RichieRich
Registered User
- Messages
- 52
So i asked them - recently.
If I change the insurance to cover the tenants, could that be a flag to the bank?
I have hit a few flags with my lender including the above. So far so good, still haven't been contacted by them about it. Will cross that bridge when it comes (if it comes). I have even requested "certificates of interest" in September/October, shich should be a red flag if ever there was one. I think a lot of banks will be quietly happy that the mortgage is being paid at all, given the number of people heading towards default.The banks interest is usually noted on house insurance policies. Would the insurance company not be obliged to notify the bank of the change from PPR to rental property ?
Your bank administers TRS on behalf of revenue, when you notify revenue this mortgage no longer relates to your PPR, revenue will have to notify your bank to stop applying TRS to this mortgage. Another definite flag I would think.
all the bank are intrested in at present is your money, contact your insurers and let them know of change of status. no one from prtb, revenue or councils will be contacting your bank. keep the monthly payments up have it insured for tenants and you will be fine
Owner occupation = PPR.....or at best, ownership without anyone elses occupation i.e. not renting it out."1.4 The property, unless otherwise agreed, be used for owner occupation only." but it dosent mention PPR or to contact them if things change. What did yours say?
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