Renting out property when you have a tracker mortgage?

Paulk

Registered User
Messages
112
Hi,

Just wondering is it possible to rent out your property when you have a tracker mortgage?

Somebody told me that it wasn't possible, however, I can't see any reference in my loan offer stating that I will forfeit the tracker mortgage if I rent out my property.
 
Some residential mortgages may stipulate in the T&Cs that the rate offered is only applicable for a residential property and the bank would have the right to change the rate and remove the tracker if the house is not a residental property but is an investment property.
Also, the detailed T&Cs would be in the mortgage contract that you signed, not the loan offer.

So, maybe your mortgage does not have these rules, or maybe you haven't found the relevant T&C's yet.
 
Hi,

I have the same question.
I checked the T&C's in my loan offer and it is not mentioned.
I have kept all the information from the bank but cannot find a more detailed T&C's than the loan offer.
Is there anyway of checking the detailed T&C's that were in my contract without contacting the bank ?

Thks
 
im in the same boat as you, i want to check if i will lose my tracker but dont want to ring the bank
 
Then just rent it out without telling them. Others will no doubt disagree but that's what I'd do. Ensure that you comply with your tax, PRTB, insurance and other obligations though.
 
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