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outdoorgirl
Guest
Hi, in 2008 I bought a cottage and got a tracker mortgage with PTSB. The cottage is a holiday home and not my principal residence. I have been thinking of renting out the cottage for a few weeks during the summer. However I saw the bulletin in the news about a clampdown by banks on people with Tracker mortgages renting out their properties.
When I got the mortgage the manager knew it was a holiday home. I got insurance through the bank for the cottage as a holiday home. However after seeing the news I looked at my paperwork and it doesn’t say anywhere that it is a holiday home. I never thought to question that before.
Could the bank take away my tracker mortgage if I rent out my own home for a few weeks to help cover some costs? If so it’s not worth renting out. But could they take away the mortgage anyway if they were to claim that as a holiday home it shouldn’t have a tracker? Even though they knew that when granting it to me?
Any advice would be very welcome. I know there are other posts about people on trackers wanting to rent but none are holiday homes renting for a few weeks only. Should I discuss it with the bank before proceeding? I’m still afraid they will claim they didn’t know it was a holiday home and I don’t have the paperwork to prove otherwise. Thanks in advance for advice given.
When I got the mortgage the manager knew it was a holiday home. I got insurance through the bank for the cottage as a holiday home. However after seeing the news I looked at my paperwork and it doesn’t say anywhere that it is a holiday home. I never thought to question that before.
Could the bank take away my tracker mortgage if I rent out my own home for a few weeks to help cover some costs? If so it’s not worth renting out. But could they take away the mortgage anyway if they were to claim that as a holiday home it shouldn’t have a tracker? Even though they knew that when granting it to me?
Any advice would be very welcome. I know there are other posts about people on trackers wanting to rent but none are holiday homes renting for a few weeks only. Should I discuss it with the bank before proceeding? I’m still afraid they will claim they didn’t know it was a holiday home and I don’t have the paperwork to prove otherwise. Thanks in advance for advice given.