# Advice regarding Tracker Mortgage



## TippMan (17 Nov 2015)

Hi all,

This topic seems to have been covered extensively, and every person has different experiences.

My situation, I was approved for an UB tracker in 2004. I subsequently purchased a house in Munster which at the time I intended to live in.
In the end I only lived in my house a very short time, and subsequently rented out my house.
I then moved and worked in Dublin and have had various rental accommodations.

In 2011, I moved out to a commuter town outside of Dublin and rented a house there. It was at this point that I decided to go legit with my house that was rented in Munster. 

Given the market conditions were so poor, there was no point in selling, as I would have lost my shirt.
I declared my house for tax purposes, registered with NPPR, payed the LPT, registered with PRTB, made tax declarations, and informed UB that I had a new correspondence address.

Just yesterday, I received correspondence from the bank. They are reviewing mortgage records and want to confirm that the details of my file are correct.

They want me to tick a box indicating if my house is on one of the following:

Rental Property
Primary Residence
Alternate Address (if I check this, I need to give details)
I discussed this with a few of my friends, and all of them are in similar situations (i.e. they have tracker mortgages from 2004-7 on over valued property, and have them rented out now.)
The only difference is that none of them have been contacted by any of their banks.

In the correspondence, they state "_P__lease note that we will not use your confirmed usage of the property as a means to adjust your mortgage unless it is in your advantage_". 
I am not sure what to make of this statement.

I looked at the T&Cs of the mortgage offer, and it states that the house must be owner occupier, but it does not state that I will loose the tracker if I rented the property

Questions:

Has anyone heard of this practice before from any lending institution?
Has anyone been moved off a tracker mortgage in a similar situation?
Can they take a tracker off of me?
What would you do in this situation?
Thanks.


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## cremeegg (17 Nov 2015)

In answer to your Q4. I would do nothing just ignore the letter. 

Do you have insurance on the property and does the insurer know that the property is rented. If the insurance is in order and not arranged through UB, then I see no reason why you should engage with them.


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## TippMan (17 Nov 2015)

cremeegg said:


> In answer to your Q4. I would do nothing just ignore the letter.
> 
> Do you have insurance on the property and does the insurer know that the property is rented. If the insurance is in order and not arranged through UB, then I see no reason why you should engage with them.



Hi there,
Yes the home insurance are aware that the property is rented, and it is NOT arranged through UB.
I just re-read the letter, and they don't necessarily say that I need to respond to them either.
Cheers


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## Gerry Canning (17 Nov 2015)

Tipp man ,

you have in writing that{ they will not change terms unless its to your advantage}
Those are strong words.

I don,t like living on (fibs) so I would be very inclined to give them the info.
As per original docs they are entitled to know whats happening their property.
I think you are lucky to have {will not change} etc so clearly stated.

Banks are no longer losing on Trackers ,so its probably a good time to kill this and sort any long term niggle.


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## Gerard123 (17 Nov 2015)

You do not have any obligation to send the letter back so on that basis I fail to see how there is any benefit to you sending it back. Do not is my strong advice.


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