts: 78,397 ✭✭✭✭Victor


    Its possible the reason there are so many restrictions on the mortgage because the council has securitised the loan at a fixed rate.


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    #63
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    msscarlet has it spot on. I don't know why the op feels so aggrieved. After all he can choose in 5 years to sell up and buy another house if his circumstances change. Or because he has a reduced mortgage then he can save or invest any spare cash that regular mortgage payers have to put into their mortgage. If a downturn ever comes then the op is instantly covered for quite a nice percentage of any possible fall in value.

    Also many regular mortgage payers would dearly like to be able to change their house for something bigger but will unfortunately also have to hold on for twenty years also.

    I agree that there should be some level of flexibility in changin mortgage providers, but I think the top-ups is out of the question because it puts the taxpayers money at risk also. In this case the old adage is very true that you shouldn't kick a gift horse in the mouth just because the shoes need to be shorn...


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    #64
    CherieAmour
    Closed Accounts Posts: 370 ✭✭CherieAmour


    Agree with Ms Scarlet & Jimmy!

    If you can't cope with €900 per month between 2 people working in full time employment then being "trapped" into clawback is not the issue. You couldn't possibly rent or buy a property between 2 people that would be any cheaper than that. It sounds as if the OP has over extended herself financially.

    Why should TDs and politicians be harangued to change something that is working for everyone else when it's the person's own fault that they have gotten themselves into financial difficulty?

    The council offers you a loan based on what you can pay back and obviously €900 matched the OPs budget at the time the loan was granted. It's not the council's fault if the OP changes her circumstances and can no longer afford it.

    The mortgages are designed for people who are earning less than someone who could afford a house on their own. Why would the council even begin to imagine why someone would want to consolidate loans etc etc?

    The council is not to blame in this case. I would recommend that the OP tightens the purse strings until €450 each doesn't seem so much.


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