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 "
Please 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.