R
Just to relay my circumstance. Was on owner occupier tracker, cancelled TRS, moved primary a/c with same bank to another address, got landlord's insurance and registered with PRTB. Still on tracker 2 years later. I'll take my chances and I'm sure there are thousands out there in the same boat. I doubt the banks have, or are willing to deploy the resources to "catch" people who are actually paying the mortgage back as agreed. The banks are most probably glad that somebody is able to repay their mortgage!
I even went so far as to request a certificate of interest paid for year ending 2008 from them and they never batted an eyelid, Ulster Bank fwiw. I don't think they care so long as the money is being repaid. They would presumably only be likely to switch your rate if they did prove that you were no longer living there and if they wanted to recoup lost revenue would have to sue you for it.That's also my case - have stayed on tracker since the summer, even though the bank is well aware of my moving to another property. I'm taking this as pure luck and will be happy for as long as it lasts, but am fully expecting the rate to be changed at some stage.
Some banks will be more keen to check up on trackers. I'm with NIB, who I'd say would be keen to get me off my (0.5%) tracker, but because of their recent staff cuts, as you say, they may not have the resources.
Glad to hear that you've gotten at least two years out of it!
was looking at same issue myself, as I went onto a tracker also after my first year variable finished a few years ago.
Just looked at my original mortgage T&C and it states
"Lettings:the borrowers are prohibited from granting any tenancy on the property being acquired. The property shall have vacant possession on acquisition"
does that mean I simply can't rent it out?
in respect of my tracker, that was simply a letter asking to switch, no new contract signed.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?