Bank enforced change from tracker to 'Buy to Let'?

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ohlegmacnole

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I have a tracker mortage on what was my primary residence (now rented). I now plan to buy another house as my primary residence and continue renting the other house. Can the bank force me to change the tracker mortgage on my rented property to a 'buy to let' rate? Thanks.
 
What you want to do now is largely irrelevant.

You have already let out your house. Therefore the bank may have a right to change from a tracker to an investment property mortgage.

As jpd says, check out your mortgage agreement.

Some mortgages allow you to transfer your tracker to a new principal private residence. Check if you have one of these rare mortgages. If so, then consider selling your investment property.
 
Thanks for the info. One of the terms of the mortgage contract states 'to be used for the borrower's personal residential use or that of their dependants'.
So I suppose strictly speaking I am in breach of this already. However, I think that if I get my 2nd mortgage with another bank, then the 1st bank will be none the wiser.
 
This would be actionnable in court - you will have broken the contract
 
Hi Ohle

This question gets raised quite often.

As a matter of interest, which lender has that very specific term in their contract?

brendan
 
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