Residential —> buy to Let

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WagonWheel

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Hi,

I’m an accidental landlord, living abroad with property in Dublin.

it was initially a temporary move, but now seems to have a longer term horizon. I want to keep the property. I’m aware i should probably inform Ulster; but I don’t really want to move from 2.6% to 4.5%.

I have a few questions;
  1. What will Ulster do if I inform them that I am an accidental landlord?
  2. If they find out, what can they do apart from force me onto the BTL rate ?
 
Last edited:
There’s a technical term for an accidental landlord who informs his or her bank that he or she should move to a higher rate on foot of moving out of a property.

It’s “eejit”, derived from the Latin “eejitus”, which loosely translates as a gobshite.
 
I agree that the bank are unlikely to ever find out.

However in some respects the interest rate they charge you or any landlord is irrelevant since 100% of the interest payment is tax deductible.
 
It's interesting that
when banks break mortgage contracts, they are terrible
when customers break mortgage contracts, they are eejits......if they admit it?!
 
For many years there was no difference in home loan v btl rates, how long have you the mortgage? Check your t&cs to see what it says. There may be no interest increase depending on original terms.

Having said that I would not be in favour of letting them know formally, once you are sure you have the proper house insurance in place for a rented property and your post to that address still gets to you then if it was me I'd just continue on as is.
 
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