BoI - let house - am I about to lose my tracker morgtage?

[Draigean]

I moved out of my house recently and have now let it out. I'd been living in it as a FTB owner-occupier with a BOI tracker mortgage.
I submitted a TRS4 form to Revenue a couple of weeks back, and changed my house insurance accordingly. Basically, I've done everything required bar telling the bank that I no longer live in the house.
My morgtage DD is due today but there's been no transaction.
Checked both my current account online and my morgtage online and there's been no activity.
I suspect that BOI suspect that something is amiss. I wonder if I'm about to lose my tracker?

 

[lucozade]

Doubt it... Sit tight.

 

[wbbs]

Unlikely, give it a day or two.

 

[Knuttell]

I suspect that BOI suspect that something is amiss. I wonder if I'm about to lose my tracker?

Read the Terms and Conditions of your Mortgage,if there is a clause allowing them to change your mortgage on the basis that it is no longer a PPR then there is really nothing you can do except hope they do not join the dots.

However if no such clause exists then there is nowt they can do.

 

[WizardDr]

@Draignean

It is likely that the BoI would have such a term in their contracts.

How they actually enforce it, is not clear.

If you are paying the full mortgage and intend to do so - you could actually ask them.

This is something that coudl easily be checked as one is obliged to register the tenanct with those other bureaucrats the PRTB.

If the Bank ever looked their list and matched it to their own -- well who knows.

If you have already gone to the trouble of ceasing the TRS it seems like you are indeed diligent bar telling the Bank.

If the Letter of Offer talks about 'occupying solely' vs 'occupying' bear in mind that even a day a year could be an occupation.

 

[Draigean]

Read the Terms and Conditions of your Mortgage,if there is a clause allowing them to change your mortgage on the basis that it is no longer a PPR then there is really nothing you can do except hope they do not join the dots.

However if no such clause exists then there is nowt they can do.

Fortunately, the TnC makes no mention of FTB / O-O / PPR / BTL or any other TLA associated with mortgages. It seems to make no differentiation whatsoever, phew. However, I can't help but be a tad concerned.

I'm paying about 900 per month at present, but I found some old statements from a few years back when I was paying over 1400 ('tis an ill wind blows no good).
The rent coming in is 950 so I'm in good stead, but a hike is the last thing I need. Not that life is meant to be fair, but it would seem highly unfair that just by moving out of the house I get hit with larger repayments.

Incidentally, I checked my current account and the mortgage was debited today. Alas, the TRS has been credited... busy time for Revenue, all things considered.

 

[Draigean]

This is something that coudl easily be checked as one is obliged to register the tenanct with those other bureaucrats the PRTB.

If the Bank ever looked their list and matched it to their own -- well who knows.

The Bank or anyone else can access the PRTB lists? I suppose if they got suspicious that would be one way. The tenancy is registered.

If the Letter of Offer talks about 'occupying solely' vs 'occupying' bear in mind that even a day a year could be an occupation.

No mention.

 

[Knuttell]

Fortunately, the TnC makes no mention of FTB / O-O / PPR / BTL or any other TLA associated with mortgages. It seems to make no differentiation whatsoever

No expert by any means but if its not mentioned in the T&Cs then its none of their business and they cannot look at removing the tracker.

Incidentally its the Bank who pay the TRS back into your account on instruction from Revenue AFAIR.

Heres a site you should be looking at and understand all acts and regs pertaining to your responsibilities as a Landlord,its in your own interest believe me.

http://www.irishlandlord.com/

 

[Delboy]

Fortunately, the TnC makes no mention of FTB / O-O / PPR / BTL or any other TLA associated with mortgages. It seems to make no differentiation whatsoever, phew. However, I can't help but be a tad concerned.

I'm paying about 900 per month at present, but I found some old statements from a few years back when I was paying over 1400 ('tis an ill wind blows no good).
The rent coming in is 950 so I'm in good stead, but a hike is the last thing I need. Not that life is meant to be fair, but it would seem highly unfair that just by moving out of the house I get hit with larger repayments.

Incidentally, I checked my current account and the mortgage was debited today. Alas, the TRS has been credited... busy time for Revenue, all things considered.

you think your in 'good stead' but with a mortgage payment of 900 and rent of 950, I'd expect you'll have a substantial annual tax bill on the rental income.
You need to do the calcs on this and be sure you can afford it.

I helped a mate out recently with a 1st time tax return on a let house and have to say the tax bill surprised me, and their rent was'nt even covering the mortgage.
Note- it could get worse in the budget if PRSI is added to rental income, and there's also talk of the amount of mortgage interest allowable being further reduced from the current 75%.....not a good time to be a reluctant landlord!