KBC Mortgage: Renting out home

[Krystal]

I am moving in with my partner into his house, and renting out my old home which has a mortgage with KBC (10 year fixed with 8 years remaining). I am thinking of renting out this property. If I notify KBC that I am moving out / renting, will they attempt to put me on BTL rates? I wouldn't notify them except I don't feel comfortable with mortgage statements etc being posted to my address where tenants will be living.

I also have current and deposit accounts with KBC. If I changed the address on these alone, would it alert KBC to a potential change of use of property from home to Rental?

Krystal

 

[NoRegretsCoyote]

I am thinking of renting out this property. If I notify KBC that I am moving out / renting, will they attempt to put me on BTL rates?

It depends on what your contract says. My contract with BoI doesn't oblige me to tell them if the use of the house changes. This question comes up from time to time on AAM. The general consensus is that if you don't tell a bank they will never find out, nor care.

I wouldn't notify them except I don't feel comfortable with mortgage statements etc being posted to my address where tenants will be living.

This happens all the time. People move out for renovations, etc, all the time and I don't think it should be a red flag.

What is very important is to change your home insurance.

 

[Krystal]

Thanks @NoRegretsCoyote

Have looked for contract but can't find it anywhere. I will ask KBC to resend to me.

Yes, insurance changeover in hand.

 

[Zenith63]

You could consider an An Post redirection (https://www.anpost.com/Post-Parcels/Manage-Your-Post/Arrange-Redirection). I found this very handy to have in-place for at least the first 12 months (€180) after renting out our PPR. By the time the 12 months is up you'll probably have realised being a single-property landlord is more hassle than it's worth, but that's for another thread .

 

[Thirsty]

As @NoRegretsCoyote says, pay your mortgage in full, on the dot, every month & bank will neither know nor care.

 

[Krystal]

Thanks all!