I dont understand why you asked them the question to begin with? If the mortgage is paid every month your bank will be happy - bottom line.
you dont need to tell them, dont cause unnecessary hassle for yourself
With all due respect to the posters concerned, I'd urge you to ignore this advice. As Oilean Beag's case demonstrates, banks would be only too delighted to see someone unwittingly breach the terms of their mortgage and relinquish their tracker rate. Your bank has advised you explicitly what will happen if you move out and rent your home, so your options are pretty simple:Better to seek forgiveness than permission
Claiming TRS that you are not entitled to is tax fraud. You can be prosecuted for it.We're thinking of possibly renting out our house too, also on tracker (with UB). Know will have to register with the PRTB but the bank can't find out about that can they? Also, why would you cancel TRS if you're just going into rented property? (sorry I understand TRS to be Mortgage interest relief?).
Property addresses registered with PRTB are published (eventually) on the PRTB web-site in county-by-county lists.... Know will have to register with the PRTB but the bank can't find out about that can they?...
TRS is only available for your PPR. If you have an investment property you can off-set 75% of the mortgage interest paid as an expense when calculating your profit.... Also, why would you cancel TRS if you're just going into rented property? (sorry I understand TRS to be Mortgage interest relief?)...
If your TRS has expired then no issue .If you don't cancel it, you will be illegally claiming a tax credit that you are not entitled to and Revenue will take a dim view when they find out! TRS is only for your PPR and once you rent it out, Revenue considers it an investment property. Doesn't matter if it is the only house you own and if it is considered a family home under the Family Home Act. Make sure you are up front with Revenue about this if you do decide to rent it out
If you cancel TRS on the mortgage account, that would also be a flag to the lender. If the tracker rate is dependent on you living in the property and it's vital to you to hold on to the tracker, I wouldn't chance moving out in the hope that they won't find out.
Can you rent out a room instead and stay in the house?