# Will I lose my tracker if I rent?



## Hubert (25 Sep 2017)

hi all

Would appreciate any views on this one. I bought my house 20 years ago and managed to pay the mortgage down to almost nothing by 2007.

Then I had a brainwave to refinance the house so I could get funds to start my business in November 2007. So I got a tracker with AIB who were fully aware that the loan was nothing to do with purchasing the house or even improving it.

Since then we've paid down the mortgage with no repayment issues thankfully.

I'm now considering renting the house out and before I go down the road of speaking to anyone about the mortgage implications I just wanted to see if anyone here had any practical experience.

My own view is they didn't lend me the money to buy the house then they should have no concern once their security is in place and the mortgage is paid. I don't have the mortgage documents but I'll get these shortly and give them to a mortgage broker.

Appreciate any views.

Thanks


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## corktim (25 Sep 2017)

Likely you got home Loan rates so if it’s rented you may pay a premium on the tracker but I don’t think they can take it from you


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## Protocol (25 Sep 2017)

As long as repayments continue, the bank won't really care whether the house is your PPR or a rental property.

Simply don't tell them.

Thousands of people have done this.


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## aristotle (25 Sep 2017)

Protocol said:


> As long as repayments continue, the bank won't really care whether the house is your PPR or a rental property.
> 
> Simply don't tell them.
> 
> Thousands of people have done this.



Well just be careful, if your T&Cs allow the bank to move you to a more expensive buy-to-let rate if you rent our your property then they may do, now or sometime in the future.

Not telling them is one thing, but also the bank often ask to see an insurance policy or at least a letter of indemnity from the insurers so be they may know that way. Plus the PRTB publish a list of rented property addresses too so if the bank were so inclined they could do some research.

In practice, in my limited experience and from reading on forums, the banks don't seem to be moving people from their current rates but that may or may not change in the future.


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## corktim (29 Sep 2017)

They cross ref  customers correspondence addresses with the property address, if they don’t match you may get a call.


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## justo (29 Sep 2017)

Hubert said:


> hi all
> 
> Would appreciate any views on this one. I bought my house 20 years ago and managed to pay the mortgage down to almost nothing by 2007.
> 
> ...



What does the original loan agreement state? Does it disallow renting the house? Does it stipulate the tracker will only be in place if it is your principal primary residence?


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