Renting out my home - do I pay BTL rates?

I

ianc4000

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Would love some help on this question about renting out a home when my original mortgage is an owner occupier mortgage rate.Cant find any information on this on threads or on the net



Scenario:

homeowner buys a property to live in, gets an owner occupier fixed mortgage at the time but 6 months later gets offer of job abroad and moves abroad, and rents property. Mortgage remains unchanged (owner occupier mortgage)

1. When the banks who provides the mortgage are informed that the house is now rented will they increase the interest rate as it is not owner occupied

2. When the rental accounts are submitted to revenue will revenue then inform the banks who provided the mortgage that the house is now not owner occupied but is rented?
 
The mortgage agreement allows the banks to charge the buy to let rate if it's no longer your home. However, it is not enforced.

Particularly in your situation, where you are not buying another home, they would be even less likely to enforce it.

Best advice is not to tell them.

You need to tell your insurance company though that it is now let out.

Revenue will not disclose any information about you to the lender.
 
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