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:
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:
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)
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?