Key Post Anyone lost their tracker or paid a higher rate because they rented out their home?

Do the banks really have time to go checking with the PRTB? My experience of dealing with the prtb is that they are an understaffed organisation involved in a crude money collecting exercise for government, with a complete inability to assist landlords in dealing with problem tenants.

When you consider that government departments find it difficult to share data, it's surely more difficult for a third party (the bank) to access the data?

On the TRS, (which only is granted for owner occupiers for the first 7 years of the mortgage), simply continue to claim the TRS. At the end of each year you will get a TRS Certificate from the bank. Write a cheque to the Revenue for the exact amount, telling them you were credited the TRS in error. Concurrently you need to make a tax return on rental income. You can use 75% of your mortgage interest to offset against rent.

I repaid the TRS directly to Revenue two years in a row and there was no issue. The bank was none the wiser. My advise is to go ahead with it unless there is a specific clause in your contract prohibiting use of the property as a rental.

4 years ago I wrote to First Active to inform them I was moving out and renting the house (also informed Revenue) and to change my correspondence address with them. It didn't affect my rate at all I thought it would. Then my fixed rate ended about 6 months later, they sent a letter showing me further fixed rates etc which were higher than what I had been paying I rang enquring and found out I could have a tracker rater (but that wasn't in the offer letter they sent me). So I declined their fixed offer and moved to tracker rate so seriously happy about that! Its now Ulster Bank and nothing has been mentioned since.

John_Jo said:

Do the banks really have time to go checking with the PRTB? My experience of dealing with the prtb is that they are an understaffed organisation involved in a crude money collecting exercise for government, with a complete inability to assist landlords in dealing with problem tenants.

When you consider that government departments find it difficult to share data, it's surely more difficult for a third party (the bank) to access the data?

Click to expand...

The PRTB data is available for all to see or so I thought. Allthough I've read the quality of the data is'nt that reliable
And as for the banks having time to do checks- they have a lot of staff there doing damn all since the property market collapsed...I know they're paying a lot of them off to leave, but I'd say there's a still a lot there with time on their hands

Wondering if there is anyone out there...
1. That has a clause in their tracker T&Cs stating that the property must be PPR etc. - alot of AIB tracker contracts have this...
2. Has rented out the property
3. Informed Revenue to stop TRS on the tracker loan
4. Has managed to keep the tracker

I am about to do Point 3 but am nervous re losing the tracker rate...I have moved to a new PPR and would like to start claiming TRS on that.

Do Revenue notify the lender to stop TRS?

Many thanks....

Yes, Revenue will notify the lender but they won't tell them why. You don't even need to state the reason explicitly to Revenue either, just tell them that you are no longer eligible and that you want it stopped. You have no choice here anyway so don't feel too stressed...you have to inform Revenue either way that you're no longer eligible for TRS on that mortgage. Just cross your fingers (I believe you'll get away with it ;-) )

My PPR wasn't on a tracker, but was on a variable with KBC. We moved to a rented house and informed them of change of address. We initially rented out the house as we couldn't afford to sell, but after a year when the tenants moved out we were able to put PPR up for sale. Around the same time as we put it up for sale we moved to another rented house and informed KBC about the change of address. At this point KBC switched us onto a higher mortgage rate as they said it was an investment property even though house was vacant and up for sale.
Didn't fight it as hoped the sale would close soon enough that it wouldn't make a major difference.

House closed today so am glad to be rid, even though I needed a credit union loan to bridge the gap between sale price and mortgage + sales costs

I have a mortgage with KBC and soon as I informed them that I was renting out my home they put my mortgage up and said that it was now classified as an investment property therefore I didnt qualify for the lower rate it just depends on what is in the terms and conditions, I argued my case with KBC and got it back down to the lower rate only after going to the financial ombudsman because its not an investment property we were forced to move out due to noise from a pub nearby so in the end the put it back to the lower rate for 14 months but I lost my mortgage relief because its rented alot of people told me they just dont tell their bank but I wanted to be honest in the end I probably shouldnt have said anything.

Does TRS expire after 7 years for FTB that bought in 2006?

If yes, does it expire automatically or do Revenue still manually notify the lender?

Basically if you have TRS now you will continue to have it until it is abolished in 2017

Hi, my brother rented his place out and stopped the TRS with revenue, didn't say anything to the bank and his mortgage statement was returned with a different address scribbled on the envelope by the tenant. He has now been sent a form to fill in asking if it's a rental property etc. This happen to anyone else out there? If so what happened? Did you lose your tracker or what happened? It's UB by the way..

Hi all,

I see most of the replies to this are a few years old. I was wondering does anyone have any recent experience in this with Bank of Scotland Ireland?
I currently have a tracker with BOSI on my PPR and am in negative equity but we are moving to a bigger house and have been approved for a new mortgage on the new property while keeping our current house and renting it out.
My question is will BOSI withdraw the tracker if our current property is rented out or are they happy enough for it to continue as it is with them not really having any presence here now. Also, is it necessary to advise them of the change in circumstances?
Thanks