Mortgage terms moving abroad

hypoxia

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Hi guys,

New here, so apologies if this is already answered or if its in the wrong place.

I have been offered a job abroad and will be moving away and becoming a non-resident for tax in Ireland. Planning to rent out the house and wanted to get advice on the mortgage side of things.

We have a variable rate mortgage drawn down on the basis the house is our primary residence, which it has been since only February 2017. Do I have any obligation to advise the bank of my change in circumstances that the house will now be let? And could this lead to them requesting a different mortgage rate band etc? Its not as if it will be a second home in the state or a second mortgage even.

We will have to register with the RTB and change insurance to landlord insurance so I dont want to bury my head in the sand. I've also been advised to give the bank my new address for correspondence in case of anything important that may arise in the future so they will find out one way or another!

We will have a tax consultant look at mortgage interest relief offsetting tax due on the rental income but is there an easy way of calculating an approximate amount due so I have a better understanding when I do go to meet the very expensive, hourly charging, tax consultant

Any pointers on similar situations or lessons learned would also be much appreciated.

Many Thanks
hypoxia
 
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