My wife has an EBS tracker on a house she bought before we met. Since then, she's rented it out and become a stay-at-home mum. Previously she rang to discuss the implications of renting and a very kind agent rang her back advising her not to inform as she'd loose her tracker (this was a long time ago just after the crash). Since then she's/we'ved stayed quiet.
I'm now very concerned with the current situation re COVID. If the tenants lose their jobs they clearly wont be able to pay rent. Fair enough. And if the Gov work something out with the banks, we should be able to pause our mortgage payments, but in doing this we will most probably be exposed as having moved out. And we'll lose the tracker mortgage.
As it stands we can only barely afford to maintain it and are loosing about €5K per year (in terms of cash flow - I appreciate that this isn't a loss in the overall picture as it's an asset gain, however, on a single income with 2 children cash flow is everything right now) after tax etc.
I presume there's little hope maintaining the tracker at this point?? Can they take it off us??
Can the bank pursue us for not declaring originally??
I'm now very concerned with the current situation re COVID. If the tenants lose their jobs they clearly wont be able to pay rent. Fair enough. And if the Gov work something out with the banks, we should be able to pause our mortgage payments, but in doing this we will most probably be exposed as having moved out. And we'll lose the tracker mortgage.
As it stands we can only barely afford to maintain it and are loosing about €5K per year (in terms of cash flow - I appreciate that this isn't a loss in the overall picture as it's an asset gain, however, on a single income with 2 children cash flow is everything right now) after tax etc.
I presume there's little hope maintaining the tracker at this point?? Can they take it off us??
Can the bank pursue us for not declaring originally??