I
Iomar
Guest
Hi,
My husband, son & myself have recently moved location
in order to be closer to family and for health reasons(depression).
We are currently renting a property for €700 a month
We have managed to rent our previous family home out for €580 in July
We are currently on interest only with aib €510 a month and have not missed a payment.
The 12 month interest only runs out this month.
We have not informed the bank or revenue as yet that we are renting
out the property.
Should we arrange a meeting with the bank and inform them that we are renting the property and would like to extend the interest only option for
another 12 months. Notify revenue to stop the TRS.
Has anyone gone through similar lately. Will we be charged a higher rate of interest? Original mortgage contract does not state any condition about renting the property. Are the banks open to interest only on what is now an investment property?
We had 2 incomes at time of mortgage approval, which we are now down to 1 income. Not sure if that will make any difference with the bank
Hope the post is some way coherent. Any advice welcome...
My husband, son & myself have recently moved location
in order to be closer to family and for health reasons(depression).
We are currently renting a property for €700 a month
We have managed to rent our previous family home out for €580 in July
We are currently on interest only with aib €510 a month and have not missed a payment.
The 12 month interest only runs out this month.
We have not informed the bank or revenue as yet that we are renting
out the property.
Should we arrange a meeting with the bank and inform them that we are renting the property and would like to extend the interest only option for
another 12 months. Notify revenue to stop the TRS.
Has anyone gone through similar lately. Will we be charged a higher rate of interest? Original mortgage contract does not state any condition about renting the property. Are the banks open to interest only on what is now an investment property?
We had 2 incomes at time of mortgage approval, which we are now down to 1 income. Not sure if that will make any difference with the bank
Hope the post is some way coherent. Any advice welcome...
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