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How do banks typically handle folks who switch from regular to buy-to-let?

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  • 15-03-2019 5:52pm
    #1
    stainluss
    Registered Users Posts: 864 ✭✭✭


    I understand its close to 20% of property value to get a regular mortgage and 30% to get buy-to-let off the bat. But what about cases where someone has a regular and wants to switch to buy-to-let? e.g. if they have to leave the country for work

    How do banks typically handle this? Are there any criteria to successfully transition (aside from being in-step)?

    I tried to check with AIB (my bank) directly, but they kept looping me through to sales folks on the phone. I don't have a mortgage yet but want to be covered in case I'm not in Dublin for the next 20-30 years...
    Tagged:


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    #2
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    They may change your interest rate to a higher one (BTL rates are generally higher).


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    #3
    Islander13
    Registered Users Posts: 1,218 ✭✭✭Islander13


    stainluss wrote: »
    I understand its close to 20% of property value to get a regular mortgage and 30% to get buy-to-let off the bat. But what about cases where someone has a regular and wants to switch to buy-to-let? e.g. if they have to leave the country for work

    How do banks typically handle this? Are there any criteria to successfully transition (aside from being in-step)?

    I tried to check with AIB (my bank) directly, but they kept looping me through to sales folks on the phone. I don't have a mortgage yet but want to be covered in case I'm not in Dublin for the next 20-30 years...

    Easy, dont tell them. They'll never know and will never ask as long as you keep making the payments


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    #4
    3DataModem
    Registered Users Posts: 3,973 ✭✭✭3DataModem


    Despite the warnings and discussion here over the last decade, I have not met a single person who has had their rate changed with one of the major banks after moving out of their home and renting it. I have done it no less than three times total over last 20 years (including leaving country), and none of those times did my rate change, despite writing to all banks with address changes, notification of removal of MIRAS, etc etc.


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