Rent out principal private residence for a period, do you have to tell the bank?

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Nell

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Just curious - if one wished to rent out their principal private residence for a period, do you have to tell the bank? And if so, will they make you move to an investment type mortgage? Do you lose your mortgage interest relief? Im thinking in terms of relocating for employment reasons and renting in new location.
 
Very likely Yes, very likely yes and definitely yes. It is no longer your PPR when rented, it becomes an investment property. Topic covered here many, many times before; try a search.
 
Hi,

You definitely loose your Mortgage Interest Relief. Make sure you let the revenue know that it's not your primary residence.

I don't think you should tell the bank, just make sure your house insurance is changed to a rental property insurance, otherwise your insurance will be invalid. This insurance will be more expensive but make sure you change it

I don't think the bank will be too bothered as long as you keep paying them every month. If you go telling them and making things complicated they will move you onto the higher investment mortgage rate, they are only looking for excuses to raise mortgage interest rates.

Peadar
 
Nell said:
Just curious - if one wished to rent out their principal private residence for a period, do you have to tell the bank? And if so, will they make you move to an investment type mortgage? Do you lose your mortgage interest relief? Im thinking in terms of relocating for employment reasons and renting in new location.
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Personally, I wouldn't tell the bank but I'd contact Revenue to cancel my mortgage interest relief. I'd also ensure that my mortgage protection policy (if relevant) isn't compromised by the property being rented out.

The bank may cop what's going on but then again they may not.

That's just my view.
 
If you rent out your mortgaged PPR and move into rented property, assuming you don't want to tell the bank, how do you get correspondence from the bank sent to your new rented property without alerting the bank of your new circumstances?

I assume you could get your post redirected but reading the posts on AAM about that service from An Post it's a total waste of time and money.
 
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