M
MacGill
Guest
Two years ago my sister and I, while living in London bought a house in Ireland (equal shares), with the view of returning shortly afterwards. We got an investment/buy to let mortgage from AIB with the condition that it would revert back to a normal mortgage once we return and occupy the property.
My sister returned to live in the property (two year ago) and I took a trip to Australia for a year.
Recently I found out that the mortgage was never reverted back to a normal mortgage as agreed. I contacted the bank to change it back, however they will not change it unless both of us occupy the property. I am currently not in a position to occupy the property.
What are my options in this case, as I am currently paying a higher rate of interest with a buy to let mortgage and there is a possibility of the Inland Revenue not allowing my sister to claim back Mortgage tax relief for the past two years as it’s a buy to let mortgage.
I was thinking of putting pressure on AIB to change it now, or I will change to a different mortgage provider.
Any advise on how to approach this situation would be great.
My sister returned to live in the property (two year ago) and I took a trip to Australia for a year.
Recently I found out that the mortgage was never reverted back to a normal mortgage as agreed. I contacted the bank to change it back, however they will not change it unless both of us occupy the property. I am currently not in a position to occupy the property.
What are my options in this case, as I am currently paying a higher rate of interest with a buy to let mortgage and there is a possibility of the Inland Revenue not allowing my sister to claim back Mortgage tax relief for the past two years as it’s a buy to let mortgage.
I was thinking of putting pressure on AIB to change it now, or I will change to a different mortgage provider.
Any advise on how to approach this situation would be great.