Let my former home - will I lose my tracker?

[Draigean]

I've had a FTB/OO Tracker Mortgage (ECB + 1%) with BOI for the last six years or so.
I've recently moved out of the house and have let it out.
I'm now at the point where I must inform the bank, because:

• I can't get bank-related correspondence redirected forever
• I am no longer eligible for FTB TRS
• The insurance is OO, not for B2L.

I've read the Mortgage Letter and so far as I can see there is no specific mention of being an occupier. Therefore I should be ok. However, they're more familiar with this sort of stuff that I, so there may be some clause that I'm not reading correctly.

What is the best way of informing the bank? I'm considering just a simple letter to inform them that I've moved out, here's my new address. Also, please change the TRS.

Any suggestions?

Additionally, the difference between the monthly rent and mortgage repayment is less that €50. My current Job Seekers Benefit is €188 per week. A move off the tracker would make things very tight.

 

[wbbs]

Notify Revenue to change the TRS. Take out new BTL insurance policy and send copy to bank. Then ask them to change your address, if there is nothing in your loan offer about tracker being dependent on owner occupier then there should be no issue.

 

[Delboy]

I've had a FTB/OO Tracker Mortgage (ECB + 1%) with BOI for the last six years or so.
I've recently moved out of the house and have let it out.
I'm now at the point where I must inform the bank, because:

• I can't get bank-related correspondence redirected forever
• I am no longer eligible for FTB TRS
• The insurance is OO, not for B2L.

I've read the Mortgage Letter and so far as I can see there is no specific mention of being an occupier. Therefore I should be ok. However, they're more familiar with this sort of stuff that I, so there may be some clause that I'm not reading correctly.

What is the best way of informing the bank? I'm considering just a simple letter to inform them that I've moved out, here's my new address. Also, please change the TRS.

Any suggestions?

Additionally, the difference between the monthly rent and mortgage repayment is less that €50. My current Job Seekers Benefit is €188 per week. A move off the tracker would make things very tight.

contact your insurer and just ask them to change the terms of the policy. Not sure if they'll even let the bank know of this change
How much post do you get per year from the bank...does it really warrant a change of address with them? Can you not collect it
Contact Revenue directly about the TRS

 

[Draigean]

Not sure if they'll even let the bank know of this change

Given that the bank are an interested party, I'd say they'll be notified.
I've also gathered this from other forums.

How much post do you get per year from the bank...does it really warrant a change of address with them? Can you not collect it

Monthly credit card statements. New credit card every few years. All mortgage related correspondence.

 

[Draigean]

Advice from my accountant mentioned the following:

"...bank tracker rate on the mortgage. If this has to be reported to the Bank as part of the Agreement then you would probably be best to do so or otherwise it could involve you in Penalties if it cam to the attention of the Bank that you are no longer occupying the Property".

I realise the words "if", "probably" and "could" feature a lot, but the word "Penalties" does strike fear.

 

[facetious]

Some mortgage agreements will include a clause where the mortgagor must be notified if the mortgagee rents out the property. Thus, failure to do so may make your lease agreement with the tenant invalid - making an agreement under false representation that the mortgagee has the sole right and authority to rent out the property.

To avoid any doubt, written permission should be sort from the mortgagor before renting out a property - obviously, a buy to let mortgage would not include such a clause.