Hi
I found similar posts but none answering the question definitively. I have an attractive trakcer rate with NIB on the mortgage of my PPR. I have lived in the property for two years.
I am now considering moving in with my boyfriend and renting out my house. I do not want to lose my attractive mortgage rate. As far as I can see in my mortgage contract, the issue of notifiying the bank in the event of change of use is somewhat of a grey area.
When cancelling the TRS on my house, because this TRS is granted at source by the bank, will they then come knocking to see why? Will them presume that there has been a change of use and try to change my mortgage rate to a product rate less desirable?
If anyone has been through this or has any advise I appreciate it.
I found similar posts but none answering the question definitively. I have an attractive trakcer rate with NIB on the mortgage of my PPR. I have lived in the property for two years.
I am now considering moving in with my boyfriend and renting out my house. I do not want to lose my attractive mortgage rate. As far as I can see in my mortgage contract, the issue of notifiying the bank in the event of change of use is somewhat of a grey area.
When cancelling the TRS on my house, because this TRS is granted at source by the bank, will they then come knocking to see why? Will them presume that there has been a change of use and try to change my mortgage rate to a product rate less desirable?
If anyone has been through this or has any advise I appreciate it.