PDH change of use to Investment - Ulster

eisfspike

Frequent Poster
Messages
57
Hi All,

I am considering giving my house to the council on a long term lease. I am on a tracker mortgage. A requirement is to receive approval from my Lender confirming they are happy with same. Has anyone done this before? The concern is I will lose my tracker and be put on to a BTL rate as its technically a change of use. Should I just submit a request and hope for the best that the operations team will just approve it?

Any thoughts?

Thanks
 

NoRegretsCoyote

Frequent Poster
Messages
1,294
Keep your head down squire. Drawing attention to this to the bank would be a silly move on your part auld stock.
OP has said that it's a requirement presumably of the local authority.

I am considering giving my house to the council on a long term lease. I am on a tracker mortgage. A requirement is to receive approval from my Lender confirming they are happy with same.

@eisfspike I would just ring up your provider and ask them the hypothetical question. No harm can come from that.
 

BourbonWithIce

Registered User
Messages
53
Rent privately and you don't need to contact the bank. I guarantee the bank will move him off the tracker rate if he brings it to their attention.

Hypothetically asking the bank is bonkers.

They will ask his name, or property details etc. If was in thatt situation, I'd rent elsewhere. The market is booming!
 

Mrs Vimes

Frequent Poster
Messages
952
Check the terms of your mortgage - if it doesn't say that the property has to remain your PPR for the duration they may not be able to move you to an investment rate. Also, if you do not own another property you are still protected by MARP.
 
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