EBS tracker rent PPR

G

Gemstone

Registered User
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Has anyone on a tracker told EBS that they are renting out their current PPR and what was the outcome? in the general terms and condition we have, it specifies that their permission must be sought and that the interest rate may increase.
Any one any actual experience of this with EBS?
 
Can you quote the exact clauses in your T&Cs that state that the rate can vary? EBS terms changed somewhere around '05 - '06 to deal with this issue more explicitly. If your T&Cs predate that, you might have some chance of getting around it. If not, I wouldn't be optimistic. As far as I know, EBS aren't currently consenting to letting out PPRs without reclassifying the loan as a buy to let, complete with interest rate hike. Of course, there's always the option of not telling them, which many on here advise, but it could leave you open to a lot of hassle down the road.
 
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