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Renting out our flat - newbie

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  • 18-09-2011 8:58pm
    #1
    annetted
    Registered Users Posts: 206 ✭✭


    hiya
    we bought our flat in 2004 and have lived here since. we are now going to move out of dublin next year and hopefully rent out our flat. we will no longer get the TRS which is grand but could the Bank change the terms of our mortgage (it will no longer be our main home) - just we have a tracker one and want to keep it that way..
    thank you


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    #2
    Victor
    Registered Users Posts: 78,243 ✭✭✭✭Victor


    You may find the bank will change the mortgage to a commercial one with a higher rate and/or a shorter term. You really need to check the mortgage documentation.

    You will also have to change your insurance policy, pay the NPPR charge, PRTB registration fee and put your taxes in order.

    https://www.nppr.ie/default.aspx


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    #3
    annetted
    Registered Users Posts: 206 ✭✭annetted


    thank you Victor. i had a look at our mortgage documents - it doesn't seem to say anything in it about renting our or place or changing your circumstance. i might just give bank of ireland a ring and check with them. hopefully we won't lose our tracker mortgage. we are moving to the country so we will have plenty of other bills as well.. renting is a bit of a mine field.. will check out that link.. thanks again for your advice.


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    #4
    Uriel.
    Registered Users Posts: 8,061 ✭✭✭Uriel.


    annetted wrote: »
    thank you Victor. i had a look at our mortgage documents - it doesn't seem to say anything in it about renting our or place or changing your circumstance. i might just give bank of ireland a ring and check with them. hopefully we won't lose our tracker mortgage. we are moving to the country so we will have plenty of other bills as well.. renting is a bit of a mine field.. will check out that link.. thanks again for your advice.

    Don't tell your bank anything... yet...

    Check your mortgage contracts again and if necessary ask the advice of your solicitor...

    Sometimes the less said the better... From what I see, most people who don't tell their banks get away with it indefinitely (for now anyway).


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    #5
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Uriel. wrote: »
    Don't tell your bank anything... yet...

    Check your mortgage contracts again and if necessary ask the advice of your solicitor...

    Sometimes the less said the better... From what I see, most people who don't tell their banks get away with it indefinitely (for now anyway).

    Bad advice in my opinion.
    If the terms of the mortgage agreement are broken they could very well be hit with a very large interest bill backdated to the date they moved out of their PPR.
    Full disclosure is the best option. I have seen some cases where the bank have been agreeable to leaving the mortgage on a tracker even though it is no longer the PPR.
    No point in chancing it when they might give it to you for free anyway.


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