FunnyOnion
Registered User
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Do the T&C's refer in any way to a "Home" Loan?I also have a tracker with KBC and nothing is mentioned in my T&Cs about informing them if I decide to rent out my apartment or losing my tracker if I do this so I'm not going to tell them.
Also, my apartment is part of a management company so the building insurance is paid as part of my yearly service charges. When people talk about taking out landlord's insurance - do they mean building insurance or contents insurance?
My understanding is that you have to change your insurance - the insurance co. class it as a different type of risk - so you simply wouldn't have cover in place if it's not the appropriate cover. I don't know who you bank with - but with NIB, they have rang me up each time I have changed insurer to request a copy of the policy. The main aim of any bank in this regard is to ensure that they are noted as the 'lienholder'. However, who's to say that they may have another agenda...might not even be now - but at a later stage - and use this info to dump people off the homeloan rates to investment rates??I've seen people mention that if you rent your property you have to inform the bank so that they can change the insurance to an investment property (am I right in saying this?). As I said, my building insurance is included in my management fees so I assume the bank wouldn't be aware of whether it's residential or investment...??
I have to point out - I have absolutely no professional knowledge in this regard - but I am an avid reader of aam - and this has been brought up by others before. One could only imagine that a "homeloan" differs from an investment product?? Get clarification on that before you act.Serotoninsid - I have to check my mortgage documents regarding the "homeloan" bit. If it mentions a homeloan, is this sufficient evidence for the bank to remove my tracker? Has anyone lost their tracker with KBC when they rented out their property?
we have already gotten mortgage approval for a 90% loan and will probably be in a position to move by the summertime so over the next few months, we'll be saving the last bit of our deposit, solicitors fees etc.
When you rent out your apartment you are no longer entitled to TRS, instead you are entitled to deduct 75% of the interest paid from your rental income. You will have to register with the PRTB, pay the NPPR and new property tax. You have to have insurance that covers you as a landlord. You will pay tax on any profit and will have to make an annual return. Have a look at the landlord thread to get a feel for what's entailed. Becomming a landlord is not easy, don't underestimate the hard work. Not sure how easy it is to rent to Dublin council, what makes you think you are eligible for this.
In relation to KBC, personally I wouldn't tell them anything, but have a read of your terms and conditions, a lot of the newer contracts mean that if you become a landlord you lose your 'tracker' / 'preferetiall home loans rates'
How do you know you will be able to get another mortgage?
Hi everyone,
My family is expanding so I'm hoping to buy a house this year and plan to rent out my duplex apartment to Dublin City Council for 5/10 years in the meantime.
I bought my apartment in 2006 so would've been going into year 7 with regards to the TRS credits and they would've finished this year anyway. However, now that they've been extended until 2017 - if I buy a new house - can I transfer them to the new property or do I just lose them completely when I come to rent out my apartment?
Also, my apartment is part of a management company so the building insurance is paid as part of my yearly service charges. When people talk about taking out landlord's insurance - do they mean building insurance or contents insurance?
I also have a tracker with KBC and nothing is mentioned in my T&Cs about informing them if I decide to rent out my apartment or losing my tracker if I do this so I'm not going to tell them. Has anyone else got a tracker with KBC and done this already or spoken to them about this? All info much appreciated. Thanks!
When you rent out your apartment you are no longer entitled to TRS, instead you are entitled to deduct 75% of the interest paid from your rental income. You will have to register with the PRTB, pay the NPPR and new property tax. You have to have insurance that covers you as a landlord. You will pay tax on any profit and will have to make an annual return. Have a look at the landlord thread to get a feel for what's entailed. Becomming a landlord is not easy, don't underestimate the hard work. Not sure how easy it is to rent to Dublin council, what makes you think you are eligible for this.
In relation to KBC, personally I wouldn't tell them anything, but have a read of your terms and conditions, a lot of the newer contracts mean that if you become a landlord you lose your 'tracker' / 'preferetiall home loans rates'
How do you know you will be able to get another mortgage?
Hi
I'm in same situation .
I'm going to be renting out my apt.
I know I have to inform the bank that I won't be able to get TRS anymore but if I do this will they then take away my tracker ?
I know I have to inform the bank that I won't be able to get TRS anymore but if I do this will they then take away my tracker ?
I would be looking for written confirmation of that. On another issue, I contacted my bank about something and they told me that what I had in mind would have no effect on my mortgage with them. I confirmed the conversation back via email - and at that point, he came back and said he had checked the mortgage agreement and that I would be in breach of the T&C's of the mortgage . This was a total turn-around to what I was told on the phone.Hi Im in a similar situation, I actually rang the Bank I have my mortgage with Ulster Bank I originally had it with First Active. I asked if I rented out my apartment would I lose my Tracker and the answer was a definite NO.
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