I took out a tracker mortgage with AIB in early 2003. In the mortgage documents there is a section titled 'Covenants by the Mortgagor' and in this (section j) it says
"The mortgagor hereby covenants with the bank during the continuance of the mortgage: Not to convey transfer assign demise or let or part with the possession of the mortgaged property or any part thereof or any interest therein without the express prior consent in writing to the bank"
Couple of questions I'd appreciate opinions on please:
"The mortgagor hereby covenants with the bank during the continuance of the mortgage: Not to convey transfer assign demise or let or part with the possession of the mortgaged property or any part thereof or any interest therein without the express prior consent in writing to the bank"
Couple of questions I'd appreciate opinions on please:
- Does this mean that I cannot rent out the property without the banks consent?
- Supposing I had rented it out for the past year or more - how would the bank ever know?
- Surely the banks are just glad the repayments are being made?