# Renting my house



## RowanTree (24 Nov 2018)

Hi,
I asked my mortgage lender lately if i rent my home would I need to declare that to them to which they told me I would have to get permission from them first and get the contract changed.
I am on a tracker mortgage and I'm a bit concerned this could be taken off me to which they said it wouldn't and would put that on paper.
Is this the norm where by the lender is required to know and give permission if you rent out your home? I genuinely thought it was only Revenue who were informed due to rental income. 
Is there a tax incentive for people to rent homes? I think I read something about this.

Thanks very much


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## WizardDr (6 Dec 2018)

This sounds like Ulster Bank. 

What Bank is it and what exactly are they saying?


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## cremeegg (6 Dec 2018)

There is no legal requirement to inform your bank. 

However it is usually a condition of your mortgage.



RowanTree said:


> Is there a tax incentive for people to rent homes? I think I read something about this.



Not even for Christmas


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## RowanTree (6 Dec 2018)

I was with Bank of Scotland which has now moved over to Pepper Management based in Munster. It is a requirement as per my mortgage he was telling me over the phone. I'm afraid if I didn't tell them they would take my tracker of me for good.


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## Ndiddy (13 Dec 2018)

I think you to say as Buy to Let rates are usually higher than owner occupiers, the idea being that owners occupiers would have more to lose with there primary residence.


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## cremeegg (13 Dec 2018)

RowanTree said:


> I was with Bank of Scotland which has now moved over to Pepper Management based in Munster. It is a requirement as per my mortgage he was telling me over the phone. I'm afraid if I didn't tell them they would take my tracker of me for good.



Over the phone is meaningless. They can and do tell you any old nonsense over the phone.

Read your mortgage documentation, or if necessary get a solicitor to read it.

If it is not a condition of your mortgage end of problem.

If it is a condition of your mortgage, and you breach that condition, they may never become aware, they may become aware but do nothing (that is very common), they may try to increase your rate or put you on an SVR.

It is not certain that they can do that even if you do breach a condition in your mortgage. Look at the tracker situation, they banks thought they could take people off trackers, but now find that they cannot.


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## Bronte (13 Dec 2018)

RowanTree said:


> Hi,
> I asked my mortgage lender lately if i rent my home would I need to declare that to them to which they told me I would have to get permission from them first and get the contract changed.


How would the bank ever know the property was rented. If you want proper advice about renting you need to give us the financial details and your reasoning for renting.


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## elcato (13 Dec 2018)

Do not tell them. If they phone tell them to write. Only deal with them by written correspondence. Do not sign any form.


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## WizardDr (15 Dec 2018)

My understanding is that both BoI and AIB are not too concerned whether you rent or occupy - they will not take your tracker.

Others - particularly Ulster Bank - have a clause that says you must inform them - whether the permission could be refused is an interesting question.  As for Tracker Removal - it is being used by some and needs to be challenged.


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## aristotle (16 Dec 2018)

Bronte said:


> How would the bank ever know the property was rented. If you want proper advice about renting you need to give us the financial details and your reasoning for renting.



Assuming the tenancy is registered with the RTB you can search their listings and see properties/addresses that are rented. It’s freely available on their site.


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