Mortgage on rental property

e.r

Hi all I'm what you call a accidental landlord .
And have my property rented out last 6 years or so.
I have fully declared it to revenue and paid owed stamp duty.
The one thing that I'm unsure about is the mortgage, as originally it was for private residence. But it's now an investment , so wondering if the bank need to know that etc.
Any knowledge would be great

marathonic

I'd be more worried about insurance and PRTB registration.

Make sure it's a landlords policy you have as, otherwise, the property isn't covered and make sure it's registered with the PRTB because, otherwise, you cannot write off 75% of the interest paid on the mortgage against rental income when calculating your tax bill.

The bank will possibly increase the interest rate if you tell them but I don't think there are any problems if you don't tell them. Just make sure you look into insurance and PRTB.

e.r

marathonic wrote: »

I'd be more worried about insurance and PRTB registration.

Make sure it's a landlords policy you have as, otherwise, the property isn't covered and make sure it's registered with the PRTB because, otherwise, you cannot write off 75% of the interest paid on the mortgage against rental income when calculating your tax bill.

The bank will possibly increase the interest rate if you tell them but I don't think there are any problems if you don't tell them. Just make sure you look into insurance and PRTB.

I have it registered with the Prtb since first tenant so no issue there.
It's an apartment do it's covered in block insurance with maintenance money.

Only reason wondering was looking to get another mortgage with wife to buy new house and taught the bank might bring it up and sting me with something.

Arbiter of Good Taste

e.r wrote: »

It's an apartment do it's covered in block insurance with maintenance money.

Block insurance only covers the structural part of the building. So for instance if the tenant left a tap running and flooded the apartment, that would not be covered by the block insurance.

LL insurance should be pretty reasonable and can be written off against rental income for tax purposes.

e.r

Arbiter of Good Taste wrote: »

Block insurance only covers the structural part of the building. So for instance if the tenant left a tap running and flooded the apartment, that would not be covered by the block insurance.

LL insurance should be pretty reasonable and can be written off against rental income for tax purposes.

True must look into that alright .
Any specify company's for that or any insurer do?

Arbiter of Good Taste

e.r wrote: »

True must look into that alright .
Any specify company's for that or any insurer do?

I just went with 123.ie as it was pretty simple and reasonable and was done immediately online. I have no idea how it compares to other providers as I wanted it done ASAP (ie tenants moving in and I copped on I had no insurance in place). Once it comes up for renewal I will shop around just to make sure I'm getting the best deal. To be honest I think I just googled "landlord insurance" and it was the first name that came up that I recognised.

murphaph

e.r wrote: »

I have it registered with the Prtb since first tenant so no issue there.
It's an apartment do it's covered in block insurance with maintenance money.

Only reason wondering was looking to get another mortgage with wife to buy new house and taught the bank might bring it up and sting me with something.

If it's a nice tracker then I'd do all I could to protect it. Get your other mortgage from a different bank!

e.r

murphaph wrote: »

If it's a nice tracker then I'd do all I could to protect it. Get your other mortgage from a different bank!

It is one of those nice ones

Bepolite

e.r wrote: »

It is one of those nice ones

Go to a different bank for the new mortgage. Currently they can't tell each other that a client has a mortgage. That said it could easily be found out, I get the impression banks are operating on a don't ask don't tell policy at the moment.

This may change as the situation recovers.

sawdoubters

if you have a tracker mortgage they will try and cancel it

MouseTail

Read your original mortgage document. In many cases it mentions nothing about a different rate being applied if it ceases to be your PPR, in which case you are worrying over nothing.