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Letting a house with a first-time buyer mortgage

  • 29-06-2012 10:22pm
    #1
    craftypaddy
    Closed Accounts Posts: 508 ✭✭✭


    my neighbour was just boasting to me that he is renting out a house he has a mortgage on but said he doesnt have a buy to let mortgage, he asked me to keep it on the low down as he could lose his deal with the bank.

    is he really saving much money by doing this, and why is he keeping it quiet i can hardly walk into his bank and tell them it could be any bank.

    good luck to him but is it worth the hassle or saving

    thoughts anyone


Comments

  • #2
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,696 ✭✭✭✭drunkmonkey


    Fair play on keeping it to yourself.


  • #3
    Super-Rush
    Registered Users, Registered Users 2 Posts: 19,473 ✭✭✭✭Super-Rush


    Moved from After Hours.


  • #4
    questionmark?
    Registered Users, Registered Users 2 Posts: 3,078 ✭✭✭questionmark?


    craftypaddy wrote: »
    my neighbour was just boasting to me that he is renting out a house he has a mortgage on but said he doesnt have a buy to let mortgage, he asked me to keep it on the low down as he could lose his deal with the bank.

    is he really saving much money by doing this, and why is he keeping it quiet i can hardly walk into his bank and tell them it could be any bank.

    good luck to him but is it worth the hassle or saving

    thoughts anyone

    He is breaking the terms and conditions of his mortgage and would need to get prior approval from his bank in order to rent it out. The bank would have a time limit on how long he could do this for(if approved) before changing the mortgage type


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