# Let house, now want to sell, tracker implications ??



## mossfitzg1 (5 Aug 2015)

Hi there,

On an UB tracker since 2004, let out the house about 5 years ago. I've been renting myself since but I now have opportunity to purchase a home outside dublin , thereby reducing mortgage from 270 to say 200k. I see UB will offer movers an ECB plus 2.5% deal for those "porting" their trackers for 10 years. My problem is that I never notified bank I was letting out the house. I now have to supply bank statements etc so obviously it will become apparent house is let out.

Wondering if anyone has experience of selling a tracker home when you'd let same out ?

 BTW - house is no longer in negative equity

Ta

M


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## Bronte (6 Aug 2015)

Only way to do it is clean your accounts for six months so it appears like you live there.  If they look for six months then you'll have to wait six months.  I hope you informed your insurance you rented and you've paid NPPR etc.


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## mossfitzg1 (6 Aug 2015)

Insurance, trs, tax etc all above board, just never informed bank. From previous posts here , UB haven't appeared to remove tracker for letting out house but I'm just wondering if they are likely to refuse to transfer tracker rate to new mortgage once they discover house has been let. 

"Cleaning" account isn't really practical , house would then be empty for 6 months anyway,


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## Bronte (6 Aug 2015)

If the rules state it has to be your home, which it is not then of course they won't let you transport it.  And depending on your mortgage contract you likely would have to have been moved to an investor rate.

Honestly you'd be better off going about this right by selling the house and just applying for a normal mortgage.


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## mossfitzg1 (6 Aug 2015)

No, I don't think I would have been moved to investor rate, according to all the evidence on this forum , that doesn't seem to happen.

U r right that a new mortgage would be less hassle, but it would also mean a rate of 3.5 to 4 %, as opposed to 2 or so on a remortgage with UB?

I'm just wondering if anyone else, who'd let their house, then sold but kept tracker

Thanks for interest B

M


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## peteb (7 Aug 2015)

You're missing the point. its not about being moved onto an investor rate, its about the fact the property is not your main res and the new product doesnt apply?


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## mossfitzg1 (7 Aug 2015)

Ok Pete , I understand, I suppose the question Im posing then , is whether UB would be interested in offering me anything better than their SVR in order to keep me as a customer ?


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## janeymac (10 Nov 2015)

Hey Moss,

Just curious what did you end up doing in the end?


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## cremeegg (10 Nov 2015)

mossfitzg1 said:


> "Cleaning" account isn't really practical , house would then be empty for 6 months anyway,



Just open a new account with a different bank.


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## Learner2015 (10 Nov 2015)

In a similiar situation myself. I called AIB and they said as the property I am selling is still listed as my PDH that I am eligible for the tracker retention product.


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## janeymac (10 Nov 2015)

Interesting,

Learner2015...when you say your property is listed as your PDH, listed where? is it rented out?  officially like?..how did you explain the situation to AIB?

My reason for asking, I am in a similar position..I own a property that I have a tracker on, that I rent out (..insurance, tax all above board)..however I never disclosed that fact to the bank..as I only intended to let it out for 1 year. My bank accounts, mobile phone still use that address.

My partner has a property of her own, I have been living there  for a while ..but at several points in the last 2 years I was  moving back to my own place ..and then we decided I should continue to stay put for a while longer.

Anyhow we have decided to try sell both and get something together...this is only really feasible if I can move the tracker on my place..but not sure if that is going to be possible. If it means moving back into it for a few Months I am quite happy to do that but just curious what the banks look for in these cases.

Thanks


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## Learner2015 (10 Nov 2015)

Hi Janey,

I rang the tracker retention team first without identifying who I was and simply told them I bought it, lived in it a few years and have rented it since. Like you all legit including paying tax, PRTB the whole lot. They said well if you didn't inform us it will still be your PDH and will remain that way when you sell.

I have since rang AIB identifying myself and completed the affordability test over the phone and obviously had to go into detail about the rental property etc. They didn't raise any flags, simply told me what they think I will get a new mortgage for etc with them.


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## Ravima (12 Nov 2015)

If it simply an address issue on statements, why not change address with your current bank, which presumably is NOT Ulster.  Then ask for printout of account for past 6/12 months, or print off from online banking.


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