Are you suggesting that you try to hide the old loan from the new lender and the Revenue and hide the new loan from the old lender?
Is it hiding something if I do not inform my existing lender of a new mortgage?
Yes, plus they will do an Irish Credit Bureau search and find out from that.
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If you are going to rent out your home and move to another property you will need to tell your the mortgage provider of the old property that you are going to rent it out. The bank will then ask you to change your mortgage to a BTL mortgage.
plus there are insurance implications
Why would my existing mortgage provider want to do a credit check if I am paying the mortgage?
lionstour I tend to agree with you. If your are making your repayments then no harm no foul. Banks were happy enough to turn a blind eye when suited, so as long as fullfill your tax commitments and meet your repayments as agreed, then I'd stay stum!
There's a similar thread here for reference.
Thanks for that. difference is I will be wanting to buy again very soon and I need another mortgage.
Why do I need to do that? Is it a legal requirment?
Check your mortgage terms and conditions. They are likely to say that you are obliged to tell the bank if the status of the property changes from owner occupied property to a rented out property. They will then change the mortgage to an investment mortgage.
I have recently heard of a landlord who did not tell the bank that he had moved out of his property and that he had rented it out. The bank found out about this 3 years later and then issued him with a bill for the extra interest (i.e. the extra that he would have paid with a buy to let mortgage) that he should have paid for the 3 years.
The bank is also likely to have an issue with the insurance because they would consider the risks to be higher with a tenanted property than with an owner occupied property.
A number of ways, including :... How could a bank prove when the person began to rent it out ect ...
I find it very hard to believe that a bank could do that. How could a bank prove when the person began to rent it out ect. Seems unlikely.